Very few hard figures on assets and liabilities
Here are the Key Figures from the 2010 accounts, the last publicly available accounts (Thanks to
moorefield on boards.ie for the numbers)
Shares and deposits|€163m
Less balances on deposit with banks|€53m
Net liabilities |€110m
In other words, they could have used their cash on deposit to refund shares and they would still owe their members €110m
I am assuming that the building which cost them €15m is worth nothing, just to be conservative. Anyway, ptsb is not buying the building.
The nominal value of the loan book was €140m
% of loan book written off |write off| real value of loan book| shortfall
20%|€30m|€110m|0
30%|€40m|€100m|€10m
50%|€70m|€70m|€40m
60%|€84m|€56m|€54m
In other words
The loan book is €140m
Say that they write off 60% of it.
That means that they only recover €56m
But they owe their members €110m
So they are short €54m
ptsb has been given €54m, so if they only have to recover 40% of the loan book to break even.
greater than €49,312,966 (being the estimated current value of those loans),
A loan book which had a nominal value of €110m in 2010 is being valued today at just €49m.