Danske Bank/National Irish Bank
Half Moon Capital Returns 12.2% In 2020 Despite Short Position Drag
Eric DeLamarter's Half Moon Capital produced a return of 8% net of fees in the fourth quarter of 2020, bringing the full-year return to 12.2%, according to a copy of its fourth-quarter letter, which ValueWalk has been able to review. The fund maintained an average net exposure of 45% during the period. Q4 2020 hedge Read More
Danske Bank is going to shut down 20 out of 27 branches in National Irish Bank. The rest of the offices plus two in Dublin will be reformed to “personal-banking” units.
In connection with the new CEO Eivind Kolding’s restructuring in May: 5 bio. EUR in bad real estate and investment property loans will be transferred to a garbage can company. That is 56% of National Irish Banks (Danske Bank in Ireland) loans.
Well things are happening:
1) Monday the internet banking of Danske Bank was off-line for 1-2 hours – due to “technical” problems in connection with an update……
2) The development in Ireland closely reflect the British government White Paper’s “thoughts” on separating “Detail-banking” from other types of banking.
3) The ploy with such an indirect announcement is part of Danske Bank’s disinformation strategy – or accustomed behavioral pattern: All relevant information is to be hidden in the most obscure places.
Danske bank has been trying to keep a tight lid on any problems. Only a month ago, the bank refused to co-operate with Moody’s. A few weeks later, Danske was downgraded by Moody’s.
Danske bank with approximately $600 billion in assets, is double the size of Denmark’s GDP.