Hedge Fund News From HedgeCo.Net


Seven hedge funds bet millions on Irish banks falling

Irish Times – Seven international hedge funds have bet hundreds of millions of euro that Irish bank stocks will continue to fall.

Although it is normal stock market practice, since last Friday short-selling of the four Irish publicly quoted banks has been banned by the Irish Financial Services Regulatory Authority. While the regulator banned investors from taking new short positions, existing positions can be maintained, reduced or closed.

By maintaining their positions, the hedge funds are betting that Irish bank stocks, already at record lows, are set to fall further. As it is not clear when the initial share trades took place, brokers said the actual monetary value of the bets is unclear.

However, using yesterday’s closing prices, the seven funds hold positions worth €279 million in the four quoted Irish banks.

Five US and two London-based funds have disclosed their short positions.

Read Complete Article

Related Posts Plugin for WordPress, Blogger...

About the HedgeCo News Team

The Hedge Fund News Team stays on top of breaking news in the Hedge Fund industry on an hourly basis. Signup to HedgeCo.Net to recieve Daily or Weekly news updates from our team.
This entry was posted in Syndicated and tagged , , , , , , , , . Bookmark the permalink.

Comments are closed.