Ann: Central Bank of Ireland correspondence, page-126

I don't think this is an overreaction. A huge portion of their earnings is at risk of going to zero.

On top of that, this is likely to generate more scrutiny of its operations in other markets. If their due diligence overlooked these issues when they made the acquisition, what does it say about how they manage their businesses in other countries?

Regulators for their businesses in all other jurisdictions would be negligent to not be opening a file on EML and asking them a lot of questions and demanding documentation. It is logical to suggest that the standard they accepted when acquiring PFS is the standard they'd apply to their other businesses. And if it is not acceptable for PFS, then look out, here comes trouble.

I owned this in the past and got out for a small profit, but I must say, I did not see this coming and the current price is not enough to make me interested enough to want to buy back in.

Good luck to everyone. I hope they sail through this, but the range of potential outcomes is wide. It could be anything from a fine with requests for changes in businesses practices to a complete revocation of their license.