Anglo Irish Bank - pouring money down the drain ?

D

Deiseblue

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According to the Irish Times Anglo require another Euro 6 billion to keep going , in addition to the 4 billion the Irish taxpayer has already provided.
So it appears that the 4 billion gouged dragging and screaming from the Public Expenditure purse will be partially used to provide these funds !
Are we simply reducing pay , benefits and services to fund a recapitalisation of what increasingly appears to be a failed Bank ?
Is the opinion that the populace at large is being made to suffer in order to prop up Banks correct ?
Should we cast Anglo adrift ?
 

I think this is one of the reasons why the government has never been keen on nationalising the banks.
 
Deiseblue said:
According to the Irish Times Anglo require another Euro 6 billion to keep going , in addition to the 4 billion the Irish taxpayer has already provided.
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I often wonder at the timing behind these requirements for further cash injections. In other words, why do they need this money now, and not 6 weeks ago, or some other time? Is it because, as I suspect, bonds are falling due to be repaid? If this is the case, then rather than swallowing the (relatively) anodyne headline "Anglo Irish requires another €xBn from taxpayer", we should call it what is: "Anglo Irish Bond holders require to be paid another €xBn from taxpayer".

Or is the timing being triggered by something else entirely?
 
Will the entire staff of Anglo be given their P45s within the next few months once all the loans have transferred to NAMA?
 

Ignoring the rights and wrongs about keeping Anglo afloat, there is one fact that people need to understand. Bank Bailouts are NOT included in the current deficit i.e. the day to day cost of running the Country that the Government is trying to close. Even if not 1c had been put into banks we would still have a deficit of €20-€22 billion so none of the cuts that the Government are making is going to bail out a bank. The bailout will add to our borrowings.

As for Anglo, at this stage we don't a choice but to have an orderly wind down. If you shut it down tomorrow, the bill would be a lot higher.
 

They have always needed the money but were waiting for the EU to examine their business plan. They are currently operating under special dispensation from the regulator because they don't have enough capital to pass minimum requirements.
 
I think I'm correct in stating they have asked a few companies (PWC) etc to examine them as a going concern and the pro's/con's of a wind down?
 
Sunny said:
They have always needed the money but were waiting for the EU to examine their business plan. They are currently operating under special dispensation from the regulator because they don't have enough capital to pass minimum requirements.
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Yes, but what exactly will they do with this money? What did they do with the money we gave them earlier in the year?
 
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