Anglo Nationalised: what does this mean & what is the significance/consequence of it?

Re: Anglo has been nationalised

How much more have the government taken on in debt.?

I believe it could be billions more.
 
Re: Anglo has been nationalised

Seems like good news that Anglo has been nationalised. But, bit alarmed to hear George Lee wonder why so many depositors have taken out their money in the past few weeks. Are deposits still safe?
 
Re: Anglo has been nationalised

G Allon said:
Seems like good news that Anglo has been nationalised. But, bit alarmed to hear George Lee wonder why so many depositors have taken out their money in the past few weeks. Are deposits still safe?
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they were before the announcement this evening and if anything they are even safer now.
 
Re: Anglo has been nationalised

I took money out of Anglo out of disgust. Morally I couldn't justify keeping an account at a bank where the management were involved in concealing director loans from shareholders. I'm sure I wasn't the only one who felt this way.
 
Re: Anglo has been nationalised

Have the government effectively turned Anglo into a zombie bank by doing this? It still has a huge amount of organizational issues to sort out and I'm not sure the interbank market are going to be able to trust it regardless of who is underwriting it.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

qwertyuiop said:
..........That the government is now also a part time bank as well as running the country?.......
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The government was a part time bank not so long ago before it privatised ACC and ICC banks.
 
Re: Anglo has been nationalised

TonyD said:
How much more have the government taken on in debt.?
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The whole kitchen sink. So much for the idea of keeping Anglo on life support until the guarantee ran out and then leaving the bondholders to take the hit...
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

When I read today that the new candidate for CEO was an internal guy - someone who'd come up within the flawed system and who'd clearly done well within it and I assume hadn't rocked any boats - I felt a bit sick - that there'd be no real change - wonder if that had any impact on the decision.

To agree with an earlier poster - I had a lump sum for which Anglo had the highest rate - I wouldn't put my money there - moral disgust. I can't feel so much sympathy for the staff as I normally would - did they not know what was going on.....
 
Re: Anglo has been nationalised

No, BoI and AIB are about to become zombie banks by being recapitalised to the tune of x amount of their share value.
 
Re: Anglo has been nationalised

yoganmahew said:
No, BoI and AIB are about to become zombie banks by being recapitalised to the tune of x amount of their share value.
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Is there anything to suggest that AIB or BoI won't be able to function properly though after they are recapitalized?
 
Re: Anglo has been nationalised

smiley said:
The government are for it. Cowen is finished. What a mess. The builders party has bankrupt the Country.
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Do you work for Anglo ? Did the builders just walk in and take the money from the counter ?


I have no connection with FF.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

IMHO, this is (relatively) good news from the tax-payers' perspective. On the reasonable assumption that Anglo is hopelessly bust, in that a significant proportion of its "assets" (probably including some of the Directors' loans) are worthless, the government can now let the current batch of shareholders lose all their money in the first place. Then it can allow the holders of subordinated debt (€4.9 billion worth of them) which are not covered by the guarantee scheme go under before it has to start coughing up. Under the earlier proposal, the government's €1.5 billion would be swallowed up before the bond-holders were exposed. Mind you, I believe that the bank is so hopelessly insolveny that it will cost the tax payer more than €1.5 billion to make good on its promise of not leaving depositors exposed but at least it will have got the bond-holders to pay the €4.9 billion before it has to pay up.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

My understand is that subordinate debt is covered by the guarantee. It is only equity or equity-like instruments that are not covered.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

Even if such debt were covered by the guarantee scheme, the fact is that none of it matures before September 2010 and so the guarantee will have expired by the time these bond-holders can come looking for their money. Ergo, they are not covered by the scheme
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

Domino effect - we may end up with just one Bank and how ironic if it's Anglo Irish Bank.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

I'd like the Govt. to immediately call in any and all of the "old" directors loans please.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

And then sack the lot of them.
 
Re: Anglo Nationalised: what does this mean & what is the significance/consequence of

Does this mean that Ireland is effectively bankcrupt to the tune of €80Billion?
 
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