Bring me the Head of Brian Goggins or equivalent

C

ccbkd

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In light of the unprecedented last 48 hours of the Irish Financial meltdown, I thinks its only right that a Firing Squad is duly assembled and the guilty perpetrators of reckless lending be fired at dawn......
 
I would expect to see resignations being offered or asked for. I would also expect to see a severe trimming of compensation & bonus packages.
 
That's a good point actually.

No one yet has really called for the head men to be in any way reprimanded for their actions.

Lets face it - they did a very bad job with their lending policies.
 
qwertyuiop said:
Lets face it - they did a very bad job with their lending policies.
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So did the Government with various tax breaks that helped fuel the property bubble never mind waste of taxpayers money during the good years.

So did the Central Banks around the world for making credit too cheap for too long.

So did individual borrowers who decided getting 100% 40 year mortgages at multiples of their salaries was sensible

So did the Financial Regulator who didn't have a clue what was going on in banks. (Same in every country)

So did the developers who overpaid for land and ran up huge borrowings

So did local councils who rezoned massive chunks of land for developers to build on

And on and on and on.........

Everyone has to take responsiblity for the current mess. If bank CEO's are going to walk, then certainly there should alot more people following them.
 
Much as hate ff, isn't this all much more about the US sub-prime market than anything irish ?
 
jhegarty said:
Much as hate ff, isn't this all much more about the US sub-prime market than anything irish ?
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True - but the whole thing has been compunded by the lending of the irish banks prior to this.
 
jhegarty said:
Much as hate ff, isn't this all much more about the US sub-prime market than anything irish ?
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No despite what the politicians lead you to believe. The sub prime crisis in the US just brought matters to a head and caused people to look at banks in more detail and question everything. When they looked at Ireland's economy and banks, they saw one big property bubble and over exposed banks. This mess is our own fault.
 


but banks are failing all over the world... no irish bank has gone under , so no that doesn't make an sense to me...
 
jhegarty said:
but banks are failing all over the world... no irish bank has gone under , so no that doesn't make an sense to me...
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When you have a big country, such as the UK, you have more banks and a greater variation of good and bad ones. In the UK 2 banks have been nationalised and 1 more forced into a shotgun marriage. By the admission of Brian L at least 1 Irish would have gone to the wall if the measures of Monday night weren't taken - that would have equated to 1/6 of all the Irish banks, or 1/4 of all Irish publically quoted banks. If 1/4 of all UK banks wen't to the wall you'd know all about it.
 
jhegarty said:
but banks are failing all over the world... no irish bank has gone under , so no that doesn't make an sense to me...
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Forgetting about all the US banks and brokers who have failed for their own reasons, look at the UK and see why banks like HBOS and Bradford & Bingley have failed. It is because people looked at their loan books and ran a mile so all funding dried up. Its exactly the same with the Irish Banks.

The sub-prime crisis caused a credit crunch which meant that the massive liquidity that was out there dried up and banks became much more selctive in who they lent money to. My point is that when they were reviewing credit lines on Irish Banks, what did they see? A slowing economy, a property bubble, over exposure to UK and Irish property, falling property prices, a reliance of Irish banks on market funding because deposits could not keep up with aggressive lending growth. That is why Irish banking shares were punished more than in any other European Country. I am simply pointing out that there are fundamental reasons why we are where we are. The US sub prime crisis is a contributory factor but I am afraid we have to look closer to home for the real blame.
 
I think its no coincidence that the banks in the UK that did fail were all originally from parts of the UK where the economy is struggling. Those from south of the Watford gap seem a bit more immune.

Bradford & Bingley - Yorkshire.
Northern Rock - Newcastle
HBOS - Scotland.

What other UK banks have a proportionately higher number of customers in such areas?
 
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