From today's Irish Times on Anglo

G

Godfather

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From page 1 and page 18:
- Anglo is going to ask for €3.5bn more in addition to the €4bn they are receiving in this period from Lenihan (page 1)
- "Lenihan said a wind-up would cause greater damage. 'If you close it down, €64 billion in customer and interbank deposits would be called into question" Mr Lenihan said (page 1)
- "the bank has €34 billion in customer deposits, down from €51 billion as of September 2008" (page 18) <--- -33% in deposits!!!

Time to move everything to rabo???
 
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Not sure, if the government won't allow them to collapse because of the guarantee then don't see the need to change. Surely NAMA will be taking a lot of these bad debts off their balance sheet anyway??
 
I'm very confused. I was looking at the RTE1 news at 6pm and I heard that the new hole will cost the average household 2500 Euro more. And a politician said that it's time to take off Anglo Irish Bank from the shoulders of the average tax payer... Demagogy or threat???
 
'Called into question' now has people worried - a very irresponsible statement from Mr Lenihan. Even if the Government let Anglo go to the wall the guarantee then kick's in is my understanding so why say 'called into question' and 'customer deposits' in the same sentence?
 
if the bank is wound down this is what the indo say will happen -

Depositors will be protected by the State guarantee, but any individual or institution who invested in the bank's debt must be forced to accept that all investments carry the risk of failure.
 
I agree with theresa1. Even if the government guarantee kicks in anyway everything will weigh on the taxpayer... So covering the 2nd hole of Anglo Irish Bank is just another indirect way to make us pay for it, with or without the government guarantee kicking in... Or am I wrong?

Sorry I'm not very expert on laws here, but the fact that yesterday at RTE1 an opposition leader said "it's time to get Anglo Irish Bank off our shoulders" I find this very demagogic and unrealistic (that's what I'm hoping).
 
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Theresa1, what worries me the most is that Irish Times was hipothizing that if FF doesn't do well at the European elections they could be forced to call for new elections in Eire. And if the opposition leader I heard at RTE1 wins (the one saying Anglo should be taken off from the citizen's shoulders) then "goodbye government guarantees"...

Or am I too pessimistic? In the meantime I'm moving everything to Rabo, I want o sleep well at night for those few savings I earned by sweating so much over my job!
 
What about Labour and Sinn Fein? They seem to gain advantage as well and probably the next government will be coalition as well so it will be pushed to compromise between all the involved people. Thank you so much for your opinion on this!
 
Godfather said:
And if the opposition leader I heard at RTE1 wins (the one saying Anglo should be taken off from the citizen's shoulders) then "goodbye government guarantees"...
Click to expand...
Sounds like as good a reason to vote Fianna Fail as any.

(I hoped I'd never say that!)
 
You know how politicians are; endless posturing & macho talk over what they'll do if they get elected.

The reality usually doesn't match up to the talk.
 
You're right, we should vote FF because the other crowds might do something different. Sure haven't FF done the right thing by us? Ah sure, what's 2,500 euro per household this year, with another 2,500 next year and the same the year after? Sure it's only two cents on the standard rate. Perhaps we should just abolish the standard rate and tax everyone at the higher rate? Make everyone who earns anything a high earner?

Anglo is going to cost the taxpayer 20 bn before it is finished.

The rest of the banks will cost 30 bn more through NAMA.

(Apologies if these end up on the low side, they are based on the Swedish property bust, ours may be bigger).
 
Hi yoganmahew, then I'm right in going to rabo if what I earned costed me so much sweat.
 
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