Who do you blame for this?Let's not forget that BOSI were the first to come in and offer the cheaper credit, 100% mortgages etc. While the Irish banks operated a cartel, the sudden uncontrolled shift from BOSI accelerated the whole process.
They came in and cherry picked which parts of the market they wanted, just like now the credit card and the savings area. Rabbo are the same, aggressive marketing behind the savings side. Great, take all the savings money out of the Irish system but aren't offering loans back, they aren't releasing the credit back into the economy. That burden's now on BOI and AIB (who are criticised for not releasing credit).
Who do you blame for this?
Who do you blame for this?
I don't blame BOSI. Their remit was to try to make as much money as possible. I don't blame BoI or AIB either. Both appeared to be operating within the rules.
So who do we blame I wonder?
The government didn't want them to leave! They wanted them to keep inflating house prices with cheap and easily accessed credit. The government could then siphon of taxes and duties. The government encouraged them with tax breaks and little, if any, regulation.As you say, the remit of BOSI was to come here and make money, so how is the government supposed to stop them leaving? Force them by armed guard to stay open?
So things would be better if we stuck FF, all the bankers, all the developers, all the property speculators, the financial regulator, the ECB for their low interest rate policy, trade union officials, estate agents, media owners, US sub-prime mortgage lenders, lehman brothers executives, house buyers, local authorities, greedy business men, Santa Clause, the Easter Bunny etc etc into jail??
Let's not forget that BOSI were the first to come in and offer the cheaper credit, 100% mortgages etc. While the Irish banks operated a cartel, the sudden uncontrolled shift from BOSI accelerated the whole process.
They came in and cherry picked which parts of the market they wanted, just like now the credit card and the savings area. Rabbo are the same, aggressive marketing behind the savings side. Great, take all the savings money out of the Irish system but aren't offering loans back, they aren't releasing the credit back into the economy. That burden's now on BOI and AIB (who are criticised for not releasing credit).
Even worse that Halifax is keeping open the savings accounts, but keeping the money in the UK. No loans, no mortgages, no credit back into the system.
The only way forward is to root out and punish those that were at fault...
So is the most patriotic thing we could now do switching our assets into BOI & AIB deposits?
the Easter Bunny etc etc into jail??
Good Lord have you lost your mind - not the Easter Bunny
So is the most patriotic thing we could now do switching our assets into BOI & AIB deposits?
I'm not playing the patriotism card. People are free to chose where they invest or save their money. Yes there are consequences in the same way there's consequences to shopping outside of the state, but people are free to do it and I understand why they do it.
The only caveat is don't complain about unemployment as retail sheds jobs, don't complain about the lack of credit coming out of the banks if you do.
BOSI came in because the main 2 operated a complete vice grip on all our finances and we wanted competition. Well we got that and then some. And now they do a runner. I just think given their time in the Irish market and how they've left that they've come out of this relatively unscathed within the media.
It is hilarious to think that competitiveness between banks had a lot to do with the mess.
.. i wonder does the media go a bit overboard. In todays Independent ..
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