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Irish banks and the greater financial "crisis"
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21-09-2008 6:25pm#1
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What has the price of house has got to do with this? As for the level of guarentee, I've given my opinion on this already.
I would say the price of property would be an indication in most countries as to the personal wealth of the people, ala average salary.
Of course thanks to the world's property bubble property is over inflated and not in line with salaries.The "balanced" view would have been to give the IBF (Irish Bankers Federation) / Financial Regulator the forum to speak.
Yes agree the regulator could have come on to give opinion, but getting the views of the IBF is a bit like getting view of Tobacco industry on the health affects of cigarettes
They are harldy likely to spill any truths that affect their members.People need to wake up and realise the functions of a bank.
And you and your banking buddies need to wakeup and remember without us plebs, the customers, you are shag all :rolleyes:
Surely Northern Rock taught you something.The Northern Rock suitation was exerbated by the sub prime problem over in the US where the process of getting a mortgage was like going into a shop and buying a litre of milk. There was never any issues about the quality of their mortgage book or with liquidity. The problem with Northern Rock was that they relied too heavily on funding from the wholesale money markets - up to 75% of their mortgage book was funded by this method. When the money markets seized up it became difficult for them to raise funds to fund new mortgages and roll over existing ones. The run on Northern Rock only went to exerbate the suitation. As for HBOS proactive measures were taken to ensure that another Northern Rock would not happen. Funnily enough HBOS was also well capitalised.
So the saver views all of these collapses in the US, they see the US treasury having to bail out major financial institutions, allow banks merge and take ech other over and others go bust.
Then we see the world's biggest insurer begging for money to save them.
Yes we know their problems are due mostly to subprime but over in UK we have HBOS whose "fundamentals" are sound, they are well capitalised but suddenly the competition authorities are being told by government to put aside their rules so that HBOS can be saved.
Now if you are a normal depositor you look to good old Ireland where our property bubble was even greater than UK, where huge volumes of unsold houses mean developers/builders are not able to pay back their loans.
Then you have people, such as David McWilliams, who have been right on the money regarding what a crock of sh** we were creating for oursleves over last 7 years, basically saying some Irish institutions could be in trouble.
Then we view our measly deposit guarantees and you think that people have not a right to safeguard their savings, because the totally infallible bankers tell us it is ok :rolleyes:
We have had an attitude in Ireland for a few years now, that we shouldn't mention anything about the elephant in the corner. We are talking down the economy, we are in danger of starting a run on a bank.
So say nothing, do nothing is the attitude and shoot anyone that raises the issue.Again, people need to wake up and realise the function of a bank and their role in the economy. Take our two largest banks. Are you seriously telling me that they would be allowed to fail. Do you have any idea the amount of Government bank a/c's in both banks?
And you need to wake up and remember that the depositors role and indeed tha taxpayers role is not to bail out a bank because they have made bad decisions.
Do you only care that the two biggest banks, included your beloved BOI, are bailed out ?
What about the savers in other institutions ?
Can they go to hell becuase they are less important to the Irish state and they do not hold government accounts ?I have no problem debating facts. But I won't debate half truths, conspiracies and people trying to scare mounger others. There's the problem.
Maybe we don't know the banking system like you, but we do know that after all the cockups that have been perpretated by people within the banking system that you can't be totally trusted to act in our interest.I am not allowed discuss …
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I would say the price of property would be an indication in most countries as to the personal wealth of the people, ala average salary.
Of course thanks to the world's property bubble property is over inflated and not in line with salaries.
Still has very little got to do with how much people have in savings.Yes agree the regulator could have come on to give opinion, but getting the views of the IBF is a bit like getting view of Tobacco industry on the health affects of cigarettes
They are harldy likely to spill any truths that affect their members.
And your saying An Post represents the world of banking?And you and your banking buddies need to wakeup and remember without us plebs, the customers, you are shag all :rolleyes:
Works both ways mate.Surely Northern Rock taught you something.
Yes, that people are nothing but scared frightened sheep. And that paper never refused ink.So the saver views all of these collapses in the US, they see the US treasury having to bail out major financial institutions, allow banks merge and take ech other over and others go bust.
Then we see the world's biggest insurer begging for money to save them.
Yes we know their problems are due mostly to subprime but over in UK we have HBOS whose "fundamentals" are sound, they are well capitalised but suddenly the competition authorities are being told by government to put aside their rules so that HBOS can be saved.
Now if you are a normal depositor you look to good old Ireland where our property bubble was even greater than UK, where huge volumes of unsold houses mean developers/builders are not able to pay back their loans.
Then you have people, such as David McWilliams, who have been right on the money regarding what a crock of sh** we were creating for oursleves over last 7 years, basically saying some Irish institutions could be in trouble.
Then we view our measly deposit guarantees and you think that people have not a right to safeguard their savings, because the totally infallible bankers tell us it is ok :rolleyes:
We have had an attitude in Ireland for a few years now, that we shouldn't mention anything about the elephant in the corner. We are talking down the economy, we are in danger of starting a run on a bank.
So say nothing, do nothing is the attitude and shoot anyone that raises the issue.
Again, take a look at how an bank operates. Get this. Your money is always at risk. Where do you think the money for mortgages, loan etc come from?
How this risk is controlled / regulated is the key. And in Ireland we do this quite well.
As for Dave McWilliams, I could libeled if I said what I think / know of him. Let's put it this way he's some man to talk.And you need to wake up and remember that the depositors role and indeed tha taxpayers role is not to bail out a bank because they have made bad decisions.
Do you only care that the two biggest banks, included your beloved BOI, are bailed out ?
What about the savers in other institutions ?
Can they go to hell becuase they are less important to the Irish state and they do not hold government accounts ?
Mearly stating the point that if our two big banks went to the wall we may as well just forget about Ireland Inc. I'm very sure the Government would step in and rescue any bank that needed to be. However my previous post states why I'm not concerned (in not as much detail as I would have liked but how in ever).But we do know that after all the cockups that have been perpretated by people within the banking system that you can't be totally trusted to act in our interest.
Again works both ways. Anyhow what are these cockups you talk of?0 -
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