Was the Government right or wrong to guarantee the banks

Dubh Geannain · 02-10-2008 2:22pm #1

Well there's been plenty of discussion on it. I just wanted to see what the average view is on it. No need to engage in more heated debates I believe they're being well covered in other threads, but feel free

KnifeWRENCH · 02-10-2008 2:25pm

Poll?

And I think they did the right thing, given the circumstances.

minxie · 02-10-2008 2:28pm

best option tbh.
still us paying for it long term tho...:mad:

Dubh Geannain · 02-10-2008 2:28pm

square_igloo wrote: »

Poll?

And I think they did the right thing, given the circumstances.

You were too quick for me

Alessandra · 02-10-2008 2:31pm

What's going to happen now the likes of Ulster bank etc want a slice of the action? Surely there has to be a line drawn somewhere?

is_that_so · 02-10-2008 2:44pm

They've applied. Minister said he will deal with it on a case by case basis.

stevoman · 02-10-2008 2:54pm

bail out bank accounts for some, miniture american flags for all!

ps - wtf is ireland gonna get 400bn if it does all go belly up, seems that were in a ressecion?

Dubh Geannain · 02-10-2008 3:06pm

stevoman wrote: »

bail out bank accounts for some, miniture american flags for all!

ps - wtf is ireland gonna get 400bn if it does all go belly up, seems that were in a ressecion?

And who's going to guarantee the guarantor?

Pigletlover · 02-10-2008 3:32pm

Given the circumstances they had to.

getz · 02-10-2008 3:41pm

wrong because they are in breach of eu law - if they get away with it it will leave the door open for other eu states to do the same {unfair trading}

Run_to_da_hills · 02-10-2008 3:54pm

Its a case of "Dammed if you do and damned if you don't".

It could have been a potential disaster with a "run on the banks" if the government failed to act on it, however I hate to see these greedy fat cats being let off the hook and handed the deeds of the state to play around with at our expense if it backfires.

Perhaps the banks can be nicer to the public in future now that we bailed them out and not be so persistent in sending out "hate mail" with excessive charges to those that default in the slightest.

Dubh Geannain · 03-10-2008 8:23am

I'd nearly change my vote after Irish Nationwides stunt. How fickle am I?

togster · 03-10-2008 8:56am

I'm going to say maybe.....

Jet Black · 03-10-2008 9:07am

Run_to_da_hills wrote: »

Its a case of "Dammed if you do and damned if you don't".

Excally. I thought the 100k guarantee would be enough. I dont know many people with over 100k sitting in an account. Watching TV3 last night and it said one bank was close to collapsing, would not say which one for obvious reasons. We now have the budget to look forward to.

towel401 · 03-10-2008 10:57am

The stock market is a silly thing. If everyone thinks things are going to be bad, then they are already bad. so actually most of the problems are caused by people thinking its going to get bad.

Same with banks. If everyone thinks their bank is going to go bust people will do a bank run and cause the bank to go bust. Now that the govt guaranteed the banks everybody knows their money is safe and therefore nothing bad will happen to the banks and the government wont have to bail them out either.

ibuprofen · 03-10-2008 11:00am

It's a good idea , and gives Irish banks an AAA rating . Money has been flowing into Irish banks since the deposits were gauranteed.
It was a tough call and one that has been necessary because of the global downturn and Irish construction industry slow down.

Sonderval · 03-10-2008 11:10am

Indeed, emotion in the stock market is hardly anything new or surprising. Panic and fear are what we're mostly seeing nowadays. Contrarian investing would indicate that now is a good time to buy some undervalued stocks

RE: the government guaranteeing the banks, did I not hear earlier that this was only for a period of time? 2 years or something?

Nehaxak · 03-10-2008 11:13am

Watching primetime on RTE lastnight, both the financial regulator CEO and the finance minister seem like right incompetant pricks to be honest and although I think this was ultimately the right move, I don't think the right people for the job are handling it all correctly.

Darragh29 · 03-10-2008 3:23pm

Well just when you think the banks might have learnt a lesson, they go and surprise you again!!!

http://www.independent.ie/business/stocks-markets/bank-chiefs-facing-share-deals-probe-1488613.html

OPENROAD · 03-10-2008 7:15pm

minxie1 wrote: »

still us paying for it long term tho...:mad:

Only IF a bank goes in the next two years.

Was the Government right or wrong to guarantee the banks

Was the government right or wrong to guarantee the banks 72 votes

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