Are AIB engaged in treason against to state in the bank recapitalisation talks?

andrewdeerpark

Another month and more costly secretive talks between the government and the countries bankers, last time we got the disastrous government bank guarantee scheme in an effort to save Anglo or as the bankers sold to us; the banking system, as I always stated Anglo was not “the banking system” rather a small bank for the rich elite and property developers (friends of FF) which should have been left sink that fateful night instead the minister blinked and we have the consequences.

Either way we are now in negotiations again this time over recapitalisation the big question this time will the minister be fooled again.

He has to win the battle this time so points that cannot be lost:

- All existing CEO, chairmen and boards members gone immediately
- Boardroom control of the bank
- Preference shares with an upside return to the state when sold in 5 years time
- Absolute zero bank bonuses and pay rises for all staff during the government stake holding period if contracts have to be broken bring in special legislation (law of the land overrides any private contracts so no excuse allowed for the banks keeping the bonus structure)

It seem AIB are holding the state to ransom at the moment. Time they were outed with leaks or whatever, as this is high treason considering the situation we find ourselves in the general economy.

Minister for finance: if they do not play ball just buy them and fire the top management on mass with the board, they have a very weak negotiating position do not be bullied.

AIB: Forget hanging on to Eugene Sheehy and other board members take you medicine for the good of the country accept all conditions.

Bob Z

yes i agree they shouldnt 'negotiate' they should nationalise and sack the ones who got us in this mess

ninty9er

What's plain to me from this thread, is neither of the previous two posters understand the bank recapitalisation plan as most of what was mentioned is to be included.

We can also expect the Boards to be wiped in the main banks.

Anglo is a mortgage bank and MANY private citizens have mortgages with Anglo for their homes, if the bank failed they could have been left in a very uncertain position depending on who their mortgage was liquidated to. Anglo isn't unimportant just because it's not a retail bank.

Nationalisation hasn't worked as predicted in most of the rest of the world and I wouldn't at all be in favour of nationalisation of AIB and BoI.

juuge

Bob Z wrote: »

yes i agree they shouldnt 'negotiate' they should nationalise and sack the ones who got us in this mess

You are dead right! - People will never invest in the banks as long as the same tossers that got us into this mess remain in the driving seat.

andrewdeerpark

ninty9er wrote: »

Nationalisation hasn't worked as predicted in most of the rest of the world and I wouldn't at all be in favour of nationalisation of AIB and BoI.

Agree nationalisation is a last option however its better for the minister of finance to nationalise AIB instead of being walked on in negotiations and coming out politically weakened.

We need strong political leadership now ahead of strong banks so the clear public perception must be that the banks were dictated to (as happened during the week with the public service pension levy) and the minister for finance won the day.

Otherwise we are politically doomed when it comes to the larger battle of saving Ireland Inc at IMF, EU level. The world is watching.....