frontline anyone seen this?

ei.sdraob

http://www.rte.ie/player/#v=1055891


about 26 mins in


actually whole thing is well worth watching


30 billion going to anglo irish zombie bank that doesnt event lend to normal people :eek:

im shacking head in disbelief here

thebman

Oh yes but afterwards they can decide what to do with it like privatise it and end up buying it back 3 months later again when the only people willing to buy it are crooks that liked the previous management style and the reputation of the bank especially its reputation for undertaking dodgy banking practices and being bailed out by the state.

AlekSmart

im shacking head in disbelief here

In sympathy with ei.sdraob I`m shaking my head too.

However neither of us should get too elevated or shaky about it as very few others appear to give a toss.

It is now becoming ever more apparent that the Irish as a race have serious problems with many of the essentials of self-governance,such as responsibility,dedication and forebearance.

Nobody appears to be unduly concerned that the Country is essentially bankrupt and currently floats along on whats left of an international reputation which is only awaiting the exit of the last Multi-Nationals before collapsing entirely.

The populace,following the lead of the Politicians,become involved in heated disagreements over the gap between Public and Private sector wage rates whilst convienently ignoring the Elephant on the Bar Stool.....the vast emptiness of the non-contributory DFSA payments labyrinth which disburses money for which no actual return is given.

It is one thing to pay out claimants who have over a working lifetime paid full SW contributions.
However,it stands the very principle of Insurance on its head to pay cash benefits and associated add-on`s to a large section of youthful claimants who have NO payment history.

The last emergency budget did make some attempt to right the wrong but by then the horse had well and truly bolted.

Unless the Brian`s have a cunning plan to turn Anglo Irish Bank into the lending arm of the DFSA...Hmmmmm,now there`s an idea !!!! :eek:

amacca

ei.sdraob wrote: »

http://www.rte.ie/player/#v=1055891


about 26 mins in


actually whole thing is well worth watching


30 billion going to anglo irish zombie bank that doesnt event lend to normal people :eek:

im shacking head in disbelief here

I believe Anglo and Irish nationwide should have been quarantined somehow, and left outside of everything except the normal deposit guarantee. I believe they are/were far from systemic, bond holders etc should have known what they were getting in for when they invested in these castles in the sky.

I was personally shaking my head when lenihan revealed the amount of property loans NAMA would be taking from a "small" building society.

Irish Nationwide 8billion.....................................what now! say that again!


On a related note did you hear dunphy calling Parlon and the Bankers federation/association head "creatures"...............................................I half expected him to say if they were such great people why hadnt Harry Redknapp signed them yet. Amusing vitriol but ultimately futile.

Amhran Nua

AlekSmart wrote: »

It is now becoming ever more apparent that the Irish as a race have serious problems with many of the essentials of self-governance,such as responsibility,dedication and forebearance.

What?

Does that not strike you as completely racist?

jimmycrackcorm

amacca wrote: »

I believe Anglo and Irish nationwide should have been quarantined somehow, and left outside of everything except the normal deposit guarantee. I believe they are/were far from systemic, bond holders etc should have known what they were getting in for when they invested in these castles in the sky.

I was personally shaking my head when lenihan revealed the amount of property loans NAMA would be taking from a "small" building society.

Irish Nationwide 8billion.....................................what now! say that again!


On a related note did you hear dunphy calling Parlon and the Bankers federation/association head "creatures"...............................................I half expected him to say if they were such great people why hadnt Harry Redknapp signed them yet. Amusing vitriol but ultimately futile.

I essentially agree though I think had the government allowed anglo to fold, the repercussions on AIB / BOI might have been severe as The investment community might have doubted the governments commitment to protecting them. I.e. Despite the unlimited guarantee until 2010, nobody would lend to AIB and BOI for fear that after 2010 they would have been abandoned by the government. Because the government stepped in for Anglo, it has since enabled AIB for example to raise funds past the 2010 guarantee.

In one sense it is almost as the banks and the country are effectively viewed together as Ireland Inc.

amacca

jimmycrackcorm wrote: »

I essentially agree though I think had the government allowed anglo to fold, the repercussions on AIB / BOI might have been severe as The investment community might have doubted the governments commitment to protecting them. I.e. Despite the unlimited guarantee until 2010, nobody would lend to AIB and BOI for fear that after 2010 they would have been abandoned by the government. Because the government stepped in for Anglo, it has since enabled AIB for example to raise funds past the 2010 guarantee.

In one sense it is almost as the banks and the country are effectively viewed together as Ireland Inc.

Unfortunately I don't have the expertise or experience to be certain that the govt could have let Anglo and Irish Nationwide go to the wall without the kind of disastrous negative consequences that people in favour of the blanket guarantee including Anglo and Irish Nationwide say would happen.

I just think that they were so far out on a limb (and not clearing banks) that not including them (effectively cutting off that branch of the tree sooner rather than later) would have been the best idea. This would have left us less dodgy/imaginary assets/loans to purchase and would have left the guarantee stronger and better considered imo. As it is Anglo will be wound up, the 3.8 billion that went in probably wont be recouped (indeed we may need to pump in more and Irish Nationwide will be pretty much worthless after NAMA removes its "bad" loans, it will probably be wound up also and its remaining loans/deposit book sold to some merger of EBS and IL &P so we have a viable indigenous third party to compete with BOI and AIB.

Of course, we would have been creating losses for some the very institutions/organizations that subsequently are lending money to our banks if we went down thE route of excluding the worst offenders, its hard to say how it would have played out.........................It just still seems insane to have propped these two delinquents up at all though, leaves a nasty taste in back of your mouth without the certain knowledge that this is good medicine. I remain unconvinced that the state stepping in and blanket guaranteeing the existing institutions minus Anglo and Irish Nationwide wouldnt have worked. But I suppose who knows or can argue with any degree of certainty on that now.