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Government Bank Guarantee

  • 17-07-2010 11:31am
    #1
    Subliminal Stimulus
    Closed Accounts Posts: 49 ✭


    Ok, the latest I've read is that the government bank guarantee safeguards a total of €440bn. The guarantee used to be capped at €100,000 per bank account, but this cap was completely removed at the start of the recession, with no holds barred. Am I correct so far?

    That's €440,000,000,000, right?
    If these banks fail then every man, woman, and child in this country will OWE €100,000 to wealthy investors. And that would be on top of what we are already pumping in.

    Does anyone else think that this is just a tad too much?

    Linky


Comments

  • #2
    ejmaztec
    Registered Users, Registered Users 2 Posts: 24,227 ✭✭✭✭ejmaztec


    Subliminal Stimulus wrote: »
    Ok, the latest I've read is that the government bank guarantee safeguards a total of €440bn. The guarantee used to be capped at €100,000 per bank account, but this cap was completely removed at the start of the recession, with no holds barred. Am I correct so far?

    That's €440,000,000,000, right?
    If these banks fail then every man, woman, and child in this country will OWE €100,000 to wealthy investors. And that would be on top of what we are already pumping in.

    Does anyone else think that this is just a tad too much?

    Linky

    Yes, for me €100,000 too much.


  • #3
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    Subliminal Stimulus wrote: »
    Ok, the latest I've read is that the government bank guarantee safeguards a total of €440bn. The guarantee used to be capped at €100,000 per bank account, but this cap was completely removed at the start of the recession, with no holds barred. Am I correct so far?

    That's €440,000,000,000, right?
    If these banks fail then every man, woman, and child in this country will OWE €100,000 to wealthy investors. And that would be on top of what we are already pumping in.

    Does anyone else think that this is just a tad too much?

    Linky

    Yes, welcome to 2 years ago. After all the panic and the tabloid headlines, it turned out that the guarantee worked and we never had to fork out the "€440 billion". Panic over...


  • #4
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    Subliminal Stimulus wrote: »
    Ok, the latest I've read is that the government bank guarantee safeguards a total of €440bn. The guarantee used to be capped at €100,000 per bank account, but this cap was completely removed at the start of the recession, with no holds barred. Am I correct so far?

    That's €440,000,000,000, right?
    If these banks fail then every man, woman, and child in this country will OWE €100,000 to wealthy investors. And that would be on top of what we are already pumping in.

    Does anyone else think that this is just a tad too much?

    Linky

    The bank guarantee was a free stimulus to the economy.. It will never cost anything and even if it did, it means that OUR deposits are guaranteed. You don't have a clue do ya.. Investors in the bank don't even come into this.

    Hurts my head reading this crap.


  • #5
    RoadKillTs
    Closed Accounts Posts: 1,710 ✭✭✭RoadKillTs


    Do yourself a favour OP and stop reading the Indo.


  • #6
    davyjose
    Closed Accounts Posts: 9,287 ✭✭✭davyjose


    dotsman wrote: »
    Yes, welcome to 2 years ago. After all the panic and the tabloid headlines, it turned out that the guarantee worked and we never had to fork out the "€440 billion". Panic over...

    Unless you're one of the 750 Bank of Ireland employees who will lose their job. Along with thousands others who already have.


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  • #7
    K-9
    Registered Users, Registered Users 2 Posts: 43,311 ✭✭✭✭K-9


    Everything is ok, David McWilliams wanted it:

    Sunday Business Post | Irish Business News

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



  • #8
    Stark
    Registered Users, Registered Users 2 Posts: 21,083 ✭✭✭✭Stark


    davyjose wrote: »
    Unless you're one of the 750 Bank of Ireland employees who will lose their job.

    Good, it means that the taxpayer has to deal with less of this crap: http://www.irishexaminer.com/ireland/ideyauauoj/


  • #9
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    davyjose wrote: »
    Unless you're one of the 750 Bank of Ireland employees who will lose their job. Along with thousands others who already have.
    What has that got to do with the Guarantee?

    The was a emergency, high-level fix to fight off the imminent collapse of the country. To that end, it worked perfectly. Afterwards, we have to pick up the pieces, with the main one being Anglo's bondholders (letting Anglo collapse might have been an option if they weren't guaranteed). At present, the guarantee is being watered down and will be phased out shortly.


  • #10
    Subliminal Stimulus
    Closed Accounts Posts: 49 ✭Subliminal Stimulus


    Chill for a minute...

    I know that the guarantee may have stopped a possible run on the banks when it was introduced, and I am in favour of a guarantee, but not one that's ubiquitous and uncapped. Roll it back to 100k per account in my opinion.

    And please, tell me exactly how this guarantee does not help a bank's investors, because you have me stumped on that one.

    That €440bn is still hanging over our heads, and will do so until the guarantee is rolled back.


  • #11
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    Subliminal Stimulus wrote: »
    Chill for a minute...

    I know that the guarantee may have stopped a possible run on the banks when it was introduced, and I am in favour of a guarantee, but not one that's ubiquitous and uncapped. Roll it back to 100k per account in my opinion.

    And please, tell me exactly how this guarantee does not help a bank's investors, because you have me stumped on that one.

    That €440bn is still hanging over our heads, and will do so until the guarantee is rolled back.

    It protects the deposit holders, so any money you or I have in a current account, savings account etc. It does not directly protect the shareholders.


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  • #12
    mikemac
    Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    Stark wrote: »
    Good, it means that the taxpayer has to deal with less of this crap: http://www.irishexaminer.com/ireland/ideyauauoj/
    The increase, which involves workers in employment grades below branch management, is linked to the same national pay deal

    Because the lowest paid staff are overpaid are responsible for the collapse of the share price?

    They have lost and not replaced 2,000 staff in the last two years and another 750 being made redundant.
    Even without redundancy, hundreds will leave this year. It's not like the IBOA managed to secure something like the Croke Park deal for their members, it's not a powerful union at all and lost badly in 1992.

    It's not a well paid job at all, a shop assistant would earn similar to entry level branch staff.


  • #13
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    Subliminal Stimulus wrote: »
    Chill for a minute...

    I know that the guarantee may have stopped a possible run on the banks when it was introduced, and I am in favour of a guarantee, but not one that's ubiquitous and uncapped. Roll it back to 100k per account in my opinion.

    And please, tell me exactly how this guarantee does not help a bank's investors, because you have me stumped on that one.

    That €440bn is still hanging over our heads, and will do so until the guarantee is rolled back.

    I am not surprised.


  • #14
    Subliminal Stimulus
    Closed Accounts Posts: 49 ✭Subliminal Stimulus


    So you are telling me it does not affect the share value in any way? Bull****


  • #15
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    Subliminal Stimulus wrote: »
    So you are telling me it does not affect the share value in any way? Bull****

    Eh we want to keep the share price up. That's the whole point. This doesn't cost you, me or the government a cent.

    How does that equate to your 100k per person idea?


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