Another day, another 4 billion ....

ei.sdraob

Another day, another 4 billion (thats 4,000,000,000 euro) clocked up in our name by a failed bank

IRISH NATIONWIDE has issued €4 billion of Government-guaranteed bonds effectively to itself. It can use the bonds to draw €4 billion in funding from the European Central to help tide it over a key refinancing period later this month.

http://www.irishtimes.com/newspaper/finance/2010/0908/1224278447479.html


also analysed on the irisheconomy site with this comment from 2pack summing it up

The cabinet and later the Oireachtas is agonising over a €3bn cut to public expenditure while INBS clocks up €4bn of debt just like that. Should there not be an oversight committee??? ….ideally not one with Frank Fahey on it either

liammur

ei.sdraob wrote: »

Another day, another 4 billion (thats 4,000,000,000 euro) clocked up in our name by a failed bank


http://www.irishtimes.com/newspaper/finance/2010/0908/1224278447479.html


also analysed on the irisheconomy site with this comment from 2pack summing it up

We haven't seen the last of AIB either, and as I speak BOI shares are under pressure.

Cookie_Monster

Interesting. I wonder if I can get away with issues a couple of million of debt to myself?

ei.sdraob

liammur wrote: »

We haven't seen the last of AIB either, and as I speak BOI shares are under pressure.

Cookie_Monster wrote: »

Interesting. I wonder if I can get away with issues a couple of million of debt to myself?

The problem is that they are nationalised completely

so this effectively is 4 billion racked up in the taxpayers name, guaranteed by the state

the question being asked by few now. who exactly approved this?

maninasia

Madness...

Sponge Bob

That is €1,000 burnt to crisp in the one go for every man woman and child in the state and not a peep out of the Oireachtas. I am glad I live in a democracy Is Frank Fahey explaining this stroke to us on the 1 o clock news ??

maninasia

Look at the front page of the Indo..Callely and the Irish football team.
Do people realise the bank guarantee was extended again yesterday and I guess the 4 billion mentioned here was linked with that.
Is there even any public announcement before these 'investments' or do they just announce them after the fact...oh by the way chaps we sunk 4 billion into Irish Nationwide today, had to be done you know,.

EDIT: Anybody know is it possible to open a bank in Ireland, I see a great moneymaking opportunity where I can make money to pay myself.

the_dark_side

and with the impending announcement this evening on Anglo Irish Bank by Brian Lenihan, is the timing of this not a little suspicious?

MrDarcy

Crucially though, we are reminded today that there is no funding available to tackle the number of men committing suicide in Ireland at the moment...

http://www.breakingnews.ie/ireland/no-new-funding-for-suicide-prevention-472727.html

jmayo

Anyone know how to open a Swiss bank account if non resident ?

You can call me pessimistic, but I reckon it is now only matter of time before we default and if we go under we will drag the Euro down with us.
Of course the ECB will be spinning and going round asking the German taxpayers to throw a few euros into the collection basket.
Also the Greeks will start lending us money, maybe some of the stuff we lent them. :rolleyes:

We are on the rollercoaster to hell and the brakes are burning out.

danbohan

jmayo wrote: »

Anyone know how to open a Swiss bank account if non resident ?

You can call me pessimistic, but I reckon it is now only matter of time before we default and if we go under we will drag the Euro down with us.
Of course the ECB will be spinning and going round asking the German taxpayers to throw a few euros into the collection basket.
Also the Greeks will start lending us money, maybe some of the stuff we lent them. :rolleyes:

We are on the rollercoaster to hell and the brakes are burning out.

chill fella , dont you know its just the ''ebb and flow''!

jmayo

danbohan wrote: »

chill fella , dont you know its just the ''ebb and flow''!

All I see is my money flowing away and very little flowing my way.
That gives me a chill alright, right down my spine.

20Cent

So why do we expect Public servants to accept pay cuts while this is going on.
Would feel rather dumb agreeing to a pay cut then the next day a few billion gets thrown at Anglo.

dan_d

As an aquaintance of mine once said (referring to his kids)

"I am a conduit through which money flows".

Right now we're all conduits - more like gigantic big sewer pipes emptying into a bottomless pit - and the money is p"%sing through at a serious rate. So fast we can't even see it.

And we are back to the age old question(s):
Why is nothing changing??

As queried (rightly) in today's times.I'm not a Vincent Browne fan but at least he's pondering a question that we all should be pondering right now.

http://www.irishtimes.com/newspaper/opinion/2010/0908/1224278447748.html

Sesshoumaru

20Cent wrote: »

So why do we expect Public servants to accept pay cuts while this is going on.
Would feel rather dumb agreeing to a pay cut then the next day a few billion gets thrown at Anglo.

Good point! If we can't fix all problems simultaneously we just shouldn't fix any of them.

20Cent

Sesshoumaru wrote: »

Good point! If we can't fix all problems simultaneously we just shouldn't fix any of them.

Didn't say they need to be fixed simultaneously but even a veil of "sharing the pain" might make things easier to fix.

thebman

20Cent wrote: »

Didn't say they need to be fixed simultaneously but even a veil of "sharing the pain" might make things easier to fix.

Except you'll always find someone to point at that isn't "sharing in pain" at that moment so the whole exercise is pointless.

The_Thing

Except you'll always find someone to point at that isn't "sharing in pain" at that moment so the whole exercise is pointless.

Why should anyone who was sensible during the boom years be expected to "share the pain"

Whoever coined that phrase should be tortured to death.

The most I ever borrowed from a bank was £4,000 (pounds - not euros) to buy my first car when I was 30. I was phoned repeatedly by my bank during the so called boom years to see if I was interested in investing in property - I declined all offers as the thought of owing so much money scared the S**t out of me and I didn't want to have a financial mill stone around my neck for the rest of my working life.

I have no intention in willingly sharing anyone's pain.

GSF

Two years on & why does Irish Nationwide still exist? What possible strategic importance does this outfit have?

thebman

The_Thing wrote: »

Why should anyone who was sensible during the boom years be expected to "share the pain"

Whoever coined that phrase should be tortured to death.

The most I ever borrowed from a bank was £4,000 (pounds - not euros) to buy my first car when I was 30. I was phoned repeatedly by my bank during the so called boom years to see if I was interested in investing in property - I declined all offers as the thought of owing so much money scared the S**t out of me and I didn't want to have a financial mill stone around my neck for the rest of my working life.

I have no intention in willingly sharing anyone's pain.

I've never had a loan and always saved up my money to buy things I wanted including my car.

I find the whole idea of having a loan unappealing. Apparently I should now give all the money I saved to the government :-/

The_Thing

The most I ever borrowed from a bank was £4,000 (pounds - not euros) to buy my first car.....

Just to clarify - that was the ONLY loan I have ever taken out.

Apparently I should now give all the money I saved to the government :-/

Personally I'd rather burn my savings than give a single cent of it to Lenihan.