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Anglo "Lazarus" Claim Rejected

  • 16-09-2010 1:08pm
    #1
    Orchard Rebel
    Registered Users, Registered Users 2 Posts: 242 ✭✭


    From the Irish Times
    Anglo 'Lazarus' claim rejected

    The Department of Finance has hit back at media reports that it was trying to revive Anglo Irish Bank.

    Earlier this week, the Financial Times carried an editorial claiming the Government had learned little from the financial crisis.

    "Irish leaders are prolonging the uncertainty in the hope that zombie banks will, Lazarus-like, come back to life," it wrote.

    It said it was time to let the bank losses fall "on unsecured creditors once shareholders are wiped out".

    In a letter to the Financial Times , the department's press officer Eoin Dorgan said the claim that the Government was trying to bring Anglo back to life was not true.

    "This is not in accordance with the facts," he wrote. "Last week the Government decided that Anglo Irish's loan book will be worked out over time in an asset recovery bank."

    Mr Dorgan also criticised the figures used in the article, which claimed the balance sheet of the six domestically owned banks was €776 billion at the end of June. He said the true figure was €523 billion.

    Good man Eoin, that told 'em. :rolleyes:

    Incidentally, I notice that Mr Dorgan chose not to respond to the FT's contention that the Irish taxpayer should not be on the hook for the whole Anglo liability and that unsecured creditors should share the pain. Clearly the best interests of the Irish people are not high on the Department of Finance's agenda....


Comments

  • #2
    Dob74
    Registered Users, Registered Users 2 Posts: 1,049 ✭✭✭Dob74


    It's nice to see the that the clueless idiots in the DOF trying to defend the indefencable.
    The FT are only pointing out reality. The bank gaurantee will sink this country.


  • #3
    RealityCheck
    Closed Accounts Posts: 695 ✭✭✭RealityCheck


    Its all firefighting. The house is still burning. These articles are not occuring in isolation. They are occuring on a daily basis in all types of economic media outlets. The Financial Times, The Wall Street Journal, The New York Times, Reuters etc are all speaking negatively about us, depite what the Government tell us. They can't all be wrong :rolleyes:. With that and the situation with our Bond Spreads, its hard to see us coming back from it, without some form of intervention from the IMF and EU.


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