We may need a new Bad Bank

ei.sdraob · 28-10-2010 5:23pm #1

Dukes: We may need a new Bad Bank
Thursday, October 28 16:43:16

The amount of poor developer loans that will remain on the balance sheets of Ireland's banks may mean that we will need a new "bad bank", according to chairman of the State-owned Anglo Irish Bank, Alan Dukes, said today.
Last month the Government increased the threshold for loans going to NAMA from E5m to above E20m. This meant that loans of E7 billion originally destined for NAMA will now remain within the two big banks.
Mr Dukes said that it seemed logical that if the banks had to deal with distressed assets outside of NAMA, then they be dealt with in one place, he said.
"That way we would have two major banks with cleaned up major balance sheets that would immediately become better prospects for market funding," he said in a speech to Leinster Society of Chartered Accountants Ireland.
He said he was not suggesting that Anglo's proposed asset recovery bank be used as a platform but it would be part of this.

http://www.businessworld.ie/livenews.htm?a=2678813

:rolleyes: Looks like Anglo and Co need more money :rolleyes:

Tell us Mr. Dukes, how deep does the rabbit hole go over at Anglo Irish Bank Department Of Developer and Banker Welfare

now that we own your **** it be nice if you tell us the full story.

skelliser · 28-10-2010 5:27pm

iirc FG and Labours solution was to create a good bank/bad bank out of anglo, the good bank being used as a national recovery bank.

But no, FF decided we first had to:
nationalise Anglo,
create SCAMA,
then pump 35 billion of our money into anglo and
NOW THEY WANT A BAD BANK!!!

Amhran Nua · 28-10-2010 6:00pm

Its like that Simpson's episode where they introduced more and more invasive species to deal with the invasive species they had already introduced.

istabraq · 28-10-2010 6:35pm

Its not a new bad bank we need.What we need is to see the bankers that wrecked our country prosecuted and all their assets siezed including those that they transferred to their wives and partners.These people are still swanning around living the high life while the ordinary joe soap picks up the slack.Everything they have should be siezed and they should be left with nothing they should be left homeless on the street because thats what they have done with our country left us with nowhere to go.It is unbelieveable that when the s**t hit the fan these crooks can just walk away as if nothing happened with pensions and all their assets intact.