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Still untrustworthy, incompetent and plain wrong

  • 29-11-2010 2:13pm
    #1
    Laminations
    Registered Users, Registered Users 2 Posts: 4,693 ✭✭✭


    Less than two months ago we all held our breath to wait and hear the absolute final cost of bailing out our banks. The final figure, the one markets could rely on, but we got TWO figures.

    A likely figure
    And a worst case scenario figure.
    Bloomberg wrote:
    The cost of bailing out the country’s banks may ultimately rise to about 50 billion euros, under a “stress case” scenario for Anglo Irish, according to figures published by the country’s finance ministry and the central bank in Dublin today. The base case estimate is about 45 billion euros, the figures show. Allied Irish may need as much as 3 billion euros.

    So at worst, €50bn.

    Oh, this lie was also flavour of the month back then
    “The Irish banking system is at rock bottom today,” Finance Minister Brian Lenihan said today in a Bloomberg Television interview in Dublin. He rejected speculation Ireland will need outside help. “It can only revive from now because it’s recapitalized and reformed,” he said.

    People complained at the time that giving two figures would not inject the certainty that markets were looking for, but both figures being wrong? Well thats yet another instance of this government's failure.

    From the bailout they seem to be setting up a contingency that surpasses the absolute worst case scenario of €50bn.

    The money put into the banks so far plus the contingency adds up to ~€67bn. They got the absolute worst case scenario figure WRONG! The banks continue to be a blackhole. Gurdiev mentioned this after the announcement when he was on the RTE news panel talking to Brian Dobson.


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