Bond Holders - Credit Unions

the watchman

Hi All
Hope this is in the right place.

I heard last night Brian Lenihan say that 50% of Bond Holders are Irish Institutions such as.......Credit Unions :eek::eek::eek:.

How safe is my CU. I've just called them and they said that they will put something on their website regarding wether or not they are a Bond Holder.

Thats all we need for some of our CUs to loose money. And so it goes on..........

dudara

Moved to Banking & Insurance & Pensions

dudara

dotsman

But of course. One of the funny things about how people who go on about "burn the bondholders" etc don't actually know what bondholders are. Bondholders are typically banks, insurance companies, investment houses, credit unions etc. These institutes, in turn, buy the bonds with money invested by their customers.

If you have a pension plan, investment plan etc just where do you think your money is invested? Where do people think the money comes from to pay their insurance payout? Do they think this money is just kept in a drawer?

People seem to think that bondholders are all mysterious über-wealthy people/companies and that he buck stops their, but that is only a tiny minority of bondholders. It's just the same with shares. When the bank share prices collapsed, sure a few wealthy people lost out, but was it not regular everyday pensioners who packed the AGM's wondering where their life savings went? Did people not notice that their pension plan/investment had dramatically dropped in value in such a short space of time?

Burning the bondholders means burning the customers of the bondholders. in short, it means burning everybody.

omerin

This is really worrying confirmation for me, would your local Credit Union divulge if their capital is tied up in Irish bonds? I was hoping it was just Jonny foreigner who had Irish bank bonds

Seriously thinking about moving to An Post

the watchman

Dotsman's post makes for 'chillin' reading, pun intended:cool:. As one fella pointed out to me today...My credit union shares are not guaranteed because they are not banks. However he says I am a shareholder in the union and if the Union is a bondholder and is ...set alight lol. I loose everything as well.
Mmmmmmnnnn.

I think its time that the Union movement made a public statement as to what the position is. Are they bondholders or not?.

chris85

omerin wrote: »

This is really worrying confirmation for me, would your local Credit Union divulge if their capital is tied up in Irish bonds? I was hoping it was just Jonny foreigner who had Irish bank bonds

Seriously thinking about moving to An Post

They should release the information each year on where they invested funds in in their accounts published each year.

etcetc

more government disinformation im afraid to justify their actions, it kinda helps when no journalist or media challenge them when they spout it out

http://www.politicalworld.org/archive/index.php/t-1263.html

http://thestory.ie/2010/04/20/anglo-bondholders/

http://www.sbpost.ie/news/ireland/credit-union-body-angered-at-anglo-irish-link-48842.html

http://www.politics.ie/fianna-fail/151643-pat-carey-continues-peddle-credit-union-link-anglo-2.html

wmpdd3

I'm ok I owe wayyyyy more than I have in shares.

coylemj

dotsman wrote: »

But of course. One of the funny things about how people who go on about "burn the bondholders" etc don't actually know what bondholders are. Bondholders are typically banks, insurance companies, investment houses, credit unions etc. These institutes, in turn, buy the bonds with money invested by their customers.

Good point, I used to grind my teeth back in the 1980s when anti-EU campaigner Raymond Crotty said that we should cancel our national debt, the assumption being that the only people affected would be big banks in Frankfurt and London.

In fact among the casualties would be (1) Prize Bond holders (2) Post Office savings accounts (3) a significant slice of every pension fund in the country and (4) an awful lot of retired folk with savings in Government bonds.

barryd09

so,is there a list of these bond holding CU's anywhere?