We now own all the banks.

Gunsfortoys

Well not really but it is AH.

http://www.rte.ie/news/2011/0329/ilp-business.html

The State is now likely to take majority ownership and full control of Irish Life and Permanent following the stress tests of banks. Shares in the group were down 45% in Dublin this afternoon.
RTE News understands the amount of capital required for the group's banking arm, Permanent TSB, is likely to be in the region of €600m to €1 billion. At present, Irish Life and Permanent is valued in the region of €200m.
A capital injection, which would be required by the State, is likely to force the organisation into State control.
The development will have no effect on customers. Depositors will continue to be covered by the State guarantee.
Irish Life and Permanent is made up of one of the State's largest life assurance companies, Irish Life, and the country's largest mortgage lender, Permanent TSB.
Finance Minister Michael Noonan is likely to make a statement which will include addressing the future structure of the banking system on Thursday.
The change in ownership of Permanent TSB would be likely to have significant ramifications for potential mergers in the banking sector.
Shares in the group were down 45% to 40 cent in Dublin this afternoon.

AH Answer: We need to blast those banks with piss!

Serious answer: I would say Irish Life are dying to get PTSB off their hands and into state control.

Sykk

Well we went a good 25 mins without a bank thread.. Good run

Gunsfortoys

Sykk wrote: »

Well we went a good 25 mins without a bank thread.. Good run

I haven't seen a banking thread in AH for a while.

unknownlegend

All your banks are belong to us

iMax

Maybe if they (we) do take them over, they can roll back the last interest hike.

Gunsfortoys

iMax wrote: »

Maybe if they (we) do take them over, they can roll back the last interest hike.

Highly unlikely, if anything they will go up more.

pragmatic1

Yay. We so smart.

Tarquin1970

Now that we own all the banks, shouldn't Good Friday be a public holiday but not a bank holiday?

Blitzkrieger

Now obviously I'm not a super smart economics guy, but does pumping *billions into a bank valued at 200 million seem like bad finance to anyone else? Of all the banks that should have been left fail, surely this one should. And one of the managers had the gall to blame the government, saying it was their fault that interest rates were going up in the last couple of years. I wouldn't absolve the government of all blame, but he seems to be neatly side stepping his bank's reckless speculation by borrowing from international markets for years. Cheeky ****wit.





*I know they're only asking for a billion now, but we all know how these things go.....

Gunsfortoys

Blitzkrieger wrote: »

Now obviously I'm not a super smart economics guy, but does pumping *billions into a bank valued at 200 million seem like bad finance to anyone else? Of all the banks that should have been left fail, surely this one should. And one of the managers had the gall to blame the government, saying it was their fault that interest rates were going up in the last couple of years. I wouldn't absolve the government of all blame, but he seems to be neatly side stepping his bank's reckless speculation by borrowing from international markets for years. Cheeky ****wit.





*I know they're only asking for a billion now, but we all know how these things go.....

They where the ones saying they wouldn't need a bailout and that they were
financially sound.

ejmaztec

I'm just writing off my overdraft.

Biggins

So let me get this right - we will own the banks that actually owns us!
Himmm... I think I'll go and lie down now!