The inevitable has happened: Moody's cuts Irish banks to junk

Dionysus

And so it is, finally: Moody's cuts Irish banks to junk

Thanks you very much Messrs Ahern, McCreevy, Cowen and Lenihan and from the offices of the Financial Regulator, Department of Finance and Central Bank, Messrs Neary, Doyle and Hurley respectively - not forgetting from the private sector Messrs Fingleton, FitzPatrick, Drumm, Buckley and Sheehy and from the media all Independent Newspapers titles without exception (particularly the property supplements) and, sad to say, even The Irish Times (property supplement).

The unrestrained, woefully under-regulated Anglo-American capitalist model with its boom-to-bust cycles is clearly inappropriate for the advancement of a stable socially-cohesive Irish society. It is a failed system.

MagicMarker

Hank Moody?

landsleaving

What does that mean exactly? Genuine question.

pragmatic1

landsleaving wrote: »

What does that mean exactly? Genuine question.

No one will be buying Irish bonds. There is no end to this recession. Its getting worse, not better.

admiralofthefleet

landsleaving wrote: »

What does that mean exactly? Genuine question.

it means take every cent you have out of the irish bank you are with and transfer to a dutch bank

MagicMarker

admiralofthefleet wrote: »

it means take every cent you have out of the irish bank you are with and transfer to a dutch bank

What about dutch gold? Worth much?

landsleaving

pragmatic1 wrote: »

No one will be buying Irish bonds. There is no end to this recession. Its getting worse, not better.

Thanks. I feel better now.

Wait.. no I don't! :pac:

admiralofthefleet wrote: »

it means take every cent you have out of the irish bank you are with and transfer to a dutch bank

All -€249.57 will be withdrawn tomorrow so!

fontanalis

Moodys; didn't they do a great job of rating sub prime mortgages in the US?

Pretty crazy.. Remember sittin in Economics in Secondary school being told how we have one of the lowest debts in Europe. Now it's so bad, we've a junk rating.

fontanalis

Dionysus wrote: »

And so it is, finally: Moody's cuts Irish banks to junk

Thanks you very much Messrs Ahern, McCreevy, Cowen and Lenihan and from the offices of the Financial Regulator, Department of Finance and Central Bank, Messrs Neary, Doyle and Hurley respectively - not forgetting from the private sector Messrs Fingleton, FitzPatrick, Drumm, Buckley and Sheehy and from the media all Independent Newspapers titles without exception (particularly the property supplements) and, sad to say, even The Irish Times (property supplement).

The unrestrained, woefully under-regulated Anglo-American capitalist model with its boom-to-bust cycles is clearly inappropriate for the advancement of a stable socially-cohesive Irish society. It is a failed system.

In fairness you need simpleton credit junkies to get it to the point where ireland is.

pragmatic1

phuck

Orando Broom

I always have this mental image of boxes of junked, bank bonds in antique, curiosity shops gathering dust.

CorkMan

admiralofthefleet wrote: »

it means take every cent you have out of the irish bank you are with and transfer to a dutch bank

Can you re-phrase that please.

Messi2

What time will the sky be falling? I left my camera in to be fixed and want to collect it in time.

Dravokivich

CorkMan wrote: »

Can you re-phrase that please.

Irish... as in the rest of the country north of you....

mlumley

MagicMarker wrote: »

What about dutch gold? Worth much?

About 3 cans to 1 Irish bank. Rather have the dutch gold meself.

Captain Darling

mlumley wrote: »

About 3 cans to 1 Irish bank. Rather have the dutch gold meself.

Yesh, it goes well in my brain.

steddyeddy

If I was rich and some day I could be why would I buy bonds from a banking system run by criminals?

fontanalis

steddyeddy wrote: »

If I was rich and some day I could be why would I buy bonds from a banking system run by criminals?

Because a genius like Lenihan would guarantee them!

steddyeddy

fontanalis wrote: »

Because a genius like Lenihan would guarantee them!

The amount of insider trading going on in the irish banking system would require a pretty strong garuntee.

dsmythy

Just because they got up on the wrong side of the bed doesn't mean they had to go and cut us

fontanalis

dsmythy wrote: »

Just because they got up on the wrong side of the bed doesn't mean they had to go and cut us

In fainress I don't think their bedgettingoutside had anything to do with it.

oppenheimer1

I'm surprised people are so upset about this considering they shout Default Default! on the bank debt. The lowering of the rating of the Irish banks to "junk" status reflects the reality that bondholders will have to take a loss on their loans to Irish banks, in the opinion of Moodys.


Should ye not be celebrating?

Gunsfortoys

We have turned the corner.

hardCopy

Gunsfortoys wrote: »

We have turned the corner.

And wandered into the ghetto

tonycascarino

Gunsfortoys wrote: »

We have turned the corner.

Green shoots everywhere

Krusader

Gunsfortoys wrote: »

We have turned the corner.

I don't accept that

admiralofthefleet

CorkMan wrote: »

Can you re-phrase that please.

sorry, i forgot people from cork had access to the internet. what i said was - take your money out of your account (thats what the bank calls the thing where your money is held) and transfer it into a new account in a dutch bank. their banks are in a better position than ours

skyhighflyer

admiralofthefleet wrote: »

it means take every cent you have out of the irish bank you are with and transfer to a dutch bank

Are you actually going to do that or are you just scaremongering? Given that Ireland won't be selling bonds again until 2013 at the earliest and our banks are getting all their money from the ECB anyway how does this affect deposit holders?

skyhighflyer

steddyeddy wrote: »

If I was rich and some day I could be why would I buy bonds from a banking system run by criminals?

Because you'd get a ten percent return courtesy of the Irish taxpayer

Krusader

skyhighflyer wrote: »

Are you actually going to do that or are you just scaremongering? Given that Ireland won't be selling bonds again until 2013 at the earliest and our banks are getting all their money from the ECB anyway how does this affect deposit holders?

I've done it already, few weeks back

admiralofthefleet

skyhighflyer wrote: »

Are you actually going to do that or are you just scaremongering? Given that Ireland won't be selling bonds again until 2013 at the earliest and our banks are getting all their money from the ECB anyway how does this affect deposit holders?

well i reckon the government will raid peoples savings when things really get worse (and they will). it happened in argentina in the 1990's

skyhighflyer

admiralofthefleet wrote: »

well i reckon the government will raid peoples savings when things really get worse (and they will).

Ok now I'm sure you don't know what you're talking about.

admiralofthefleet

skyhighflyer wrote: »

Ok now I'm sure you don't know what you're talking about.

wait and see