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"It's not a bank it's a warehouse"...!

  • 15-06-2011 5:28pm
    #1
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭


    You have to love it from Noonan, as he announces that unsecured senior bondholders are at last getting invites to the Vidal Sasoon studio, at last maybe some common sense is starting to emerge. But I can't help but get the feeling though that this is a "fúck you Jack", back at France over our CT rate and the cut on the interest rate being witheld...


Comments

  • #2
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    That does not make any sense. If anything France and Germany are the ones talking about burden sharing (as opposed to restructuring), it is the ECB who are opposed...


  • #3
    efb
    Closed Accounts Posts: 35,514 ✭✭✭✭efb


    I always find it ironic Noonam talking about haircuts, but I'll believe it when I see it!


  • #4
    ardmacha
    Registered Users, Registered Users 2 Posts: 7,476 ✭✭✭ardmacha


    This seems to one of those days for nonsense threads.


  • #5
    HellFireClub
    Closed Accounts Posts: 3,912 ✭✭✭HellFireClub


    later10 wrote: »
    That does not make any sense. If anything France and Germany are the ones talking about burden sharing (as opposed to restructuring), it is the ECB who are opposed...

    Was the problem with our bailout rate reduction not a lack of complete consensus as is required by the ECB, due to French objections? Is there any way how that this scheme involves a particular sting to a French Bank??? First of all no senior bondholders get a haircut, now a complete change of attitude?!?


  • #6
    Delancey
    Closed Accounts Posts: 5,451 ✭✭✭Delancey


    Everything Michael Noonan says should be taken with a large pinch of salt - lest we forget he is the jackass who proposed a special tax relief for the gullible masses who lost their shirt when Eircom shares tanked.


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  • #7
    later12
    Closed Accounts Posts: 11,299 ✭✭✭✭later12


    HellFireClub wrote: »
    Was the problem with our bailout rate reduction not a lack of complete consensus as is required by the ECB
    , due to French objections?
    What do you mean required by the ECB? We are not looking for an interest rate reduction on ECB lending.

    We are looking for a rate reduction on money from the EFSF/ EFSM. The ECB does not come into that.

    As for French objections; yes the French have objected (apparently) to an interest rate reduction without a quid pro quo. No idea what the link is to burden sharing here, if anything the French have been reasonable enough on burden sharing.
    Is there any way how that this scheme involves a particular sting to a French Bank???
    I don't know that; I don't see any reason to simply imagine it, offhand.
    First of all no senior bondholders get a haircut, now a complete change of attitude?!?
    A reduction in unsecured senior debt liability was mentioned by Brian Lenihan last February
    http://www.independent.ie/national-news/bondholders-are-exposed-lenihan-2538069.html
    Senior bondholders in Anglo Irish Bank and Irish Nationwide are to face significant losses on their investments, once the auction of deposits from the two failed institutions takes place.
    [...]
    Last week, Finance Minister Brian Lenihan deferred a €10bn capitalisation into the banks, saying the transfer could only be done by a government with a mandate.

    He said yesterday that the guarantee, about which there had been so much dispute, ended on September 30 last.

    "This has left certain senior bondholders in Anglo Irish Bank and the Irish Nationwide unguaranteed,'' he said.


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