Why do people think Britain gave a free bailout to Ireland ?

PatsytheNazi

"The point that I would make is this - the only money that Britain has lent directly is to the Republic of Ireland, and I think it is actually in our national interest and, I would say, in the interests of Northern Ireland, that we do not see a collapse in the economy in the Republic," David Cameron said during Prime Minister's Questions.
http://www.belfasttelegraph.co.uk/business/business-news/republic-using-loan-to-snatch-investment-15154716.html?r=RSS#ixzz1Nw7cR0Zs

Quite clearly and understandably, Cameron is saying that the loan is done for Britain's national interest because if the Irish banks crashed teh domino effect could bring the British banking system down also. ( You could say that their hoping to keep the patient alive so as to extract more money from him )

But serioulsy, why do so many think that it's a free bailout to an ' old friend ' when in fact it is a loan that has to be paid back in full at 5% ?

Jelle1880

I thought this was general knowledge

Cookie_Monster

PatsytheNazi wrote: »

But seriously, why do so many think that it's a free bailout to an ' old friend ' when in fact it is a loan that has to be paid back in full at 5% ?

I've never come across anyone who has referred to it as the former yet...

who the fug

Still a dodgy loan, should have gotten the deeds to every house in Dublin as security

PatsytheNazi

Cookie_Monster wrote: »

I've never come across anyone who has referred to it as the former yet...

Well I seen it mentioned on RTE on a discussion on the Queens visit.

And then you have comments like this - " Ireland is a failed state and is being held together in part by English money too! "
http://www.boards.ie/vbulletin/showpost.php?p=72883756&postcount=42

moomooman

A lot of people in England seem to think its a gift, I think when people hear the word bailout they just think its a present.

mickoneill30

PatsytheNazi wrote: »

And then you have comments like this - " Ireland is a failed state and is being held together in part by English money too! "
http://www.boards.ie/vbulletin/showpost.php?p=72883756&postcount=42

It's also being held together in part by the IMF money. I don't think that implies that people think it's free.

Edit: Ah, is the OP saying that the people of Britain think it's free? I wouldn't know about it from their perspective.

Fratton Fred

Of course it is in Britain's interest.

Banking aside, where do you think all those Nissan Qashqais, Honda Civics, Mini Coopers and Opel Astras are made? Ok they aren't British companies but they are jobs that are important to the UK economy. Jobs that are also open to the thousands of Irish people heading west at the moment.

On the interest rate, Britain is borrowing as well, so that rate needs to be covered, as does currency conversion.

It isn't free and it isn't selfless, but it is certainly needed.

nesf

I think you'll struggle to find a single person on here who does not know this already OP. Sure some people in England might not get it but really it's no secret that this was done as much for Britain's benefit as Ireland's.

Batsy

Some people in Ireland still haven't got over the fact that the British, who they think have tails and eat babies, have been generous enough to help bail Ireland out.

It isn't just Spanish vineyards, French farmers and free Scottish prescriptions that generous English taxpayers are paying for. They are even giving their hard-earned cash to their neighbours across the Irish Sea due to their economic ineptitude.

But are the Irish grateful? No, of course not.

who the fug

Batsy wrote: »

But are the Irish grateful? No, of course not.

Why should I be it is my frigging tax money been given to a bunch of shystes without security

mike65

Methinks Patsy needs his fix of Brit Bashing and so started this thread to satisfy the need!

No one thinks the money is free, just a bit cheaper than our friends in the ECB are charging.

who the fug

mike65 wrote: »

Methinks Patsy needs his fix of Brit Bashing and so started this thread to satisfy the need!

Are you suggest he/she has form

mike65

Just a bit!

who the fug

mike65 wrote: »

Methinks Patsy needs his fix of Brit Bashing and so started this thread to satisfy the need!

Are you suggesting he/she has form

Latchy

Trade between the two countrys as much as goodwill is at the heart of it but it's stiil a loan . Cameron and co have still sent of billions in foreign aid to other countrys to despite protests at the heavy cutbacks at home and the UK's own economy worries .

COYW

mike65 wrote: »

Methinks Patsy needs his fix of Brit Bashing and so started this thread to satisfy the need!

No one thinks the money is free, just a bit cheaper than our friends in the ECB are charging.

I think Patsy is really a West Brit in denial.

Considering the amount of trade between the 2 nations and of course the Northern Ireland factor, a default in Ireland would have serious consequences for Britain.

mgmt

PatsytheNazi wrote: »

Well I seen it mentioned on RTE on a discussion on the Queens visit.

And then you have comments like this - " Ireland is a failed state and is being held together in part by English money too! "
http://www.boards.ie/vbulletin/showpost.php?p=72883756&postcount=42

I wrote that post. What part have you got a problem with?

Ireland without Bank of Englands loan =

user1842

I currently work in the UK in banking and the amount of English people who think we got the money for free is unreal. Pretty much everyone I ask here think thats it was a gift to help us out. It was to help us out but it was not a gift.

serfboard

PatsytheNazi wrote: »

"The point that I would make is this - the only money that Britain has lent directly is to the Republic of Ireland, and I think it is actually in our national interest and, I would say, in the interests of Northern Ireland, that we do not see a collapse in the economy in the Republic," David Cameron said during Prime Minister's Questions.
http://www.belfasttelegraph.co.uk/business/business-news/republic-using-loan-to-snatch-investment-15154716.html?r=RSS#ixzz1Nw7cR0Zs

You bring up an article that's well over a month old, to ask a question that you answered yourself ...

PatsytheNazi wrote: »

Quite clearly and understandably, Cameron is saying that the loan is done for Britain's national interest because if the Irish banks crashed teh domino effect could bring the British banking system down also.

PatsytheNazi

nesf wrote: »

I think you'll struggle to find a single person on here who does not know this already OP. Sure some people in England might not get it but really it's no secret that this was done as much for Britain's benefit as Ireland's.

Well to be honest, I heard Diarmuid Ferriter implying it was some sort of free gift on the Vincent Brown show. Ok I know he's a historian, but still I'd expect better.

PatsytheNazi

mgmt wrote: »

I wrote that post. What part have you got a problem with?

Ireland without Bank of Englands loan =

Ok I get your point, apologies if I took it out of context. But it could also be said English banks = crash if Irish ones go down the tube

( when we should have let Anglo and Nationwide go crash and the prviate bond holders with them, but that's another story).

PatsytheNazi

dmclean1842 wrote: »

I currently work in the UK in banking and the amount of English people who think we got the money for free is unreal. Pretty much everyone I ask here think thats it was a gift to help us out. It was to help us out but it was not a gift.

Well I don't know about people in England, but when you listen to some discussions on Joe Duffy, VB show etc a lot of people here seem to think it's a free gift.

Wolfe Tone

In fairness to Patsy I've heard a lot of people say this, fools mostly, who think the great british selflessly swept in and saved the day to help out aul paddy in his hour of need.

windsurfer99ie

Wolfe Tone wrote: »

In fairness to Patsy I've heard a lot of people say this, fools mostly, who think the great british selflessly swept in and saved the day to help out aul paddy in his hour of need.

Be specific - which people saids that ? If there are as many as you claim,
you should have no problem producing a long list. Why do you think they are fools ?

If this were just a matter of protecting Britain's national interest then
the money would have been far more effectively deployed as an emergency
fund for British institutions exposed to Irish losses.

Cameron and Osborne have been completely upfront in stating that there is
a significant amount of self-interest involved in making this loan. There is also a significant amount of risk - Ireland may not be able to make the payments - and the British have not attached any strings a la ECB / IMF. British exports to Ireland are around 2% of GDP - important (especially for the North) but far less significant in percentage terms than Ireland's exports to Britain.

The real issue here is that there we have a bunch of grumpy bigots who want to criticise the British as often as possible.

who the fug

Wolfe Tone wrote: »

In fairness to Patsy I've heard a lot of people say this, fools mostly, who think the great british selflessly swept in and saved the day to help out aul paddy in his hour of need.

to be fair they coughed up before the euro mob did, so the anti british BS is bollicks on this one, so wind your neck in

sparkling sea

The same old blame the Brits whinging, it couldn't be our own fault- jesus what would be do it we actually took responsibility for messing up our own country - again.

5% is better than the 5.8% rate we are paying everyone else.

mike65

The brotherhood sticking together as per...

who the fug

mike65 wrote: »

The brotherhood sticking together as per...

but as Mr Behan said the first point on the agends is the split

COYW

Wolfe Tone wrote: »

In fairness to Patsy I've heard a lot of people say this, fools mostly, who think the great british selflessly swept in and saved the day to help out aul paddy in his hour of need.

I really don't see the problem here. The British gave Ireland a loan, at the lowest rate of interest at all, whilst protecting their own nation. If they shoe was on the other foot and we had half a brain, we would do the same.

Bottle_of_Smoke

PatsytheNazi wrote: »

Quite clearly and understandably, Cameron is saying that the loan is done for Britain's national interest because if the Irish banks crashed teh domino effect could bring the British banking system down also. ( You could say that their hoping to keep the patient alive so as to extract more money from him )

I think this part is correct but not so extreme. End of the day the loan didn't save us, we'd be in the same position if they didn't lend it, we'd just have been lent it by someone else at a different rate.

Good Irish economy means more income for British economy, the 7bil they lent us didn't save our banking system so I don't think they were protecting their own banks with it. Its a drop in the ocean of the overall baliout costs we face.

DJCR

windsurfer99ie wrote: »

Cameron and Osborne have been completely upfront in stating that there is
a significant amount of self-interest involved in making this loan. There is also a significant amount of risk - Ireland may not be able to make the payments - and the British have not attached any strings a la ECB / IMF. British exports to Ireland are around 2% of GDP - important (especially for the North) but far less significant in percentage terms than Ireland's exports to Britain.

And fair play to them I say, they have to keep their own political survival at heart!! Lets give the Irish your Tax money for FRRRRREEEEEEEEEEEE!!!!

Sure that would have gone down a treat in the Tory heartlands!

sollar

COYW wrote: »

I really don't see the problem here. The British gave Ireland a loan, at the lowest rate of interest at all, whilst protecting their own nation. If they shoe was on the other foot and we had half a brain, we would do the same.

I thought they are charging slightly higher.

feicim

Had to laugh at this...

By NESF I think you'll struggle to find a single person on here who does not know this already OP. Sure some people in England might not get it but really it's no secret that this was done as much for Britain's benefit as Ireland's.

Batsy wrote: »

Some people in Ireland still haven't got over the fact that the British, who they think have tails and eat babies, have been generous enough to help bail Ireland out.

It isn't just Spanish vineyards, French farmers and free Scottish prescriptions that generous English taxpayers are paying for. They are even giving their hard-earned cash to their neighbours across the Irish Sea due to their economic ineptitude.

But are the Irish grateful? No, of course not.