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The Banks: Were they bailed out?

  • 14-10-2011 11:21am
    #1
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭


    Clearly some banks were NOT bailed out. Irish Life & Permanent was worth billions (brokers incl Citigroup had €3 - €6 valuations on them) and according to P Honohan, some will be very valuable in the future i.e. IL&P.
    So the Government (new owners) stole from shareholders (previous owners), and now this bank is so well capitalised that anyone in difficulty can have their situation sorted. So what is stopping the government?

    Perhaps a future sale as Honohan alluded to?

    The government is NOW the bank (apart from BOI). Time to be fair and truthful with the people.


Comments

  • #2
    whatstherush
    Registered Users, Registered Users 2 Posts: 669 ✭✭✭whatstherush


    liammur wrote: »
    Clearly some banks were NOT bailed out. Irish Life & Permanent was worth billions (brokers incl Citigroup had €3 - €6 valuations on them) and according to P Honohan, some will be very valuable in the future i.e. IL&P.
    So the Government (new owners) stole from shareholders (previous owners), and now this bank is so well capitalised that anyone in difficulty can have their situation sorted. So what is stopping the government?

    Perhaps a future sale as Honohan alluded to?

    The government is NOW the bank (apart from BOI). Time to be fair and truthful with the people.

    IL&P is losing shed loads of money on tracker mortgages. The Government stole nothing, they just kept another bank with a fúcked up business model from going to the wall.


  • #3
    Dannyboy83
    Registered Users, Registered Users 2 Posts: 4,236 ✭✭✭Dannyboy83


    Perhaps I'm oversimplifying but in general:
    Bondholders were bailed out.
    Shareholders/Banks were wiped out.


  • #4
    Dirk Gently
    Closed Accounts Posts: 4,784 ✭✭✭Dirk Gently


    in fairness, the banks still exist, they didn't go out of business. bank workers still get their wages and in future control will be handed back to them to profiteer privately again as if nothing ever happened. If that's not a bail out I don't know what is. I don't agree with Danny that banks themselves where wiped out, they're on life support until such a time that they can start making money again for themselves. Being wiped out is going out of business and losing all your staff like what happens in the real world.


  • #5
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    Dannyboy83 wrote: »
    Perhaps I'm oversimplifying but in general:
    Bondholders were bailed out.
    Shareholders/Banks were wiped out.

    That's it summed up. The CEO's were bailed out and the customers of these banks were bailed out i.e. developers. But the banks owners (shareholders ) were smashed let alone bailed out.

    IL&P is losing hundreds of millions on trackers and making hundreds of millions on it's Irish Life business.

    It's time for the government now to stop talking and act for the people, as Honohan says, these banks are over capitalised. It's too cheap a shot to be lining up an IPO in a few years.


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