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Maybe we should recheck the banks books again...

  • 29-10-2011 4:34pm
    #1
    highgiant1985
    Registered Users, Registered Users 2 Posts: 1,784 ✭✭✭


    http://www.bbc.co.uk/news/business-15503097

    Germany has found itself 55bn euros ($78bn; £48bn) richer after discovering an accounting error at Hypo Real Estate (HRE), the troubled bank it nationalised in 2009.
    The country now expects its ratio of debt to GDP to be 81.1% for 2011, 2.6 percentage points lower than previously forecast, the finance ministry said.
    The miscalculation was at the so-called bad bank of HRE, FMS Wertmanagement.
    The discovery was made earlier this month but only announced on Friday.
    FMS will contribute about 161bn euros to Germany's debt this year, compared with 216.5bn in 2010.
    Cutting back HRE faced a severe liquidity shortage in the wake of US banking giant Lehman Brothers' bankruptcy in 2008.
    The German government provided the bank with capital injections of 10bn euros and liquidity guarantees amounting to 145 billion euros before nationalising it.
    This summer, the European Commission approved 175bn euros of aid to HRE in return for major cuts in its activities.
    HRE will phase out all of its businesses except in its core bank Deutsche Pfandbriefbank.





    55Bn... that is SOME accounting error! Maybe we should recheck out own banks I'm sure if the efficient Germans made a 55Bn error then we've made at least twice that and if so magically the debt issue is resolved ;)


Comments

  • #2
    RachaelVO
    Registered Users, Registered Users 2 Posts: 3,108 ✭✭✭RachaelVO


    Sean Fitzpatrick probably has it under his bed in a few shoe boxes!


  • #3
    galwayrush
    Registered Users, Registered Users 2 Posts: 12,815 ✭✭✭✭galwayrush


    I reckon ours could turn out to be worse, so let's not recheck ours...


  • #4
    highgiant1985
    Registered Users, Registered Users 2 Posts: 1,784 ✭✭✭highgiant1985


    RachaelVO wrote: »
    Sean Fitzpatrick probably has it under his bed in a few shoe boxes!


    55Bn though!! seriously how is that not noticed. That type of error should see someone should lose their job I would have thought and praise to who ever finally did spot it.


  • #5
    RachaelVO
    Registered Users, Registered Users 2 Posts: 3,108 ✭✭✭RachaelVO


    highgiant1985 wrote: »
    55Bn though!! seriously how is that not noticed. That type of error should see someone should lose their job I would have thought and praise to who ever finally did spot it.

    Absolutely! I can understand a bit of cash, but 55 billion, seems a bit much to just "misplace". Could be that it was being slowly secreted way by some clever bank workers, but in such a way to look like a mistake. Could be all sorts of things, be interesting to find out all the same!


  • #6
    Saila
    Closed Accounts Posts: 7,751 ✭✭✭Saila


    no wonder they are fcuked, they're supposed to sell money not books :rolleyes:


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  • #7
    Mike 1972
    Closed Accounts Posts: 8,018 ✭✭✭Mike 1972


    RachaelVO wrote: »
    Absolutely! I can understand a bit of cash, but 55 billion, seems a bit much to just "misplace". Could be that it was being slowly secreted way by some clever bank workers, but in such a way to look like a mistake.

    Cue the inevitable "resting in my account" quote


  • #8
    RachaelVO
    Registered Users, Registered Users 2 Posts: 3,108 ✭✭✭RachaelVO


    Mike 1972 wrote: »
    Cue the inevitable "resting in my account" quote

    LOL, well in fairness it worked for Fr Ted ;)


  • #9
    Saila
    Closed Accounts Posts: 7,751 ✭✭✭Saila


    Mike 1972 wrote: »
    Cue the inevitable "resting in my account" quote

    its brilliant when the favorite for the presidential race basically says this too :pac:


  • #10
    stupidusername
    Closed Accounts Posts: 14,762 ✭✭✭✭stupidusername


    They should be rechecked, I think I heard something about someone not carrying the 1


  • #11
    SuperDude87
    Registered Users, Registered Users 2 Posts: 342 ✭✭SuperDude87


    And they have the cheek to take the moral high ground with us!!!






















    Well to be fair we aren't in great shape but looks like they aren't as perfect as they would have the rest of Europe (and notably France) believe!!!


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  • #12
    ringadingding
    Registered Users, Registered Users 2 Posts: 1,010 ✭✭✭ringadingding


    ' ah lads, the recession was a false alarm, I forgot to carry the zero'


  • #13
    Yakult
    Moderators, Computer Games Moderators Posts: 7,943 Mod ✭✭✭✭Yakult


    Ireland would be €-55bn I would imagine..


  • #14
    HLecter
    Closed Accounts Posts: 79 ✭✭HLecter


    Nah, that'll never happen here. We don't make mistakes on our books.:P


  • #15
    opinion guy
    Closed Accounts Posts: 11,001 ✭✭✭✭opinion guy


    RachaelVO wrote: »
    LOL, well in fairness it worked for Fr Ted ;)

    Not so great for Sean Gallagher......


  • #16
    Solnskaya
    Closed Accounts Posts: 1,463 ✭✭✭Solnskaya


    galwayrush wrote: »
    I reckon ours could turn out to be worse, so let's not recheck ours...
    hah, still laughing here at that ^. Classic.:D


  • #17
    orourkeda
    Closed Accounts Posts: 17,918 ✭✭✭✭orourkeda


    A nice bonus for the accountants who do their jobs properly might be an idea.

    A few grand here and there might be a wise investment in the grand scheme of things.


  • #18
    The_B_Man
    Registered Users, Registered Users 2 Posts: 7,893 ✭✭✭The_B_Man


    My missus is an accountant, and she does mention from time to time how, when they get new clients, they go over their books and find they overpaid by thousands of euros some years.

    If that happens the odd time with civilians, its not too hard a stretch that it happens with big companies and banks, except in the case of the banks, it'd be a lot more than a few grand!


  • #19
    Kasabian
    Closed Accounts Posts: 3,688 ✭✭✭Kasabian


    If there is a plus on side there is a minus somewhere else. I wonder will our Government volunteer to pay it with our kids futures.


  • #20
    PG4000
    Registered Users, Registered Users 2 Posts: 136 ✭✭PG4000


    Anyone else remember when a billion euro sounded like loads of money?


  • #21
    mike65
    Closed Accounts Posts: 88,972 ✭✭✭✭mike65


    Until the early 90s you hardly heard billion being mentioned, unless it was the turnover of an oil company or a nations GDP. Like loose change now.


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  • #22
    loremolis
    Registered Users, Registered Users 2 Posts: 944 ✭✭✭loremolis


    Whats a few Billion here or there.

    If you're gonna misplace a few squid then might as well be Trillions.

    http://ahrcanum.wordpress.com/2009/06/26/audit-the-federal-reserve-trillions-missing-america-bankrupt/


  • #23
    highgiant1985
    Registered Users, Registered Users 2 Posts: 1,784 ✭✭✭highgiant1985


    http://www.rte.ie/news/2011/1101/finance.html

    see I told you we should recheck our books!

    :D


  • #24
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    highgiant1985 wrote: »
    http://www.rte.ie/news/2011/1101/finance.html

    see I told you we should recheck our books!

    :D
    http://www.boards.ie/vbulletin/showthread.php?t=2056438004


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