IBRC getting Liquidated.

Pottler

So, after all the shyte, our fair leaders have decided to Liquidate Anglo. That bastion of Irish banking, the systemic bank that could not be let go. Personally, I believe it's a good few years too late, shows the lie of "being systemic" for what it was, and will cause yet another massive bill for the Taxpayer, cos they will, inevitably will, feck it up. They couldn't liquidate a Spar without incurring massive costs. What think ye?

Biggins

I think like many things before which they have tried to do, it will not end well.

smash

Got a link?

ANXIOUS

This whole affair is something that really annoys me. Every single employ should've been made redundant immediately ala Enron. The loan book should've been given to aib or boi to manage. I can't believe 4 yrs on 2 governments later no one in Anglo has even taken a pay cut.

Lenin Skynard

Alan Dukes to be appointed to a new role of head of liquidation committee on a 400K salary. Wayhay!

smash

The bank's promissory note would be replaced with a bond, possibly of 40 years in length, while the bank would continue to be wound down.

Accountancy firm KPMG is likely to be appointed liquidator.

The new arrangements need the backing of the European Central Bank's Governing Council, which is meeting in Frankfurt this evening ahead of a formal meeting tomorrow morning.

This should reduce the annual €3.1bn cost of financing the promissory note by pushing repayment of principle out into the future. However, it would not reduce the total sum to be repaid.

Are they planning to push the repayments out by 40 years? No way Europe will agree to that!

ChunkyLover_53

If the outcome this story isn't about Seanie Fitz & a blender then I'll be dissapointed

Biggins

Lenin Skynard wrote: »

Alan Dukes to be appointed to a new role of head of liquidation committee on a 400K salary. Wayhay!

*sigh*

Wasn't he actually on the board of Anglo that screwed up in the first place?

If so, continued political shenanigans at their best/worst!

Boombastic

From RTE
Under the plan, IBRC’s assets would be transferred to the National Assets Management Agency.


There is strong speculation in political circles that emergency legislation may be brought before the Dáil and Seanad this evening in relation to the promissory note.








It's amazing how the can introduce emergency legislation when it suits them

Sergeant

Biggins wrote: »

I think like many things before which they have tried to do, it will not end well.

Can you give any reasons why you feel it won't end well? What aspect of the potential deal do you think might be the stumbling block?

Pottler

Lenin Skynard wrote: »

Alan Dukes to be appointed to a new role of head of liquidation committee on a 400K salary. Wayhay!

They do love Alan Dukes, don't they. Any particular reason why? I've never personally noticed one. I also agree on the indecent haste aspect of the "Emergency Legislation". I'm always amazed how fast, how late and how determined they can be when it suits. And how every t has to be crossed and i dotted when it doesn't.

Sergeant, I presume your question was tongue in cheek, otherwise, I'm a bit worried. My main "stumbling" block that I can see is that theres form in this area. And it's not good form.

squod

Anglo, emergency legislation, decisions made after hours....................



Sound familiar?. Anglo bail-out fraud part deux.

PC CDROM

Pottler wrote: »

They do love Alan Dukes, don't they. Any particular reason why? I've never personally noticed one.

One of the boys. From way back.

Jonathan222

I smell a quango, with Bertie, Biffo, and fellow Galway tent dwellers running the show on a healthy wage and additional pension of course. Loving your work Ireland.

jack presley

What happens all the money that's owed to them (e.g. Quinn)? I presume debts count as assets that are being transferred over to the NAMA?

squod

Sergeant wrote: »

Can you give any reasons why you feel it won't end well?

Clue is in the news report...........

Boombastic wrote: »

From RTE
Under the plan, IBRC’s assets would be transferred to the National Assets Management Agency.


There is strong speculation in political circles that emergency legislation may be brought before the Dáil and Seanad this evening in relation to the promissory note.

Cementing the Anglo fraud into sovereign debt. We get a lower interest rate through a government bond. That debt that was never ours to begin with soon will be.

Zebra3

ANXIOUS wrote: »

This whole affair is something that really annoys me. Every single employ should've been made redundant immediately ala Enron. The loan book should've been given to aib or boi to manage. I can't believe 4 yrs on 2 governments later no one in Anglo has even taken a pay cut.

It was a failed private business.

It should simply have been left to go to the wall.

3ndahalfof6

Nothing to see here people, move on, just move on. that is all.

MadsL

Boombastic wrote: »

From RTE
Under the plan, IBRC’s assets would be transferred to the National Assets Management Agency.

So transferred to another Governme....waitjustadoggoneminute.. 51% of NAMA is owned by Irish Life Assurance plc, New Ireland Assurance Co. plc and Percy Nominees Ltd., a nominee of AIB Investment Managers.

So Anglo after having its bailout , now gets what remains shifted to private investors. And the people get what exactly? :mad:

Son of a bitch.

Biggins

MadsL wrote: »

....And the people get what exactly? :mad:

Son of a bitch.

An interest bill for 30/40 years - and then the principle amount still to pay off?

ANXIOUS

Zebra3 wrote: »

It was a failed private business.

It should simply have been left to go to the wall.

I agree with that, but as with other banks the loan book gets sold off.

smash

ANXIOUS wrote: »

I agree with that, but as with other banks the loan book gets sold off.

How can the likes of AIB or BOI afford it though?

dvpower

smash wrote: »

How can the likes of AIB or BOI afford it though?

With additional bailout money!

smash

dvpower wrote: »

With additional bailout money!

Yay

ANXIOUS

smash wrote: »

How can the likes of AIB or BOI afford it though?

They don't they get it for free, we already own it so w just get them to mange it. Then the wind down of Anglo is complete.

smash

ANXIOUS wrote: »

They don't they get it for free, we already own it so w just get them to mange it. Then the wind down of Anglo is complete.

But the bank has to have capital to match a percentage of their loan books. Which they won't have!

Zebra3

MadsL wrote: »

So transferred to another Governme....waitjustadoggoneminute.. 51% of NAMA is owned by Irish Life Assurance plc, New Ireland Assurance Co. plc and Percy Nominees Ltd., a nominee of AIB Investment Managers.

So Anglo after having its bailout , now gets what remains shifted to private investors. And the people get what exactly? :mad:

Son of a bitch.

Remember what Michael Noonan keeps saying.

"We don't want to own banks".

What he really means is that the taxpayer foots the bill for the f*ck ups and once they're profitable they'll be flogged off.

On the cheap, no doubt.

My name is URL

I wonder if this has anything to do with the recent legal case brought against the issuing of promissory notes... maybe they're worried that a further action is on the cards and want to cover themselves since they know they haven't a chance of beating it.

Pottler

My name is URL wrote: »

I wonder if this has anything to do with the recent legal case brought against the issuing of promissory notes... maybe they're worried that a further action is on the cards and want to cover themselves since they know they haven't a chance of beating it.

I also have a sneaky feeling that the recent magdalene upswing is a means of distrating attention from this. People hear"Nama" and "transfer" and nod, -sure isn't that the state "bad assets agency"? Not really, it's a majority private holding as mentioned before, it is pretty much unnaccountable to anyone and the tranfser of Anglos assets to it is severly dodgy, IMO. The good goes private, the bad stays nationalised...hmmm

M three

ANXIOUS wrote: »

They don't they get it for free, we already own it so w just get them to mange it. Then the wind down of Anglo is complete.

Sorry to disappoint you but what makes you think we OWN anglo/ibrc?
We bailed them out not 1 cent of that money will ever be returned to us taxpayers.

M three

jack presley wrote: »

What happens all the money that's owed to them (e.g. Quinn)? I presume debts count as assets that are being transferred over to the NAMA?

On the quinn debt (alleged debt) - that is the subject of an upcoming court case which is to determine if quinn actually owe any of that money.

Zebra3

M three wrote: »

Sorry to disappoint you but what makes you think we OWN anglo/ibrc?
We bailed them out not 1 cent of that money will ever be returned to us taxpayers.

We (the Irish taxpayer) own it as in it's our liability. :mad:

Faze11

Anyone know what might happen to the 900 plus staff.

johnr1

Jonathan222 wrote: »

I smell a quango, with Bertie, Biffo, and fellow Galway tent dwellers running the show on a healthy wage and additional pension of course. Loving your work Ireland.

No, its the other gang of theives this time.

PC CDROM

My name is URL wrote: »

I wonder if this has anything to do with the recent legal case brought against the issuing of promissory notes... maybe they're worried that a further action is on the cards and want to cover themselves since they know they haven't a chance of beating it.

It is on tomorrow morning. 10:30 I wonder who the Judge is and if the Government is rattled?

Currently sources in the ECB are saying they haven't reviewed the proposal fully. So why the rush?

Me thinks they need to have a vote on this all before the case tomorrow. As the case hinges on there never having being a vote.

M three

Faze11 wrote: »

Anyone know what might happen to the 900 plus staff.

Head honcho mike anslysey is on 900+ thousand a year so who gives a f*ck

SEPT 23 1989

Pity AIB did not go the same way years ago

Faze11

M three wrote: »

Head honcho mike anslysey is on 900+ thousand a year so who gives a f*ck

I do. My wife works there and we have 2 kids and a mortgage.

radioactiveman

I couldn't tell exactly what is happening from the Indo or Irish times articles...
FT has a fairly good explanation though

http://www.ft.com/intl/cms/s/0/926f3354-7081-11e2-a2cf-00144feab49a.html#axzz2K9T2WxR9

Boombastic

M three wrote: »

Head honcho mike anslysey is on 900+ thousand a year so who gives a f*ck

they'll probably stage a sit it:D

M three

Faze11 wrote: »

I do. My wife works there and we have 2 kids and a mortgage.

Sorry to hear but I probably wouldn't advertise the fact that you know someone who worked in the largest failed bank ever.

Faze11

M three wrote: »

Sorry to hear but I probably wouldn't advertise the fact that you know someone who worked in the largest failed bank ever.

I really don't think its fair to insinuate that all of the staff are to blame TBH.

dj jarvis

PC CDROM wrote: »

It is on tomorrow morning. 10:30 I wonder who the Judge is and if the Government is rattled?

Currently sources in the ECB are saying they haven't reviewed the proposal fully. So why the rush?

Me thinks they need to have a vote on this all before the case tomorrow. As the case hinges on there never having being a vote.

its all being rushed tonight becasue the irish central bank is, as we speak in frankfurt getting the nod from the central council of the ECB .

we would not get this deal unless anglo was liquidated in some form,
im hearing it dodges the legal issues that the ECB had with financing a bank,
if its liquidated then its a bank no more
a bit like nonnans 3 card trick on the note last march

all will be revealed if this deal in frankfurt goes ahead

watch this space

SEPT 23 1989

If they fcuk this up again they should call an election

Boombastic

dj jarvis wrote: »

its all being rushed tonight becasue the irish central bank is, as we speak in frankfurt getting the nod from the central council of the ECB .

we would not get this deal unless anglo was liquidated in some form,
im hearing it dodges the legal issues that the ECB had with financing a bank,
if its liquidated then its a bank no more
a bit like nonnans 3 card trick on the note last march

all will be revealed if this deal in frankfurt goes ahead

watch this space

No deal tonight: ECB wants more time



EUROPEAN Central Bank leaders decided tonight that they want more time to consider a proposal presented by Ireland today to restructure the cost of the promissory notes, sources said.

Pottler

SEPT 23 1989 wrote: »

If they fcuk this up again they should call an election

Their definition of "a fcuk up" might be a bit different to ours. If a "fcuk up" leads to millions in bonusses, salaries and debt hived off onto the mugs, as well as hugely lucrative work for auditors, bond traders, liquidators and accountants, one mans "fcuk up" might be anothers new house in the Algarve..

ThreeLineWhip

Faze11 wrote: »

Anyone know what might happen to the 900 plus staff.

Transferred to Monaghan to be turned into horse burgers.

squod

Faze11 wrote: »

I do. My wife works there and we have 2 kids and a mortgage.

Lots of people have two kids and a mortgage.

Boombastic wrote: »

From RTE
Under the plan, IBRC’s assets would be transferred to the National Assets Management Agency.

Getting back to this point, didn't I hear before that this kind of thing wouldn't happen again? Isn't someone in ''Europe'' meant to stop fuhken lunatics like Edna from making decisions like this? Where the fuhk are the judiciary and the regulators? Have they fuhked off on us again?????

https://www.youtube.com/watch?v=QVXi-F6vZ-Q

Zebra3

SEPT 23 1989 wrote: »

Pity AIB did not go the same way years ago

We bailed that out decades ago and we're still paying for its insurance failure for about another 50 years.

Faze11

squod wrote: »

Lots of people have two kids and a mortgage

And that's why they would also be concerned.

magick

IBRC, that name always reminds me of a mutated alien baby saying "kill me....kill meeeeee"