Banking Inquiry finally starts

bear1

So the inquiry has finally kicked off:

http://www.independent.ie/business/irish/bank-guarantee-culmination-of-years-of-mistakes-not-just-by-government-banking-inquiry-hears-30844109.html

And for those that don't like the Indo:

http://www.rte.ie/news/2014/1217/667346-banking-inquiry/

Apparently the guarantee was the only thing that was available to the then Government.
What pisses me off in this as well is the fact the ECB has been snubbing at the request to appear and explain it's role in the whole scenario and why the Irish taxpayer was forced to take on approx 42% of EU debt.
I wonder if Germany had have asked them to attend would they be in Berlin right now? I think yes.
But let's be realistic here, this charade will come to nothing.
We all know what happened - deception, fraud, theft, plugging holes, terrible accounting and are I say it entrapment.
We had the whole Anglo Irish Bank rubbish on tape laughing their holes off at the idea of it to be then given community feckin service?
It's just another way of giving the finger to the Irish taxpayer.

EDIT: Only noticed the error in the thread title now

Mr. Incognito

I thought the Germans already won the final?

hmmm

Why do we need another inquiry? We already had Nyberg, and that was an excellent independent report.

If we're not going to read the bleeding reports, why commission even more?

Peregrine

Mr. Incognito wrote: »

I thought the Germans already won the final?

No, no. This is a domestic competition. I think I missed the semi final though.

DrumSteve

Nothing good will come of this.

bear1

DrumSteve wrote: »

Nothing good will come of this.

Just one big charade.

SEPT 23 1989

This should not be moved to the Politics Cafe imo the consequences of the banking collapse will effect all Irish people for decades to come

bear1

SEPT 23 1989 wrote: »

This should not be moved to the Politics Cafe imo the consequences of the banking collapse will effect all Irish people for decades to come

Totally agree, for one I think it's worthy of AH and second it will take many many more years before we start getting back to the way we used to be.
But sure it wouldn't matter anyway if in the report names were named. A slap on the wrist and 30min community service would be what awaits them.
Shower of bastards.

ytpe2r5bxkn0c1

I'm glad to see the OP is keeping an open mind on the matter pending the conclusion of the enquiry.

bear1

Callie Hissing Musician wrote: »

I'm glad to see the OP is keeping an open mind on the matter pending the conclusion of the enquiry.

What are you expecting as the outcome? I don't think anything will come of it.
The ECB want no part in it, no names could be named to avoid legal challenges and we will be told things we already can fathom for ourselves.
The only thing that will change is possibly tighter laws.

yipeeeee

Be like the Morris and moriarty tribunal,millions wasted to tell us what we already know.

Skylinehead

bear1 wrote: »

y the Irish taxpayer was forced to take on approx 42% of EU debt.

People need to stop saying this, it's not even close to being true.

bear1

Skylinehead wrote: »

People need to stop saying this, it's not even close to being true.

http://www.irishexaminer.com/ireland/42-of-europes-banking-crisis-paid-by-ireland-219703.html

This is a statistic given by Eurostat. I'd believe it tbh.

Leslie91

yipeeeee wrote: »

Be like the Morris and moriarty tribunal,millions wasted to tell us what we already know.

And no repercussions, no accountability, nobody fired.....

Just waste more money on top of wasted money.

Makes me wanna puke.

yipeeeee

bear1 wrote: »

Totally agree, for one I think it's worthy of AH and second it will take many many more years before we start getting back to the way we used to be.
But sure it wouldn't matter anyway if in the report names were named. A slap on the wrist and 30min community service would be what awaits them.
Shower of bastards.

While the banks had a lot to do with it, it must be realised that a lot of Irish people were also fuelling the madness of borrowing and lending.

People taking out mortgages they could never afford.

Yes the banks messed up but so did a lot of people.

It was also a worldwide crash which was a huge influence, not just Ireland.

bear1

Leslie91 wrote: »

And no repercussions, no accountability, nobody fired.....

Just waste more money on top of wasted money.

Makes me wanna puke.

That's Irish politics for ya.

Highflyer13

bear1 wrote: »

http://www.irishexaminer.com/ireland/42-of-europes-banking-crisis-paid-by-ireland-219703.html

This is a statistic given by Eurostat. I'd believe it tbh.

We have been far to weak in negotiations over issues with the EU/IMF etc. I think its safe to say effectively bullied through the process. People are starting to realise that. Our politicians have been weak when the nation needed them to be strong. Begs the question, have they acted out of interest for the good of the nation or to appease others?

Skylinehead

bear1 wrote: »

http://www.irishexaminer.com/ireland/42-of-europes-banking-crisis-paid-by-ireland-219703.html

This is a statistic given by Eurostat. I'd believe it tbh.

That's banking debt, not EU debt. EU debt is many, many multiples of that:
http://www.bbc.co.uk/news/business-15748696

Also I'm sceptical of the figures, 42% for Ireland and 40% for Germany. That doesn't leave much for Portugal, Italy, Greece, Spain etc.

Highflyer13

yipeeeee wrote: »

While the banks had a lot to do with it, it must be realised that a lot of Irish people were also fuelling the madness of borrowing and lending.

People taking out mortgages they could never afford.

Yes the banks messed up but so did a lot of people.

It was also a worldwide crash which was a huge influence, not just Ireland.

That "we all partied line" spouted by Govt is such a crock of sh1t. Some did and many didn't, yet we all have to pay. Most frustrating thing is, nobody has been held to account meaning it will probably happen again in the future.

bear1

yipeeeee wrote: »

While the banks had a lot to do with it, it must be realised that a lot of Irish people were also fuelling the madness of borrowing and lending.

People taking out mortgages they could never afford.

Yes the banks messed up but so did a lot of people.

It was also a worldwide crash which was a huge influence, not just Ireland.

I think though that even if the US hadn't started cracking, Ireland would still have gotten to this stage. Over a decade of cheap credit could only end one way.
Yes, some of the general population is responsible as well but not everyone "partied" like they kept calling it.

Highflyer13 wrote: »

We have been fair to weak in negotiations over issues with the EU/IMF etc. I think its safe to say effectively bullied through the process. People are starting to realise that. Our politicians have been weak when the nation needed them to be strong. Begs the question, have they acted out of interest for the good of the nation or to appease others?

I think it's the latter.

Skylinehead wrote: »

That's banking debt, not EU debt. EU debt is many, many multiples of that:
http://www.bbc.co.uk/news/business-15748696

Also I'm sceptical of the figures, 42% for Ireland and 40% for Germany. That doesn't leave much for Portugal, Italy, Greece, Spain etc.

Ok I stand corrected. Thanks for the info.

Potatoeman

bear1 wrote: »

So the inquiry has finally kicked off:

http://www.independent.ie/business/irish/bank-guarantee-culmination-of-years-of-mistakes-not-just-by-government-banking-inquiry-hears-30844109.html

And for those that don't like the Indo:

http://www.rte.ie/news/2014/1217/667346-banking-inquiry/

Apparently the guarantee was the only thing that was available to the then Government.
What pisses me off in this as well is the fact the ECB has been snubbing at the request to appear and explain it's role in the whole scenario and why the Irish taxpayer was forced to take on approx 42% of EU debt.
I wonder if Germany had have asked them to attend would they be in Berlin right now? I think yes.
But let's be realistic here, this charade will come to nothing.
We all know what happened - deception, fraud, theft, plugging holes, terrible accounting and are I say it entrapment.
We had the whole Anglo Irish Bank rubbish on tape laughing their holes off at the idea of it to be then given community feckin service?
It's just another way of giving the finger to the Irish taxpayer.

EDIT: Only noticed the error in the thread title now

I still think it reflects worse on the CB that they just casually asked and accepted Anglos answers.

yipeeeee

Highflyer13 wrote: »

That "we all partied line" spouted by Govt is such a crock of sh1t. Some did and many didn't, yet we all have to pay. Most frustrating thing is, nobody has been held to account meaning it will probably happen again in the future.

Never said we all partied I said a lot of people and it's true.

Banks lent the money to the demand.

And there was a huge demand from people.

And it seems to be happening again only this time the banks are trying to see some sense.

yipeeeee

bear1 wrote: »

I think though that even if the US hadn't started cracking, Ireland would still have gotten to this stage. Over a decade of cheap credit could only end one way.
Yes, some of the general population is responsible as well but not everyone "partied" like they kept calling it.



I think it's the latter.



Ok I stand corrected. Thanks for the info.

I said a lot of people not all of them.

See people don't want to take any responsibility either.

This whole country is full of people from to bottom who love to blame everyone except themselves.

bear1

yipeeeee wrote: »

I said a lot of people not all of them.

See people don't want to take any responsibility either.

This whole country is full of people from to bottom who love to blame everyone except themselves.

I think you misunderstood me. The Government and political parties love saying "we all partied" as if to paint the picture than 4.5 million people started going mad.
I was also agreeing with you that it isn't true that everyone was to blame, only a certain amount.
I defaulted on credit card bill after losing my job during the recession.
I did everything I could and eventually I paid it all back and spent the next few years in a crappy credit score jail.
That was my responsibility, do I blame the bank? A bit. Do I blame myself more? Yes, for being blind.

Pumpkinseeds

It's a total farce. Nobody will be held to account. Nothing will be achieved by it. It will be expensive. The next elected government can decide to halt the inquiry if they see fit. Another pointless exercise in futility to give the false impression that something is being done.

conditioned games

Inquiry is a waste of money. People behave like herds and that will never change which is why no matter what the outcome lessons will never be learned. If property or some other asset class is in a bubble people rush in to get a part of the action. With excess demand and a lack of supply the population puts pressure on their TD's to relax the rules for access to cheep credit.


People get carried away with the rising bubble and all sense of reality goes out the window. There were some warning signs similar to what's going on now but we just choose to ignore it as greed takes over. Today we have warning signs about countries around the world printing their currencies to oblivion, governments taking on unsustainable debt but all the talk is about investing in stock market bubbles. People don't learn from past mistakes. If an asset is getting overvalued then peoples greed takes over and the same mistakes get repeated.

bear1

Just did some more reading and the IMF has said they are willing to cooperate and the EC is offering "witnesses".

nelly17

Personally I think its just electioneering and shutting the door on FF for the next general election, at the tax payers expense

bear1

nelly17 wrote: »

Personally I think its just electioneering and shutting the door on FF for the next general election, at the tax payers expense

As always. I wonder how much the Finnish guy cost.