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NAMA & the bank bailout???

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Comments

  • Registered Users Posts: 4,080 ✭✭✭sheesh


    Has anyone mentioned that the EU told the Irish government not to let any of the banks collapse which is why we guaranteed the banks in the first place

    Also it was AIB, anglo (head of credit control was a schoolboy friend of Brian Cowen) that had to be nationalised not B of I


  • Closed Accounts Posts: 5,995 ✭✭✭Ipso


    sheesh wrote: »
    Has anyone mentioned that the EU told the Irish government not to let any of the banks collapse which is why we guaranteed the banks in the first place

    Also it was AIB, anglo (head of credit control was a schoolboy friend of Brian Cowen) that had to be nationalised not B of I

    French and German banks were up to their t1ts in Anglo bonds, the whole thing was a combination of EU pressure, politicians out of their depth (Cowen, Coughlan and Lenihan got elected on their surnames) and inability to see the magnitude of the problem. For the prior six years or so property was seen as the be all and end all for the economy and people thought that Ireland was actually the richest country in the world.


  • Closed Accounts Posts: 16,015 ✭✭✭✭James Brown


    kneemos wrote: »
    AIB is ours. It's being fattened up for sale.

    Correct me if I'm wrong, but if you're a bondholder with AIB, when you lost out gambling, the tax payer bailed you out and for the next 30 years any profits AIB make are not taxed. So this is good and fair for the tax payer how?


  • Closed Accounts Posts: 7,683 ✭✭✭Subcomandante Marcos


    NAMA has made a considerable profit, as I'm aware.

    Your awareness is wrong.


  • Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Correct me if I'm wrong, but if you're a bondholder with AIB, when you lost out gambling, the tax payer bailed you out and for the next 30 years any profits AIB make are not taxed. So this is good and fair for the tax payer how?
    When we sell off the chunk of it we own and they repay anything else owed to the State. Tax scenario potentially puts AIB in a better position to address both of those.


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  • Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Your awareness is wrong.

    And the next line in this hypothesis is what?


  • Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    sheesh wrote: »
    Has anyone mentioned that the EU told the Irish government not to let any of the banks collapse which is why we guaranteed the banks in the first place

    Also it was AIB, anglo (head of credit control was a schoolboy friend of Brian Cowen) that had to be nationalised not B of I
    They were not impressed with the €450bn guarantee approach! I reckon this is one reason why we got badly stiffed on loan terms initially.


  • Registered Users Posts: 12,887 ✭✭✭✭Geuze


    lalababa wrote: »
    Irish national debt is 221 billion.
    How much did ireland pay initially/ as of 2019 for the bailout ? And how much is it likely to recoup?
    For example there is a figure 64Billion for the bailout, How much of this 64B will be recouped when NAMA and the Government shareholdings in the banks are eventually sold?
    If the bailout cost 64B , where did the other 157B debt come from ? Is it all from Government defecit?

    The gross debt is 214.3bn at end-April 2019.

    The net debt is less.

    Yes, a good bit of the 63-64bn has, and will be, recouped.

    We have already been repaid preference shares by some banks, and we have sold off holdings in BoI and AIB.

    However, the 30bn cost of Anglo / INBS / IBRC will be a near total loss.

    Yes, the balance of the gross public debt is due to running annual budget deficits over the years.


  • Closed Accounts Posts: 1,646 ✭✭✭_blaaz


    Geuze wrote: »
    The gross debt is 214.3bn at end-April 2019.

    The net debt is less.

    Yes, a good bit of the 63-64bn has, and will be, recouped.

    We have already been repaid preference shares by dome banks, and we have sold off holdings in BoI and AIB.

    However, the 30bn cost of Anglo / INBS / IBRC will be a near total loss.

    Yes, the balance of the gross public debt is due to running annual budget deficits over the years.

    Will the 4.4 billion borrowed pre bailout for anglo and what was in pension reserve fund....ever be recouped


    The public is very misinformed on how much was borrowed during the bust


  • Registered Users Posts: 5,719 ✭✭✭Deebles McBeebles


    _blaaz wrote: »
    The public is very misinformed on how much was borrowed during the bust

    Makes it easier to spin. Like telling us NAMA made a profit.


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  • Registered Users Posts: 4,138 ✭✭✭realitykeeper


    I`ve just watched a movie called the Bank of Dave on Netflix. It is about a guy in Burnley who set up his own bank against all the odds in the wake of the banking crisis and bailout of the big banks. Had the big banks not been bailed out, many more community banks would have risen to fill the void. Had that happened, in the UK and countries where similar bank bailouts happened, our economies would have already bottomed out and started to grow organically.

    Instead, we have a situation where the bubbles were blown back into the economy. Now, central banks must raise interest rates but cannot raise them enough to deal with our inflation problem. We are at risk of a recession if the central banks raise interest rates too much but even if they do raise them too much, inflation will probably stay elevated and may even continue rising as recession persists. There was nothing organic about the governments interferrence in the banking and property sectors. We will soon see the consequences of that interferrence.



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