Advertisement
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.
Hi all, please see this major site announcement: https://www.boards.ie/discussion/2058427594/boards-ie-2026

Allied Irish Bank may be nationalised later today

  • 30-09-2010 12:44AM
    #1
    hotmail.com
    Registered Users, Registered Users 2 Posts: 14,662 ✭✭✭✭


    A tweet from FG TD Denis Naughton tonight:
    AIB on brink of nationalisation,Ireland now on brink.Need all party budget!

    http://twitter.com/DenisNaughten

    This comes after David McWilliams said on Vincent Browne that Brian Lenihan intends to buy 70 percent of AIB for €3 billion and that this will be made public tomorrow.

    He says that the entire shareholding of AIB today is valued at €600 million on the stock market.

    Thus, AIB will effectively be state owned after today if this pans out.

    The largest bank in Ireland getting nationalised. This will surely worsen the little confidence there is, in this country.

    This is after Lenihan said we turned a corner last December. I think Lenihan is part of the problem and should resign.


«13

Comments

  • #2
    TheReverend
    Registered Users, Registered Users 2 Posts: 710 ✭✭✭TheReverend


    what does that mean for people who have savings in AIB?


  • #3
    c montgomery
    Registered Users, Registered Users 2 Posts: 2,150 ✭✭✭c montgomery


    TheReverend wrote: »
    what does that mean for people who have savings in AIB?


    Nothing unless you have over 100,000 in an account as the bank guarantee has been extended.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,904 ✭✭✭✭Victor


    TheReverend wrote: »
    what does that mean for people who have savings in AIB?
    Not a lot of difference.


  • #5
    hotmail.com
    Registered Users, Registered Users 2 Posts: 14,662 ✭✭✭✭hotmail.com


    TheReverend wrote: »
    what does that mean for people who have savings in AIB?

    Nothing because the bank guarantee was extended as of midnight on 30 September (2 hours ago). So all deposits are safe.

    The impact on international confidence in the country and the cost of our borrowing is the serious concern is this happens later.


  • #6
    c montgomery
    Registered Users, Registered Users 2 Posts: 2,150 ✭✭✭c montgomery


    hotmail.com wrote: »
    A tweet from FG TD Denis Naughton tonight:



    http://twitter.com/DenisNaughten

    This comes after David McWilliams said on Vincent Browne that Brian Lenihan intends to buy 70 percent of AIB for €3 billion and that this will be made public tomorrow.

    He says that the entire shareholding of AIB today is valued at €600 million on the stock market.

    Thus, AIB will effectively be state owned after today if this pans out.

    The largest bank in Ireland getting nationalised. This will surely worsen the little confidence there is, in this country.

    This is after Lenihan said we turned a corner last December. I think Lenihan is part of the problem and should resign.


    Why would he pay 3 billion for 70% of something that is only worth 600million???

    I must be missing something.


  • Advertisement
  • #7
    hotmail.com
    Registered Users, Registered Users 2 Posts: 14,662 ✭✭✭✭hotmail.com


    c montgomery wrote: »
    Why would he pay 3 billion for 70% of something that is only worth 600million???

    I must be missing something.

    I don't get it either, a bad bargain?

    Here's a piece in todays Irish Times, by Simon Carswell
    THE PROSPECT of the Government taking majority control of the State’s largest bank, Allied Irish Banks (AIB) is almost inevitable as the bank needs to raise a further €2-€3 billion to cover higher expected losses.

    http://www.irishtimes.com/newspaper/frontpage/2010/0930/1224279990514.html


  • #8
    Mr Benevolent
    Closed Accounts Posts: 12,433 ✭✭✭✭Mr Benevolent


    Various rumours flitting about AIB being nationalised very soon. Am I dreaming or is this utter madness?

    http://www.boards.ie/vbulletin/showthread.php?threadid=2056047291

    What with the Anglo total cost out later this morning, surely this is catastrophic timing on the government's part? Frankly, if this is true I will be appalled. Might as well run the country using trained monkeys from now on.


  • #9
    Ren2k7
    Registered Users, Registered Users 2 Posts: 1,161 ✭✭✭Ren2k7


    WTF! Was about to go to sleep but after reading this now I'm afraid of the carnage that I'll awake to in the morning once the money markets hear this.


  • #10
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    who cares?


  • #11
    nadir
    Registered Users, Registered Users 2 Posts: 1,419 ✭✭✭nadir


    c montgomery wrote: »
    Why would he pay 3 billion for 70% of something that is only worth 600million???

    I must be missing something.

    Well one thing your missing is that it's not just 'he' that's paying for it, it's us.


  • Advertisement
  • #12
    c montgomery
    Registered Users, Registered Users 2 Posts: 2,150 ✭✭✭c montgomery


    nadir wrote: »
    Well one thing your missing is that it's not just 'he' that's paying for it, it's us.

    Thanks for clearing that up:rolleyes:


  • #13
    The_Honeybadger
    Registered Users, Registered Users 2 Posts: 4,264 ✭✭✭The_Honeybadger


    Confab wrote: »
    Various rumours flitting about AIB being nationalised very soon. Am I dreaming or is this utter madness?

    http://www.boards.ie/vbulletin/showthread.php?threadid=2056047291

    What with the Anglo total cost out later this morning, surely this is catastrophic timing on the government's part? Frankly, if this is true I will be appalled. Might as well run the country using trained monkeys from now on.
    AIB was always going to have to be nationalised, however it is not in nearly as big a hole as Anglo, and we may recoup some of the money at a later date when it's balance sheet has been repaired and we can sell it on. Not ideal, I'm just saying most people saw this coming. If it is not nationalised in the next six months, then it will be once a wave of mortgage defaults finish it off over the coming years.


  • #14
    Red_Marauder
    Closed Accounts Posts: 1,175 ✭✭✭Red_Marauder


    Well looks like we made the front page of the Financial Times today.

    For all the wrong reasons.


  • #15
    Cookie_Monster
    Registered Users, Registered Users 2, Paid Member Posts: 24,715 ✭✭✭✭Cookie_Monster


    announced this morning @ 6.30 that they will be according to Newstalk


  • #16
    lucy2010
    Registered Users, Registered Users 2 Posts: 774 ✭✭✭lucy2010


    http://www.breakingnews.ie/ireland/taxpayers-facing-29bn-final-bill-for-anglo-475707.html

    This was the bit I liked
    Mr Lenihan warned taxpayers that further “significant” measures will be needed next year – over and above already announced cuts – to reduce the country’s borrowing.


  • #17
    Amhran Nua
    Closed Accounts Posts: 4,124 ✭✭✭Amhran Nua


    Remember folks, its not "Nationalised", its "Majority State Owned" according to the publicans' party.


  • #18
    Cookie_Monster
    Registered Users, Registered Users 2, Paid Member Posts: 24,715 ✭✭✭✭Cookie_Monster


    lucy2010 wrote: »
    http://www.breakingnews.ie/ireland/taxpayers-facing-29bn-final-bill-for-anglo-475707.html

    This was the bit I liked
    Mr Lenihan warned taxpayers that further “significant” measures will be needed next year – over and above already announced cuts – to reduce the country’s borrowing.

    as long as those measures include the burning of the Croke Park agreement I'd be happy enough


  • #19
    ei.sdraob
    Closed Accounts Posts: 9,364 ✭✭✭ei.sdraob


    hotmail.com wrote: »
    Nothing because the bank guarantee was extended as of midnight on 30 September (2 hours ago). So all deposits are safe.

    The impact on international confidence in the country and the cost of our borrowing is the serious concern is this happens later.

    oh for gods sake

    in event of a bank run everyones deposits are not safe


    the government doesnt have hundreds of billions or can access this amount in event of failure in order to pay out money to depositors
    the most you might get is an IOU payable over a very long period of time and not keeping up with inflation


  • #20
    Byron85
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭Byron85


    Live press conference with Lenihan now.

    http://www.rte.ie/live/index.html


  • #21
    jmayo
    Registered Users, Registered Users 2 Posts: 13,226 ✭✭✭✭jmayo


    c montgomery wrote: »
    Why would he pay 3 billion for 70% of something that is only worth 600million???

    I must be missing something.

    Will he didn't pay for it, we did.
    It's part of his grand cheapest bailout plan.
    Anyone hear him this monring spinning like the disengenous dodgy barrister that he is.
    His line was "What I said at the time was correct for the time".
    Thus when he said it was "the cheapest bailout at the time" he was correct. :rolleyes:
    He is using the legal consels ways of twisting words to suit.

    He is a very dangerous man and the sooner he is gone the better.
    ei.sdraob wrote: »
    oh for gods sake

    in event of a bank run everyones deposits are not safe


    the government doesnt have hundreds of billions or can access this amount in event of failure in order to pay out money to depositors
    the most you might get is an IOU payable over a very long period of time and not keeping up with inflation

    Ssssh don't be saying things like that.
    Where's your patriotism ?
    Be more like the hard working guys in Dept of Finance, NTMA, CB, NAMA who are out there battling to sell our bonds and save the country.

    BTW I wonder did any of them work for MacAnthony Realty or the like ?

    I am not allowed discuss …



  • Advertisement
  • #22
    hallelujajordan
    Registered Users, Registered Users 2 Posts: 2,080 ✭✭✭hallelujajordan


    c montgomery wrote: »
    Why would he pay 3 billion for 70% of something that is only worth 600million???

    I must be missing something.

    Yes, you are completely missing it . . Lenihan doesn't want to buy the bank and pay a fair price.

    The bank need the money, they haven't been able to raise it on the open market, the state has to pay it or the bank goes bust. . Taking ownership of the bank is a side effect, which will enable us to recover our investment once the bank recovers.


  • #23
    flutered
    Registered Users, Registered Users 2, Paid Member Posts: 6,751 ✭✭✭flutered


    j mayo, i uttered words similar to yours after he was appointed, the only difference is i got riddiculed, you are going to get agrement, why appoint a guy to a position, then appoint another guy to do his job for him, (an advisor).


  • #24
    hallelujajordan
    Registered Users, Registered Users 2 Posts: 2,080 ✭✭✭hallelujajordan


    jmayo wrote: »
    Will he didn't pay for it, we did.
    It's part of his grand cheapest bailout plan.
    Anyone hear him this monring spinning like the disengenous dodgy barrister that he is.
    His line was "What I said at the time was correct for the time".
    Thus when he said it was "the cheapest bailout at the time" he was correct. :rolleyes:
    He is using the legal consels ways of twisting words to suit.

    He is a very dangerous man and the sooner he is gone the better.



    Ssssh don't be saying things like that.
    Where's your patriotism ?
    Be more like the hard working guys in Dept of Finance, NTMA, CB, NAMA who are out there battling to sell our bonds and save the country.

    BTW I wonder did any of them work for MacAnthony Realty or the like ?

    Nonsense, what he said was that his view at the time based on the information that was available to him was that it was the cheapest bailout at the time . .

    Lenihan, and others have had to make very difficult decisions based on the information they have available. . . Sometimes it turns out the information was wrong or limited and strategies have to be adjusted, not because Lenihan lied or got it wrong but because information or circumstances changed.

    And he is right about the patriotism comments. . . I run a group of 500 people and I liken it to me trying to sell our product to the customer, while my team are shouting to the customer about how crap the product is. They might be right, but if I can't sell the product, they will all be redundant.


  • #25
    ei.sdraob
    Closed Accounts Posts: 9,364 ✭✭✭ei.sdraob


    Brian Lenihan is being laughed at by journalists at the live event now

    no one believes his **** anymore


  • #26
    ei.sdraob
    Closed Accounts Posts: 9,364 ✭✭✭ei.sdraob


    hallelujajordan wrote: »
    Nonsense, what he said was that his view at the time based on the information that was available to him was that it was the cheapest bailout at the time . .

    Lenihan, and others have had to make very difficult decisions based on the information they have available. . . Sometimes it turns out the information was wrong or limited and strategies have to be adjusted, not because Lenihan lied or got it wrong but because information or circumstances changed.

    And he is right about the patriotism comments. . . I run a group of 500 people and I liken it to me trying to sell our product to the customer, while my team are shouting to the customer about how crap the product is. They might be right, but if I can't sell the product, they will all be redundant.

    Have you seen the first 10 mins of last primetime? with all the quotes from last 2 years...

    they were consistently wrong at every single turn in the last 2 years, that is called gross incompetence!

    we are paying these people running our country a **** load of money, so stop trying to excuse these wasters (of a colossal scale!)


  • #27
    Kintarō Hattori
    Registered Users, Registered Users 2 Posts: 15,102 ✭✭✭✭Kintarō Hattori


    I'm just about to take a small mortgage with AIB- a bad idea???


  • #28
    SomeGuyCalledMi
    Registered Users, Registered Users 2 Posts: 223 ✭✭SomeGuyCalledMi


    Kintarō Hattori wrote: »
    I'm just about to take a small mortgage with AIB- a bad idea???

    No, this makes no real difference to you.


  • #29
    dmm1000
    Registered Users, Registered Users 2 Posts: 165 ✭✭dmm1000


    with all this mornings news on banks and their problems - for us - the ordinary savers and current account holders in these banks - are our savings / money which reside in these current and savings accounts under threat - basically should we withdraw our monies and keep them under the mattress to keep them safe ? - is it that bad ? - thoughts anyone ?


  • #30
    Cool Mo D
    Registered Users, Registered Users 2 Posts: 1,419 ✭✭✭Cool Mo D


    dmm1000 wrote: »
    with all this mornings news on banks and their problems - for us - the ordinary savers and current account holders in these banks - are our savings / money which reside in these current and savings accounts under threat - basically should we withdraw our monies and keep them under the mattress to keep them safe ? - is it that bad ? - thoughts anyone ?

    No, it's the other way around. The Government is pumping billions of public money into the banks so that private investors (including people with deposits) don't have to take the hit on the banks losses due to bad debt. If they didn't put money into the banks, you would lose your money.


  • Advertisement
  • #31
    OhNoYouDidn't
    Closed Accounts Posts: 6,934 ✭✭✭OhNoYouDidn't


    Kintarō Hattori wrote: »
    I'm just about to take a small mortgage with AIB- a bad idea???

    Its a great idea. Worst case, they go bust and it takes them months, if not years, to pass on your loan to some third party, meaning you have the choice whether you pay up or not....


Advertisement
Advertisement