Final Anglo bailout cost set at minimum of €29.3bn

thebigbiffo · 30-09-2010 09:28AM

Kiith wrote: »

Can someone point me to somewhere that explains why we the government keep putting insane amounts of money into Anglo? I'm not trying to be smart here, i would actually like to understand why they can't just let what seems like a giant money hole, just shut down like so many other businesses have. What would happen if they just stopped bailing them out?

And, is anyone, ever, going to have to pay (not the money) for making such a ****storm of this?

they're afraid to f'uck over the investors as it'll affect our ability to borrow money on the international markets. thats the condensed explaination

tubba · 30-09-2010 09:32AM

Sc@recrow wrote: »

As long as he doesn't intend to use it here he might be ok...how is the hob sector looking abroad? Does he intend to move to another country?
I feel sorry now for families, having to watch their kids immigrating to find work...it's the 1980's all over again.

i have an engineering degree and find it impossible to get work. (i even applied for a job for experience with no wages. i was told that i didn't have enough "experience" to get work experience where i would work for free. also i enquired about it to the dole office and found out i could lose my dole because i am not available to start a job????)
back to the point. i have been applying for work everywhere, dubai etc and no luck.
most of my old class mates have gone out foreign looking for work but most have returned with nothing..

cruiser178 · 30-09-2010 09:38AM

galwayrush wrote: »

We're leaving once the kids finish school, they deserve better than anything this country has to offer them for the future.

Best of luck to you galwayrush and i mean that sincerely.

amacachi · 30-09-2010 09:39AM

Kiith wrote: »

Can someone point me to somewhere that explains why we the government keep putting insane amounts of money into Anglo? I'm not trying to be smart here, i would actually like to understand why they can't just let what seems like a giant money hole, just shut down like so many other businesses have. What would happen if they just stopped bailing them out?

And, is anyone, ever, going to have to pay (not the money) for making such a ****storm of this?

Unfortunately we're probably too far in now to stop. Bear in mind people giving out about cuts, if the money stops going into the banks they collapse, all the money already spent will be gone, the system will collapse, money will stop moving, we won't be able to borrow anything (necessitating more cuts again) and no help from the EU.

Father Damo · 30-09-2010 09:44AM

tubba wrote: »

god help us in the next budget. also what are the government going to do when the thousands that went to Australia have to come back and start claiming the dole??

There wont be many. In nearly two years here Ive only seen seven of the hundreds of Irish Ive met go home- all the rest are either hanging around on student visas or plain going illegal after the visa expires.

**** it even if the economy was going well I wouldnt go home, even in the good times the cost of living was too much.

tubba · 30-09-2010 09:46AM

just heard on the radio that now it is almost 50 billion. reminds me of a dodgy builder that just keeps uping the cost something

Niall Keane · 30-09-2010 09:46AM

i have an engineering degree and find it impossible to get work.

Tubba, learn Mandarin, it's going to be China's century, 1 in 4 people speak Mandarin, and they don't speak English. Was out there a few weeks ago, in Hubei, central China, Wuhan airport is about 3 times the size of Dublin's Terminal 2, and Wuhan only does domestic flights.
There were no self-congratulatory propaganda on screens celebrating the project like in Dublin either, and they are the one's supposed to be a communist country!

We are a joke, Wuhan that Chinese back-water has 20m people, imagine the scale of development required. 87m people in Hubei alone. Ireland offers nothing to the outside that can't be acquired cheaper and better somewhere else, and our population is simply too small to drive a sustainable domestic economy, we have ever been such, the Celtic Tiger we all now know was an anomaly, my advice - don't let the sins of the fathers visit on the children, get out!!

Wibbs · 30-09-2010 09:48AM

Elisabeth Young Renter wrote: »

Well in the 80's it was mostly a working class recession. This cluster fuck is hitting us all with its shrapnel.

I dunno about that. I went to a middle class private school and of my year that graduated in the 80's at least a quarter left the country, either for work or college. Many of the others ended up on the dole here or went into daddies biz to keep them off the streets. The working class got hit the hardest(as per usual), but there were few jobs across the board. Fewer college places too, so even if you wanted to continue in third level the choice was lower than today and more competitive. Of course again the powers that be missed the obvious, IE a late 60's babyboom, that came of age in the 80's with no facilities or jobs for them. We had the youngest population in the EU at the time.

Plus I think todays problems are so monumental that 'Joe Soap' on the ground simply can not grasp how dire the situation is, so Government and their cohorts are getting away with giving us bluster & bollox.

That I would agree with alright. The figures and the fckup is so huge it's hard to grasp. Plus we have the trappings of (borrowed) wealth around us, so it feels to many still in employment as not such a big deal. In the 80's and before we didnt have that so it was much more in your face.

andrewdeerpark · 30-09-2010 09:49AM

Investors regularly get burned remember Russia in the 90's opening up all the investors got in to early and got burned. Investors have short memories though and the all piled back in again in the 00’s.

Conclusion we never needed that blanket bank guarantee, which made my blood boil the day it was announced.

Brian Lenihan you ruined the country when those treasonous Irish bankers who done more damage on that night to our Irish State since its foundation bounced you into that decision. I guess these guys are still big fellas in their D4 golf clubs and societies with their fat pensions and benefits (and I am excluding Sean Fitzpatrick who has a special place in Irish discraceful history). Them and their families name are dirt in my mind and in the mind of many..

As for Brian Lenihan since his sickness he seems untouchable (unlike Biffo) he made a disastrous decision that night and should immediately resign.

Remember we were the only country that went down the lazy blanket guarantee route; the correct way was to look at each bank individually like the UK, US, Germany and even Iceland.

In the UK the banks that they bailed out are now even turning a profit for the taxpayer!!!

Wibbs · 30-09-2010 09:49AM

amacachi wrote: »

Unfortunately we're probably too far in now to stop. Bear in mind people giving out about cuts, if the money stops going into the banks they collapse, all the money already spent will be gone, the system will collapse, money will stop moving, we won't be able to borrow anything (necessitating more cuts again) and no help from the EU.

That part I get re the main banks, but why support anglo. Why not let that bank fail?

SeaFields · 30-09-2010 09:49AM

Father Damo wrote: »

There wont be many. In nearly two years here Ive only seen seven of the hundreds of Irish Ive met go home- all the rest are either hanging around on student visas or plain going illegal after the visa expires.

I know a fair amount of people in oz at this stage, as do so many people i suppose. Last week I was talking to a buddy whose sister is over there and her one year visa is about to expire. The buddy told me his parents sat down together and skyped her. Told her in no uncertain terms, do not come home. There is nothing here. He said it was a horrendously depressing thing to watch them tell their only daughter to stay on the other side of the world.

Phill Ewinn · 30-09-2010 09:50AM

Kiith wrote: »

Can someone point me to somewhere that explains why we the government keep putting insane amounts of money into Anglo? I'm not trying to be smart here, i would actually like to understand why they can't just let what seems like a giant money hole, just shut down like so many other businesses have. What would happen if they just stopped bailing them out?

And, is anyone, ever, going to have to pay (not the money) for making such a ****storm of this?

It makes little or no sense to have bailed out a small private bank with debts that amounted to half our GDP. I can only hope it was something we were told to do by ''Europe'' or the European central bank. The other scenario is that the Government were so reckless as to extend a guarantee to their mates in Anglo, that would surely cripple a country in deep recession. Which would be an act of treason.

Zebra3 · 30-09-2010 09:51AM

joe316 wrote: »

Can we call ourselves a banana republic yet

At least if we were a banana republic, we'd have somthing to export.

Great cartoon in today's Indo:
http://www.independent.ie/opinion/columnists/martina-devlin/martina-devlin-bankers-without-rules-like-wild-west-without-sheriff-2358938.html

tubba · 30-09-2010 09:51AM

Niall Keane wrote: »

Tubba, learn Mandarin, it's going to be China's century, 1 in 4 people speak Mandarin, and they don't speak English. Was out there a few weeks ago, in Hubei, central China, Wuhan airport is about 3 times the size of Dublin's Terminal 2, and Wuhan only does domestic flights.
There were no self-congratulatory propaganda on screens celebrating the project like in Dublin either, and they are the one's supposed to be a communist country!

We are a joke, Wuhan that Chinese back-water has 20m people, imagine the scale of development required. 87m people in Hubei alone. Ireland offers nothing to the outside that can't be acquired cheaper and better somewhere else, and our population is simply too small to drive a sustainable domestic economy, we have ever been such, the Celtic Tiger we all now know was an anomaly, my advice - don't let the sins of the fathers visit on the children, get out!!

at this stage niall it semms like the best option.i have a five yr old son and i would hate to see him having to pay for our mistakes for the next 40 years.

mike kelly · 30-09-2010 09:53AM

Rosco1982 wrote: »

Only a few weeks ago the head of the NTMA was publically critical of this figure that the government are using now:

http://www.finfacts.ie/irishfinancenews/article_1020429.shtml

Does anyone in this country know what they're doing , or are they all just lying to us ?

or both?

SeaFields · 30-09-2010 09:53AM

Phill Ewinn wrote: »

The other scenario is that the Government were so reckless as to extend a guarantee to their mates in Anglo, that would surely cripple a country in deep recession. Because that would be an act of treason.

If thats the case then the Icelandic folk have the right idea

If only that would happen here....if only

arybvtcw0eolkf · 30-09-2010 09:53AM

tubba wrote: »

i have an engineering degree and find it impossible to get work. (i even applied for a job for experience with no wages. i was told that i didn't have enough "experience" to get work experience where i would work for free. also i enquired about it to the dole office and found out i could lose my dole because i am not available to start a job????)
back to the point. i have been applying for work everywhere, dubai etc and no luck.
most of my old class mates have gone out foreign looking for work but most have returned with nothing..

Have you considered a career as an engineer officer in The Defence Forces?.

Your degree might get you fast tracked through the cadet school into a commission.

mike kelly · 30-09-2010 09:54AM

SeaFields wrote: »

I know a fair amount of people in oz at this stage, as do so many people i suppose. Last week I was talking to a buddy whose sister is over there and her one year visa is about to expire. The buddy told me his parents sat down together and skyped her. Told her in no uncertain terms, do not come home. There is nothing here. He said it was a horrendously depressing thing to watch them tell their only daughter to stay on the other side of the world.

I think they made a mistake doing that, how will she react to her parents telling her she is not wanted at home?

andrewdeerpark · 30-09-2010 09:54AM

Wibbs wrote: »

That part I get re the main banks, but why support anglo. Why not let that bank fail?

Correct and right.

Pay the depositors 100K sell off the debt in an international auction, job done min cost.

Ok a few charities and large depositors would winge, the riot police may be needed for a few weeks outside the bank, all a fraction of the cost we have now. Bank has no branches and no one get their wages paid into the bank.

No brave decisions from this government.

tubba · 30-09-2010 09:56AM

Zebra3 wrote: »

At least if we were a banana republic, we'd have somthing to export.

Great cartoon in today's Indo:
http://www.independent.ie/opinion/columnists/martina-devlin/martina-devlin-bankers-without-rules-like-wild-west-without-sheriff-2358938.html

ha ha very good.

iaminminsk · 30-09-2010 09:57AM

what exactly is the story with the eu? If we are members why can we not borrow at the same rate as Germany?

mike kelly · 30-09-2010 09:59AM

Niall Keane wrote: »

Ireland offers nothing to the outside that can't be acquired cheaper and better somewhere else

That's it in a nutshell

mike kelly · 30-09-2010 10:00AM

iaminminsk wrote: »

what exactly is the story with the eu? If we are members why can we not borrow at the same rate as Germany?

there is a stability fund which allows for that but for some reason we don't use it

SeaFields · 30-09-2010 10:02AM

mike kelly wrote: »

I think they made a mistake doing that, how will she react to her parents telling her she is not wanted at home?

They didn't mean it like that and she didn't take it for it mean as such.

Dravokivich · 30-09-2010 10:03AM

mike kelly wrote: »

I think they made a mistake doing that, how will she react to her parents telling her she is not wanted at home?

according to the post you quoted, they didn't say she wasn't wanted at home, they said there was nothing for her at home...

4zn76tysfajdxp · 30-09-2010 10:03AM

I'm no scientician so can anybody explain exactly how ****ed we are?

Dravokivich · 30-09-2010 10:05AM

Azalea Pitiful Gooseberry wrote: »

I'm no scientician so can anybody explain exactly how ****ed we are?

Proper fúcked bai!

Snakeblood · 30-09-2010 10:06AM

Azalea Pitiful Gooseberry wrote: »

I'm no scientician so can anybody explain exactly how ****ed we are?

If you get 29.3 billion and divide it by every man woman and child in the country, that's the individual level of debt. Out of curiosity, divide it by the workforce, who are actually in work at the moment, seeing as they're the ones paying taxes. Then for a laugh, remember that that's not actually the only massive insurmountable problem that will destroy us.

Then find a noose, a light fitting and a chair.

Wibbs · 30-09-2010 10:07AM

Azalea Pitiful Gooseberry wrote: »

I'm no scientician so can anybody explain exactly how ****ed we are?

From what I've been hearing from far more clued in types than me, is that we as a people have underwritten the massive losses by a few and we will be paying for that for a very very long time.

Sanjuro · 30-09-2010 10:08AM

Elisabeth Young Renter wrote: »

And although it wouldn't change things, but why - why fvcking why haven't heads rolled?.

You cant cut the heads off headless chickens.

Final Anglo bailout cost set at minimum of €29.3bn

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