My logic is flawless
Julio the FF cheerleader.
As regards letting banks go to the wall, Lenihan most definitely had his hands tied on that one. He has said on numerous occassions he would love to be rid of Anglo but it’s not possible to let it go to the wall.
if you or your pension fund invested in either anglo or nationwide you deserve to lose everything.
if boi or aib or a merged version be prepared to take a significant hit. thems the breaks in the real world. not this nama fudge bullshit.
So what you are proposing is that the sole lending institution in the country be controlled by a foregin bank?
source that the EU held up anglo going to the wall?
perhaps it is just a convenient excuse for the criminal waste of taxpayer’s money?
So you’ve bankrupt the country what now?
You haven’t given one good reason for your position…
Ireland will default at some point within the next few years. As I said this will be mainly as a result of loading vast quanties of unserviceable debt onto the state in the form of bank losses. This money clearly cannot be paid. NAMA along with the 10 billion in cuts over the next few years means this country is heading for penury and a debt to GNP ratio worse than Greece. Who will likely be in worse problems within a year or two than they were last April. Is the EU going to bail us out as well as bailing Greece out again? So Ireland will end up in a far worse position than if it had let Anglo-Irish and Irish Nationwide and the rest go. AIB and Babk of Ireland should have been saved as the two systemic banks.
I think the ultimate result of all this will be the break up of the Euro.
As much shite as KIB talks, I think his lack of naivety is correct in this instance. The one thing we have learned from this is to question everything.
That said, going on what happened in other Eurozone countries, I don’t think that the EU would allow a bank to collapse.
But isn’t that a bit short-sighted? What happens when we’re overrun by lizards?
SKINNER
No problem. We simply unleash wave after wave of Chinese needle snakes. They’ll wipe out the lizards.
LISA
But aren’t the snakes even worse?
SKINNER
Yes, but we’re prepared for that. We’ve lined up a fabulous type of gorilla that thrives on snake meat.
LISA
But then we’re stuck with gorillas!
SKINNER
No, that’s the beautiful part. When wintertime rolls around, the gorillas simply freeze to death.
The fact that it would wipe out all the Credit Unions in the country isn’t a good reason.
The money you’d save by shutting the banks would just have to be poured into the state pension fund anyways.
http://archives.tcm.ie/businesspost/2010/04/25/story48842.asp
Credit union body angered at Anglo Irish link
Sunday, April 25, 2010 -
By Pat Leahy Political Editor
The organisation representing credit unions has said that it invested just €99 million in Anglo Irish Bank bonds, and has called on the government to ‘‘cease referring to these investments as justification for guarantees and the continuation of Anglo Irish Bank’’.
Ina statement to The Sunday Business Post, Kieron Brennan, the chief executive of the Irish League of Credit Unions, said it was ‘‘unwise and irresponsible’’ to suggest that the credit unions had large investments in Anglo.
Brennan said it was ‘‘unfortunate’’ that the credit unions were being used ‘‘to justify arguments for government support for financial institutions’’.
‘‘The suggestion is that Anglo must be supported, as failure to do so would jeopardise large amounts of credit union investments,” Brennan said. This suggestion, he added, was not just untrue but could have the effect of ‘‘undermining confidence in credit unions’’.
Ministers and TDs have repeatedly suggested that credit unions hold significant sums in Anglo bonds.
Fine Gael has advocated that Anglo should be allowed to go bankrupt, and that the bondholders should not be given any special protection.
The Labour Party, meanwhile, has suggested that the bank should negotiate with bondholders to repay them a percentage of their investment.
However, the government has warned that a strategy of ‘‘burning’’ the Anglo bondholders would have a potentially dangerous effect on the country’s ability to borrow so much.
There is no information on the identity of the Anglo bondholders, and finance sources say that, because the bonds are tradeable, there is no way of tracking who holds them.
Have you got a point here? Thats only one set of bonds what about AIB, BOI etc. There is legal complications aswell as some bond holders are entitled to be paid the same as deposit holders. So if you dont pay bondholders you couldn’t pay deposit holders.
Julio, just admit it, you know nothing about Credit Unions or investments.
Take your fine gael agenda elsewhere
you & sid have no credentials to be speaking on this matter- your opinion is worthlessn &^ is a half assed attempt to repeat something you heard in the media recently-
I know everything and I am better than you.
as long as they are able to run the organisation properly I dont care if they are from the North Pole or the North Wall. Banco Santander are a superb institution - they took over Abbey, Nat West and I think Bradford and Bingley in the UK. I think we should have courted a reputable international banking company to come in and take over once the State did the needful. The locals proved they cant run banks.
I’ve saved the country - the vast majority of the country did not have shares or bonds in any of the four banks but are been disproportionally punished. I’d use the billions saved to invest in infrastructure programs - broadband, universal health care, school building, proper public transport in Dublin especially to the airport, cheap train transport throughout the country, tax deductible public transport for those who use it going to work, id get the postbank network up and running properly, introduce mandatory super annuation of 10%, huge public sector reform including pay cuts across the board, break up most of the semi states and after that well I’d go on internet forums and boast about how great I was 
- Foreigners are not to be trusted.
- You dont get it. The vast majority didn’t have bonds but the places where their money is held do. All your other ideas are commendable but are pretty moot as the Government would spend all the money they “saved” (and more with it) plugging the hole in the national pension scheme, and paying out to the deposit holders under the guarantee scheme.
how much money was held in deposits in Anglo and Nationwide - fuck all in the greater scheme of things. We would still have got a pile of money from Europe anyway just there are better things we could have spent it on that filling in bottom less bogs. The liquidation of Anglo and Nationwide assets would also have brought in some money and restored equilbrium to the markets.
did lenihan not raid the pension fund anyway already to throw money into the banks?
How is that road in Limerick going by the way?
It’s fucked. But it’s the contractor who has to foot the cost for that not the taxpayer.