im sure nothing can be as bad as what happened to the CPA so your initial statement that the civil service were cushy numbers is misleading & again shows your selfish attitude on this subject
Anglo is to be recapitalised with 1.5bn of government funds.
Government to recapitalise Anglo with 1.5bn
watch Sunday, 21 December 2008 20:06
The Government has announced it is to recapitalise Anglo Irish Bank with 1.5 billion.
It will take the form of preference shares, with an annual fixed dividend of 10%. The shares carry 75% of the voting rights of the company.
The investment is subject to the approval of ordinary shareholders at a general meeting to be convened as soon as possible.
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It has also agreed with Bank of Ireland and Allied Irish Banks that both banks will issue 2 billion of perpetual preference shares to the Government with an annual dividend of 8%.
These shares will have voting rights in terms of the change of control and any changes in the capital structure.
They will confer 25% of the voting rights in respect of the appointment of directors and 25% of the directors on the board.
These are subject to regulatory and shareholder approval.
All institutions may redeem the preference shares within five years at the issue price or after five years at 125% of the issue price.
The Government is prepared to underwrite further issuance of core capital and both AIB and Bank of Ireland have indicated an interest in such an underwriting in an amount up to 1 billion each.
The Taoiseach said the objective of the decisions is to ensure that the financial system in Ireland meets the everyday financial needs of the individuals, businesses and the overall economy.
Mr Cowen has said the recapitalisation of the banks would send a strong signal to the markets about the stability of the Irish financial system.
The mad thing is that they actually think this will be enough
tell us what happened to the cpa, there are companies folding daily with hundreds of job losses,thats DAILY, Dell will shed 2000 in one town, what happened to the cpa?
its getting abolished
flesh that out please, job loses?
i assumed there was but from your posts i guess im wrong - still certain areas of the public sector will be targeted for savage cuts & a lot of agencies will be fucked
[quote=“Mac”]Anglo is to be recapitalised with 1.5bn of government funds.
Government to recapitalise Anglo with €1.5bn
watch Sunday, 21 December 2008 20:06
The Government has announced it is to recapitalise Anglo Irish Bank with €1.5 billion.
It will take the form of preference shares, with an annual fixed dividend of 10%. The shares carry 75% of the voting rights of the company.
The investment is subject to the approval of ordinary shareholders at a general meeting to be convened as soon as possible.
Advertisement
It has also agreed with Bank of Ireland and Allied Irish Banks that both banks will issue €2 billion of perpetual preference shares to the Government with an annual dividend of 8%.
These shares will have voting rights in terms of the change of control and any changes in the capital structure.
They will confer 25% of the voting rights in respect of the appointment of directors and 25% of the directors on the board.
These are subject to regulatory and shareholder approval.
All institutions may redeem the preference shares within five years at the issue price or after five years at 125% of the issue price.
The Government is prepared to underwrite further issuance of core capital and both AIB and Bank of Ireland have indicated an interest in such an underwriting in an amount up to €1 billion each.
The Taoiseach said the objective of the decisions is to ensure that the financial system in Ireland meets the everyday financial needs of the individuals, businesses and the overall economy.
Mr Cowen has said the recapitalisation of the banks would send a strong signal to the markets about the stability of the Irish financial system.[/quote]
I wonder why IL&P aren’t named at all. They probably have enough solvency from their life assurance side of things to provide capital and they possibly think their share price will bounce when the others’ does.
Of course the stupid thing is the government held a “golden share” in IL&P until recently enough which allowed them a veto on a fair chunk of stuff. They just gave it away though.
Looks a strong enough position from the government.
A momentous post there Ncc
ill always admit when im wrong 
don’t assume anything from my post, i honestly don’t know the answer and was hoping you would fill me in, but obviously you were talking shit
talking shit? the CPA were abolished ,thats fact,
you were talking shit when you said there was nothing as bad as what happened to the cpa, when all that happened was that a bunch of civil servants got transfered to another dept
i may have been wrong on this one but if it is the same as what is happening to the NCCRI where ll the staff are laid off as of when the funding runs out. The Dept of Justice just takes over their functions. There may or may not be jobs becoming available in that area in the Dept at some point but they will have to advertised etc. The government cannot just make them Civil Servants without a competitive employment process.
so there are a lot of public servants facing retrenchment, added to that is that there are loads of people working for agencies that the government wouldnt class as civil servants so its easier to get rid of them
From RTE:
Govt to take control of Anglo Irish Bank
The Government has announced plans to take complete control of Anglo Irish Bank, saying its previous plan to inject money into the bank is not the best way to secure its viability.
Anglo Irish Bank’s chief executive David Drumm and chairman Sean FitzPatrick resigned last month in a controversy over secret loans to directors. Its finance director and chief risk officer Willie McAteer resigned last week.
The Government had planned to inject 1.5bn into the bank, taking 75% of the voting rights in the process.
AdvertisementSince reaching a peak above 17 in mid-2007, shares in Anglo Irish have plummeted, and closed at just 22 cent in Dublin today.
A statement tonight said the bank would continue to trade normally and all its employees would stay with the company.
The Government said ‘unacceptable practices’ within the bank had caused it serious damage.
Finance Minister Brian Lenihan said: 'I would again stress that this Government decision safeguards the interest of the depositors of Anglo, and the stability of the economy, given the significance of Anglo in this regard, as already recognised by the European Commission.
‘The bank will continue to operate as normal and depositors and creditors should continue to transact as normal.’
The Government has prepared legislation to give effect to the nationalisation, which will be presented to the Oireachtas on Tuesday.
Trading in the shares is expected to be suspended before the Irish stock market opens tomorrow.
The Government statement said shareholders’ rights would be respected, and the legislation will outline plans for compensation.
what the fuck, they took a punt and lost, tough tatas that’s what happenswhen you gamble, :D:mad::mad:
What do you mean? The shares still had a value. There’s people who bought in the last few weeks - they didn’t lose any gamble.
maybe on the stock exchange but in real terms the world and it’s mother knew that the company was absolutely fucked so if they bought in at that stage fuck them
if they are going to give them compensation why not give it to the dell employees who got mortgages based on government assurances that their jobswere safe ?
[quote=“artfoley”]maybe on the stock exchange but in real terms the world and it’s mother knew that the company was absolutely fucked so if they bought in at that stage fuck them
if they are going to give them compensation why not give it to the dell employees who got mortgages based on government assurances that their jobswere safe ?[/quote]
The stock exchange is real terms. Are you calling for an end to the stock exchange or just that we ignore its rules? I’m all for reforms and ending the messy greedy capitalism that got us here in the first place but you can’t arbitrarily say that anyone who invested in Anglo at any stage deserves to have nothing. There are pension funds invested in these banks - do pensioners take a gamble and lose too?
The Dell employees will get compensation. It’s called social welfare.
[quote=“therock67”]The stock exchange is real terms. Are you calling for an end to the stock exchange or just that we ignore its rules? I’m all for reforms and ending the messy greedy capitalism that got us here in the first place but you can’t arbitrarily say that anyone who invested in Anglo at any stage deserves to have nothing. There are pension funds invested in these banks - do pensioners take a gamble and lose too?
The Dell employees will get compensation. It’s called social welfare.[/quote]
no i’m not by any imagination calling for an end to stock indices, but look at the state of anglo as an investment option and the only type of people who invested in this would be bottom feeders or asset strippers i.e wall street not main street and in as such I have n o sympathy for them
the lads from dell have been paying tax for years and have probably paid more tax than the investors who put money in a dead duck bank in which the extent of it’s fuckedness is not fully known but is well aired in public