Irish banking shares

[Sidney]

@KIB man

What a shameful state of affairs and one that should be rammed down the throat of every public sector bashing mong. 5 private enterprises bust and through their idiotic business models have bankrupted the country for generations. Yes, regulation should have been in place but they ran themselves into the ground and staff, bondholders etc should be taking the fall for it.

Text that to Newstalk - it was the private sector that ruined ths country

[The_Runt]

Reports suggesting €23.5 bn needed, with most of it going to AIB which will be merged with EBS, BOI need €5bn but will try to raise it themselves.

[TwoRunnyEggs]

@The Runt

Reports suggesting €23.5 bn needed, with most of it going to AIB which will be merged with EBS, BOI need €5bn but will try to raise it themselves.

€13bn to AIB I believe. €24bn overall.

[briantinnion]

Total bailout now stands at €70bn which is €15,500 for every man woman and child in the country.

To put that in context, if the United States was forced to bail out its banking industry to a similar level you’d be talking $6,700bn at current exchange rates.

Some other figures also

• US national debt is $14,213,923,632,346 which is $45,809 for every person in the country.
• Irish national debt is going to be €192,800,000,000 by 2013 which is €43,125 for every person.

Not sure what to take from them but interesting nonetheless.

[braz83]

@briantinnion

Total bailout now stands at €70bn which is €15,500 for every man woman and child in the country.

To put that in context, if the United States was forced to bail out its banking industry to a similar level you’d be talking $6,700bn at current exchange rates.

Some other figures also

• US national debt is $14,213,967,835 which is $45,806 for every person in the country.
• Irish national debt is going to be €192,800,000,000 by 2013 which is €43,125 for every person.

Not sure what to take from them but interesting nonetheless.

What I take from it (kind of off topic for this thread) is that unless the US gets its deficit under control it will face a day of reckoning for the amount of debt it has built up. Different rules for a country as big as the States obviously so it will take longer, but the day will come.

[Appendage]

@briantinnion

Total bailout now stands at €70bn which is €15,500 for every man woman and child in the country.

To put that in context, if the United States was forced to bail out its banking industry to a similar level you’d be talking $6,700bn at current exchange rates.

Some other figures also

• US national debt is $14,213,967,835 which is $45,806 for every person in the country.
• Irish national debt is going to be €192,800,000,000 by 2013 which is €43,125 for every person.

Not sure what to take from them but interesting nonetheless.

Interesting indeed briantinnion. Would that be $6.7 trillion?

Quick question though - by your maths there are only 310k people in the USA. From Flano’s jibber jabber around here I got the impression that it was quite a big place with loads of people. He must be mistaken.

[briantinnion]

@Appendage

Interesting indeed briantinnion. Would that be $6.7 trillion?

Quick question though - by your maths there are only 310k people in the USA. From Flano’s jibber jabber around here I got the impression that it was quite a big place with loads of people. He must be mistaken.

Excellent auditing Appendage, I missed 3 digits in typing the total amount, have corrected it now.

That would indeed be $6.7trillion I believe.

[The_Runt]

Elderfield has come and said the Irish banks need a further 4bn cash injection. FFS.

[Appendage]

@The Runt

Elderfield has come and said the Irish banks need a further 4bn cash injection. FFS.

He could’ve just rolled off and fell asleep but no, he had to go and say that.

[Fagan_ODowd]

@Rocko" data-cid="41517" data-time="1212681468

Don’t buy the staff stuff - the vast majority of them will have no idea about the future earnings prospects of the bank. The market capitalization and all other trends downwards are just a reflection of
a) the international credit market and
http://www.thefreekick.com/board/public/style_emoticons/]http://www.thefreekick.com/board/public/style_emoticons/ /cool.gif Ireland’s ending/ended boom

Still think they’re a great price and long-term anyway you’ll do well out of any of the banks.

You’re right about takeover though. In any other environment some bigger crowd would have helped themselves to the company by now. But they’re just proving that they reflect international trends so all the larger banks are in the same boat.

Rocko this search function is great!

:lol:

[Fagan_ODowd]

@BenShermin" data-cid="26339" data-time="1200482326

Personally at the moment I’d wouldn’t buy shares in banking companies, I still feel Ireland’s economy is very un-stable and banks are unwilling to dish out loans credit the way they used to only two years ago. Property prices are falling and no amount of talk from Tom Parlon would give me the convidence to invest in property, many property investors are being left with empty houses and having to pay for furnishings themselves just to sell the house, thus pushing the prices down even more, in theory a €300,000 house is only costing the buyer €250,000 if there’s €50K worth of furnishings thrown in. All this has to mean less bank customers and less profit over this year.

As well as that, the whole situation with the run-away solicitor Michael Lynn and the Irish banks not formally reporting the loss of €90M owed to them by the solicitor makes me wonder is there something the banks are covering up! I know if a customer owed my business few million I’d be reporting it wether my business was worth €100 or €100million, it wouldn’t matter, I’d want my money. The fact that the banks as money grabbing greed centres who charge riddiculous intrest don’t want to get their money back seems very fishy to me.

Ben knew the score.

[SHANNONSIDER]

@Jugs" data-cid="26371" data-time="1200512063

Great time to buy Irish banking shares, the downward trend in share prices is driven mainly by overseas institutional investors who see what’s going on in the US with sub prime lending and are panicking assuming if the US banks are into it heavy then us crazy Paddies have staked our entire futures on it. Every time an article is written about the US stock market taking a hammering the commentators bring the Irish market into it and the potential negative effects for us, then all the ordinary joe soaps shit themselves, buy into what the “experts” are spewing at us and sell out of whatever stock they put half their SSIA into a year ago after reading an article by the exact same “experts”. Some people don’t realise that stock markets go up and down in cycles and if you’re looking at investing in shares you have to be prepared for a 3-5 year play if you want a decent return. Some idiots see a sharp drop in price and think they have to sell out to cut losses or they will lose everything. Banks will always make money, banks will always get government support and banks don’t default on their debt obligations. Give it a couple of years and we’ll all be raging we didn’t sell the shirt off our backs to invest in the banking sector as we watch the guy sitting next to us cash in.

:lol: Jugs had an absolute mare here.

[glasagusban]

@Fagan ODowd" data-cid="731774" data-time="1359468592

Rocko this search function is great!

:lol:

@Fagan ODowd" data-cid="731775" data-time="1359468653

Ben knew the score.

@SHANNONSIDER" data-cid="731786" data-time="1359469624

:lol: Jugs had an absolute mare here.

:guns:

[The_Runt]

The first page is great reading.

[Fagan_ODowd]

@The Runt" data-cid="731788" data-time="1359470020

The first page is great reading.

+1. Maybe we should have a People that were deluded thread.

[Julio_Geordio]

@Bandage" data-cid="26345" data-time="1200493405

To put this in context, I’ve worked in the banking sector for going on 7/8 months now and I don’t think I’ve ever seen a credit crisis or crunch quite like this one.

Bandage saw this a long way out

Rocko is lucky this place is such a cash cow as his investment skills are dodgy at best.

Bandage could you start a weekly stock picking column?

[The_Runt]

@BenShermin" data-cid="26705" data-time="1201004036

I hope no TFK members bought into the banks before yesterdays drop!

@Flano" data-cid="26709" data-time="1201004557

I hope they did

:lol:

[Rocko]

An awful lot made today of the positive development where a family have had €150k written off their AIB mortgage and are allowed to remain in the family home.

I don’t know all the details of this (obviously) but it strikes me that this goes to the heart of some of the social issues we have in this country that helped create the overborrowing etc in the first place. This family have “parked” €40k of their mortgage and have had €150k written off and are now left with a €200k mortgage. And the big new generous development is that they’re allowed to stay in their house - which we’re told is worth €100k. How is this a good deal at all? They should be surrendering that home, going bankrupt and leaving those debts behind.

Instead the spin on the deal is that everyone won’t be as “lucky” but it does give great hope to other borrowers out there.

[myboyblue]

[quote=“Rocko, post: 915382, member: 1”]An awful lot made today of the positive development where a family have had €150k written off their AIB mortgage and are allowed to remain in the family home.

I don’t know all the details of this (obviously) but it strikes me that this goes to the heart of some of the social issues we have in this country that helped create the overborrowing etc in the first place. This family have “parked” €40k of their mortgage and have had €150k written off and are now left with a €200k mortgage. And the big new generous development is that they’re allowed to stay in their house - which we’re told is worth €100k. How is this a good deal at all? They should be surrendering that home, going bankrupt and leaving those debts behind.

Instead the spin on the deal is that everyone won’t be as “lucky” but it does give great hope to other borrowers out there.[/quote]
You’d wonder why people who still have mortgages bother their holes paying them? I’m baffled by this story tbh.

[Horsebox]

The first page of this thread is gold. How come the only person who wasn’t completely and utterly wrong, @BenShermin , doesn’t post here anymore? Or does he?