Good move by the Government alright but I think it could be the calm before the storm.
Dexia had to have €6.4bn ploughed into them over night by the Governments in France Belgium and Luxembourg to survive. Stuff like that happening this close to home will eventually have a negative impact.
In short, we’re all doomed 
I’m just back from a meeting and can confirm that everything’s fine.
Bedwetters please take note, especially Mac.
Jesus, that’s some millstone no matter how it’s dressed up.
Her arguement (please bear in mind that she is a fully qualified accountant) was that she couldn’t afford to pay the 8% and that she had to rent out a couple of rooms to scrape the repayments each month but in 10 years time it’ll be easier cause inflation will mean she has more money coming in.
This is the same girl that drives a 07 mini, goes to New York shopping, Austria Skiing and somewhere sunny every year, maybe I’m the 1 that’s wrong?
I don’t understand the post - is there a couple involved Clareman or just a typo with the he/she?
I’m getting itchy feet waiting on the property market to come down. It goes against much logic but think I’ll buy a gaff soon enough, I’ve already had 3 months of market depreciation over the summer with cash in hand from my sale and while there’s more to come I’m not in it for the investment potential, I’m in it for finding a place to live and having made money on my first gaff I reckon I’ve no divine right to make money from the market so as long as I’m unlikely to end up negative overall then I’ll be happy enough.
AIB and BOI are seemingly inundated with Brits opening a/c’s with them. Cowan should have said he would only cover savings up to a certain date…say 01 october or something…Am i reading this right now…if AIB go bust then any Black and Tan savings in them will be covered by me, the Irish taxpayer…
Anyone confirm or refute this?
Sorry Rock, didn’t see that post yesterday, it’s a girl who bought the house. I’m thinking of moving up the property ladder at the moment myself, there are some bargains out there and it’s a buyers market that’s for sure.
I don’t think anyone knows the details of the deal at the moment, isn’t that why it hasn’t been approved yet?
A master stroke by Cowan to help his banker friends, shur won’t it close every credit union in the country when all the shawlies start to worry about their savings and move them to BOI. What about small pissie banks why don’t they get protection? The whole thing is a joke and dubious enough under EU law.
[quote=“tipptops*”]AIB and BOI are seemingly inundated with Brits opening a/c’s with them. Cowan should have said he would only cover savings up to a certain date…say 01 october or something…Am i reading this right now…if AIB go bust then any Black and Tan savings in them will be covered by me, the Irish taxpayer…
Anyone confirm or refute this?[/quote]
The way it’s been presented so far is that it’s all deposits in the 6 banks irrespective of who owns them so it would include overseas depositors and there’s no date mentioned. In its current format it’s a bit of a joke but i assume they just announced a vague guarantee to generate debate and see what should in fact be included / excluded. They’ll have to extend it to all banks operating in the state i would think as the likes of NIB, Ulster, BOSI will be at a serious disadvantage when it comes to attracting deposits. The point of the guarantee is to reassure depositors and maintain confidence in the Irish banking system so if they excluded overseas depositors like the brits then it would have little impact as they’d still withdraw all their money.
By all accounts he didn’t have much of a choice, there were a lot of people moving their money into the Post Office assured accounts which were putting banks in a seriously dodgy position
is this not a clever move by cowan ,i’d imagine there will be a serious cash injection into the irish banks from engerland etc, which improves irish banks liquiddity - reducing risk to themselves??
is this how it will work?
If say Anglo failed, what would be the consequences without a bailout? Alot of punters robbed of their savings yes?
Heard that Gordon Brown is moaning that its in breach of EU competition law. Also heard some politicians over lunch calling the bank chiefs criminals and fools and saying they should be locked up!
[quote=“tipptops*”]AIB and BOI are seemingly inundated with Brits opening a/c’s with them. Cowan should have said he would only cover savings up to a certain date…say 01 october or something…Am i reading this right now…if AIB go bust then any Black and Tan savings in them will be covered by me, the Irish taxpayer…
Anyone confirm or refute this?[/quote]
AFAIK, the government are planning to guarantee savings held in any of the 6 institutions, including savings held in foreign branches of these banks. There’s no distinction on nationality or residency and the money will be guaranteed as long as it’s held in an outlet/branch that’s reflected in the consolidated group accounts of the banks in question. The likes of BOI, AIB and Anglo have operations in England, elsewhere in Europe, in the US and even further afield and profits from these different regions are all reflected in the overall group accounts. Therefore, all these cunts will get the benefit too. Sky News are reporting there’s a number of ‘UK’ based customers moving to the above 3 banks as they have high street branches over there.
Jugs, you mention extending the guarantee to Ulster, BOSI and NIB but some boring cunts in my place of employment have been saying that this isn’t possible as the banks in question are owned by foreign parent banks. I’m not sure why it’s not possible because of this as by operating here then they fall under the regulations/guidelines of the Financial Regulator and Central Bank within this market but that’s the line they’re taking. There is a date mentioned too - it’s a 2-year guarantee up to 28 September, 2010. Finally, we get revenge on our British oppressors after the Flight of the Earls. Now it’s Flight of the Cash. Take that you English cunts - your banks are so shit you need Paddyland to bail you out. Ireland! Ireland ! Ireland! You’ll never beat the Irish! Ol, Ol, Ol, Ol!
If only Barings were operating in such an environment they could have had a chuckle at the bit of roguery from Nick Leeson. “800 million? Don’t worry about it son, Paddy will pay for it”.
The date point was that there’s no cut off for which deposits are included i.e those in place before 30 Sep or whatever, it’s all deposits in place now up until 28 Sep 2010.
Not sure how the guarantee for the foreign owned banks would work as they’d effectively be guaranteeing deposits held under a different jurisdiction which would be complicated but surely it’s against competition to favour 6 banks in such a manner and i’m sure theat BOSI et al will be making that point farily loudly.
[quote=“Jugs”]The date point was that there’s no cut off for which deposits are included i.e those in place before 30 Sep or whatever, it’s all deposits in place now up until 28 Sep 2010.
Not sure how the guarantee for the foreign owned banks would work as they’d effectively be guaranteeing deposits held under a different jurisdiction which would be complicated but surely it’s against competition to favour 6 banks in such a manner and i’m sure theat BOSI et al will be making that point farily loudly.[/quote]
Ah yeah, crossed wire regarding the date - we were talking about different aspects of the thing. The other banks are definitely at a disadvantage now. In this climate, corporate clients will be looking at ratings and safety way moreso than potential return when placing deposits and you can’t get much safer than a government guarantee on all deposits.
Ulster bank and NIB are basically being disadvantaged for selling up to RBS and Danske. Neither of them really need a guarantee cos neither of those 2 is going to go under any time soon. I’d be worried about BOSI cos they’re all over the shop at the moment - talk now that the HSBC merger / buy out wont happen which would probably be the begining of the end for BOSI / HBOS.
Bandage - am I right in saying you work in one of the previously mentioned institutions? Whats the attitude / feeling in there at the moment?
Still think it was a necessary move and if nothing else it bumped the share prices for a day or two and restored some confidence.
The possibility of one of the banks actually going bust is diminished as they’ll have better access to cash to generate their profits.
No harm in getting depositors to put their money here. Guaranteeing a deposit is no hassle really - the more of those that come into Ireland the easier it is to cover any dodgy loans and the whole thing looks after itself. Of course the EU seems to have a problem now because it’s uncompetitive but the whole banking system has proven itself to be a shambles and it’s frankly ridiculous to be talking about protectionism and free markets when the whole industry has fallen apart on the whole basis of the free market.
Richard Bruton had a decent suggestion about getting the government on the risk and audit committees of banks. Easier to implement than an equity stake and alot closer to the action than the current overseeing role.