Anglo is the weak link and has been for some time. Sean Quinn doesn’t look too sharp now.
[quote=“farmerinthecity”]I heard rumours that last Monday the head of BOI and AIB went to the government to tell them that Anglo was about to collapse which would result in the probability that either or both of those two would follow. Hence the guarantee on deposits to create a bit of customer confidence.
Just rumours mind but thought I would mention it.[/quote]
If we’re speaking of rumours - heard that Lenihan and Cowen called JP McManus and Dermot Desmond for advice and that it was the 2 tax exiles idea to come up with guarantee for the banks. Again, its only a rumour.
It wasn’t that brilliant a concept to bail out the banks - don’t think it took special brains at all. But it was courageous and pioneering so I think the credit has to go with the people who took the decision, not whose decision it was. And McWilliams wasn’t shy about taking some credit for it either. I’d be extremely doubtful that Desmond or McManus would have any involvement at all.
Anglo is definitely the perceived weak link alright but you have to wonder what they could have done differently as banks. When there’s no liquidity they have no funding to support their debt and while the Irish property market didn’t help it’s not the case that RBS, Hypo, Lehman etc were all weak links.
The CEO of Lehman Bros. took a salary of over $250 million dollars in the last 8 years!!
The Brits are panicking now and the Chief Execs of RBS, Barclays and Lloyd’s have been in talks with Alistair Darling, Finance Minister. He’s still whinging about their certain of their European partners going off and doing their own thing in terms of guaranteeing deposits. Pretty ironic coming from the nation who refused to adopt the Euro as their currency despite being an established EU member state at the time. You do your own thing when it suits you Darling - you cunt. That said, I hope some solution is found as I’d hate to the the RBS Six Nations Championship or the Barclays Premier League suffer unduly.
your spot on the money rock…when we look back at this in the future(30/40 years time) it will be looked at as a masterstroke by lenihan(he will get the credit)…
Brits are going for a 50bn “investment” in the banks tomorrow morning. They’re apparently buying preference shares in the banks. But the collective worth of the British banks is now 50bn cumulatively (on today’s share prices) so why don’t they just buy them so?
If you’re to listen to every jack sparrow in any pub in Dublin, Anglo will cease to exist by the end of the day!
Fecking patronising, arrogant prick of an English banking expert on Morning Ireland this morning.
Tried to cover all pro-British angles, no matter how contradictory including:
- this is only a small measure, the banks are perfect
- the only people concerned are shareholders (good question back at him then: why are interbank interest rates so high if everyone trusts the banks)
- it’s just an injection of liquidity, nothing alarming about that
- Irish model is flawed, the banks get all the upside (not sure how he worked that out)
- Ireland will have to copy the British model because you need control are the banks will continue to behave recklessly
Funny how one guy like that can form your opinion on an entire economy but that prick made me wish that the British banks collapse. Telling us how we’ve done everything wrong when we should really have waited to see what decisive action Britian is taking, simultaneously saying it’s not a big deal while at the same time suggesting everyone would be screwed if they don’t follow Britain’s lead.
Anglo Irish Bank down another 18% to €2.20, Irish Life and Permanent dropping 17% to €3.15, AIB losing 10% to €4.99 and Bank of Ireland down 5% to €3.12.
British banks are all over the place. HBOS are up 20% but RBS and Barclays are down 10%ish.
Have you got a link to some place you can see up to minute share prices for the Irish market?
You like car crashes Runty? 
Bored more than anything. Had a fuck of a day yesterday so not going to stress myself out too much this morning. What better way to pass a morning than to watch the entire developed worlds banking system collapse.
15 minute delay at RT
http://www.rte.ie/business/markets/iseq.html
20 minute delay at Goodbody
http://www.goodbody.ie/servlets/MarketInformation?DATA=ISEQ
Presume there’s better data out there though.
[quote=“therock67”]15 minute delay at RT
http://www.rte.ie/business/markets/iseq.html
20 minute delay at Goodbody
http://www.goodbody.ie/servlets/MarketInformation?DATA=ISEQ
Presume there’s better data out there though.[/quote]
Cheers Rock.
Anglo 2.40, BOI 3.14, AIB 5.09 at the moment.
why have they opened with a plummet each morning for the last few and spent all day slightly recovering.
They seem to follow Asian patterns in the first while and then they react to more localised concerns.
So the first while is often spent reflecting US and Asian markets that closed after Europe and then they realise that maybe things aren’t too bad so they recover very slowly.
Think it was different today though, everything started up for a few minutes (I’d say that was due to lads taking a punt on the Brit announcement and the reaction to it) then maybe it was decided that this was actually ominous as opposed to a signal of faith so the actual prices went bad and those who speculated on a day of growth (like what happened following the Irish govt announcement) got burned.
That’s all speculation but that’s my take on it.
ECB have cut interest rates by 0.5%. Co-ordinated move with Bank of England, US Fed and others.
How are credit unions fixed ? Would they be immune to a lot of the turmoil at the moment?
They’ve gone heavy on their advertising.
They’re all independent and some are riskier than others - not immune at all and are probably suffering a bit from not being part of the guarantee scheme.
Are shares going back up now thanks to the rate cut?