Wasn’t the one in Newbridge bailed out?
4 CUs went to the wall for various reasons, Charleville the largest of them. Several others were forced into mergers, Newbridge was one of these. More still were allowed to limp along until things blew over. The central bank have been “encouraging” mergers since and the number of CUs is way down and the average size of each CU is way up since.
Tbf it is much more tightly regulated now.
Speaking of Credit Unions, is there one specifically for Civil Service/Semi State employees? I know there’s one for revenue staff Gardai and Nurses.
but IIRC, the main reason was mis and malfeasance and just plain gobshittery breaking their own rules
There is
From cursory research it seems to me this Silicon Valley Bank crowd are a shower of absolute chancers and crooks and should not be bailed out beyond any small amount of small depositors they have.
It also seems to me like that Peter Thiel chap deliberately created a run on it, hoping for a full government bailout.
That’s just my general impression.
I know fuck all about this stuff but it seems to me Peter Thiel is the sort of fella who should be in prison.
Hard to argue with the sentiment.
There is. There used to be two for the Guards but I think they’ve merged now. The civil servant ones would be the bigger ones in the state. Health services, An Post, ESB would all be very large CUs. There were like 5 or 6 CIE credit unions that were all tiny. They were all absorbed by other places. Don’t think there is any now. Limerick had its own CIE credit union at one stage. Tralee had a seperate one etc
Some of them lent money to property developers.
yep, but a flagrant breach of their own rules.
This is some of the stuff that came out in the wash…
The nutcases on the far right in America are genuinely trying to blame “woke” for the collapse of this Silicon Valley Bank yoke. It is genuinely like satire.
As an aside, there’s something incredibly fishy about this Silicon Valley Bank thing. It looks like it might be some utterly batshit plot by “goldbugs” and cryptocurrency cultists to deliberately bring down the entire financial system and the dollar. I think yer man Peter Thiel is such a person.
Generally when I’m not an expert on something I go with my gut as regards my impression of people. Right from the start I first heard about these Elon Musk and Peter Thiel characters I knew they and anybody else associated with them were dodgy as hell.
1 Like
The Silicon Valley bank collapse is very easy to understand for anyone with any understanding of banking. They are not a small bank, they are/were the 16th largest in the US with close to $200 billion in deposits. Most of those deposits are small to medium sized companies who park their money there, so unless something happens (bailout or someone buying them) before tomorrow morning there will be tens of thousands of employees not getting paid next week and thousands of suppliers not getting paid.
The root of their problem is not unique to them and impacts most if not all smaller US regional banks, They bought large quantitles of bonds at low interet rates over the past few years and those bonds are now worth significanlt less, as interest rates have risen from close to 0% to 4.5% in the past 9 months. Banks are still paying 0.5% or less on deposits, so there has been an escalting rate of withdrawals as people are switching into money market and T bills which pay 4 - 5%. When it became apparent they were struggling to meet demand for withdrawals last week, this led to a bank run, $42 billion was withdrawn on Thurs/Friday.
This is all of the Fed’s making, blowing the biggest bubble in history in stocks and bonds, and now trying to deflate the bubble to control inflation.
8 Likes
Ron De Santis says “woke” is to blame, mate.
Any comment on Mr. De Santis’s view?
The magic money has to be paid for
2 Likes
There’s no question they focusssed on batshit woke programs, like most companies in the valley, and also their risk management was less than ideal. The former isn’t too much of a problem if the latter dodn’t suffer. However the individual in charge of risk management was the one pushing the woke programs, so yes I would say DeSantis has a point. If you’re in charge of risk management at a bank, maybe focus on risk mamagement.
Labane actually says “woke” was the problem. 
All satire nowadays is real.
Another thread destroyed. You haven’t a scoobie mate, stick to the football.