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Anglo Irish Gone. Is AIB Next?


rant_and_rave

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Oct 7, 2009
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The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?
 

Levellers

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You need a reality check if you think the government is doing anything pragmatic.
 

Crazy horse 6

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No chance. They have many friends in AIB. In a proper run democracy AIB would be long gone and the depositers and bondholders burnt.
 

de knowledge economy

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May 25, 2008
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386
No chance. They have many friends in AIB. In a proper run democracy AIB would be long gone and the depositers and bondholders burnt.
The bank that wrote off Saint Garret's GPA shares gambling debts and which you will find associated with all of the political shennanigans where money was involved?Never.
 

Shpake

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From Today's Wall Street Journal
Review & Outlook: Ireland's Bondage - WSJ.com

But it's no secret that the ECB has played a key role in this Irish drama. Lenihan maintained near the end of his life that he had put the bank guarantee in place at the insistence of the ECB, although the ECB has never acknowledged that publicly. The lion's share of the money that the Irish government subsequently paid out pursuant to that guarantee went out of Ireland, to make whole private investors and banks elsewhere in the euro zone.

Ireland's immediate burden has been eased by Thursday's deal, but Irish taxpayers will still spend decades paying the price demanded by the ECB at the height of the panic in 2008.

Don't want to derail a thread so mods do what you like with this.. I can't start one. But
I think it cuts home to what went on in the power centers. Something for the historians to pore over then. The Cowen cabinet must have watched while the storm clouds were gathering but were constrained by the ECB from letting the banks go bust? questions questions? It wasn't the snap decision of a weekend then?
They could at least have issued a halt to further house/ shopping center building?
wouldn't open government be nice....
 

Radix

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Aug 31, 2010
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The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?

All the banks went bad. That is why we made some of them into pillars. Don't be knockin the poor pillars r&r....
 

Spanner Island

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Feb 22, 2011
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The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?
Anglo was never a systemically important bank despite the bullsh!t which claimed otherwise. Anglo was a wet dream for the rich and well connected... which is more than likely why it was saved at OUR expense. Saving Anglo was an act of robbery on a scale not seen since Benchmarking...

AIB and BoI on the other hand, definitely are systemically important. Therefore I doubt either will be going bust anytime soon...

I suspect we'll continue bailing them out at the end of which they'll probably be hoovered up by healthier banks from somewhere else...

We pay. Others make hay.
 

Reck-less

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Here's an interesting one on the RTE website, from around this time, 4 years ago, entitled:

Govt to provide €3.5bn each for AIB, BoI – RTÉ News / Ireland - Updated: 22:50, Wednesday, 11 February 2009

The Government is to provide €3.5bn each to Allied Irish Bank and Bank of Ireland as part of its recapitalisation scheme.

Read the full statement from the Minister for Finance

Minister for Finance Brian Lenihan announced the terms to be offered to AIB and Bank of Ireland.
Looking back now, it is interesting, to see what the responses of the opposition parties were then:

Fine Gael:
Fine Gael's Richard Bruton has said the recapitalisation plan is a '€7bn gamble on the wrong horse'.

He said there was no evidence a similar approach had worked in any other country and he feared the Government would have to revisit the issue.
Labour:
Labour's Spokesperson on Finance Joan Burton said the Government's plan represents a 'missed opportunity to deliver the comprehensive reform of the banking system'.

She said tha on virtually all the crucial issues it appears that the banks have been allowed to dictate the terms.
Needless to say, AIB and BOI welcomed the recapitalisation package.
 

edifice.

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Feb 24, 2005
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8,407
Anglo Irish bank - IBRC
Windscale - Sellafield

Anglo is its debt and the debt is still toxic and very much with us.
 

LamportsEdge

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Jan 10, 2012
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Anglo hasn't been wound up. Its doors have closed but its only real footprint- a major bucketful of debt is still with us and will be with us to 2043.

And this is to be presented as a major concession won by our sparkling team of financial negotiators is it?
 

ShoutingIsLeadership

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Anglo brought FF down, AIB could do for this government. If AIB needs more money put into it, and the government does that, then it won't be very popular. And if it doesn't do it....
 

YouKnowWhatIMeanLike

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Apr 13, 2011
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Anglo brought FF down, AIB could do for this government. If AIB needs more money put into it, and the government does that, then it won't be very popular. And if it doesn't do it....
8bn of anglo irish deposits and 12bn in bonds went to AIB. AIB is Anglo Irish Bank now ... we recapitalized them.
 

robut

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Interesting conversation on Matt Cooper before 5pm news today about the Allsop thing being abandoned. Chap on ( Gerry Beade ) who was discussing this owes millions himself. Mid sentence he let lose that strong rumours were now out there about AIB.

This more of the usual stuff or as this thread title says - "Anglo Irish Gone. Is AIB next?"

PS - As for Gerry Beade - I am sure others will have words on this guy. I dont know what his credentials are nor care, more interested in the above TBH.
 

Picasso Republic

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May 31, 2011
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Interesting conversation on Matt Cooper before 5pm news today about the Allsop thing being abandoned. Chap on ( Gerry Beade ) who was discussing this owes millions himself. Mid sentence he let lose that strong rumours were now out there about AIB.

This more of the usual stuff or as this thread title says - "Anglo Irish Gone. Is AIB next?"

PS - As for Gerry Beade - I am sure others will have words on this guy. I dont know what his credentials are nor care, more interested in the above TBH.
Been mentioned on other threads that Gerry Beade is a pal of Bertie Ahern
 

robut

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Been mentioned on other threads that Gerry Beade is a pal of Bertie Ahern
As i said - not interested in Beades past/present. That doesnt matter with respect to what he said about AIB rumours. Why would being a buddy of Bertie have anything to do with talking of rumours about AIB?
 

hammer

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Well AIB are telling its shareholders that they will be back to profit in 2014.

More redundancies predicted though.
 

SPN

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Anglo was never a systemically important bank despite the bullsh!t which claimed otherwise.
It's balance sheet was equivalent to 50% of GDP. That is systemically important by any calculation.

If it had been allowed to collapse (contrary to EU agreements) then where would the money have come from to repay depositors, and what would have been the reaction of speculators to the news that some banks were fair game?




Saving Anglo was an act of robbery on a scale not seen since Benchmarking...
Recapitalising Anglo was in accordance with the EU wide strategy agreed on October 12th 2008. Every State was responsible for recapitalising their own banks, and the ECB was responsible for providing liquidity. The problem with Anglo occurred years before when the regulator allowed it to create its own ponzi scheme. When it collapsed it lost 8 times its capital. That is a failure of regulation and political oversight.





Anglo hasn't been wound up. Its doors have closed but its only real footprint- a major bucketful of debt is still with us and will be with us to 2043.

And this is to be presented as a major concession won by our sparkling team of financial negotiators is it?
We should have thought about the downsides back in the early noughties when we were providing Anglo with the collateral for its ponzi schemes. We voted for the politicians, and the politicians delivered us Anglo.
 

LamportsEdge

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It's balance sheet was equivalent to 50% of GDP. That is systemically important by any calculation.

If it had been allowed to collapse (contrary to EU agreements) then where would the money have come from to repay depositors, and what would have been the reaction of speculators to the news that some banks were fair game?

Recapitalising Anglo was in accordance with the EU wide strategy agreed on October 12th 2008. Every State was responsible for recapitalising their own banks, and the ECB was responsible for providing liquidity. The problem with Anglo occurred years before when the regulator allowed it to create its own ponzi scheme. When it collapsed it lost 8 times its capital. That is a failure of regulation and political oversight.

We should have thought about the downsides back in the early noughties when we were providing Anglo with the collateral for its ponzi schemes. We voted for the politicians, and the politicians delivered us Anglo.
'We' didn't provide any collateral for its ponzi schemes. They were fraudulently reporting their balance sheet to both the markets and shareholders.

'We' only became involved when the holes appeared in the balance sheets after the accounts were found to be total bullshyte.

How many shares in Anglo did the Irish taxpayer have pre-2007?
 

LamportsEdge

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And if 'we' are the people responsible then why don't 'we' get to decide what happens with the culprits connected with the bank?

Did the Irish judicial system have any controlling stake in this fraud?
 
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