'bank deposits dwindling' FT



hmmm

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The awful quandry that Ireland (and the Eurozone) are in is that simply tiding Ireland over won't make any difference if the markets assume that Ireland will ultimately default. The banks aren't going to be funded if the markets believe this, irrespective of how much of the deficit the Eurozone agrees to fund. The solution has to be restructuring (that quaint word for default).
 

sport02

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Can you blame the ECB now, they are probably fed up supporting our bloody banks and buying our bonds.
 
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Alexis Colby

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Robert Peston said the same thing on BBC News at 10 (Lead Item)
Said IMF/EU/ECB here for 10 days
but we will prob need emergency aid before that
due to run on Irish Banking System
 

rubensni

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Curse you, paywall. I presume the article doesn't blame Michael Noonan for the run?
 
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CiaranT

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Robert Peston said the same thing on BBC News at 10 (Lead Item)
Said IMF/EU/ECB here for 10 days
but we will prob need emergency aid before that
due to run on Irish Banking System
Yeah, Robert Peston said "the IMF have been given 10 days to save the Irish banks, Irish banks may not have 10 days. Irish banks are now on red alert".

The two main stories on the FT tomorrow are related to the run on Irish banks.
 

constitutionus

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couple of years back i stuck my neck out and labled a bank insolvent.

even though the gov near sacked joe duffy for covering why people were moving their cash to the post office and threats of the media being sued were being bandied about by the usual suspects backed up by utter denials that it was ever possible.

so im gonna do it again here now.

our deposits are only guarenteed because the government is vouching for it with a guarnetee.

as it stands the government will run out of money by june.

so NO , our money is not 100% safe.

there is a worse case scenario.

its NOT likely, hopefully things will be sorted by then and we'll have a revenue stream back in action, BUT it IS there and has been since we dropped out of the bonds market.


somebody has to bloody say it so there you go.

these people may be over reacting, but theres logic to their actions.
 

Cassandra Syndrome

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I think now it is too late to set up a temporarily State run Good Bank. No one believes us anymore. Too much spoofing and at the end of the day, the deeply flawed Global Financial System is based on confidence and illusion.
 

nonpartyboy

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ff have really done it now,this is what happens when you lie and lie and spoof and ************************************************ people, on top of not taking any meaningful action to restore some integrity to your banking system. I won't put a penny back in an irish bank until this government are dead and buried.
 

FutureTaoiseach

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Could members plz show a certain responsibility when it comes to questions of "runs" on banks. Remember what happened in 1929...I have no time for this wretched govt but none of us should want our bank accounts to go up in smoke.
 

nuj

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Hang on, CS. We have the makings of a good bank, and we, the taxpayers, own a majority of the components .

Money is walking out of BoI and AIB for the reasons Constitutionus gave, but also because people know in their gut that they both can't survive. One might, but how can you know which one? Either way, the smart response is trust neither.

So why not let one go - my choice would be AIB. Sell it off to a foreign buyer, if one can be found, if necessary insuring its loan book to an extent. It'll cost, but not more than it's currently costing, and it should be spread over a longer period. If, as is fairly likely, no buyer is found, shut it down. Transfer the assets and liabilities into Bank of Ireland, and liberate a few billion of money it's currently intended to commit by way of capital injection into AIB. There may well be bits of the loan book that'll have to go a Nama-style route, but so what.

At a stroke, you've slashed the administration costs of the Irish banking system. You reduce the amount of new capital required (that has to be soaked from taxpayers or the NPRF). Even if it didn't reduce the amount of capital needed, at least that money would now be committed to a plausibly solvent entity, in which depositors, retail, commercial and wholesale, could place their trust.

P1ssing money away on a selection of bad banks that are getting worse by the day makes no sense whatsoever. We need a good bank, and one could be carved out of those already under effective state control.

Most likely a lot of the 15,000 or so employees of AIB would lose their jobs. Well, that would merely be an acceleration of the inevitable. And as for competition? If there's anything still around to compete for in a few years time, that's an improvement on the current prognosis, and we can have the luxury of addressing that problem then.

I can't understand why, over the last few years, the statement-of -the-bleedin'-obvious that "Ireland needs a healthy banking system" has automatically been assumed to mean that the existing entities should be supported, and at any cost up to and including national bankruptcy.
 

johnfás

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Can you blame the ECB now, they are probably fed up supporting our bloody banks and buying our bonds.
That is the role of a central bank. The ECB is not the Bundesbank, despite how much it would like to pretend it is.
 

nuj

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*double post*
 

Bridget558

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Anybody who has even 1cent in any of our dirty rotten banks is crazy, i wouldnt give those ************************s the steam of my piss. GOLD Is where my money has been since october 2006, i knew it all back then, its a shame i wasnt a member here back then to tell ye.
 

Dreaded_Estate

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Hang on, CS. We have the makings of a good bank, and we, the taxpayers, own a majority of the components .

Money is walking out of BoI and AIB for the reasons Constitutionus gave, but also because people know in their gut that they both can't survive. One might, but how can you know which one? Either way, the smart response is trust neither.

So why not let one go - my choice would be AIB. Sell it off to a foreign buyer, if one can be found, if necessary insuring its loan book to an extent. It'll cost, but not more than it's currently costing, and it should be spread over a longer period. If, as is fairly likely, no buyer is found, shut it down. Transfer the assets and liabilities into Bank of Ireland, and liberate a few billion of money it's currently intended to commit by way of capital injection into AIB. There may well be bits of the loan book that'll have to go a Nama-style route, but so what.

At a stroke, you've slashed the administration costs of the Irish banking system. You reduce the amount of new capital required (that has to be soaked from taxpayers or the NPRF). Even if it didn't reduce the amount of capital needed, at least that money would now be committed to a plausibly solvent entity, in which depositors, retail, commercial and wholesale, could place their trust.

P1ssing money away on a selection of bad banks that are getting worse by the day makes no sense whatsoever. We need a good bank, and one could be carved out of those already under effective state control.

Most likely a lot of the 15,000 or so employees of AIB would lose their jobs. Well, that would merely be an acceleration of the inevitable. And as for competition? If there's anything still around to compete for in a few years time, that's an improvement on the current prognosis, and we can have the luxury of addressing that problem then.

I can't understand why, over the last few years, the statement-of -the-bleedin'-obvious that "Ireland needs a healthy banking system" has automatically been assumed to mean that the existing entities should be supported, and at any cost up to and including national bankruptcy.
Great post!

We could do with getting shot of INBS and Anglo before we even start with AIB.
 

Telemachus

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Could members plz show a certain responsibility when it comes to questions of "runs" on banks. Remember what happened in 1929...I have no time for this wretched govt but none of us should want our bank accounts to go up in smoke.
The sooner the country crashes the better. I have taken every cent i have out of Irish banks. I do not believe in socialism of these bailed out parasites.

Your share money is gone deal with it.

Take your money out FT and stick it under the mattress.

AIB rang me up on Monday asking me was everything ok? I had a good laugh, they never rang me up in the 5 years i was with them.
 

Cassandra Syndrome

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Hang on, CS. We have the makings of a good bank, and we, the taxpayers, own a majority of the components .

Money is walking out of BoI and AIB for the reasons Constitutionus gave, but also because people know in their gut that they both can't survive. One might, but how can you know which one? Either way, the smart response is trust neither.

So why not let one go - my choice would be AIB. Sell it off to a foreign buyer, if one can be found, if necessary insuring its loan book to an extent. It'll cost, but not more than it's currently costing, and it should be spread over a longer period. If, as is fairly likely, no buyer is found, shut it down. Transfer the assets and liabilities into Bank of Ireland, and liberate a few billion of money it's currently intended to commit by way of capital injection into AIB. There may well be bits of the loan book that'll have to go a Nama-style route, but so what.

At a stroke, you've slashed the administration costs of the Irish banking system. You reduce the amount of new capital required (that has to be soaked from taxpayers or the NPRF). Even if it didn't reduce the amount of capital needed, at least that money would now be committed to a plausibly solvent entity, in which depositors, retail, commercial and wholesale, could place their trust.

P1ssing money away on a selection of bad banks that are getting worse by the day makes no sense whatsoever. We need a good bank, and one could be carved out of those already under effective state control.

Most likely a lot of the 15,000 or so employees of AIB would lose their jobs. Well, that would merely be an acceleration of the inevitable. And as for competition? If there's anything still around to compete for in a few years time, that's an improvement on the current prognosis, and we can have the luxury of addressing that problem then.

I can't understand why, over the last few years, the statement-of -the-bleedin'-obvious that "Ireland needs a healthy banking system" has automatically been assumed to mean that the existing entities should be supported, and at any cost up to and including national bankruptcy.
We do indeed nuj, we have about €181 Billion of total deposit savings. I would agree it is possible.
Now I will take the bitter pill temporarily and run with a Fractional Reserve Banking model for another days debate. So thats €18 Billion needed in cash reserves and €200 Billion to buy the good assets (loans) of the banks balance sheets. Up until the last few months we could have used the NPRF for the reserves, and raised the €200 Billion international to buy the good assets from the Irish banks.

But who will lend us the money now?

Alternatively we could go with the Free Banking model were the Deposit savers of €181 Billion lend directly to the good loans of €181 Billion and agree their own interest rates. The state wouldn't need to borrow at all. But how would one convey all of this to everyone within days?
 

Nonsence & lies

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The sooner the country crashes the better. I have taken every cent i have out of Irish banks. I do not believe in socialism of these bailed out parasites.

Your share money is gone deal with it.

Take your money out FT and stick it under the mattress.

AIB rang me up on Monday asking me was everything ok? I had a good laugh, they never rang me up in the 5 years i was with them.
Come to think of it I had a load of missed calls today having moved a money the other day.
 


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