'bank deposits dwindling' FT

Squire Allworthy

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May 31, 2007
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For the love of god, P.ie is not causing panic, the opposition spokesman on finance said it. The IMF are here, wake up. Nobody is causing panic, they are commenting on it.

Small accounts are not the issue, they will be covered no matter what. Its the big boys that are leaving and causing the problem. They have better information than we have.
+1

It seems a bit rich asking average Joe to do the right and proper thing when flash Harry has departed long ago!
 


Squire Allworthy

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It is correct up to 100K, and i'd imagine majority of population have nothing to fear given we have very small population. It's peanuts for ECB to compensate a handful of people up to 100K. Noonan 'forgot' to mention that. Sounds more dramatic that way...

I was not aware that the ECB had issued any such guarantee?
 

blanket

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My God. Even when you're pro-European, you're full of sh1t.

They're here to protect Irish banks on their terms. If the Irish government doesn't accept those terms (and it probably shouldn't), we - and all those depositors - get to find out who blinks first.


Imagine you're defence counsel for a Garda accused of beating the head off some relatively innocent protestor. When witnesses claim to have noted your client's number, do you think it will be a big challenge to cast doubt on the reliability of that recollection, given the general chaos, smoke, violence, and the political motivations of the witnesses?

I don't want to go off on a tangent but let's not think visible numbers will keep manners of riot cops, not unless Sky News is in attendance.
Standard operating procedure for many Gardaí at the student march seemed to be to dig up any old traffic/cycle/patrol vest as long as it covered identifying numbers.
 

AirTurbulence

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I was not aware that the ECB had issued any such guarantee?
Fair point, need to double check which institution exactly. But that's a standard guarantee, that had been in place for a very long time. wouldnt be difficult to verify. However this guarantee does not protect the value of deposits in currency change over.
 

padraig.od

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I was not aware that the ECB had issued any such guarantee?
Yes they have. I can't find a reference to it, but AFAIK there is an EU directive or something. I've heard the ECB 100k guarantee mentioned a few times. I think Pat Rab said it on TV3 on Tuesday and maybe a fella on RTE also.
 

Expatriot

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Your deposits are safe provided people don't panic because the ECB or the IMF will keep them afloat. That is what they are in town for.
I thought the ECB was in town because it has been keeping the afloat and now it does not want to, it wants to give the State a big loan so that it can keep them afloat. It is time to get into the bank elbow deep and sort the out. We need to close down most branches in the country and transfer all accounts into one state controlled bank. We also need to tell all bond holders that are left to take a hike. I would not pay pensions or anything else to former managers either. We need to stop pussy footing around pretending we have 5 viable banks. We dont, we need one bank that works. We are going to have to cover all deposits so lets make sure that is affordable. Paying staff to sit in empty branches while we close hospitals to pay their wages is not an option any more.

One branch in each town, one bank, one owner, us. Do it now.

The BS that we waved everyone of these banks because the EU wanted us to is not credible. The ECB wants to put these rabid banks down and I welcome that. The scare mongering that deposits are affected is a joke, everyone will get their deposits back. Money is money, I could not care less if it is in a Russian bank so long as it comes out of the hole in the wall. Stop pretending that we need these bastards, we dont. We need security and certainty, we gave them two years or pain and they gave us two fingers. Well time up now, shut em all down.
 

Expatriot

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Yes they have. I can't find a reference to it, but AFAIK there is an EU directive or something. I've heard the ECB 100k guarantee mentioned a few times. I think Pat Rab said it on TV3 on Tuesday and maybe a fella on RTE also.
Well thats OK then, better than a tweet I guess.
 

constitutionus

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I wonder how long before some well known Irish financiers apply for a banking license. Great time to set up a bank in Ireland if you have enough cash to do so without enormous leverage.

you know weve about 11 or so billionaires in this country.

ive NEVER understood why the gov never approached them saying "liquidate some of your assest and slap a minimum of 500 million in each and we'll give you a special banking liscence that allows you to operate as a "Business" bank (to stop deposits flowing to it from institutions and joe public) lending at 10% and we'll let you keep the profits tax free for 10 years".

one of the biggest problem we have here from small and medium business is they cant get credit now and this would sort them right out.

i cant see the business guys saying no as itll make them a ************************************g fortune and considering the damn near incestueous nature of business here they more than any should know who the good bets are (or at the very least know a good business model when they see one, something our existing bank officials cant seem to tell after a decade of becoming experts in property speculation instead ).

you could even sweeten the deal by allowing the initial investers to float the company in a decade time (with the provision that they take the money they get from that and get out entirely, last thing we want is more seanies ! ) and retiring .

this doesnt cost the state a ************************************g cent but apparently t'is not worth doing.
 

Absurdo

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The deposits may be dwindling but the largesse

continues apace.

Instead of selling the art and recapping the bank BoI are giving it away

From Adams

Donation to IMMA
Bank of Ireland has very generously donated to IMMA nine works which were to be included in the 24th November auction.
Accordingly these works are now withdrawn from the sale:
Lot 26 Gerda Fromel
Lot 27 Gerda Fromel
Lot 28 Alexandra Wejchert
Lot 29 F.E. McWilliam
Lot 62 Charles Brady
Lot 63 Charles Brady
Lot 131 Mainie Jellett
Lot 132 Mainie Jellett
Lot 133 Mainie Jellett
___________________________________
Please also note that lot 34 Robert Ballagh, "Woman with Barnett Newman, 1972", has been withdrawn from sale on the instructions of Bank Of Ireland
 

Libero

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May 22, 2004
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2,994
you know weve about 11 or so billionaires in this country.

ive NEVER understood why the gov never approached them saying "liquidate some of your assest and slap a minimum of 500 million in each and we'll give you a special banking liscence that allows you to operate as a "Business" bank (to stop deposits flowing to it from institutions and joe public) lending at 10% and we'll let you keep the profits tax free for 10 years".

one of the biggest problem we have here from small and medium business is they cant get credit now and this would sort them right out.

i cant see the business guys saying no as itll make them a ************************************g fortune and considering the damn near incestueous nature of business here they more than any should know who the good bets are (or at the very least know a good business model when they see one, something our existing bank officials cant seem to tell after a decade of becoming experts in property speculation instead ).

you could even sweeten the deal by allowing the initial investers to float the company in a decade time (with the provision that they take the money they get from that and get out entirely, last thing we want is more seanies ! ) and retiring .

this doesnt cost the state a ************************************g cent but apparently t'is not worth doing.
But that sort of thing would utterly torpedo the existing banks (yeah, yeah, I know they're bust anyhow) and we can't be having that.
 

AirTurbulence

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Sep 14, 2010
Messages
286
I was not aware that the ECB had issued any such guarantee?
Fair point, need to double check which institution exactly. But that's a standard guarantee, that had been in place for a very long time. wouldnt be difficult to verify. However this guarantee does not protect the value of deposits in currency change over.
 

Chrisco

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Messages
3,822
continues apace.

Instead of selling the art and recapping the bank BoI are giving it away

From Adams

Donation to IMMA
Bank of Ireland has very generously donated to IMMA nine works which were to be included in the 24th November auction.
Accordingly these works are now withdrawn from the sale:
Lot 26 Gerda Fromel
Lot 27 Gerda Fromel
Lot 28 Alexandra Wejchert
Lot 29 F.E. McWilliam
Lot 62 Charles Brady
Lot 63 Charles Brady
Lot 131 Mainie Jellett
Lot 132 Mainie Jellett
Lot 133 Mainie Jellett
___________________________________
Please also note that lot 34 Robert Ballagh, "Woman with Barnett Newman, 1972", has been withdrawn from sale on the instructions of Bank Of Ireland
Delighted to hear it. We will own the damn things in a few weeks anyway, so better in the hands of the nation than sold off now to some private collector.
 


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