Bank Guarantee to be extended until June - announcement expected today (Wednesday)

johnfás

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According to tomorrow's Irish Times... being discussed on Vincent Brown now.
 


MPB

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What?

Jesus Christ. If this is true, Rehn was here to shaft us not rescue us.

They must think we are useless. The British made the same mistake.

Even the EU is not this stupid, surely?
 
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davidcochrane
THE GOVERNMENT is to extend the bank guarantee scheme to the end of June next year, The Irish Times has learned. It is expected an announcement on the decision may be made today.
So an announcement is expected today (Wednesday).
 

Ah Well

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So an announcement is expected today (Wednesday).
Should that not be a provisional announcement as

A spokeswoman for the Department of Finance said it had made an application to the European Commission for an extension of the guarantee to June 2011 and that application was currently being considered by the commission.

Unless of course the Commission gives the thumbs up sometime today ...
 

Ah Well

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I don't follow you. Sorry.
The Guarantee is subject to review and approval by the Commission so for it to extend to June 2011 needs their sanction?

The announcement today (if coming) has to say Commission approval is yet awaited unless that approval is now to hand?
 

cyberianpan

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The headline maybe what is debated here... but the sad thing is that the guarantee isn't even very effective ...

Bank guarantee scheme extended to next June - The Irish Times - Wed, Nov 10, 2010

Irish banks have struggled to raise money from the private market since the onset of the financial crisis and have been increasingly relying on the European Central Bank (ECB) for their liquidity needs.

No Irish bank has raised market funding publicly since April, despite the existence of the bank guarantee scheme.
...
The most recent figures from the Central Bank show that Irish lenders’ borrowings from the ECB stood at €119.1 billion in September, a 25 per cent increase on the previous month.

cYp
 

Aindriu

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Govt seeking to extend bank guarantee

The Government is seeking to extend its guarantee of Ireland's struggling banks until the end of June next year, according to a report this morning.

The scheme, which was set to expire at the end of this year, is subject to review every six months by the European Commission.

According to The Irish Times the Government has applied for an extension to the scheme, which is designed to help Irish banks access funding and covers the majority of Irish retail and corporate deposits

An announcement confirming the extension to the end of June 2011 is expected later today.

Read more: Govt seeking to extend bank guarantee | BreakingNews.ie

Did Lenihan not think to ask the shareholders about this? i.e US!!!

NO WAY should we extend the feckin guarantees!!! Let them go under FFS!!! :mad:
 

Harmonica

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According to The Irish Times the Government has applied for an extension to the scheme, which is designed to help Irish banks access funding and covers the majority of Irish retail and corporate deposits


Yet in the Irish Times article it also says this.

Irish banks have struggled to raise money from the private market since the onset of the financial crisis and have been increasingly relying on the European Central Bank (ECB) for their liquidity needs.

No Irish bank has raised market funding publicly since April, despite the existence of the bank guarantee scheme.
The banks are guarantee junkies. Its probably not even possible to discontinue this guarantee now & I guess could run for years?
 

goosebump

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Don't forget we are close to running out of cash to run the state on day to day basis but we can extend a 400 odd billion guarantee. :rolleyes:
The Bank Guarantee is not relevant to our fiscal position at this stage.

We've commited to funding our Banks whether we have a Guarantee or not.

The Guarantee is merely something concrete that the banks can refer to when raising short-term liquidity on the interbank market, and even at that, its practically worthless.
 

HarshBuzz

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'broke State guarantees debts of broke banks'

phew, we're saved
 

Cassandra Syndrome

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Is this why there was a "rally" in Banking shares yesterday by a couple of cent?
 

Social Conscience

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Classic action by Lendahand once more. He should be tried for treason.
 

HarshBuzz

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Is this why there was a "rally" in Banking shares yesterday by a couple of cent?
what 'rally'?

pitiful volumes in penny stocks with no wholesale interest

the price will swing around a bit - so what?
 

slumdog1971

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I suppose Brian Lenihan knows that the bank guarantee is pointless and worthless or is that too much to suppose????

Does he still actually think that there is merit in saying you guarantee something even though the world and its sister knows you can't make good on your promise?

He is a major cause of the upward spiral on our yields.
 


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