• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

Ben Dunne: Fianna Fáil Bank Guarantee Was Introduced To Protect Deposits Of Ireland's Super Rich in 2008


YouKnowWhatIMeanLike

Well-known member
Joined
Apr 13, 2011
Messages
7,224

kkkkkkkkkk

Well-known member
Joined
May 2, 2011
Messages
1,641
He makes a very valid point

people should get rid of their debt in 15 months
instead of 20/30 years in debt

by going bankrupt in UK
people need to get their life back
life is over very fast and people need to live
instead of paying money to banks who duped them
 

zehuti

Active member
Joined
Feb 22, 2008
Messages
113
Our gutless media still refuse to admit it though
Well the media are part of, and go hand in hand with, the elite group that systematically misleads and disenfranchises the people. They are there to point us to follow the elite's agenda and to lead us away from ideas that will harm that agenda.
 

Ed O'Leary

Active member
Joined
Jan 11, 2013
Messages
254
Ah jaysis

the bank guarantee was not concerned directly with the super-rich bank deposits - it was more concerned with bonds which are treated equally under Irish law - particularly given that the Irish banks were funding long term loans with short-term international interbank borrowing- besides the "super-rich" at the time were all property developers who were doubling up their bets to beat the band and more - if they had that much cash saved by the guarantee - they would have had no problem paying off their loans instead of fecking off to more bankrupt friendly juristictions or going thru the bankruptcy grinder down in the four goldmines...........the serious rich irish.......ie Desmond,Smurfit etc etc all saw thru the bubble way before the rest and probably had nothing more than pocket money in the Irish banking system when it went tits up.......

another day - another Ben dunne populist rant/theory for the plebs - we're getting used to it now

have to say tho - he's a good advertisment for his fitness centres - fair play.
 
Last edited:

Taxi Driver

Well-known member
Joined
Jan 8, 2011
Messages
4,296
He makes a very valid point

people should get rid of their debt in 15 months
instead of 20/30 years in debt

by going bankrupt in UK
people need to get their life back
life is over very fast and people need to live
instead of paying money to banks who duped them
Who pays a mortgage in 15 months??

Bankruptcy is attractive in certain circumstances but you have to be prepared to lose all your assets, including the family home if seeking bankruptcy because of a mortgage. Ben Dunne's "solution" is workable for those with business debt. It's not really suitable for mortgage debt unless the borrower is looking to make a completely fresh start and then it does have merits. The costs were glossed over last night though.
 

YouKnowWhatIMeanLike

Well-known member
Joined
Apr 13, 2011
Messages
7,224
Well the media are part of, and go hand in hand with, the elite group that systematically misleads and disenfranchises the people. They are there to point us to follow the elite's agenda and to lead us away from ideas that will harm that agenda.
that's why we have RTE a public media broadcaster to protect us from the agenda driven propaganda in the media... cough cough
 

SuirView

Well-known member
Joined
Mar 29, 2012
Messages
12,190
Ben should have been asked about his business relationship with then FG Minister Lowry.
 

Shpake

Well-known member
Joined
Oct 17, 2012
Messages
5,374
Ah jaysis

the bank guarantee was not concerned directly with the super-rich bank deposits - it was more concerned with bonds which are treated equally under Irish law - particularly given that the Irish banks were funding long term loans with short-term international interbank borrowing- besides the "super-rich" at the time were all property developers who were doubling up their bets to beat the band and more - if they had that much cash saved by the guarantee - they would have had no problem paying off their loans instead of fecking off to more bankrupt friendly juristictions or going thru the bankruptcy grinder down in the four goldmines...........the serious rich irish.......ie Desmond,Smurfit etc etc all saw thru the bubble way before the rest and probably had nothing more than pocket money in the Irish banking system when it went tits up.......

another day - another Ben dunne populist rant/theory for the plebs - we're getting used to it now

have to say tho - he's a good advertisment for his fitness centres - fair play.
Then why make the distinction? Just trying to follow through your logic, after all, deposits, long-term bond, pari passu etc., it's all moola.
 

GDPR

1
Joined
Jul 5, 2008
Messages
224,093

stanley

Well-known member
Joined
Jun 20, 2007
Messages
9,377
Ben should have been asked about his business relationship with then FG Minister Lowry.

Do you think for a moment Ben would answer straight questions on Lowry or Haughey, you would need a SC, Peter Kelly, a Bible to have a dacent chance.

Ben is telling people to go bankrupt, you can bet his dough is not in Irish banks, only his overdrafts, probably back to back lending.
 

kkkkkkkkkk

Well-known member
Joined
May 2, 2011
Messages
1,641
Do you think for a moment Ben would answer straight questions on Lowry or Haughey, you would need a SC, Peter Kelly, a Bible to have a dacent chance.

Ben is telling people to go bankrupt, you can bet his dough is not in Irish banks, only his overdrafts, probably back to back lending.
so staying in debt for 20/30 years is better for you and your friends
than getting rid of it in 15 months

wake up
 

Ed O'Leary

Active member
Joined
Jan 11, 2013
Messages
254
Then why make the distinction? Just trying to follow through your logic, after all, deposits, long-term bond, pari passu etc., it's all moola.
Because the OP states that Ben Dunne said the bank guarantee was brought primarily in to protect the cash deposits of the super rich in Ireland ]- which I think , is not true - it was brought in to try and stem the outflow of foreign money - in that the Irish banks were having severe problems turning over and refinancing the bonds and short-term funding they had borrowed externally - that was the objective. that the bank bonds were held by a multitude of investors, small and large and by fund managers on behalf of others and they held bonds in each other - this was the primary concern - not the cash deposits of the Irish super rich - which is what Dunne is implying - in fact some of the biggest cash deposits in the Irish banking system were held on behalf of credit unions (with thousands of ordinary investors)and companies cash reserves - I think is mendacious to say the least to imply that the blanket guarantee was brought in to save some mythical top hatted scrooge mcduck sitting on millions in the bank.................the rich are rich for a reason - normally they are better with money than others -..............given the low interest rates at the time - if you had serious wealth - you'd want to have been mad to have it sitting in a bank account when it could have been making far more elsewhere

but it sounds good to those now looking for a physical scapegoat.

I disagreed with the bank guarantee - the banks should have been let go bust and the whole system fail - and then there might have been a change of real change and putting together a proper system when all the debris had been cleaned up - probably 10 years from now after considerable pain.........but the gov disagreed and opted for the more populist friendly option.

but that doesn't mean I have any illusions that it was brought in for the reasons outlined by Dunne - who probably knows his thesis is a load of bollix - but it keeps him in the media spotlight and he likes that.
 

Ribeye

Well-known member
Joined
Jul 12, 2011
Messages
26,306
I don't think I need to reiterate my support for Ben Dunne on the UK bankruptcy issue,

But on the issue in the OP he is incorrect,

As Ed O'Leary has correctly said, it had fck all to do with depositors, even the big ones,

It was about the secured bonds, that's all, nothing more,

It's you're choice now, live as a debt slave for ALL of your life,

Or run, flee, and start afresh,

Listen to Ben,

Listen to Ribster,
 

Ribeye

Well-known member
Joined
Jul 12, 2011
Messages
26,306
so staying in debt for 20/30 years is better for you and your friends
than getting rid of it in 15 months

wake up
Ah, I see you're on board 10k,

Good man,

Lets save as many as we can,
 

Ed O'Leary

Active member
Joined
Jan 11, 2013
Messages
254
I don't think I need to reiterate my support for Ben Dunne on the UK bankruptcy issue,

But on the issue in the OP he is incorrect,

As Ed O'Leary has correctly said, it had fck all to do with depositors, even the big ones,

It was about the secured bonds, that's all, nothing more,

It's you're choice now, live as a debt slave for ALL of your life,

Or run, flee, and start afresh,

Listen to Ben,

Listen to Ribster,
thanks Rib - comforting to know at least one other person actually read the op and the part I was addressing.

anyway - im off - the sun is out and there is work in the garden on the agenda - lots to plant out and a few prayers to the temperature god for as little frost as possible over the next week - have fun folks
 

YouKnowWhatIMeanLike

Well-known member
Joined
Apr 13, 2011
Messages
7,224
Because the OP states that Ben Dunne said the bank guarantee was brought primarily in to protect the cash deposits of the super rich in Ireland ]- which I think , is not true - it was brought in to try and stem the outflow of foreign money - in that the Irish banks were having severe problems turning over and refinancing the bonds and short-term funding they had borrowed externally - that was the objective. that the bank bonds were held by a multitude of investors, small and large and by fund managers on behalf of others and they held bonds in each other - this was the primary concern - not the cash deposits of the Irish super rich - which is what Dunne is implying - in fact some of the biggest cash deposits in the Irish banking system were held on behalf of credit unions (with thousands of ordinary investors)and companies cash reserves - I think is mendacious to say the least to imply that the blanket guarantee was brought in to save some mythical top hatted scrooge mcduck sitting on millions in the bank.................the rich are rich for a reason - normally they are better with money than others -..............given the low interest rates at the time - if you had serious wealth - you'd want to have been mad to have it sitting in a bank account when it could have been making far more elsewhere

but it sounds good to those now looking for a physical scapegoat.

I disagreed with the bank guarantee - the banks should have been let go bust and the whole system fail - and then there might have been a change of real change and putting together a proper system when all the debris had been cleaned up - probably 10 years from now after considerable pain.........but the gov disagreed and opted for the more populist friendly option.

but that doesn't mean I have any illusions that it was brought in for the reasons outlined by Dunne - who probably knows his thesis is a load of bollix - but it keeps him in the media spotlight and he likes that.
Sean FitzPatrick reconfirmed his claim that Anglo Irish Bank was financed primarily by its bank deposits on the Marian Finucane show on 4 of October 2008.

The Anglo Irish Bank guarantee was a depositor bailout.
 
Top