Dont trust FG and Lab with banks

zuiderzee

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The lack of alternatives in the forthcoming general election is disheartning to say the least.

Let us not forget that the Past is Prologue

Fianna Fail and their Green lackeys are the current bad boys.
I have often said that FF and FG are two cheeks of the one arse, happy with the perpetuation of a two party system.

The lack of banking regulation and oversight should have been repaired by successive Governments involving all three major parties who have all had ample opportunity to do this since 1985.

FG and Labour went into coalition in 1982.
In 1985 AIB purchased ICI - the insurance company of Ireland - who gave out policies on things like bloodstock, satelites and buildings in earthquake prone zones, very high risk sectors.

ICI, however, did not cover its reserves (sound familiar?)

ICI then had liabilities that the AIB group could not cover, and AIB in a most astute manner went to the government - holding an economic gun to their head with threats of systemic failure through the entire banking system.

We are still paying for this bail out, as some policies will not expire until 2050.
It was only when Des O Malley threatened not to issue an insurance licence that AIB paid back some of the bail out money.

From this, the banks learnt that the threat of being too big to fail would panic Governments into writing open and unending cheques - just like the bank garuantee.

In more recent times the FF/Green government received shares of €3.5bn in AIB in 2009 to recapitalise the bank.

The Irish State had been due to receive dividends on those shares, but in typical FF/Green incompetence they overlooked the fact that EU regulations state that banks that get State aid cannot make cash payments.
This forced AIB to give the government shares instead.

It is due to this, in making the situation worse, that any bank failure will present major costs to the Irish taxpayer.

What we need is a sea change, to elect people with policies that will evolve and enforce proper banking controls, to curtail reckless speculation and corruption.
 


ocoonassa

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Joined
Oct 14, 2010
Messages
6,124
You have to elect someone to do that first.
Yes, catch 22. If there wasn't so much apathy we could always have a colour revolution instead.
 

sheehan

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Joined
Jun 21, 2010
Messages
886
It's time to give another bunch of political elites a chance to organise their own dig-outs.
 

collina

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Joined
Oct 8, 2006
Messages
3,409
Pointless trusting anyone to deal with the Banks on our behalf. Add up all the past Banking scandals apart from the current crisis and it will tell you everything you need to know; steeling from customer accounts, over-charging, hidden interest and fees, mis-applying currency conversion rates, the pursuit of so-called "Hot-money"; classy acts the lot of them.

The bankers must be rubbing their hands with glee at the prospect of dealing with Kenny. Can any Kennyite on here, provide an assurance of how he is suitably qualified to take any decissions on the banks? He can't even keep his first team together, and lost the dressng room some months ago.
 

corelli

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Joined
Jun 13, 2007
Messages
4,472
The lack of alternatives in the forthcoming general election is disheartning to say the least.

Let us not forget that the Past is Prologue

Fianna Fail and their Green lackeys are the current bad boys.
I have often said that FF and FG are two cheeks of the one arse, happy with the perpetuation of a two party system.

The lack of banking regulation and oversight should have been repaired by successive Governments involving all three major parties who have all had ample opportunity to do this since 1985.

FG and Labour went into coalition in 1982.
In 1985 AIB purchased ICI - the insurance company of Ireland - who gave out policies on things like bloodstock, satelites and buildings in earthquake prone zones, very high risk sectors.

ICI, however, did not cover its reserves (sound familiar?)

ICI then had liabilities that the AIB group could not cover, and AIB in a most astute manner went to the government - holding an economic gun to their head with threats of systemic failure through the entire banking system.

We are still paying for this bail out, as some policies will not expire until 2050.
It was only when Des O Malley threatened not to issue an insurance licence that AIB paid back some of the bail out money.

From this, the banks learnt that the threat of being too big to fail would panic Governments into writing open and unending cheques - just like the bank garuantee.

In more recent times the FF/Green government received shares of €3.5bn in AIB in 2009 to recapitalise the bank.

The Irish State had been due to receive dividends on those shares, but in typical FF/Green incompetence they overlooked the fact that EU regulations state that banks that get State aid cannot make cash payments.
This forced AIB to give the government shares instead.

It is due to this, in making the situation worse, that any bank failure will present major costs to the Irish taxpayer.

What we need is a sea change, to elect people with policies that will evolve and enforce proper banking controls, to curtail reckless speculation and corruption.
In the last 20 years, FG/Labour have been in Government just over two years, total. I very well know where the blame lies.
 

zuiderzee

Active member
Joined
Jul 16, 2009
Messages
105
Website
amhrannua.com
Corelli, the fact of the matter is that FG voted for the bank bail out as well as FF and their green poodles - not a single main party has shown the aptitude or desire to deal with white collar crime.
Labour and FG were supportive of the 85 bail out, and thats not ancient history - we are still paying for the consequences today, and will do so until 2050

If we want to reform this country, we need to move in a new direction, away from parish pump mediocrity
 

neiphin

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Joined
Aug 23, 2009
Messages
5,510
I have often said that FF and FG are two cheeks of the one arse, happy with the perpetuation of a two party system.
sir , i would put it to you that you say a lot
and indeed it is in fact you that is the arse hole
 

BlackLion

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Joined
Oct 21, 2010
Messages
4,804
I like the fact that FG, Lab, Sinn F and these other parties are saying FF just don't listen to the people. But most people like muself don't want these muppets in government just as much as we don't want FF. Theres Anger out on the streets and rightfuly so, but these other parties are hijacking the fear, the hate and the anger for their own purpose.
Get them all out
 

thegreyfox

Active member
Joined
Oct 26, 2010
Messages
149
There is an answer and that is the regulation of banks permanently like people of the Imf and that way to ensure that political appointments to positions cannot lead to failed policies.
 


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