Dublin to launch fresh Anglo Irish bail-out

Dreaded_Estate

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FT.com / Europe - Dublin to launch fresh Anglo Irish bail-out

Looks like another €5bn will be needed for Anglo

Ireland will on Thursday unveil a fresh taxpayer-funded recapitalisation of Anglo Irish Bank, the institution at the centre of the country’s property meltdown, amid rising alarm in the markets over the country’s financial health.

Ireland’s cost of borrowing on Tuesday hit record levels with yields on 10-year government bonds jumping 25 basis points to 6.72 per cent.

The Irish Central Bank’s additional capital injection is expected to be about €5bn. That would bring the bail-out costs for Anglo Irish to €30bn, shy of the €35bn forecast by credit rating agency Standard & Poor’s.
 


spidermom

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SIGH...SIGH...SIGH....ara sure whats another 5 billion..!!..:(
 

flavirostris

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I just heard this reported on the British BBC Radio 4 News. Ireland dosen't often make it on to the Radio 4 News, so people are watching this closely.
The UK is borrowing at about 3%
 

Simbo67

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Jesus Christ, this is just bloody madness, there is absolutely no benefit in terms of perception internationally. Jesus, its so sad.
 

johnfás

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I just heard this reported on the British BBC Radio 4 News. Ireland dosen't often make it on to the Radio 4 News, so people are watching this closely.
The UK is borrowing at about 3%
BBC Radio 4 have been providing a huge amount of coverage to the Irish situation over the past 6 months, most of it far better than the coverage provided here.
 

Mitsui2

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BBC Radio 4 have been providing a huge amount of coverage to the Irish situation over the past 6 months, most of it far better than the coverage provided here.
...although that almost amounts to damning with faint praise :cry:
 

Squib

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Jesus Christ, this is just bloody madness, there is absolutely no benefit in terms of perception internationally. Jesus, its so sad.
I think the jesuits must be very unhappy with Brians Lenihan's performance as Finance minister. He should make way for the jesuit's other candidate Richard Bruton.
 

dakid

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Everybody knows that the boat is leaking / Everybody knows that the captain lied
Everybody got this broken feeling / Like their father or their dog just died
Think Mr Cohen is right. Unfortunately:-(
 

ChickenBiryani

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Whatever the final figure they produce can we really believe them?
Absolutely not. This is a propaganda statement which is solely trying to calm markets. The market will call its bluff however.

There is simply no way that a final figure can be known, until each and every last loan is pursued either to final repayment, or the underlying assets are seized and sold in borrower default / non-performing situation, UNLESS the government in the statement includes some form of cap which raises the possibility of conditional default for bondholders/senior debtholders/depositors.

However this last piece is unlikely based on the leaked soundbites so far, so you cannot trust any statement of "clarity" or "certainty" (Micheal Martins terminology I believe)
 

locke

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I just heard this reported on the British BBC Radio 4 News. Ireland dosen't often make it on to the Radio 4 News, so people are watching this closely.
The UK is borrowing at about 3%
I was on holiday in Italy earlier this month and saw the Anglo logo flashed up as second item in their business news section.

I couldn't believe it. I thought I was getting away from it for a while.
 

Samell

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What was the original figure Anglo claimed they needed 2 years ago?
What were the figures given to MoF by the bankers before the blanket guarantee came in for their 'Liquidity problems'?
How much extra have they screwed us for???
 


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