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Emergency Credit Institutions (Financial Support) Bill


He3

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Bill

Strange to see P.ie back up devoid of anything on the story of the century....

Any idea on when the Dáil debate will finish?
 
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droghedasouth

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Debate resumes at 8.30.
CC allowed a lot of 2nd stage speeches on first amendment.
Depending on whether Lenihan is going to accept any FG/Labour amendments it could be quite civilised or very very late.
 

He3

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Thanks.

What has already been agreed between the Banks and the Department? The shape of the intended deal can't be seen at all from the bare bones of the Bill.
 

He3

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The Government is putting a lot of emphasis on how it is being guided by the Central Bank and the Regulator on this radical measure. But aren't they the ones who were asleep at the wheel? Ned O'Keeffe more or less said that a while ago in the debate - so why is their advice so respect worthy in tackling the crisis they allowed to happen?
 
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yehbut_nobut

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This is something that's been bugging me since Monday, so I have to ask (quote is from the Bertie Ahern thread)

...Tommy G's lawyers will be preparing a nice little suit against AIB for allowing monies to be used for corrupt purposes in his name when Mahon concludes... a nice 7 to 8 figure sum as well as having a go against OOC....
Is there any possibility that ministers were worried (or were persuaded to be worried) by what information might be allowed to come out if one of the banks fell?

In other words, was it possible that pressure was applied, to ensure that "a" bank was granted what it was asking for?
 

He3

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These words were written about the US scene but they apply here too don't they?

But the hard-sell of President Bush and the US Treasury Secretary felt too much like the pressure patter of a door-to-door hawker. Their message was crude: “Trust us. You are in a terrible place. Only we can get you out of this mess. No need to check the details. Hurry now, or it will be too late. Here’s a pen. There’s the dotted line. Just sign.”

But with the President’s ratings so low, few would let him leave the House with anything more than small change. Congress asked, not unreasonably: “If you guys know so much about banking, how come we are in such trouble?”


Source
 

Nyquistic

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Does anyone think they might be dragging this out to see if the US will finally vote through a package, thus allowing them to back out gracefully from what must be the most insane financial legislation every conceived?
 

love biscuit

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Debate resumes at 8.30.
CC allowed a lot of 2nd stage speeches on first amendment.
Depending on whether Lenihan is going to accept any FG/Labour amendments it could be quite civilised or very very late.
FG started off by being pretty supportive about this, but according to the breaking news on irishtimes.com have recently begun to take a more critical line. Is this just in response to Labour, or is there a genuine chance they might oppose the legislation?
 

Catalpa

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FG started off by being pretty supportive about this, but according to the breaking news on irishtimes.com have recently begun to take a more critical line. Is this just in response to Labour, or is there a genuine chance they might oppose the legislation?
If Kenny has any political 'nous' at all he will oppose this

- maybe some of the more alert members of FG in the House have reminded him he is actually Leader of the Opposition


-and not of a FF Support Group!
 

He3

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Brian Cowen has left Mary Coughlan to take the lead today, reckoning that he should keep his prior date with Sarkozy.

Crisis? What crisis?

Uh oh now we hear they are open to guaranteeing non-Irish owned banks. On a headcase by headcase basis or something.

The only place for a lot of these heads is on a long pikestaff over Dublin Castle.
 

He3

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I hadn't thought of that.

Has Mary Coughlan given any idea how much greater the Irish taxpayers' risk will be if they extend our umbrella to Ulster Bank, ACC, and Uncle Tom Cobly?

Or is the tutorial on how many EC Commissioners it takes to fix a lightbulb occupying all her free time still?


The Swedes in 1992 had the right idea. Take stakes, recapitalise, and move on.
 

droghedasouth

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Lenihan says the NTMA estimate of the Assets of the Saved Six is 520 billion and the guaranteed liabilities are 440 billion.

Even if the assets were impared to the extend of the country's most pessimistic economist, and he doesnt necessarily accept his pessimism, the banks' assets still well exceed the guaranteed liabilities.
 

Green eyed monster

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...

Even if the assets were impared to the extend of the country's most pessimistic economist, and he doesnt necessarily accept his pessimism, the banks' assets still well exceed the guaranteed liabilities.
Is there any confirmation anywhere - that the banks assets will be used first to service any debt and not the taxpayer?

It's one thing to say the banks assets can cover the liability, it's quite another to suggest that they will be used that way.
 

He3

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Aidanodr has a point. As Joan Burton says.
 

droghedasouth

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Is there any confirmation anywhere - that the banks assets will be used first to service any debt and not the taxpayer?

It's one thing to say the banks assets can cover the liability, it's quite another to suggest that they will be used that way.
Despite my partisan political views, we have to give Finance/CentralBank/AG some credit for not being total muppets.

If you really beleive that your question even needs to be asked, you are either severely paranoid or I have totally lost all touch with reality
 

He3

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Amendment 1 lost 22:74.
 

jfk2008

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According to the Irish Times, loans to property developers and builders aren't covered. Has this been confirmed in the Dail does anyone know?

"Are the loans to property developers and builders covered?

No. Only the six banks' own debts to investors, holders of bonds and other financial institutions are guaranteed."

Q & A - The Irish Times - Wed, Oct 01, 2008
 

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