ICI to the current day, our banks have lied their way through the decades

Rebel_Yell

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Nov 5, 2009
Messages
655
I was watching Scannal last night (the joys of Sky Plus). I was too young to really remember the whole ICI debacle so I was retrospectively shocked.

A couple of things stuck out:

  • AIB has gone broke twice in a single generation. They should not be allowed to trade again.
  • Were none of the officials in the Dept of Finance around in Sept. 2008? If so it must have sounded awfully familiar - bail us out or we'll go broke and take the entire banking sector with us.
  • Why is Garret the good so respected? He bailed out AIB at a cost that won't be known for a couple of more generations and yet he is respected almost universally.
  • Why was there not significantly more discussion of the debt forgiveness that Garrett received from AIB given his ICI decsions?
  • 170 Million from AIB for an insurance licence thanks to Dessie O'Malley - the PDs got somethings right.
  • We have learned nothing!
 


ICallely

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Aug 18, 2010
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187
We have learned nothing, true.

How can we change this?

It is time for a different structure. I would propose a state owned savings and loan type bank for each county. These would be run by a private sector hireling -- on a bonus for performance.

Performance targets would be set by the banking regulator and would be skewed toward performance of loans to businesses, rather than profit.

The board of management would be drawn from the community - similar to the credit unions, and county enterprise boards.

The maximum term for the chief executive would be 5 years.

With the right incentive regime all the local savings would be funnelled into viable businesses. Loans for property would attract a higher rate of interest, but a lower level of bonus for the chief executive.

County Banks would be allowed to compete with adjoining counties, but no wider, no mergers allowed, very limited funding from the "market".
 

Social Conscience

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Oct 27, 2010
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1,273
The last 4 words in this thread sum things up perfectly well - and sadly I don't think we will learn from this current mess either. Our system of governance is broken beyond repair and we need huge social pressures from the people to change how things are done. The apathy however is there for all the world to see.
 

PrinceMax

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Joined
Mar 18, 2009
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1,801
Just watched this on RTE player. The programme said that ICI has liabilities until 2050, or something to that effect. Does that mean claims are stil made with ICI? If so, where are their offices? Does it still exist as a govt. owned company?
 
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