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Peadar Tóibín Claims German Government Lobbied The ECB To Prevent Any Writedown of Irish Bank Debt


YouKnowWhatIMeanLike

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On RTÉ One - The Week in Politics Peadar Tóibín - Sinn Féin TD made the claim that the German government lobbied the ECB directly to prevent any write-downs at Irish banks to protect $57 billion of German money in Irish Banks.

Is that true? Can Peadar Tóibín show that this is actually the case? That would indeed grossly undermine the position of the ECB. Did the ECB act on behalf of a single country to protect its own bank? That's a scandal if it's true. The Irish government should sue the ECB now!
 
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ruserious

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On RTÉ One - The Week in Politics Peadar Tóibín TD - Sinn Féin made the claim that the German government lobbied the ECB directly to prevent any write-downs at Irish banks to protect 57 billion Euros of German money in Irish Banks.

Is that true? Can Peadar Tóibín show that this is actually the case? That would indeed grossly undermine the position of the ECB. Did the ECB act on behalf of a single country to protect its own bank? That's a scandal if it's true. The Irish government should sue the ECB now!
On what grounds, exactly?
 

Kerrygold

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Any chance of quoting his actual comments.

I'm not doubting you, just for the benefit of myself and others who may have missed it.
 

Ryan Tubbs

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On RTÉ One - The Week in Politics Peadar Tóibín TD - Sinn Féin made the claim that the German government lobbied the ECB directly to prevent any write-downs at Irish banks to protect 57 billion Euros of German money in Irish Banks.

Is that true? Can Peadar Tóibín show that this is actually the case? That would indeed grossly undermine the position of the ECB. Did the ECB act on behalf of a single country to protect its own bank? That's a scandal if it's true. The Irish government should sue the ECB now!
"Write-downs"? There has never been any question of a write-down. What has been in the offing is an ESM buy-out of this debt, or a substantial part of it at least.

Can people get their facts straight please?
 

Rocky

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On RTÉ One - The Week in Politics Peadar Tóibín - Sinn Féin TD made the claim that the German government lobbied the ECB directly to prevent any write-downs at Irish banks to protect $57 billion of German money in Irish Banks.

Is that true? Can Peadar Tóibín show that this is actually the case? That would indeed grossly undermine the position of the ECB. Did the ECB act on behalf of a single country to protect its own bank? That's a scandal if it's true. The Irish government should sue the ECB now!
I don't know why the Germans would have bothered, as there has never been a chance of that happening.

At that, it is an extremely big claim and Peadar Toibin should show his evidence. If not, the ECB and the German government would have a pretty big claim to sue him for defamation, although I also doubt they'd be bothered.
 

Analyzer

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Toibin is lining himself up for a motor accident, I reckon.

Dangerous thing to say. Very dangerous thing to say.
 

sport02

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This is turning into a right charade. Is this is a choreographed debacle designed to give the government kudos in April?
 

Analyzer

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I don't know why the Germans would have bothered, as there has never been a chance of that happening.

At that, it is an extremely big claim and Peadar Toibin should show his evidence. If not, the ECB and the German government would have a pretty big claim to sue him for defamation, although I also doubt they'd be bothered.
Un-phucking-believable.

How exactly could a joke called the ECB claim to have their good name undermined by another person, when they are so well experienced at doing it themselves ?

Everything that I have seen in the past week on this website, points to the conclusion that

FG are the QUISLING party of Ireland, of the current era.
 

Taxi Driver

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On RTÉ One - The Week in Politics Peadar Tóibín - Sinn Féin TD made the claim that the German government lobbied the ECB directly to prevent any write-downs at Irish banks to protect $75 billion of German money in Irish Banks.

Is that true? Can Peadar Tóibín show that this is actually the case? That would indeed grossly undermine the position of the ECB. Did the ECB act on behalf of a single country to protect its own bank? That's a scandal if it's true. The Irish government should sue the ECB now!
That €57 billion was mainly owed to German banks in Germany by German banks in the IFSC. This has repeatedly been shown to be the case.

If there is one shred of evidence to support that view that the ECB made the Irish government introduce the blanket guarantee for the covered banks by all means produce it. This claim is repeatedly made with not one shred of evidence to support it.
 

gijoe

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Lets state some facts of life:

Ireland is but a pimple on the ar$e on the Euro and Europe;
Conceding relief to Ireland sets a precedent that the monsters of Spain and Italy will want to get in on the act of;
Accordingly Ireland will not be getting anything of significance anytime soon;
End of.
 

Mad as Fish

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I don't know why the Germans would have bothered, as there has never been a chance of that happening.

At that, it is an extremely big claim and Peadar Toibin should show his evidence. If not, the ECB and the German government would have a pretty big claim to sue him for defamation, although I also doubt they'd be bothered.
I'm not sure that a government can claim for defamation and if they did, and won, the debt crisis would be sorted by next week.
 

rockofcashel

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I don't know why the Germans would have bothered, as there has never been a chance of that happening.

At that, it is an extremely big claim and Peadar Toibin should show his evidence. If not, the ECB and the German government would have a pretty big claim to sue him for defamation, although I also doubt they'd be bothered.
That is absolute bullcrap Rocky.. the German institutions did lobby their Government to lobby the ECB to ensure there were no writedowns, because it was the Germans who were hugely exposed to any collapse of the Irish banking system.

In fact what has happened has been the biggest financial scam in history and no one is making an issue of it..

Here is what is happening in essence..

German banks (the bondholders), leant to Irish banks.. Anglo, BOI, AIB etc... and the Irish banks fupped up royally...

The German banks were hugely exposed if capitalism had had its way.. as they would and should have been burned...

They lobbied the ECB to underwrite the Irish Government bailout... so the ECB gave the Government money to bail out the banks.. and the Government ordered the banks to pay the bondholders.... i.e. the German institutions...

But here's the gas thing.. it was the German banks, who provided the money to the ECB, to give to the Irish Government, to give to the Irish banks, who gave it to... the German banks...

So, the German banks lose nothing.. but the debt now instead rests with the Irish banks... hence the Irish Government.. hence the Irish people..

Some scam eh..
 

ruserious

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Lets state some facts of life:

Ireland is but a dot on the ar$e on the Euro and Europe;
Conceding relief to Ireland sets a precedent that the monsters of Spain and Italy will want to get in on the act of;
According Ireland will not be getting anything of significance anytime soon;
End of.
A dot which has paid 42% of the total crisis in Europe.
 

Ryan Tubbs

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That is absolute bullcrap Rocky.. the German institutions did lobby their Government to lobby the ECB to ensure there were no writedowns, because it was the Germans who were hugely exposed to any collapse of the Irish banking system.
See, there's that phrase again........

Would it hurt to check the facts?

Also, what evidence do you have for the above claim? (That German institutions lobbied the German Government to lobby the ECB not to allow something which they would not and could not ever allow anyway)
 

ruserious

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That is absolute bullcrap Rocky.. the German institutions did lobby their Government to lobby the ECB to ensure there were no writedowns, because it was the Germans who were hugely exposed to any collapse of the Irish banking system.

In fact what has happened has been the biggest financial scam in history and no one is making an issue of it..

Here is what is happening in essence..

German banks (the bondholders), leant to Irish banks.. Anglo, BOI, AIB etc... and the Irish banks fupped up royally...

The German banks were hugely exposed if capitalism had had its way.. as they would and should have been burned...

They lobbied the ECB to underwrite the Irish Government bailout... so the ECB gave the Government money to bail out the banks.. and the Government ordered the banks to pay the bondholders.... i.e. the German institutions...

But here's the gas thing.. it was the German banks, who provided the money to the ECB, to give to the Irish Government, to give to the Irish banks, who gave it to... the German banks...

So, the German banks lose nothing.. but the debt now instead rests with the Irish banks... hence the Irish Government.. hence the Irish people..

Some scam eh..
Don't forget the crippling interest rates...
 

hiding behind a poster

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This is turning into a right charade. Is this is a choreographed debacle designed to give the government kudos in April?
No, its Peadar Toibin being an idiot in order to get himself back onside with the party leadership after the abortion vote.
 

Davidoff

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Lets state some facts of life:

Ireland is but a pimple on the ar$e on the Euro and Europe;
Conceding relief to Ireland sets a precedent that the monsters of Spain and Italy will want to get in on the act of;
Accordingly Ireland will not be getting anything of significance anytime soon;
End of.
You could add to that...

We will continue to make soothing, diplomatic noises while we kick the can further down the road.
 

the secretary

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Toibin is lining himself up for a motor accident, I reckon.

Dangerous thing to say. Very dangerous thing to say.
Toibin is actually the only sf td that you can listen too, sounds informed and seems to have some understanding of economics.
I'd be surprised if he'd allow himself to make such a statement as that without something to back it up.
Maybe he's been set up...
 

YouKnowWhatIMeanLike

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That is absolute bullcrap Rocky.. the German institutions did lobby their Government to lobby the ECB to ensure there were no writedowns, because it was the Germans who were hugely exposed to any collapse of the Irish banking system.

In fact what has happened has been the biggest financial scam in history and no one is making an issue of it..

Here is what is happening in essence..

German banks (the bondholders), leant to Irish banks.. Anglo, BOI, AIB etc... and the Irish banks fupped up royally...

The German banks were hugely exposed if capitalism had had its way.. as they would and should have been burned...

They lobbied the ECB to underwrite the Irish Government bailout... so the ECB gave the Government money to bail out the banks.. and the Government ordered the banks to pay the bondholders.... i.e. the German institutions...

But here's the gas thing.. it was the German banks, who provided the money to the ECB, to give to the Irish Government, to give to the Irish banks, who gave it to... the German banks...

So, the German banks lose nothing.. but the debt now instead rests with the Irish banks... hence the Irish Government.. hence the Irish people..

Some scam eh..
this is a really really great story, the only problem though is it's not true. German banks were not hugely exposed to Irish banks.
 

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