• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

Peter Mathews warns that Irish banks still need another €60bn of capitalisation and Peter Mathews calls Noonan’s deal to sell Bank of Ireland stake “i


murtaep

Well-known member
Joined
Jun 6, 2011
Messages
329
Peter Mathews warns that Irish banks still need another €60bn of capitalisation and Peter Mathews calls Noonan’s deal to sell Bank of Ireland stake “i

Peter Mathews warns that Irish banks still need another €60bn of capitalisation, he also calls Noonan’s deal to sell Bank of Ireland stake “idiotic”.

"Deputy Peter Mathews: They gave Wilbur Ross 35% of the bank for €1 billion, when our State paid €5 billion for 15% of the bank. A junior certificate student would know that is stupid."

Bank of Ireland remains the only one of the banks which the State has guaranteed to remain outside our control as we now have a stake of 15% of the ordinary shares.

“Deputy Peter Mathews: I think the survivor bank system needs further capitalisation. In the case of Bank of Ireland it could be €10 billion minimally to get its provisions right so that it can start the sort of work that would follow from the insolvency stuff. I think that AIB will need more, too, as will Permanent TSB. The IBRC issue is being lumped onto the main national debt. In all, we are talking about a minimum of about €60 billion. However, we need people who really understand it and who can, without having to shuffle through opening statements with simultaneous translation, get it across, eye to eye with the other person.”
 

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
46,201
Which one of the "Pillar banks" needs the money this time ?
 

jpc

Well-known member
Joined
Jun 14, 2007
Messages
4,339
Sounds like he isn't on the leash or "on message" anymore.
 

NeilW

Well-known member
Joined
Dec 31, 2005
Messages
4,634
So he thinks:

(1) the banks are seriously undercapitalised but

(2) the Government could have sold shares in one of these undercapitalised banks for *more* money than it did

Interesting.
 

LamportsEdge

Well-known member
Joined
Jan 10, 2012
Messages
21,894
This news if it is being floated in any serious way should see the immediate resignation of Patrick Honohan as Governor of the Central Bank.

I'll explain why;

'By August 2011 total funding for the six banks by the ECB and the Irish Central Bank came to about €150 billion; the largest of the six, Bank of Ireland, then had a market capitalisation of just €2.86 billion.' 2008

Patrick Honohan in MARCH 2011; 'In March 2011, Central Bank Governor, Patrick Honohan described the crisis as "one of the most expensive banking crises in world history".[5] In September 2011 he said that the banks were now financially sound.'

2008

If the Irish Government proposes one more red cent of taxpayers money is to be used giving Irish banks money for nothing then I want to see Patrick Honohan's resignation immediately.
 

Franzoni

Well-known member
Joined
Mar 3, 2010
Messages
16,469
He made the comments in 2012. Why are we only hearing them now?
In fairness to Matthews he was saying this on the V Browne programme before he even got elected....i rememeber him quoting 90-110 million for to sucessfully re-capitalize the banks and was looked at if he were mad.........
 

Sister Mercedes

Well-known member
Joined
Dec 19, 2011
Messages
20,663
In fairness to Matthews he was saying this on Browne before he even got elected....i rememeber him quoting 90-110 million for to sucessfully re-capitalize the banks and was looked at if he were mad.........
I mean why didn't the comments make national news when he said them? It seems like a big failing by the National Media to give them coverage.

The Govt sold a 35% stake in BoI to Wilbur Ross at a crazy cheap price. Ross expects to triple his money.

http://www.irishtimes.com/newspaper/finance/2012/0220/1224312049721.html
 

murtaep

Well-known member
Joined
Jun 6, 2011
Messages
329
In fairness to Matthews he was saying this on the V Browne programme before he even got elected....i rememeber him quoting 90-110 million for to sucessfully re-capitalize the banks and was looked at if he were mad.........
yeah but he wasn't calling Noonan an idiot
 
Last edited:

LamportsEdge

Well-known member
Joined
Jan 10, 2012
Messages
21,894
I've a better idea if it turns out any Irish banks are looking for more taxpayers money- close them down and let us have a basic retail banking system out of one of the German banks in cooperation with the credit union system.

Not one cent more should be thrown away on any Irish Bank. This really should be a red line issue for the nation. Because if Honohan as Governor of the Central Bank was lying in March 2011 we can then safely assume that there is an attempt to extract funding from taxpayers on a 'break it to them bit by bit' plan over time to float banks which are in fact bust and Honohan's job can go as he would be surplus to requirements.

If the Germans are setting our budgets I don't see why we should pump money into broke Irish banks- in fact, since we don't have a currency of our own I see no need for an Irish Central Bank at all. We can save what remains of the state and stop throwing good money after bad by refusing to recapitalise a bankrupt banking system.

It would be cheaper to enter into a retail banking deal and fry these Irish failures- the Central Bank and its employees should go as well as their boss would clearly be proven to be as big a bullshytter as Sean Fitzpatrick.
 
Joined
Nov 11, 2012
Messages
20
Peter Matthews is correct - Can anyone calculate how much the new insolvency act will cost the Banks. Well lets start with serious problems with 120,000 mortagages, 60,000 buy to sells, then all the 'Hobby' Property investors each who may have less than 20 million debt - these so called non-nama people are not on the 'radar' yet . Then there is Credit Union - and credit card debt : there are still thousands just paying off their minimum to stay afloat.

Matthews is very realistic and professional - he is telling it as it is - his colleagues need to wake up and 'smell the coffee' This minefield is just being kicked down the road - as one banker said to me the other day " it wont be my problem I'll be either retired or shafted within the next 24 month"
 

murtaep

Well-known member
Joined
Jun 6, 2011
Messages
329
Constantine has said that a total of 185,000 mortgages are at risk.
 

Franzoni

Well-known member
Joined
Mar 3, 2010
Messages
16,469
I mean why didn't the comments make national news when he said them? It seems like a big failing by the National Media to give them coverage.

The Govt sold a 35% stake in BoI to Wilbur Ross at a crazy cheap price. Ross expects to triple his money.

Bank investor expects to triple cash in few years - The Irish Times - Mon, Feb 20, 2012
Because a lot of people don't want to hear this or at worst stop it from being heard............not just the government in fairness...there are a lot of delusional people out there who think this thing is going to just go away and sort itself out........

Fine Gael seem hell bent on selling the faimly silver at discounted prices to whoever while paying top dollar for scrap iron
 

irishpancake

Well-known member
Joined
Apr 5, 2007
Messages
17,837
It is so interesting to hear from Peter again, I have a high regard for him, but wonder how the hell he can remain within FG, given the disdain and contempt he is treated with by those in the Power Centre....

Again, according to the excellent Nama Wine Lake

Deputy Mathews duly took his place on the back benches and observed as political insiders took the key jobs in finance and economics. Although he tells us with a nod and a wink that he talks with Minister Noonan and gives the impression that his views are listened to, it has become obvious that he is a maverick in a conservative political party.
 

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
46,201
Because a lot of people don't want to hear this or at worst stop it from being heard............not just the government in fairness...there are a lot of delusional people out there who think this thing is going to just go away and sort itself out........

Fine Gael seem hell bent on selling the faimly silver at discounted prices to whoever while paying top dollar for scrap iron
Not just FG. They all seem that way inclined.
 
Top