• 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.

RE ANGLO IRISH BANK - Questions to be asked next Tuesday in Dail??


aidanodr

Member
Joined
Apr 6, 2008
Messages
19
Website
quangoland.blogspot.com
Hi Guys,

FINE GAEL have just sent out a New Newsletter item on ANGLO:

Fine Gael News - Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton

This prompted me to start this thread to ask - in general - should their be any other questions besides below? Is this a good start?

Please be constructive now .....

Cheers
Aidan


Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton

FG Leader Seeks Written Response from Taoiseach on Key Issues

Important issues still remain to be clarified by Fianna Fail regarding their announced plans for Anglo and the viability of keeping the bank operating as a going concern, according to Fine Gael's Deputy Leader and Spokesman on Finance, Richard Bruton T.D. Deputy Bruton was speaking as further details emerged regarding Fianna Fail's plans for Anglo the day after the nationalisation plan was announced.

"Fine Gael is pleased that the Government is not now planning to pour €1.5bn of taxpayers' money in to a recapitalisation plan for Anglo. It is the latest example of Fianna Fail playing catch up in relation to important economic decisions facing the country. Last night in responding to this news I sought certain clarifications regarding aspects of the Anglo nationalisation plan.

"On Wednesday in Maynooth Fine Gael stressed that the nationalisation plan should be implemented with a view to winding down Anglo in an orderly fashion over 5-7 years with a new management team recovering whatever monies are possible. It appears that Fianna Fail is intent on nationalising the bank and operating it as a going concern. It is simply not credible that the State would continue injecting unknown funds on a rolling basis in to Anglo in some vain hope that the bank will be refloated. This is not realistic.

"Following on from this the Fine Gael Leader, Enda Kenny T.D., has written to the Taoiseach today seeking answers to important questions surrounding the Anglo recapitalisation. These include;

1. Is the Government's long term plan for Anglo Irish Bank to operate it as a going concern?
2. Will a specialist management team be appointed with expertise in the recovery, management and sale of distressed property related loans - if necessary from outside of Ireland?
3. Will the current board be replaced in its entirety and be replaced by a board and chairman that would be vetted by a cross-party Oireachtas Committee?
4. Is there any implicit or explicit extension of the Guarantee to the owners of preferred shares, subordinated debt and other Anglo securities (in other words that speculators and traders in these securities do not earn a windfall at the expense of the tax-payer), and will the Government clarify its statement from last night to make it clear that the owners of these securities will only be repaid if sufficient loans are recovered.

"These are very important issues that need to be addressed and will help inform the Fine Gael contribution to the debate next week."
 

mccafferty cat

Active member
Joined
Apr 28, 2008
Messages
137
1. Is the Government's long term plan for Anglo Irish Bank to operate it as a going concern?
This is the most interesting question of course. It seems that FF intend to keep pumping scarce taxpayers money into an insolvent bank, whose liabilities still remain 90% below the water, rather than winding it down.

We all know why of course. They are DESPERATE to keep the thing afloat as a going concern, so that all of their scumbag FF builder pals - part of the cause of this problem - don't end up in the debtors' prison.
 

goosebump

Well-known member
Joined
May 23, 2008
Messages
4,953
will the Government clarify its statement from last night to make it clear that the owners of these securities will only be repaid if sufficient loans are recovered.
I can't imagine how any equity holder would expect to be repaid if the value of the banks assets did not meet the value of its liabilities.
 

goosebump

Well-known member
Joined
May 23, 2008
Messages
4,953
We all know why of course. They are DESPERATE to keep the thing afloat as a going concern, so that all of their scumbag FF builder pals - part of the cause of this problem - don't end up in the debtors' prison.
You don't really understand this, do you?

They need to keep it going to pay off the depositors and security holders, in so much as it is unlikely they can recover the value of the loans to pay them off in an immediate wind down, or if it goes bust.

The people who Anglo money will not be happy about the bank being nationalised or being kept going, as it makes it more likely that their roll-up arrangements are about to come to an end.
 

blucey

Well-known member
Joined
Jan 4, 2007
Messages
366
You don't really understand this, do you?

They need to keep it going to pay off the depositors and security holders, in so much as it is unlikely they can recover the value of the loans to pay them off in an immediate wind down, or if it goes bust.

The people who Anglo money will not be happy about the bank being nationalised or being kept going, as it makes it more likely that their roll-up arrangements are about to come to an end.
Anglo Loans to property are c 50b. 40% writedown = 20b
Depoist + loans = 65b which is greater than the assets
So, whether in state or private hands billions are needed to be injected....by you and your kids
 

markeys

Active member
Joined
Feb 11, 2008
Messages
273
The really interesting thing listening to the Brian Lenihan on six one news on RTE is he repeated several times that the assests of the bank exceeded the liabilities by 4bn.

Something to chew on for the assessor?
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
The really interesting thing listening to the Brian Lenihan on six one news on RTE is he repeated several times that the assests of the bank exceeded the liabilities by 4bn.
If this was true then there would be no need for the FF builder bailout, Lenihan is just a fool, if he had any respect he would have walked away from that party when he found out that the former leader was stealing from his old mans medical fund, but no, Lenihan is just another on a long on of pure FF thieves, he is loving stealing from the people of Ireland. He should he hung.
 

blucey

Well-known member
Joined
Jan 4, 2007
Messages
366
listen to Lucey's analysis on today FM. He ripped into lenihans numbers. Lenihan has no idea what he is saying and got even basic things wrong (as in the deposit base figures)
Lucey asked - if anglo is so strong, why are we nationalising it...
 

ajax1000

Active member
Joined
Feb 3, 2008
Messages
244
listen to Lucey's analysis on today FM. He ripped into lenihans numbers. Lenihan has no idea what he is saying and got even basic things wrong (as in the deposit base figures)
Lucey asked - if anglo is so strong, why are we nationalising it...
What a shrewd analysis. With guys like him around we know we are in very safe hands
 

blucey

Well-known member
Joined
Jan 4, 2007
Messages
366
What a shrewd analysis. With guys like him around we know we are in very safe hands
Lenihan? or Lucey?
One of them is wrong - you want to bet on the lawer over the professor of finance on basic accountancy, go ahead
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
listen to Lucey's analysis on today FM. He ripped into lenihans numbers. Lenihan has no idea what he is saying and got even basic things wrong (as in the deposit base figures)
Lucey asked - if anglo is so strong, why are we nationalising it...
smokes and daggers, the friends of FF are in the brown stuff and need the taxpayers to bail them out. The low paid and the weak in society will foot the bill for this.
 

badboy2

Well-known member
Joined
Oct 30, 2007
Messages
971
Watching Davin Davin Power on his romantic stroll with Cowen in Japan, it's safe to say RTE are up to the challenge of making sure the Dear Leader isn't asked any hard questions.
 

ajax1000

Active member
Joined
Feb 3, 2008
Messages
244
Lenihan? or Lucey?
One of them is wrong - you want to bet on the lawer over the professor of finance on basic accountancy, go ahead
I really don't care. All I know is that the country is melting down. We can now honestly say that the financial position is worse than the eighties. The speed of this collapse is frightening. I do not believe anyone foresaw this. Oh yes, we thought there was going to be a recession but not this.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
I really don't care. All I know is that the country is melting down. We can now honestly say that the financial position is worse than the eighties. The speed of this collapse is frightening. I do not believe anyone foresaw this. Oh yes, we thought there was going to be a recession but not this.
Lots of people saw this coming, but the greed kept FF running th casino for their builder friends. yes, the country is ruined. 2 Brians 0 Brains 0 Plan.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
Watching Davin Davin Power on his romantic stroll with Cowen in Japan, it's safe to say RTE are up to the challenge of making sure the Dear Leader isn't asked any hard questions.

Of course not, RTE is just an arm of the government. Its prob just a drinking holiday for them over there anyway....
 

ajax1000

Active member
Joined
Feb 3, 2008
Messages
244
Lots of people saw this coming, but the greed kept FF running th casino for their builder friends. yes, the country is ruined. 2 Brians 0 Brains 0 Plan.
I just dont believe that anyone saw this coming. It is too bad. Most people I know are very fearful for their future. even the guys on the pin who are so self righteous and sanctimonious are surely surprised at the latest events.
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
I just dont believe that anyone saw this coming. It is too bad. Most people I know are very fearful for their future. even the guys on the pin who are so self righteous and sanctimonious are surely surprised at the latest events.
Read the pieces from McWilliams over the last few years, this has been expected. Anybody who has been shocked by Anglo has not been in the know. ITs been well know in business circles in Dublin and London for months that it was only a mater of time before Anglo went down the tubes.
 

ajax1000

Active member
Joined
Feb 3, 2008
Messages
244
Read the pieces from McWilliams over the last few years, this has been expected. Anybody who has been shocked by Anglo has not been in the know. ITs been well know in business circles in Dublin and London for months that it was only a mater of time before Anglo went down the tubes.
Eh, the whole country is going down the tubes. Anglo is a small player in this. As for McWilliams, I doubt even he forecast the ferocity of this collapse.
 

badboy2

Well-known member
Joined
Oct 30, 2007
Messages
971
To be honest, I have been predicting financial armageddon since I got back from London 18 months ago and discovered that no one did anything other than talk about house prices, but I didn't think it would be this bad.

We are 12 months into a four year depression. This is only the start
 

Digout

Well-known member
Joined
Oct 2, 2008
Messages
1,396
To be honest, I have been predicting financial armageddon since I got back from London 18 months ago and discovered that no one did anything other than talk about house prices, but I didn't think it would be this bad.

We are 12 months into a four year depression. This is only the start
this will last a lot longer than 4 years, closer to 10 as a minimum .
 
Top