Roll Over Leo bullied into paying back Anglo bondholders


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It's been a long time coming, but your excessive Blueshirt fellatio has placed you on my ignore list. Goodbye, HBAP, the pleasure has been all yours.
You have in your Swiss, kiddo. You finally outed yourself with that jaw-dropping post about the bank guarantee costing the State €440 billion. I'm still laughing at that one.
 

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Oh, I'm sorry...he never mentioned the colour of the cents........

Why don't you just put your hands up and admit he made a mistake?
What mistake? FG put no money into Anglo.
 

Fr. Ted Crilly

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Idiotic OP.

From your own link:



Furthermore, the State benefits to the tune of €600 million, which it wouldn't get if these junior bonds were burned - meaning the State gets more money from paying these bondholders than it would get if it was even possible to "burn" them. This is also mentioned in your very own link.

So perhaps a better subject to discuss would be - why such an idiotic, illiterate OP?
€600 million eh?
Sure Anglo Banglo only cost us €31 billion.....

"Not another cent to unsecured or junior bondholders" wha????
 

SPN

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Furthermore, the State benefits to the tune of €600 million, which it wouldn't get if these junior bonds were burned
Not quite.

The €600 million is not conditional on whether other creditors get paid or not.

We get that because that debt ranks next in line according to the priorities set out in the Companys Acts.

I'm pretty sure this €600 million is part of the outstanding loan given to IBRC whenever it was put into liquidation. We have already received about €300 million from the liquidator previously.
 

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€600 million eh?
Sure Anglo Banglo only cost us €31 billion.....

"Not another cent to unsecured or junior bondholders" wha????
You're struggling here, I can see. FG put zero money into Anglo. Zero. Comprendez?
 

Fr. Ted Crilly

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You have in your Swiss, kiddo. You finally outed yourself with that jaw-dropping post about the bank guarantee costing the State €440 billion. I'm still laughing at that one.
SPN claims the bank guarantee has made us a profit of €4.5 billion.
Those writedowns though..........
 

SPN

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What mistake? FG put no Additional money into Anglo.
From memory, the only new money put into Anglo after FG/AmateurFF came into Government, was the €1.1 Billion loan that was triggered under the Guarantee whenever Anglo was put into liquidation.

Everything else was already committed under the terms of the EU Agreement from October 12th 2008, whenever the EU decided that the ECB would cover the liquidity needs of all EU banks, and the EU States would ensure that their respective banks were properly capitalised (on normal commercial terms).
 

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A policy FG continued with since 2011.
You can't pick and choose which debts appeal to you and which ones don't when you go into government, you know. Anyway such a policy would, if implemented, have destroyed our credit rating, led to the ending of ELA from the ECB which was keeping our banks and by extension our economy afloat by lending short term money to them at low rates in order to fix their balance sheets, let to much higher interest charges on our debt, would have let to much greater cutbacks and much steeper "austerity". Oh, and a full banking collapse.

The annoying thing about this is that you know all that. You're not stupid, but every so often it suits you to pretend to be.
 

SPN

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SPN claims the bank guarantee has made us a profit of €4.5 billion.
Those writedowns though..........
What writedowns, and what have writedowns got to do with a liquidity guarantee that brought in premium income of €4.5 Billion, on which only €1.1 Billion was loaned out, and of which close to €1 Billion has been repaid?
 

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See no evil, hear no evil, speak no evil.........about FG.

Tell me, do you think FG have done anything wrong since 2011?
Of course they have. But that doesn't give you the right to post lies. Your argument seems to be "FG have done stuff I disagree with - therefore I can make up anything I want about them, post it as fact, and call anyone who calls me on my lies a shill".
 

Fr. Ted Crilly

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You can't pick and choose which debts appeal to you and which ones don't when you go into government, you know. Anyway such a policy would, if implemented, have destroyed our credit rating, led to the ending of ELA from the ECB which was keeping our banks and by extension our economy afloat by lending short term money to them at low rates in order to fix their balance sheets, let to much higher interest charges on our debt, would have let to much greater cutbacks and much steeper "austerity". Oh, and a full banking collapse.

The annoying thing about this is that you know all that. You're not stupid, but every so often it suits you to pretend to be.
Hang on a second, our credit rating WAS destroyed.
 

Fr. Ted Crilly

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Of course they have. But that doesn't give you the right to post lies. Your argument seems to be "FG have done stuff I disagree with - therefore I can make up anything I want about them, post it as fact, and call anyone who calls me on my lies a shill".
I didn't call you a shill.

I quoted Leo Varadkar and called you out on his lies.
 

SPN

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The Irish taxpayer was on the hook for Anglo from the day FF nationalised it.
The Irish taxpayer was on the hook for recapitalising Anglo from the 12th of October 2008 when the Council of Ministers decided that each country would be responsible for maintaining the capital adequacy of their respective banks.

On the 12th of October 2008 it was believed that Anglo was solvent.
 

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SPN claims the bank guarantee has made us a profit of €4.5 billion.
Those writedowns though..........
You realise that the need for writedowns, (i.e vast loans based on asset values that collapsed, along with income streams, once the international lending bubble burst) was the whole banking crisis in a nutshell, don't you? If everyone had been able to keep servicing their loans, everyone from banks to developers to mortgage holders to businesses, the bank balance sheets would've been just fine. If cheap international money had kept being there for ever and ever, obviously.
 

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I didn't call you a shill.

I quoted Leo Varadkar and called you out on his lies.
He didn't lie, and you've called me a shill on other threads. It's your default position when you're called on your lies about FG.
 

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Hang on a second, our credit rating WAS destroyed.
It was damaged to a point that made borrowing at sustainable rates impossible for us - I wouldn't call that destroyed, as we never hit junk status or went as far down as countries who showed little or no inclination to fix their deficits, but it's a relatively moot point. More to the point is that had FG started picking and choosing which debts it suited them to service on taking office, we'd have been right down there with the junk brigade in jig time.

Mind you it would've prevented the housing crisis.
 
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