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Some "Recovery" - IMF: New 16 Billion EUR Black Hole in Irish Banks


Dublin 4

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The Sunday Business Post are reporting that the IMF have told the government, that they believe, that there is a new 16 billion EUR capital hole in Irish banks.

The capital hole is coming from mortgage arrears, buy-to-let arrears and inefficient bank operations.

As previously reported, the IMF are pushing for stress tests to be done in 2013 for Irish banks. The government are pushing for stress-tests to be done in 2014 via crappy pan European tests.

So where are we going to get this 16 billion from? Bailout II or yanks buying low yield Irish government debt?


IMF delivers tough assessment of Irish economy • thepropertypin.com

Well it's not as big as Peter Matthews' unrebutted €60 Billion but it could be the start of a gory unravelling of detail.

What next for the Irish Banks with this News - is Repomania about to come to a place near you?

Or is it the Downgraded ESM to the Rescue, despite it's Boss Regling's stated reluctance to Bail out more Banks.

Perhaps we will find out whether or not Ireland is the next Cyprus before we have to roll-over some of these little beauties :shock2:


5.0 Treas Bnd 2013 FRB IE0031256328 18-Apr-13 4,616.21
4.0 Treas Bnd 2014 FRB IE00B3KWYS29 15-Jan-14 7,598.63
4.5 Treas Bnd 2015 FRB IE00B4V6D496 18-Feb-15 3,629.92
4.6 Treas Bnd 2016 FRB IE0006857530 18-Apr-16 10,168.45
Irish Government Bonds | National Treasury Management Agency (NTMA)
 


D

Dylan2010

we have been assured that we have the best capitalised banks in Europe :D
 

Dublin 4

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Another denial- again???

 

carlovian

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Does anyone remember Patrick honohan on Vincent brine last year ?

Browne asked honohan what the provision for mortgage arrears was and
Honohan replied 5%.

Then both went quiet.
 

Goa Tse

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In fairness, anyone who actually believes there's a "recovery" - whether here or anywhere else in Europe - is either deluded, stupid, an employee of either Tony O'Reilly or the govt, or some combination of all of the above. "Recovery" in this context being a euphemism for kickstarting the property bubble again.
 

CarnivalOfAction

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IMF delivers tough assessment of Irish economy • thepropertypin.com

Well it's not as big as Peter Matthews' unrebutted €60 Billion but it could be the start of a gory unravelling of detail.

What next for the Irish Banks with this News - is Repomania about to come to a place near you?

Or is it the Downgraded ESM to the Rescue, despite it's Boss Regling's stated reluctance to Bail out more Banks.

Perhaps we will find out whether or not Ireland is the next Cyprus before we have to roll-over some of these little beauties :shock2:



Irish Government Bonds | National Treasury Management Agency (NTMA)
The Tragic Troika of FF,FG & LP will keep robbing the lower paid to further enrich their greedy, incompetent bankster chums.

 

Socratus O' Pericles

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The sooner they get on with it the better.
 

hiding behind a poster

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IMF delivers tough assessment of Irish economy • thepropertypin.com

Well it's not as big as Peter Matthews' unrebutted €60 Billion but it could be the start of a gory unravelling of detail.

What next for the Irish Banks with this News - is Repomania about to come to a place near you?

Or is it the Downgraded ESM to the Rescue, despite it's Boss Regling's stated reluctance to Bail out more Banks.

Perhaps we will find out whether or not Ireland is the next Cyprus before we have to roll-over some of these little beauties :shock2:



Irish Government Bonds | National Treasury Management Agency (NTMA)
You're really getting off on this, aren't you? This is about the fifth thread you've started titled "some recovery", this week.
 

Dublin 4

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They're deliberately serialised hbap. :shock:

But hey - I did say you mutthafukkahs inherited the mess!
 

greenwithirony

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The Tragic Troika of FF,FG & LP will keep robbing the lower paid to further enrich their greedy, incompetent bankster chums.

It's getting harder & harder to argue against all of this being intentionally profited from, & that consequently there really is no political will or interest in actually genuinely resolving the problem. The infinite incompetence of the political elite is the only argument against it all being engineered in the first place that I can think of.
 

Ulster-Lad

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You're really getting off on this, aren't you? This is about the fifth thread you've started titled "some recovery", this week.
Perhaps it is a series that exposes the lies of government and the EU? About a recovery that is. ;)
 

Rocky

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It's getting harder & harder to argue against all of this being intentionally profited from, & that consequently there really is no political will or interest in actually genuinely resolving the problem. The infinite incompetence of the political elite is the only argument against it all being engineered in the first place that I can think of.
This is a consequence of trying to solve the mortgage arrears crisis.

If we followed Sinn Fein or Fianna Fail's (who dam near seem to believe that paying a mortgage is the last thing you pay), then we'd need to put more into the banks.

We'll see what happens anyway. Hopefully if the banks do need more money, by then an agreement will have been made and it'll come from the ESM.
 

YouKnowWhatIMeanLike

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In fairness, anyone who actually believes there's a "recovery" - whether here or anywhere else in Europe - is either deluded, stupid, an employee of either Tony O'Reilly or the govt, or some combination of all of the above. "Recovery" in this context being a euphemism for kickstarting the property bubble again.
median 4bed detached prices for Dublin are back well above 500k and 3bed-semis are well over 250k plus. these are among the highest property prices in Europe. Dublin is doing well again.
 

SPN

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This is a consequence of trying to solve the mortgage arrears crisis.

If we followed Sinn Fein or Fianna Fail's (who dam near seem to believe that paying a mortgage is the last thing you pay), then we'd need to put more into the banks.

We'll see what happens anyway. Hopefully if the banks do need more money, by then an agreement will have been made and it'll come from the ESM.
It will have to, seen as we have maxxed out our Debt:GDP ratio funding chronic government overspending. There's not a whole lot more we can borrow - until we sell off some State assets or use the houses on the Property Tax Database as the collateral for new loans.
 

SPN

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median 4bed detached prices for Dublin are back well above 500k and 3bed-semis are well over 250k plus. these are among the highest property prices in Europe. Dublin is doing well again.
Mortgage lending was €2 Billion last year, down from €46 Billion in 2007.

You can't sell too many houses at those sort of elevated prices when lending isn't at bubble levels.
 

Dublin 4

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YouKnowWhatIMeanLike

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It will have to, seen as we have maxxed out our Debt:GDP ratio funding chronic government overspending. There's not a whole lot more we can borrow - until we sell off some State assets or use the houses on the Property Tax Database as the collateral for new loans.
problem with taking money from the ESM is that the payments will come directly from German, French, Italian, Spanish ... taxpayers. there is no way you can write that off easily. Getting money from the ECB would be more convenient as there is no real accountability at the ECB.
 

kryton101

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Individuals bailing out profit making companies? Obscene. If the top layers of bank management are so confident it will all be ok and they still want tax payers money then let them work for the average indutrial wage until every cent has been paid back. No shares, no bonuses no nothing extra, just a basic salary. If they dont accept that then they can sort it out themselves. The idea that society has a gun pointed at its head just because its a bank and we are forced to pay up or else with no say in the matter is wrong.

The mortgage debacle will be severe because the banks are doing their best to cover it up which is worrying enough and we also have nama which is unresolved and all of the other charges and taxes coming down the line are going to push people up against a wall that for many will be unsustainable.

Society is reaching a tipping point where the current financial model has just about run its course and can take us no further and where technology is replacing jobs at a time when we need them the most. The crash in 08 and subsequent 5 years since are only the begining of the true crisis
 

Tea Party Patriot

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This is a consequence of trying to solve the mortgage arrears crisis.

If we followed Sinn Fein or Fianna Fail's (who dam near seem to believe that paying a mortgage is the last thing you pay), then we'd need to put more into the banks.

We'll see what happens anyway. Hopefully if the banks do need more money, by then an agreement will have been made and it'll come from the ESM.

The long term solution isn't going to be pretty no matter the course of action, it will however mean losses for banks as you will see more people seeking bankruptcy abroad once repossessions start and it is probably unrealistic to expect people to honour residual debts perhaps in six figures that remain after a property is sold by a bank. I am not advocating taxpayers having to foot the bill for this but I do see them getting caught as people emigrate to escape debts. I know if I ever found myself in that kind of a financial black hole it is what I would do.

I do think the unfortunate thing for Ireland as well is that those who go to seek better bankruptcy terms will be the employable while those more likely to be on social welfare long term will stay as repayment and fresh starts won't overly affect them.
 

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