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"Systemic" Anglo Irish Bank has not loaned a cent since September


cactusflower

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The Banks Guarantee and the nationalisation of Anglo Irish Bank has made over to us an unknown amount of debt (many tens of billions at best).

Brian Lenihan was told by a number of economists that Anglo Irish Bank should be allowed to fail as it was a property developers investment tank with only a hundred or so main debtors.

Brian Lenihan said to the Dail that on the basis of his knowledge of the bank's dealings it was a systemic bank and couldn't be allowed to fail.

This report says that Anglo Irish Bank has not loaned a cent since September.

Anglo Irish -- the bank with no future that's too expensive to kill off - Irish, Business - Independent.ie

Several aspects of the bank's dealings are currently under investigation by the Gardai.
 
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DCon

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Is it fair to say that Lenihan may have misled the dail?
 

HarshBuzz

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About the only constituencies that Anglo is 'of systemic importance' to are Fianna Fail and their developer buddies

Haughey's kleptomania was mild compared to this current shower
 

DCon

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FakeViking

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And, this being Ireland, nothing will be done of course.
While the teacher who handed out the wrong exam papers faces a lynch mob. With leaders of the calibre of Bertie, CJH and Cowen what can we expect.
 

cactusflower

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And, this being Ireland, nothing will be done of course.
Well there is an election tomorrow that may change things.

They've boxed us into a corner and it won't be easy to deal with this even with a General Election/change of government, but at the moment we can guarantee that we don't have a government acting in the public interest.
 

Digout

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Its possible the biggest organised theft ever in world history. FF dont care, they almost have the loot.
 

goosebump

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Brian Lenihan was told by a number of economists that Anglo Irish Bank should be allowed to fail as it was a property developers investment tank with only a hundred or so main debtors.
And €64bn worth of creditors (ie people the bank owes money too).
 

FakeViking

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Its possible the biggest organised theft ever in world history. FF dont care, they almost have the loot.
Theft I agree with.

Organised? The incompetent incumbents organisational skill is limited to pi$$ups in Doheny & Nesbitts with the taxpayer picking up the tab.
 

HarshBuzz

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And €64bn worth of creditors (ie people the bank owes money too).
guarantee the deposits

let the bondholders jump in a lake (what do you think CDS are for?)

simple
 

loaded32

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Feb 23, 2009
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And, this being Ireland, nothing will be done of course.
You can show your disgust and non-tolerance at the governments behaviour tommorow my friend by ensuring you mark the FF candidates in last preference on your polling card!!!!
 

goosebump

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guarantee the deposits
Guaranteeing them isn't the problem. Fulfilling them is, and the best way to avoid having to fulfil them is to maintain the bank as a going concern.

let the bondholders jump in a lake (what do you think CDS are for?)

simple
Yeah, really simple. What effect do you think a default would have on the price of CDSs for other banks and Government gilts? And lets remember that we have to borrow €20bn over the next 2 years.

FFS.
 

selfemployedmar

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Mar 2, 2009
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And, this being Ireland, nothing will be done of course.

Your right on that DCon.

I was speaking to a few business associates yesterday, one issue they had was that the banks are still not lending. Their feeling is that they are still being conned by banks. One business person is on the verge of collapse with a very good viable business.
He just cant get overdraft facilities.

I got a report last week to tell me that 21 small Irish business's had closed in one week alone! A good few were being struck off and a substantial amount were waiting on a receiver to be appointed.

That is an extremely worrying crisis here for small business, this means that we have to place tighter controls on credit given to our customers, decide if now a long term customer is a credit risk and in doing that we create an even greater risk for them to say " What the heck I am pulling the plug". I rely on large companies for most of my work and they are truly getting fed up with this country.

Where has this money gone that was being set aside for Irish Business?? It is being misdirected to bail the banks out? I think so!

I am so disgusted with their continual lies!
 
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bazlad

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You can show your disgust and non-tolerance at the governments behaviour tommorow my friend by ensuring you mark the FF candidates in last preference on your polling card!!!!
Last preference? rather give no preference!
 

blucey

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Jan 4, 2007
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Guaranteeing them isn't the problem. Fulfilling them is, and the best way to avoid having to fulfil them is to maintain the bank as a going concern.



Yeah, really simple. What effect do you think a default would have on the price of CDSs for other banks and Government gilts? And lets remember that we have to borrow €20bn over the next 2 years.

FFS.
a lot more than that dude..a lot more
 

Eye of Angkor

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Feb 20, 2009
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338
The banks, led by Anglo, are getting in the way of stabilising the economy, let alone bringing about a recovery.

A far harder line will have to be taken with them if what is left of the economy is not to be strangled to death.
 

markeys

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Feb 11, 2008
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Yeah, really simple. What effect do you think a default would have on the price of CDSs for other banks and Government gilts? And lets remember that we have to borrow €20bn over the next 2 years.

FFS.

So instead, lets take tens of billions of debt onto the taxpayer books - that won't affect our credit rating at all :rolleyes: Plus there's the added advantage this way that its the taxpayers will have to carry the debt, not the bank and its failed business model. Aye, moving the debt from private to public - truly an inspired move with no alternative.

Our credit rating would be no more affected than it is at present. Guarnteeing Anglo Irish must have been the worst possible move that could have been made. It is of no importance, is not systemic and has massive debts. An idiotic move in the extreme and arguing that letting it fail would have affected our credit rating, whilst ignoring the effect of moving its massive debts onto the public balance sheet is ignorant.
 
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