The Banking Bailout - The 99% get screwed again

making waves

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The national media are carrying a report that the CEO of the AIB is stating that the bank will not pay any tax for the next 20 years.

After gambling on the property bubble, crashing the economy, being bailed out by the government which resulted in massive austerity- the bank is now going to dodge tax for 20 years depriving the Irish exchequer of abdly needed funds to tackle the housing crisis.

AIB made €817million in profit for the first six months of this year - but won't pay any tax.

Bend over and take it people - the banks have money to make.

AIB won't pay tax on its profits for 20 years, CEO says - Independent.ie
 


NYCKY

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The national media are carrying a report that the CEO of the AIB is stating that the bank will not pay any tax for the next 20 years.

After gambling on the property bubble, crashing the economy, being bailed out by the government which resulted in massive austerity- the bank is now going to dodge tax for 20 years depriving the Irish exchequer of abdly needed funds to tackle the housing crisis.

AIB made €817million in profit for the first six months of this year - but won't pay any tax.

Bend over and take it people - the banks have money to make.

AIB won't pay tax on its profits for 20 years, CEO says - Independent.ie
AFAIK the government still owns about 75% of AIB and thus should either take in about 600 million euros or see their holdings rise by a similar amount. If AIB can do even better in the second half of 2017, it will benefit the Irish tax payer even more.
 

Watcher2

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The national media are carrying a report that the CEO of the AIB is stating that the bank will not pay any tax for the next 20 years.

After gambling on the property bubble, crashing the economy, being bailed out by the government which resulted in massive austerity- the bank is now going to dodge tax for 20 years depriving the Irish exchequer of abdly needed funds to tackle the housing crisis.

AIB made €817million in profit for the first six months of this year - but won't pay any tax.

Bend over and take it people - the banks have money to make.

AIB won't pay tax on its profits for 20 years, CEO says - Independent.ie
Keep up. Noonan was slightly relevant when that nugget first emerged.
 

Watcher2

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AFAIK the government still owns about 75% of AIB and thus should either take in about 600 million euros or see their holdings rise by a similar amount. If AIB can do even better in the second half of 2017, it will benefit the Irish tax payer even more.
This wins the award for Best Apologist Shill.
 

SPN

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The reason the taxpayer owned AIB wont pay taxes is because they paid all the taxes during the bubble. When the bust came the original shareholders had to pay for the losses. Thats how the State managed to get ownership and the owners lost everything.

The only bit of the economy that crashed.was the bit living like a parasite off the banks. The real economy continued on with just a little speed wobble.

And l can't for the life of me understand how people refer to a €120 billion Keynesian stimulus as "austerity".
 

Watcher2

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The reason the taxpayer owned AIB wont pay taxes is because they paid all the taxes during the bubble. When the bust came the original shareholders had to pay for the losses. Thats how the State managed to get ownership and the owners lost everything.

The only bit of the economy that crashed.was the bit living like a parasite off the banks. The real economy continued on with just a little speed wobble.

And l can't for the life of me understand how people refer to a €120 billion Keynesian stimulus as "austerity".
So, company earning super profits paid their legal taxes back then and therefore its ok that they don't pay any taxes now?

Got it.

Do we know how much their losses carried forward are? Just so we know how much taxable profit they are projecting they wont earn for 20 years.
 

Notachipanoaktree

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The national media are carrying a report that the CEO of the AIB is stating that the bank will not pay any tax for the next 20 years.

After gambling on the property bubble, crashing the economy, being bailed out by the government which resulted in massive austerity- the bank is now going to dodge tax for 20 years depriving the Irish exchequer of abdly needed funds to tackle the housing crisis.

AIB made €817million in profit for the first six months of this year - but won't pay any tax.

Bend over and take it people - the banks have money to make.

AIB won't pay tax on its profits for 20 years, CEO says - Independent.ie
[video=youtube;6Q0PCDEJWek]https://www.youtube.com/watch?v=6Q0PCDEJWek[/video]
 

SPN

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So, company earning super profits paid their legal taxes back then and therefore its ok that they don't pay any taxes now?

Got it.

Do we know how much their losses carried forward are? Just so we know how much taxable profit they are projecting they wont earn for 20 years.
They paid the taxes during the bubble with what turned out to be shareholder funds. Then the State confiscated the company.

We got the taxes early, then we got the company for free. Now we get all the profits until we sell it, then we get the proceeds of the sale.

Not to mention the €4.5 Billion we got for providing the guarantees.

No wonder the former shareholders are going nuts.
 

Watcher2

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They paid the taxes during the bubble with what turned out to be shareholder funds. Then the State confiscated the company.

We got the taxes early, then we got the company for free. Now we get all the profits until we sell it, then we get the proceeds of the sale.

Not to mention the €4.5 Billion we got for providing the guarantees.

No wonder the former shareholders are going nuts.
No. They paid THEIR taxes on THEIR profits during the boom. They were not shareholder funds, they were the legal taxes on the profits earned. If you disagree, take it up with Revenue. I'm sure they can explain it much clearer than I.;) I don't believe they would have filed and paid THEIR taxes early, maybe they had a few days to spare before the filing deadline but I doubt they would have a policy to pay THEIR taxes very early in the filing calendar.

We didn't get the company for free either. Was it 21bn we paid for it? What was it actually worth then? Nowhere near 21bn in my view. Were there any other buyers lining up to take them over?

We get the profits, do we? What's the dividend policy? What has BEEN the dividend policy since "we" took ownership? At any rate, the states preferred method of generating income from enterprise is tax, not dividends.

What has the guarantee cost us? Granted, its likely less than 4.5bn but who else was around to keep that toxic entity afloat?

Let the former shareholders go nuts. Share investments are not guarantees. If they didn't egg on the Board to lend recklessly to make super profits perhaps the bank would not have hit the rocks so hard.
 

brughahaha

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The reason the taxpayer owned AIB wont pay taxes is because they paid all the taxes during the bubble. When the bust came the original shareholders had to pay for the losses. Thats how the State managed to get ownership and the owners lost everything.

The only bit of the economy that crashed.was the bit living like a parasite off the banks. The real economy continued on with just a little speed wobble.

And l can't for the life of me understand how people refer to a €120 billion Keynesian stimulus as "austerity".

What sort of protected bubble do you inhabit ....it was carnage for many families and many are still suffering :roll:

Let me guess Public Servant ? Protected sector ? ......... which one ?
 

hammer

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If they are paying nothing in taxes ( bar employers PRSI ) wont it mean they can pay the exchequer back faster :)
 

brughahaha

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They paid the taxes during the bubble with what turned out to be shareholder funds. Then the State confiscated the company.

We got the taxes early, then we got the company for free. Now we get all the profits until we sell it, then we get the proceeds of the sale.

Not to mention the €4.5 Billion we got for providing the guarantees.

No wonder the former shareholders are going nuts.
Sweet Jesus ...more utter guff .. we didnt get taxes early , we got them a year after the profits were made ...at a paltry 12.5% :roll:

Crawl back under your blueshirt/EU/Neo liberal rock will you
 

HarshBuzz

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So, company earning super profits paid their legal taxes back then and therefore its ok that they don't pay any taxes now?

Got it.

Do we know how much their losses carried forward are? Just so we know how much taxable profit they are projecting they wont earn for 20 years.
I'd suggest reading their Annual Report (although not in full, it's a whopper). Note 32.
 

SPN

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What sort of protected bubble do you inhabit ....it was carnage for many families and many are still suffering :roll:

Let me guess Public Servant ? Protected sector ? ......... which one ?
The only sectors that got hammered were those depending on bank lending for their income. The productive sectors had a speed wobble as exports dipped slightly but they started growing again very quickly.

The State borrowed more than €40 billion to maintain public sector pay, so they didn't suffer a whole lot either.
 

brughahaha

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The only sectors that got hammered were those depending on bank lending for their income. The productive sectors had a speed wobble as exports dipped slightly but they started growing again very quickly.

The State borrowed more than €40 billion to maintain public sector pay, so they didn't suffer a whole lot either.
Every sector depends on bank lending you fool :roll:
No business starts out without a loan , operates without an overdraft or doesn't arrange some sort of Bank finance for Asset purchase or Expansion ...from the simple SME to the multinationals ......

12% youth unemployment , rampant homelessness , negative equity , crippling personal debt ....never heard of any of those No ? ....nope every thing is just a sweet smelling rose garden in SPNs deluded world
 

hammer

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AIB overcharged ‘several hundred’ customers by as much as €500
Bank identifies additional tracker loan overcharging problem as review continues


FFS. Does it ever end.
 

hammer

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Every sector depends on bank lending you fool :roll:
No business starts out without a loan , operates without an overdraft or doesn't arrange some sort of Bank finance for Asset purchase or Expansion ...from the simple SME to the multinationals ......

12% youth unemployment , rampant homelessness , negative equity , crippling personal debt ....never heard of any of those No ? ....nope every thing is just a sweet smelling rose garden in SPNs deluded world
You forgot to take your anger pills again Dave.
 

SPN

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Sweet Jesus ...more utter guff .. we didnt get taxes early , we got them a year after the profits were made ...at a paltry 12.5% :roll:

Crawl back under your blueshirt/EU/Neo liberal rock will you
And as we found out later, they weren't real profits. They only existerd because the bank lending bubble artificially blew up valuations and paper profits.

When the lending bubble stalled and prices collapsed the State kept the taxes and the shareholders took the hit.
 

brughahaha

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And as we found out later, they weren't real profits. They only existerd because the bank lending bubble artificially blew up valuations and paper profits.

When the lending bubble stalled and prices collapsed the State kept the taxes and the shareholders took the hit.
Stop , just stop ...you've made ridiculous claims and been caught out ........ if i wanted to watch someone moving goalposts with every post I'd watch a live feed of the Croke Park groundsmen , not P.ie

Banks didnt pay profits early , the crash wasnt just an economic blip and all is not perfect now, the Banks are still screwing us through tax avoidance measures and high interest rates , the Banks serve themselves to our detriment ....oh and a basic of business is credit (Think I covered that in 1st year business studies in Secondary)

When you've absorbed all that maybe you'll post something coherent
 


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