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Where Has All The Money Gone?


YouKnowWhatIMeanLike

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Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?
 


tigerben

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How long is a piece of thread? Not a question anyone will ever agree on a answer.
 

Taxi Driver

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Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?
What are you on about?

The blanket guarantee of 30 Sep 2008 increased the amount of liabilities in the covered banks guaranteed by the State from €75 billion (deposits under €100,000) to €440 billion (everything except equity and undated sub-debt).

The covered banks look set to lose around €80 billion on their lending into the Irish economy. This is money that was lent into the economy from the banks that will never be paid back to the banks. Someone in Ireland has it or at least had it - some people got it and bought bank shares! so whoever sold the shares had the money at least until the used it. It is impossible to know where the money is now. But it is out there. Someone benefits from it.

Of course, these losses have to be covered so the net effect is zero. Shareholders have lost around €25 billion of equity (and had over €60 billion of market capitalisation). Subordinated bondholders have lost €15 billion and the State is in hock for around €65 billion. This is more than the total losses so their may be some residual value for the remaining shareholders (mainly the State) but not much.
 

Dunlin3

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Quite a bit of that money is sitting in uninhabited houses in marshy fields in Longford and similar places!
 

asset test

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Now I may be ðaft (rhetorical statement there...), but is this our third or fourth AUSTERITY budget coming up?

I can't figure out where all the billions in cuts in the last few budgets went.

And no, this is not a PS bashing comment either.
 

Trainwreck

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Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?
It was gone the moment the government guarranteed the liabilities of the banks and then backed that promise with capital. The losses off the banks had already been made, but not yet booked. Our clever politicians decided we as taxpayers would be the beaters of the overwhelming bulk of those losses.
 

skiii

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Johnny Ronan, Bernard McNamara, Sean Quinn, Gerry Barrett,Michael Fingelton, Sean Dunne,Brian O'Donnell, Sean Fitzpatrick will never see a poor day and will be poolside for the rest of their lives. The money has taken the same route it takes in any corrupt Third World country with a ''special'' legal system.
 

mary_queen_of_the_gael

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During the Florida land bubble of the 1920s, about 1/3 of Florida residents were land speculators.
A lot of the bubble money went into paying useless economists who now spin different yarns. I am going to watch Hatfields and McCoys tonight. Tomorrow I am going to babysit my grand children and read them Brothers Grimm stories.

Once upon a time, there was a happy FF_king who promised everyone in his kingdom a castle, 40 acres and a mule. He hired many economists to tell them all they would be happy and have lots and lots of gold
 

SPN

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Now I may be ðaft (rhetorical statement there...), but is this our third or fourth AUSTERITY budget coming up?

I can't figure out where all the billions in cuts in the last few budgets went.

And no, this is not a PS bashing comment either.
The government spends more than it takes in from taxes and borrows the rest from the troika. The recent budgetz have been about reducing the overspend because after 2015 we will be unable to fund any more overspending. There's nobody left to borrow from.
 

Truth.ie

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Johnny Ronan, Bernard McNamara, Sean Quinn, Gerry Barrett,Michael Fingelton, Sean Dunne,Brian O'Donnell, Sean Fitzpatrick will never see a poor day and will be poolside for the rest of their lives. The money has taken the same route it takes in any corrupt Third World country with a ''special'' legal system.
No mention of the Developers Dole being cut (200k per annum for failed developers) in any of these Austerity Budgets.
 
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SPN

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No mention of the Developers Dole (200k per annum for failed developers) in any of these Austerity Budgets.
The owner of Dundrum Shopping Centre is allowed take a salary of 200k as part of his business plan. Have you an objection to that?
 

oggy

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One thing is certain, the big money made out of the property boom went to landowners so canvassing non FF voters about what they did with the money would be a worthwhile exercise
 

Truth.ie

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The owner of Dundrum Shopping Centre is allowed take a salary of 200k as part of his business plan. Have you an objection to that?
If I'm not paying for it. No.
If I am most certainly, yes.
 

VHF

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Hedge funds, investment banks fed off the country. Sadly Kenny listens to whisper sweet somethings. Oddly, Irish journalists refuse to go there.
 

SPN

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If I'm not paying for it. No.
If I am most certainly, yes.
You are not paying for it. The people who shop there are paying it.
 

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