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Why are people so outraged by levying depositors?


Disillusioned democrat

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Mar 16, 2010
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I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
 

dizillusioned

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What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
 

PeeMac

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I was listening to a english guy on the radio yesterday and he was basically saying that the deal the cypriots were getting was better than our deal as they were making sure foreigners with interests in the bank (depositors) were helping to pay for the banks problems where here, only Irish taxpayers were picking up the tab. It seemed to make sense and make me a little more annoyed.
 

Disillusioned democrat

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What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
That's what I though too, and obviously those with the money paid the tax, not everyone else.

It goes to demonstrate the level of contempt our government hold net tax payers in.
 

Dame_Enda

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It constitutes a grave breach of trust if they do it here after the promises deposits would be guaranteed. It will lead to a run on the banks unless confined to the very wealthy. And even then it would be risky. I'd advise the govt not to touch this with a bargepole. The Cypriot Parliament's courageous act of defiance to Europe could never happen in our puppet parliament, which almost makes Vichy France look patriotic.
 

YouKnowWhatIMeanLike

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I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
Ask the Anglo Irish Bank depositors. Banking in Ireland is a form of organized crime IMO.
 
Last edited:

ibis

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Mar 12, 2005
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12,359
Yeah - it's a case of making people with money in the banks pay for saving the banks, rather than spreading it across everybody whether they have money in the banks or not. I can't see the outrage, myself.

I would imagine it's the standard "let them sort this out by doing x, where x is something that doesn't affect my personal wallet".
 

Fr.Ted Crilly

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What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
Plus, who's to say that there won't be a raid on deposits here in the future.
The government say no, but can anyone believe a word proven liars say.
BTW, as well as all the new taxes, levies and USC etc here, they also took nearly all of the PRF to give to bondholders.

As usual with Ireland, we'll get all of the above and then a raid on deposits, while all the time the level and amount of services provided for our money is reduced.

Thieves.
 

Aindriu

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Jun 28, 2007
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It won't work because it will (already is in Cyprus) cause a run on the banks as people remove their savings offshore, under their mattresses or into a tin box buried in the back garden so they don't have to pay the levy. Also, it is grossly unfair on those who were able to save.

This whole thing could bring the Euro-zone banking system crashing down yet.
 

Lempo

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What we have done is taxed everything instead, there is no difference. Our crowd have taxed the crap out of the economy on an ongoing basis. At least they were up front about it in Cyprus and it was a one off.
Try running a Nordic welfare society... :D Everything taxed in a boom and in a slump. Had the Swedes and
the Danes joined the Euro all the people would now be experiencing the full joy of asking money from someone asking back what they did with all the massive tax revenues they certainly must have collected during the fat times.
 

wombat

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Jun 16, 2007
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31,939
Yeah - it's a case of making people with money in the banks pay for saving the banks, rather than spreading it across everybody whether they have money in the banks or not. I can't see the outrage, myself.
It amuses me to hear people who call for a wealth tax full of outrage at imposing a levy on bank accounts. The objections are mainly to do with taxing people on savings which come from after tax income, also it punishes those who have been prudent. Remember what happened here - the value of bank shares vanished. We all heard of people who put surplus cash into bank shares, often on the advice of their bank manager.
On a practical note, once the trust goes, it will be harder for banks to attract deposits, leading to higher interest rates for borrowers.
 

Mr. Magpie

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It is especially confusing who one considers that most of the money deposited in the banks came from the pockets of Russian Oligarchs who were laundering their money through Cypriot banks.

If bailing out a Russian Oligarch sticks in the craw of the average financially challenged Paddy imagine how a frugal German might feel about it?

This problem was entirely manufactured in Cyprus, by Cypriot banks and their Russian gangster/mafia friends.

I don't want to pay for it!!!!

(I'm not calling any of you financially challenged, but it is an national problem.)
 

fuque

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Apr 7, 2011
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4,512
I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
30 yrs ago these fraudsters would of died a violent death by the people................which proves we're going backward as a people.
 

daveL

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Oct 29, 2010
Messages
19,593
I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
not sure you'd be saying that were 10% of your life savings about to be confiscated...
 

Spanner Island

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Feb 22, 2011
Messages
24,203
I was listening to RTE Late debate or similar last night (they all seem to have morphed into same now) and the level of outrage about Noonan "approving" the levy on depositors making it inevitable that we're next, etc., etc., and it got me wondering why people think our bailout is somehow better because we didn't levy savers.

Basically - unless I'm missing something glaringly obvious (and it's been known to happen, it has to be said) the only thing we've done differently is make the current/future tax payer liable for the money instead.

We're still paying it all back, but in true irish fashion we've (a) kicked the can down the road and (b) tried to make it more politically acceptable by obfuscating the real issue - that the tax payer will pick up the tab for the guy with money deposited in dodgy banks.
Who was participating in the 'debate'?

Any eFFing traitors there? cos they do outrage at whatever the government does or doesn't do despite the eFFing traitors having gotten us into this mess and initiating much of the 'remedies' before they were booted out. The gross hypocrisy of the eFFing traitors is unfathomable at this stage.

I know what you're saying but raiding bank accounts (or even suggesting it) crosses a line that can't now be uncrossed whatever way you look at it...

Taxes can be reversed and governments can be booted out whereas recovering any money that is simply taken from your bank account ain't gonna happen...

Plus if it's done once there is every chance it will be repeated if needs be... and therefore what little confidence remains in the rotten financial system is gone.

Whoever came up with the Cypriot 'solution' is an idiot and whoever supports it is also an idiot.
 

daveL

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Oct 29, 2010
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19,593
It is especially confusing who one considers that most of the money deposited in the banks came from the pockets of Russian Oligarchs who were laundering their money through Cypriot banks.

If bailing out a Russian Oligarch sticks in the craw of the average financially challenged Paddy imagine how a frugal German might feel about it?

This problem was entirely manufactured in Cyprus, by Cypriot banks and their Russian gangster/mafia friends.

I don't want to pay for it!!!!

(I'm not calling any of you financially challenged, but it is an national problem.)
Just like our banking problem was manufactured in Ireland, by Irish banks, their crony leaderships and spades of cheap European credit...

Doesn't stop the nation's citizens feeling hard done by when their take home pay decreases year on year as a direct consequence of saving the system..

Your post smacks of the "we're no Greece" bluster
 

Sync

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Aug 27, 2009
Messages
28,845
It won't work because it will (already is in Cyprus) cause a run on the banks as people remove their savings offshore, under their mattresses or into a tin box buried in the back garden so they don't have to pay the levy. Also, it is grossly unfair on those who were able to save.
This. A tax on below the 100k mark would directly go against the guarantee we were given. It would punish those who saved rather than splurged. It would cause a run on the banks. It would cause people to put their money in the UK. It would cause those who can do so to emigrate to better run countries.

To be realistic though: there's no prospect of this happening in Ireland given the current climate. That climate may change in the event of things going really south in France/Italy but right now there's no need for it.
This whole thing could bring the Euro-zone banking system crashing down yet.
There's no prospect of what's happening in Cyprus directly affecting the future of the euro.
 

Sync

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Joined
Aug 27, 2009
Messages
28,845
It won't work because it will (already is in Cyprus) cause a run on the banks as people remove their savings offshore, under their mattresses or into a tin box buried in the back garden so they don't have to pay the levy. Also, it is grossly unfair on those who were able to save.
This. A tax on below the 100k mark would directly go against the guarantee we were given. It would punish those who saved rather than splurged. It would cause a run on the banks. It would cause people to put their money in the UK. It would cause those who can do so to emigrate to better run countries.

To be realistic though: there's no prospect of this happening in Ireland given the current climate. That climate may change in the event of things going really south in France/Italy but right now there's no need for it.
This whole thing could bring the Euro-zone banking system crashing down yet.
There's no prospect of what's happening in Cyprus directly affecting the future of the euro.
 

Bow tie

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Jul 30, 2010
Messages
351
I can't understand the outrage either.
It is a wealth tax. Isn't that better than hitting people with no savings and barely coping?
Also, it already has some precedence here in the private pension levy.

If you have savings, enjoy them, go forth and be happy because you can be sure as daylight you are now a target for our 'socialist' bankers :)
 

Bow tie

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Jul 30, 2010
Messages
351
I can't understand the outrage either.
It is a wealth tax. Isn't that better than hitting people with no savings and barely coping?
Also, it already has some precedence here in the private pension levy.

If you have savings, enjoy them, go forth and be happy because you can be sure as daylight you are now a target for our 'socialist' bankers :)
 
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