EU must halt Irelands Madness - Kelly

[deiseguy]

That's not the only decision that has been made. part 2 I'm sure will be the bailout for the government. We need a new plan from the EU....

Is it not time for us to essentially look for the EU to appoint a receiver. I am not all that well clued up on receivers but to my understanding a receiver comes in gives protection from creditors for a set period and tries to work out a plan to move the institution forward paying creditors more than they would get in a liquidation but substantially less than they were demanding.


Many commentators seem to be saying that we are already overburdened with debt and by all accounts on our current course we are heading for a substantially worse position over the next 3-5 years. If we flipped the bondholders the bird to-morrow how much worse would it be than the worst case scenarios which are currently being outlined or would it simply bring the evil day forward and get it over with now.

[Libero]

Is it not time for us to essentially look for the EU to appoint a receiver. I am not all that well clued up on receivers but to my understanding a receiver comes in gives protection from creditors for a set period and tries to work out a plan to move the institution forward paying creditors more than they would get in a liquidation but substantially less than they were demanding.

You meant to say appoint an examiner!

Unfortunately, what we're set to get from Brussels (and Frankfurt, and Berlin) is more like a receiver.

[Expatriot]

If the government opts for a wind-down rather than the good bank/bad bank option, is it not in our interest to spread the period of the wind-down over at least 10 years? Kelly is suggesting 5/6 years - and I recall Burton saying the same. Also, Aynsley is quoted on today's IT as saying a 10 year wind-down would be €4/5 billion more expensive than keeping the bank going. Do we have any comparative figures for a 5 year wind-down?

It is not the governments decision anymore. At least not the Irish governments anyway. That time has passed.

[Sailor]

It is not the governments decision anymore. At least not the Irish governments anyway. That time has passed.

That wasn't what I asked - my question referred to the optimum wind-down period. Any idea?

[Sean-Bhean bhoct]

Since when do EU Commissioners take elected government representatives seriously - being appointees themselves, it's manifestly never been an issue for them. That said, forcing Lenihan to dump Anglo would be a massive favour to this country.

Well given that Commissioner Almunia is a former Minister himself, then I think he would indeed take government representatives seriously.

[Expatriot]

That wasn't what I asked - my question referred to the optimum wind-down period. Any idea?

I asked you a question on another thread a few days ago. I will answer yours when you answer mine.


I asked you if the bank bailout is 90 Billion is that affordable?

[Sailor]

I asked you a question on another thread a few days ago. I will answer yours when you answer mine.


I asked you if the bank bailout is 90 Billion is that affordable?

And I responded to the effect that I was not prepared to speculate on any old figure you threw out. Anyway, if you don't know what would be the optimum wind-down period, fair enough - but don't be wastin my time answering a question with a meaningless and unrelated soundbyte.

[Expatriot]

And I responded to the effect that I was not prepared to speculate on any old figure you threw out. Anyway, if you don't know what would be the optimum wind-down period, fair enough - but don't be wastin my time answering a question with a meaningless and unrelated soundbyte.

I was not answering you question, I was pointing out that it is incorrect to assume that it is a decision that needs to be made in Ireland. I think it will be made elsewhere and the cost to the Irish tax payer will not be the major concern. We have lost control of this situation. Neither the management of the "bank" or the government is in a position to pick a wind-down period. As Alan Dukes says, we are policy takers on this one.

We had a two years window to do something with the banks, that is over now or very nearly over.


I did not "throw out" the figure, The New York Times did. I want to know if that papers fears are correct are we broke?

[jacko]

heard Kelly on News at One before his meeting with Almunia - doubt Lenny will be happy with him spilling the beans on the way Anglo are screwing small business