Register to Comment
Page 1 of 6 123 ... LastLast
Results 1 to 10 of 56
Like Tree38Likes
  1. #1
    Windowshopper Windowshopper is offline
    Windowshopper's Avatar
    Join Date
    Oct 2011
    Posts
    4,961

    NamaWineLake: "Anglo is in breach of the terms of its banking licence"

    According to this article in NamaWineLake the Irish Bank Resolution has been in breach of its banking since at least the 30 June 2012.

    So letís get this clear. We have poured Ä34bn into IBRC including Ä30bn of promissory notes on which we are scheduled to pay a further Ä17bn in interest between now and 2031. IBRC has closed it branches, sold most of its deposits and doesnít take new deposits, doesnít advance new loans and is simply running down its loan book. Itís dead.

    It is supposed to keep its banking licence to continue to obtain loans from the Central Bank secured on its promissory notes. No banking licence means no Central Bank loans. And of course without Central Bank loans, IBRC would collapse tomorrow, its creditors would get paid by whatever assets remained in the bank.

    You might have thought that the Ä663,000-a-year chief executive officer of IBRC and his Ä500,000-plus a year juniors might have at least have been able to ensure IBRC complied with the terms of its banking licence.

    Somewhere up in Cavan this morning, and perhaps in a court room in Dublin 1, there may be eyebrows raised at a bank in breach of its banking licence terms, attempting to hold to account the probity of others. And what on earth is governor of the Central Bank of Ireland, Patrick Honohan doing about breaches that appear to be permitted for at least seven months and are still ongoing"
    Anglo is in breach of the terms of its banking licence ę NAMA Wine Lake
    Sign in or Register Now to reply

  2. #2
    ManUnited ManUnited is offline

    Join Date
    Nov 2009
    Posts
    4,441

    Shocking, they should wind it up and close it.
    Sign in or Register Now to reply

  3. #3
    statsman statsman is offline
    statsman's Avatar
    Join Date
    Feb 2011
    Posts
    34,910

    Quote Originally Posted by Windowshopper View Post
    According to this article in NamaWineLake the Irish Bank Resolution has been in breach of its banking since at least the 30 June 2012.



    Anglo is in breach of the terms of its banking licence ę NAMA Wine Lake
    What is the exact nature of its breach?
    Sign in or Register Now to reply

  4. #4
    wombat wombat is offline
    wombat's Avatar
    Join Date
    Jun 2007
    Posts
    22,657

    Quote Originally Posted by statsman View Post
    What is the exact nature of its breach?
    Doesn't matter, its the economists version of discussing how many angels can dance on the head of a pin.
    Sign in or Register Now to reply

  5. #5
    ShoutingIsLeadership ShoutingIsLeadership is offline
    ShoutingIsLeadership's Avatar
    Join Date
    Jan 2011
    Posts
    30,358

    The most shocking element of this story is the implication that everything it did before that date WASN'T in breach of its banking licence.
    Sign in or Register Now to reply

  6. #6
    Manstein Manstein is offline

    Join Date
    Sep 2011
    Posts
    726

    Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?
    Sign in or Register Now to reply

  7. #7
    Watcher2 Watcher2 is offline

    Join Date
    May 2010
    Posts
    12,624

    Quote Originally Posted by statsman View Post
    What is the exact nature of its breach?
    "No banking licence means no Central Bank loans."

    From my reading of the OP, it has failed to retain/renew its banking license.
    Sign in or Register Now to reply

  8. #8
    YouKnowWhatIMeanLike YouKnowWhatIMeanLike is offline
    YouKnowWhatIMeanLike's Avatar
    Join Date
    Apr 2011
    Posts
    5,640

    Quote Originally Posted by ShoutingIsLeadership View Post
    The most shocking element of this story is the implication that everything it did before that date WASN'T in breach of its banking licence.
    we will never know because the ODCE will have to finish reading the 24m documents first before they raise their arses off the bench.
    Sign in or Register Now to reply

  9. #9
    Hewson Hewson is offline
    Hewson's Avatar
    Join Date
    Apr 2009
    Posts
    8,427

    Quote Originally Posted by Manstein View Post
    Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?
    Heck no. Look at all the culprits brought to court after the Hep C scandal, the Beef Tribunal report, the Mahon Report, the Morris Tribunal report . . .

    Ad nauseam. Ireland spends much of its wealth investigating wrongdoing with the sole purpose of doing nothing about it.
    Sign in or Register Now to reply

  10. #10
    statsman statsman is offline
    statsman's Avatar
    Join Date
    Feb 2011
    Posts
    34,910

    Quote Originally Posted by wombat View Post
    Doesn't matter, its the economists version of discussing how many angels can dance on the head of a pin.
    Quote Originally Posted by Watcher2 View Post
    "No banking licence means no Central Bank loans."

    From my reading of the OP, it has failed to retain/renew its banking license.
    Any sane system would have a specific 'wind-down' licence for banks in this situation.
    Sign in or Register Now to reply

Page 1 of 6 123 ... LastLast
Sign in to CommentRegister to Comment