Anglo Irish Bank's bad loan losses expected to reach €14bn

[Dreaded_Estate]

Anglo Irish Bank's bad loan losses expected to reach €14bn - Irish, Business - Independent.ie

Bad loan losses at Anglo Irish Bank are now set to come in around the €14bn level, as the nationalised bank and its auditors fine-tune figures ahead of publication next week.

It will be the largest loss ever unveiled by an Irish corporation.

It is understood that the nationalised group's overall pre-tax loss will still come in just below €12bn for the 15 months to the end of last December.

Yesterday was the second anniversary of the so-called St Patrick's Day Massacre, when then publicly quoted Anglo stock plunged as much as 22pc to lead a broad sell-off of Irish banking stocks. The stock ended the session off 15pc -- just days after the near-collapse of US investment bank Bear Stearns.

[Malbekh]

Anglo Irish Bank's bad loan losses expected to reach €14bn - Irish, Business - Independent.ie

It's systemic dear boy, systemic.

[Wakeupcall]

Yeah worst in Irish history... Though over 15 months rather than 12...

[ang]

Systemic being the operative. This government have now allowed it to become so deeply embedded in the roots of our financial system, that in the end it will be the rot that brings us down.

[Tomas Mor]

And I suppose that master of his brief Brian Cowen, and the other genius, snake banisher Saint Brian Lenihan will tell us its in our interest to continue to pour more money into it and rescue it, that it will all be worth it at the end. I agree with Enda Kenny that if thats done there will be revolution. This is the tipping point and the straw that will break the camel's back and burst the dam.

[Dreaded_Estate]

And since Anglo has only €0.1bn in equity capital left much of this loss will have to be good by the taxpayer.

[libertarian-right]

The worst is yet to come really. The amount of debt adding up is too large to burden on the taxpayers still able to pay.

[goosebump]

And I suppose that master of his brief Brian Cowen, and the other genius, snake banisher Saint Brian Lenihan will tell us its in our interest to continue to pour more money into it and rescue it, that it will all be worth it at the end. I agree with Enda Kenny that if thats done there will be revolution. This is the tipping point and the straw that will break the camel's back and burst the dam.

So why are so many headbangers calling for the other banks to be nationalised?

[SideysGhost]

So why are so many headbangers calling for the other banks to be nationalised?

Because for the last two years the entire political and media system has refused to countenance the only sane course of action: letting normal commercial reality take its course and putting these insolvent turkeys into liquidation.

When the only sane, rational, route is blocked off, you get headbangers yelling for crazy loonytunes notions like nationalisation, recapitalisation and NAMA.

[unlimited]

And I suppose that master of his brief Brian Cowen, and the other genius, snake banisher Saint Brian Lenihan will tell us its in our interest to continue to pour more money into it and rescue it, that it will all be worth it at the end. I agree with Enda Kenny that if thats done there will be revolution. This is the tipping point and the straw that will break the camel's back and burst the dam.

No there won't (be a revolution).
Nothing will happen. We'll just bend and take it all as usual. And then vote the ********************ers back in again.