The report from the central bank is linked here
http://www.centralbank.ie/data/site/...ary%202011.pdf
The last page provides links to scary spreadsheets that reveal how completely banjaxed the financial system is in Ireland.
The banks are very insolvent and distressed borrowing is all over the shop with a stealth bank run ongoing.
not too many charts heading upwards are there?Originally Posted by Cassandra Syndrome
For those who are concerned about their money on deposit with Irish banks, there is an excellent post on askaboutmoney.com describing ways in which you can protect your deposits, mostly by sending that money abroad in one form or another.
As I mentioned above, I don't have any problems on this issue (no savings), but there are many people nearing retirement age who have a lot of their pension savings on deposit and are unaware of the huge risks involved in keeping this money in Irish banks.
This could be Bertie getting his money out for Chelthenham
Dont be a ....head all your life.
Lendahand the SPOOFER.
The spoofer from Fianna FAIL IMF Anglo said "we are an island" to justify to bondholders that deposits were NOT LEAVING the banks.
What a ....head
There seems to little doubt that Ireland will default - 12 to 18 months.
The question is why are we delaying this?
First of all there is the matter of the wider eurozone crisis, and the political failure of the EU to address the issue as yet. Do we simply wait to see what they come up with or do we become players in the debate?
Secondly there is the issue of the ECB wanting to get some of its money back. Seems to me the ECB/IMF/Commission deal specifies that we be completely asset stripped before we go down the tubes. We are now like on of those obsolete ships heading for its final resting place on a beach in Pakistan, and on the way all items if utility are stripped out. When the ship hits the beach its cut to pieces and the steel reforged into something else. We are on the point of losing all control of what that something else might be.
There would seem to be very little real political debate about the real issues. FG has its nasty little pro-competition neo-darwinian agenda and Labour with no agenda at all apart from bums on seats of mercs.
Thankfully there does seem to be the nucleus of the left elected - therein lies our future - but they will be starting a new country from the wreckage left over by the three "big responsible" parties.
In the short term so long as the ECB continues to replace lost deposits in Irish banks at 1% interest the banks will be delighted. Its the cheapest money available from anywhere. Probably why you don't see the banks launching advertising campaigns looking for new depositors; why bother when you would have to pay them more? Such cheap money allows for greater margins when money is lent thus increasing banks profits.
Just make sure you dont have deposits when the carousel stops
BTW do people seriously believe that the state is in a position to guarantee deposits up to €100.000
Where will the money come from !!!!! The taxpayer
