Apparantly ILP have been given a E17billion line of credit from the ECB on the qt of which some E5.3billion has been drawn down. ILP will be paying the the ECB base rate plus 1% penalty for this money meaning that much of it's loan book underwater and ILP profits with it.
Will ILP be Ireland's Northern Rock?
Not that I object to these discusions, but weren't these threads banned?
Yeah, we're not allowed to mention specific institutions, apparently
The source for this story is the May 16th issue of the Phoenix, for anyone who cares, before this thread gets nuked.
Je suis un loo-lah
Has that not all changed since we were "off-shored"?
First Amendment and all that?
The Illuminati ...... because payback's a Bit
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h.
I asked a friend in Anglo about the IT article this week suggesting a merger. They said no chance because ILP are €30Bn short.
The future saviour of the Irish Economy:
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**EO withdraws his money from ILP tomorrow**
Anglo are good at what they do; getting involved with ILP is the last thing they need.Originally Posted by HanleyS
There are times when you are simply required to be impolite. There are times when condescension is called for!
- Aaron Sorkin writing as President Bartlet to Obama, NYT 21/09/2008
You can't build a smart economy based on dumb decisions.
- Richard Bruton 18/12/2008
It's guaranteed by the government below a certain threshold. It's unclear whether our government would nationalise like they did over in the UK.**EO withdraws his money from ILP tomorrow**
The future saviour of the Irish Economy:
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According to the IL&P corporate website last year they stated openly that they had a 20bn credit line in place with the ECB. This actually positive because it means they have a secure line of credit to use if they need it rather than have to go looking to the commercial market. I thought the Northern Rock run was caused because they didn't have the ability to put such a line of credit in place because the BoE ruled they weren't allowed make it available without treasury approval and then it went over and back between them whilst NR lost it's credibility, then it's depositors - leaving the British Govt having to move in and provide a guarantee on deposits.
I think this thread is childish and in the absence of any real new info it should be locked
What the Irish Labour Party got a loan of €17 billion!!!
Wow that a ************************ lot of posters.
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