Is Anglo Irish Bank a pig in a poke?

[kellsangel]

I have a strange fear of foreboding that there are huge losses in the pipeline for Anglo, which far exceed any admitted expectation of Fianna Fail

If you were buying anything you would be allowed examine what you were buying.

At the very least you would send in your surveyors to access the value of the collateral against which the loans have been advanced, as well as the value of any property in commercial portfolios, and the value of building under construction.

You can bet on them being worth less than half of their former envisaged value, which was likely to have been inflated beyond the peak of the market.

For the past few years developers added about 25% to the existing value in determining the likely value of a new development.

This will be a catastrophe for the taxpayer and a few FF men will get a parachute.

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[Casualbets]

Is Anglo Irish Bank a pig in a poke?

Not so much a pig in a poke as a piggybank by the sound of things...

Maybe it the was contaminated pigfeed scare that did for it

[Digout]

I have a strange fear of foreboding that there are huge losses in the pipeline for Anglo, which far exceed any admitted expectation of Fianna Fail

If you were buying anything you would be allowed examine what you were buying.

At the very least you would send in your surveyors to access the value of the collateral against which the loans have been advanced, as well as the value of any property in commercial portfolios, and the value of building under construction.

You can bet on them being worth less than half of their former envisaged value, which was likely to have been inflated beyond the peak of the market.


For the past few years developers added about 25% to the existing value in determining the likely value of a new development.

This will be a catastrophe for the taxpayer and a few FF men will get a parachute.

you got it, this is exactly whats going on. This is going to bankrupt the country.