Bank Guarantee Scheme in Hindsight

[Digout]

In light of recent news stories I think its time for us to revisit the morning we woke up to be told of the above scheme.

The government made the announcement early in the morning, aprox 6:30 from what I remember. The statement is here

The Central Bank & Financial Services Authority of Ireland

So, everything was guaranteed from midnight on 29th Sept. Then on 30th Sept, IL+P decided to throw in at least 4 billion to Anglo.

From what I remember, we were told that the heads of all the banks were in government buildings the night of the 29th ? Was this deposit plan made there? Was the guarantee put in place to allow the movements of such money to artificially prop up the banks?

Can people remember back to this time and post links / memories of what was said by the people in charge?

There is another thread discussing if the movement of money was illegal, lets leave that asside here.

Its just a little to much of a coincidence that as soon as the guarantee was made that a massive amount of money was moved from one bank to prop up another.

Also, its been a while since I worked in the area, but can somebody wake up and go into a bank and decide to move a few billion? Surely this takes a few days to organise? Does anybody know the procedures for this?

I was told before that the cops are notified of movements of large amounts of cash, does anybody know if this is true?

[HarshBuzz]

Also, its been a while since I worked in the area, but can somebody wake up and go into a bank and decide to move a few billion? Surely this takes a few days to organise? Does anybody know the procedures for this?

it takes a few seconds to organise if all appropriate approvals are in place

[Digout]

it takes a few seconds to organise if all appropriate approvals are in place

It would take a while to get all the approvals ?

[HarshBuzz]

It would take a while to get all the approvals ?

well you're looking at stuff like credit committees, ALCO committees, KYC etc

compliance basically.

I'd imagine all of this stuff had been in place for years

[revereie]

A quick phonecall, but you said you work in the area - you know this.

As to your main theme, the Guarantee scheme was a quick band-aid applied and lauded by Governments all over Europe and subsequently copied throughout the world. It incidentally cost almost nothing.

(Having said that, while the Government can be applauded for swiftness of action, respinse and purpose, it is the behaviour of the banks that is causing great concern. As a follower of the Establishment* (the various institutions of the State we all partake and live in), I can scarecely believe whats coming out)



*for want of a better phrase

[adamirer]

A quick phonecall, but you said you work in the area - you know this.

As to your main theme, the Guarantee scheme was a quick band-aid applied and lauded by Governments all over Europe and subsequently copied throughout the world. It incidentally cost almost nothing.

Woahh horsey. Bit revisionist there.
It most certainly was not lauded by Gov's all over europe. The Germans etc were bloody livid! It was copied by many because it caused a run on other countries banks - not because it was liked!!!!!!!!!!!!!!!!!

As for not costing money - thats very much a wait and see. Its foolish to suggest that currently, a long time to go.

[Digout]

A quick phonecall, but you said you work in the area - you know this.

Used to, 10 years ago in London.

[HarshBuzz]

A quick phonecall, but you said you work in the area - you know this.

As to your main theme, the Guarantee scheme was a quick band-aid applied and lauded by Governments all over Europe and subsequently copied throughout the world. It incidentally cost almost nothing.

(Having said that, while the Government can be applauded for swiftness of action, respinse and purpose, it is the behaviour of the banks that is causing great concern. As a follower of the Establishment* (the various institutions of the State we all partake and live in), I can scarecely believe whats coming out)

*for want of a better phrase

Reverie, I assume you are a FF man by your logo thingamajig?

the behaviour of the banks does indeed cause great concern. They have been allowed to behave like modern-day buccanneers. If we were America, law enforcement would be all over Anglo's books, emails and phone records, Drumm and Fitzpatrick would be doing a perp walk in handcuffs instead of playing golf in South Africa.

the behaviour of the financial regulator also causes great concern, he has been rewarded with a 600k lump sum and a massive pension.

the behaviour of the Central Bank also causes great concern, Hurley is the highest paid Central Banker in Europe. Jesus wept.

the behviour of the auditing profession also causes great concern, they kept their mouths shut, looked the other way and trousered the cash. I hope they kept up the professional indemnity insurance because they're going to spend much of the next decade in court.

now to the behaviour of politicians:

we have it that the DoF attempted to persuade the two Brians that Anglo should NOT be included under the terms of the guarantee. The DoF was overruled. One has to ask why? With every bit of information emerging from the cesspool at Anglo, it appears that the DoF were 100% correct. Irreparable damage has been done to Ireland's reputation. Massive debt has been lumped onto future taxpayer's shoulders (Anglos eventual losses will come in well above 20 billion). Let me spell it out: the two Brians are protecting their mates in property development at the expense of the Citizens of this country. They are traitors pure and simple.

so when you can 'scarcely believe' what's going on, raise it at your next Cumann meeting. Your party has direct responsibility for this state of affairs.

[Digout]

When asked by Gilmore when did he become aware of the loans /deposits Cowen would not answer.