Why are the government getting involved in Anglo's debts?

[shutuplaura]

I don't know why this banking lark is so hard to understand. This has nothing to do with 'loans to private institutions'.

The issue in all of these banks is the money that is on deposit ie if Joe and Josephine Public turn up in the morning and want to empty their account, Anglo must have the cash to fulfil this. The only way they can guarnatee this is to continue trading as a bank.

The alternative is that we allow Anglo to fail, wherein Joe and Josephine get shafted, wherein their is a run on every bank, wherein we all go down together.

Isn't that why we have the bank guarantee?

[mackthenack]

Anglo was the nexus of the FF/Builder corruption during the Ahern era.

If Anglo was allowed to go bust, then there would be a court-appointed reciever who would have the power to go through the books in detail.

Such an examination of Anglo's books would show exactly who was benefiting and how much money was really going to various connected FFers. We're talking billions here, many many billions.

So Anglo must be nationalised and the little people (the taxpayer) must pay to make up the hole in the balance sheet, and so we can keep all the real shenanigans out of the public eye and secret for another few decades.

It's as simple as that, and any other explanation is pure waffle. The State has been hijacked by a criminal cabal. It's all you need to know, and all you need to get your head around. Once you accept that ugly truth, everything else makes perfect sense.

This rings true to me.

[Sailor]

I don't know why this banking lark is so hard to understand. This has nothing to do with 'loans to private institutions'.

The issue in all of these banks is the money that is on deposit ie if Joe and Josephine Public turn up in the morning and want to empty their account, Anglo must have the cash to fulfil this. The only way they can guarnatee this is to continue trading as a bank.

The alternative is that we allow Anglo to fail, wherein Joe and Josephine get shafted, wherein their is a run on every bank, wherein we all go down together.

As a matter of interest, can anybody say how much J & J Public have on deposit with Anglo?