Taxpayer facing €7.5bn Anglo bailout

[Marlowe]

According to the Irish Examiner the taxpayer could now be forced to pay a staggering €7.5bn to bail out Anglo Irish bank.

Taxpayer facing ?7.5bn Anglo bailout | Irish Examiner


The bank said it expects to have to write off €7.5bn over three years to 2011 as loans to its elite clientele of property developers continue to go sour.


But it gets worse:If land and property values continue to deteriorate total bad debts could rise by a further 3.5 bn resulting in a total write down of €11bn.

This is getting truly frightening.And this is just Anglo.Will the other banks also need huge injections of cash by the taxpayer when their bad debts come home to roost? Day by day the news keeps getting worse.Are we ever going to see the end of it?

[Ah Well]

According to the Irish Examiner the taxpayer could now be forced to pay a staggering €7.5bn to bail out Anglo Irish bank.

Taxpayer facing ?7.5bn Anglo bailout | Irish Examiner


The bank said it expects to have to write off €7.5bn over three years to 2011 as loans to its elite clientele of property developers continue to go sour.

Read more: Taxpayer facing ?7.5bn Anglo bailout | Irish Examiner

But it gets worse:If land and property values continue to deteriorate total bad debts could rise by a further 3.5 bn resulting in a total write down of €11bn.

This is getting truly frightening.And this is just Anglo.Will the other banks also need huge injections of cash by the taxpayer when their bad debts come home to roost? Day by day the news keeps getting worse.Are we ever going to see the end of it?

It ain't nice and tbh I don't think there is anyone who can say for certain where exactly it will all end up.

I know someone with substantial savings in Anglo Irish still. I'm inclined to tell them to get it out now. Yes, it's effectively State owned but what if the Gov subsequently decide to prohibit ppl in whatever manner to withdraw monies due to ultimate necessity to prop it up as time goes on - millions has been withdrawn by ppl already?

Course then there's the prob ... where does one go with such savings? to what fecking Bank?

Burying it in the Garden in hard cash/euro isn't a 100% unattractive option in these times

[Marlowe]

It ain't nice and tbh I don't think there is anyone who can say for certain where exactly it will all end up.

I know someone with substantial savings in Anglo Irish still. I'm inclined to tell them to get it out now. Yes, it's effectively State owned but what if the Gov subsequently decide to prohibit ppl in whatever manner to withdraw monies due to ultimate necessity to prop it up as time goes on - millions has been withdrawn by ppl already?

Course then there's the prob ... where does one go with such savings? to what fecking Bank?

Burying it in the Garden in hard cash/euro isn't a 100% unattractive option in these times

One wonders how safe bank savings would be if the IMF was called in.Would they even allow the bank guarantee to be honoured?

[anewbeginning]

According to the Irish Examiner the taxpayer could now be forced to pay a staggering €7.5bn to bail out Anglo Irish bank.

Taxpayer facing ?7.5bn Anglo bailout | Irish Examiner


The bank said it expects to have to write off €7.5bn over three years to 2011 as loans to its elite clientele of property developers continue to go sour.


But it gets worse:If land and property values continue to deteriorate total bad debts could rise by a further 3.5 bn resulting in a total write down of €11bn.

This is getting truly frightening.And this is just Anglo.Will the other banks also need huge injections of cash by the taxpayer when their bad debts come home to roost? Day by day the news keeps getting worse.Are we ever going to see the end of it?

If there isn't a general election called in this country this summer, it's time the Irish people marched en masse on the Dail and demand an election.

It's our duty to future generations to save this country and get Fianna Fail out. That's why if there isn't an election called soon after June 5th we must do the same as in Iceland.

FF are propping up their corrupt clientelle and a stop has to be put to this.

We need to organise a march probably sometime in the 3rd or 4th week of June demanding the government resign.

[Marlowe]

If there isn't a general election called in this country this summer, it's time the Irish people marched en masse on the Dail and demand an election.

It's our duty to future generations to save this country and get Fianna Fail out. That's why if there isn't an election called soon after June 5th we must do the same as in Iceland.

FF are propping up their corrupt clientelle and a stop has to be put to this.

We need to organise a march probably sometime in the 3rd or 4th week of June demanding the government resign.

As I said on another thread,I think we are being drip fed the bad news regarding the banks,just like we were drip fed the bad news about the economy.
The tactic seems to be to try and soften up the public then gradually feed the bad news bit by bit until everybody gets tired of it and don't want to listen anymore.

Also people are getting used to figures of billions being bandied about. Many just can't comprehend how much money is involved.

[anewbeginning]

Yes but it's time to get FF out before Cowen destroys the country for generations. Anyone who understands economics can see he is destroying the country.

I don't think the Irish people can sit by any more and watch these criminals wreck our country. We deserve better than a scumbag like Cowen running the country.

[Marlowe]

Yes but it's time to get FF out before Cowen destroys the country for generations. Anyone who understands economics can see he is destroying the country.

I don't think the Irish people can sit by any more and watch these criminals wreck our country. We deserve better than a scumbag like Cowen running the country.

The election results next week may cause enough instability to precipitate an election fairly soon. If it does I hope the people deliver the proper message.

[Digout]

Its going to cost us a lot more than this. At least €16 billion.

[Marlowe]

Its going to cost us a lot more than this. At least €16 billion.

I agree.But of course we won't be told this up front.

[anewbeginning]

I seriously hope the European Commission does not approve a bailout of Anglo.

The Irish people should not pay the 300 million for the golden circle corruption or the 4 billion total loss. If the Commission approves this bailout they will be condoning and rewarding corruption.

Is it possible to lobby the EU Commission directly to ask them not to approve any more bailouts of Anglo Irish because it's just throwing money down the drain and was caused by FF corruption.