"Systemic" Anglo Irish Bank has not loaned a cent since September

[Libero]

Ignore goosebump's moronic apologias for corruption.

He's just blowing smoke, throwing shapes and conjuring the bogeymonsters of illogic. As with all standard FF spin, it's designed to obfuscate, confuse, muddy the waters, introduce irrelevancies and give you a strong sense of discomfort and fear - fear that can only by assuaged by voting for FF.

These cheap and nasty psychological games are the only thing standing between FF and the noose.

[FONT=Arial][FONT=Verdana]In fairness to goosebump, he may be completely sincere in what he’s pointing out: that in the event of Anglo going bust or being wound-up, the state would have severe difficulty raising the hard cash necessary to pay back depositors and guaranteed creditors.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]After all, Anglo’s assets – mostly commercial and property loans – are not liquid and a firesale would only raise a fraction of what’s needed.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]I think many critics of goosebump haven’t addressed this key point.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana](Not that I agree with him on the prime importance of keeping Anglo alive. Difficult as the above scenario would be, it could be considerably less expensive and messy than having the state pump in billions upon billions to recapitalize every time a load of bad loans are recognised.)[/FONT][/FONT]

[Dreaded_Estate]

[FONT=Arial][FONT=Verdana]In fairness to goosebump, he may be completely sincere in what he’s pointing out: that in the event of Anglo going bust or being wound-up, the state would have severe difficulty raising the hard cash necessary to pay back depositors and guaranteed creditors.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]After all, Anglo’s assets – mostly commercial and property loans – are not liquid and a firesale would only raise a fraction of what’s needed.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]I think many critics of goosebump haven’t addressed this key point.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana](Not that I agree with him on the prime importance of keeping Anglo alive. Difficult as the above scenario would be, it could be considerably less expensive and messy than having the state pump in billions upon billions to recapitalize every time a load of bad loans are recognised.)[/FONT][/FONT]

What goosebump and others conveniently forgot is that even if every cent left Anglo we can borrow unlimited sums from the ECB.
Anglo is already using this facility as can be seen in the increase in ECB borrowings from €3B to about €23B

[cactusflower]

[FONT=Arial][FONT=Verdana]In fairness to goosebump, he may be completely sincere in what he’s pointing out: that in the event of Anglo going bust or being wound-up, the state would have severe difficulty raising the hard cash necessary to pay back depositors and guaranteed creditors.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]After all, Anglo’s assets – mostly commercial and property loans – are not liquid and a firesale would only raise a fraction of what’s needed.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana]I think many critics of goosebump haven’t addressed this key point.[/FONT][/FONT]
[FONT=Arial][FONT=Verdana] [/FONT][/FONT]
[FONT=Arial][FONT=Verdana](Not that I agree with him on the prime importance of keeping Anglo alive. Difficult as the above scenario would be, it could be considerably less expensive and messy than having the state pump in billions upon billions to recapitalize every time a load of bad loans are recognised.)[/FONT][/FONT]

Surely the whole point is we should never have taken the damn thing into public ownership? Did goosebump object at the time?

People get burned when they make a bad investment. Except this time, other people invested and thank to FF, we get burned.

[cactusflower]

What goosebump and others conveniently forgot is that even if every cent left Anglo we can borrow unlimited sums from the ECB.
Anglo is already using this facility as can be seen in the increase in ECB borrowings from €3B to about €23B

Two things, Dreaded_Estate: Germany is raising hell and Trichet has said that after the 60 billion across Europe there won't be more, and the other is that this money is loaned for liquidity purposes: it has to be repaid.

There is a tension between fear of the damage Irish default would have on the eurozone and loathing by the Germans of having to contribute to the feckless Irish. We have guaranteed the banks, but the Germans haven't guaranteed us.

[FakeViking]

Good to know Seanie can still dine out:

DISGRACED banker Sean FitzPatrick is pulling in at least €1.1m a year in pension payments and interest on savings he holds on deposits with his former employers at Anglo Irish Bank, the Sunday Independent can reveal.

'Seanie' still sits on €1.1m a year - Irish, Business - Independent.ie