Tax payer to bail Anglo managers out of their own loans?

[myk]

Perhaps I am reading this article incorrectly

RTÉ Business: Anglo managers have impaired loans

It would seem to me that the Anglo Directors in the Oireachtas committee today are saying that their own managers have impaired loans from the bank and are being treated the same as other borrowers.

Answering questions, he told the committee that some people who were still in senior management positions in Anglo had impaired loans. But he said all borrowers were being treated in exactly the same way.
...
Mr O'Connor said Anglo welcomed the establishment of the National Asset Management Agency (NAMA), as it would have significant benefits for the bank. He said NAMA would reduce the bank's balance sheet, reduce uncertainty over impairment and improve access to funds on international markets.

So does this mean that the tax payer will have to foot the bill for the personal as well as professional mistakes of these senior Anglo Irish managers? And these people are still working for the bank?!

[Odyessus]

Perhaps I am reading this article incorrectly

RTÉ Business: Anglo managers have impaired loans

It would seem to me that the Anglo Directors in the Oireachtas committee today are saying that their own managers have impaired loans from the bank and are being treated the same as other borrowers.



So does this mean that the tax payer will have to foot the bill for the personal as well as professional mistakes of these senior Anglo Irish managers? And these people are still working for the bank?!

There is no plan for the taxpayer to foot the bill for anyone.

[Just Us]

Perhaps I am reading this article incorrectly

RTÉ Business: Anglo managers have impaired loans

It would seem to me that the Anglo Directors in the Oireachtas committee today are saying that their own managers have impaired loans from the bank and are being treated the same as other borrowers.



So does this mean that the tax payer will have to foot the bill for the personal as well as professional mistakes of these senior Anglo Irish managers? And these people are still working for the bank?!

Good point MYK. These so-called "free marketeers" arrogantly gambled & lost. But like Eircom & Westlink, it's tails they win, heads we lose. Corrupt, greedy b@st@rds should be perp-walked like Madoff & Stanford in the US.

[myk]

There is no plan for the taxpayer to foot the bill for anyone.

So when a borrower doesn't repay a loan (or part thereof), the lender (Anglo) impairs the loan, and recognises the loss in their accounts and the government recapitalises the bank as a result of those losses....it isn't the taxpayer footing the bill? please explain to me how that is so?

[yehbut_nobut]

So when a borrower doesn't repay a loan (or part thereof), the lender (Anglo) impairs the loan, and recognises the loss in their accounts and the government recapitalises the bank as a result of those losses....it isn't the taxpayer footing the bill? please explain to me how that is so?

[DCon]

I wonder if any loans were granted to Anglo managers after Nationalisation

[Digout]

I started another thread on this meeting this morning, its seems they still have no idea how much the losses are, so this mean we are giving them a blank cheque!!!!

This is a major scandal.

[myk]

I wonder if any loans were granted to Anglo managers after Nationalisation

According to Anglo, no new loans have been given out since Sept 08, that is what 9 months ago. Though according to this rte piece, the directors do say that in some instances they increased credit on existing loan arrangements where projects were nearing completion or something along those lines.

[Digout]

It all looks like a massive fraud.

[HanleyS]

I wonder is there a criminal dereliction of duty as a company director in signing over non-recourse loans to oneself. Even without a nationalisation who was looking after the shareholders interests here? How are international investor supposed to have any faith in Ireland? Truly the Wild Wild West of Europe.