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Thread: ECB President Jean-Claude Trichet told Finance Minister Lenihan: 'Save your banks"

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    Default ECB President Jean-Claude Trichet told Finance Minister Lenihan: 'Save your banks"

    ECB President Jean-Claude Trichet told Finance Minister Brian Lenihan: 'Save your banks'.

    RTÉ Business: NAMA decisions driven by pragmatism - Ahearne

    Seems strange that a person whom none of us elected ECB chief Trichet should tell us how to spend so much money that we don't have.

    Where did he expect that we would get the money required?

    How were we to pay it back?

    Were we to pay it back in full?

    Are we to pay it back at all?

    Did he know how much would be required to "save the banks" at the time he gave the advice/ direction?

    Did he favour the bailout of bondholders?

    Should he appear before any Banking inquiry?

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    Politics.ie Member HarshBuzz's Avatar
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    unless I can see a direct quote attributed to JCT on this, I refuse to believe it

    'save your banks Monsieur Lennyhoon'

    'what, all of them - even Anglo?'

    'oui, oui - you speak such divine French by the way. Now passez moi the garlic'
    “'retail deposit flight, I don't see that as a great danger. Ireland is an island” - Brian Lenihan - to hundreds of international investors

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    Politics.ie Member cyberianpan's Avatar
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    Indeed Mr Jean-Claude... and what precisely did you say about risk capital ? (subordinated debt)

    cYp
    "Yawn , am I alive yet ?"

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    Politics.ie Member Sync's Avatar
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    "Save your banks" was an obvious thing to say. Everyone in Ireland broadly said the same thing. How we chose to do that is down to the govt of the day. Without knowledge of the follow-up conversation this is pointless.

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    Politics.ie Member Dreaded_Estate's Avatar
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    Quote Originally Posted by cyberianpan View Post
    Indeed Mr Jean-Claude... and what precisely did you say about risk capital ? (subordinated debt)

    cYp
    Very little I would imagine which is why they asked that they be excluded in the extension of the guarantee.

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    Politics.ie Member Sam's Cross's Avatar
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    Default See Alan Ahearne Lecture in full

    Video of last night's lecture by Alan Ahearne available here

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    Politics.ie Newbie Enda the Mayo peasant's Avatar
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    I think it's time for Irish people to re-think this whole EU business.

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    Quote Originally Posted by Sync View Post
    "Save your banks" was an obvious thing to say. Everyone in Ireland broadly said the same thing. How we chose to do that is down to the govt of the day. Without knowledge of the follow-up conversation this is pointless.
    I am not sure about that. In my view the "banking system" must be saved for the sake of the economy not the "bankers". However, our actions (or rather those of the government) to date would suggest that we have continued to allow senior banking officials far to much lattitude in a misguided view that they will get it right second time round.
    I was was very critical of Lenihan for not taking decisive action to get to grips with the banking hierarchy and remain so, particularly as it is clear that post bailout many of them just want to pick up where they left off and have on a number of occasions thumbed their noses at the government and the taxpayer.
    An Puc Fada

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    MrFunkyBoogaloo
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    Where did he expect that we would get the money required? From the ECB... where else?

    How were we to pay it back? By crippling taxpayers.. sure what's a few lives as long as the numbers stack up (as implied by some right-wing hack on p.ie)

    Were we to pay it back in full? YES + INTEREST

    Are we to pay it back at all? We could default but whether FF or a future government have the balls/temerity/audacity/bravery(depending on how you look at it) to do so is another matter. Either way it has to be paid back!

    Did he know how much would be required to "save the banks" at the time he gave the advice/ direction? Who cares, think of the interest!

    Did he favour the bailout of bondholders? I would imagine he's concerned with the stability of the EMU. Couldn't have some upstart corrupt backwater diminishing the precious €.

    Should he appear before any Banking inquiry? Why, he had nothing to do with the policies that lead us here. He may have decided and 'advised' on corrective action but only after the fact.

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    Quote Originally Posted by John Kalahan View Post
    ECB President Jean-Claude Trichet told Finance Minister Brian Lenihan: 'Save your banks'.

    RTÉ Business: NAMA decisions driven by pragmatism - Ahearne

    Seems strange that a person whom none of us elected ECB chief Trichet should tell us how to spend so much money that we don't have.

    Where did he expect that we would get the money required?

    How were we to pay it back?

    Were we to pay it back in full?

    Are we to pay it back at all?

    Did he know how much would be required to "save the banks" at the time he gave the advice/ direction?

    Did he favour the bailout of bondholders?

    Should he appear before any Banking inquiry?

    Yet fools still scoff at the idea of there being a global banking conspiracy.

    Rule by "Goldman Sachs": Goverment that Sux

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