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Thread: What the banks Dont want you to Know

  1. #1
    Politics.ie Member richie268's Avatar
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    Thumbs down What the banks Dont want you to Know

    State ordered AIB and BoI to prop up Anglo
    Sunday, August 09, 2009 By David Clerkin, Markets Correspondent
    The government ordered AIB and Bank of Ireland to give up to €8 billion in emergency funding to Anglo Irish Bank in the weeks leading up to the ailing bank’s nationalisation in January, The Sunday Business Post has learned.

    Correspondence between the European Commission and the government, seen by this newspaper, revealed that the deal was one of a number of measures used to prop up Anglo as it struggled to fund itself in the wholesale banking market.

    ‘‘Other measures being put in place to enhance the liquidity position of the bank [Anglo] going forward include .. . additional undrawn committed facilities from two credit institutions,” said the correspondence, which was dated early January.
    http://www.thepost.ie/story/eymhojsnql/

    You either need a lend or you dont! and consider the sums involved ,
    Its about time People woke up,
    The Government later stated they did not need the Cash .
    I have been harping about this for a while,
    Last edited by richie268; 27th October 2010 at 02:09 PM.

  2. #2
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    Quote Originally Posted by richie268 View Post
    The government ordered AIB and Bank of Ireland to give up to €8 billion in emergency funding to Anglo Irish Bank in the weeks leading up to the ailing bank’s nationalisation in January, The Sunday Business Post has learned.

    Correspondence between the European Commission and the government, seen by this newspaper, revealed that the deal was one of a number of measures used to prop up Anglo as it struggled to fund itself in the wholesale banking market.
    So did they actually give Anglo the €8 billion in addition to the €10 billion "master loan repurchase" that the Central Bank gave Anglo at exactly the same time?

    And if so, was the €8 billion repaid?

  3. #3
    Politics.ie Member richie268's Avatar
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    I think the order was made before September 2008 so if you hang around for 30 years you may get an answer.
    Government Policy

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    Politics.ie Member needle_too's Avatar
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    Could you
    1. provide a link to the original article and
    2. show where the quote ends and your own opinion begins....please.

  5. #5
    Politics.ie Member
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    Link to article here:-

    | The Post
    Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  6. #6
    Politics.ie Member Dreaded_Estate's Avatar
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    Well presumably this is why Irish Life and Anglo engaged in the circular deposits to enhance Anglo's balance sheet.

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    Should the government interfere in the Market in this manner?

    Surely if any FFer/DOF staff or their spouse held Anglo/bank shares and knew about this they could be in trouble.
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

  8. #8
    Politics.ie Member Dreaded_Estate's Avatar
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    Quote Originally Posted by DCon View Post
    Should the government interfere in the Market in this manner?

    Surely if any FFer/DOF staff or their spouse held Anglo/bank shares and knew about this they could be in trouble.

    I wouldn't classify this as interfering it is illegal IMO.

  9. #9
    Politics.ie Member hammer's Avatar
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    It is not illegal. It was a loan. The Permanent TSB transaction was not illegal except for the fact that Anglo used false accounting rather than disclose what the money actually was, a loan

    Get on those Green Jerseys quick.

    When you are at the triple crown match tomorrow have a look and see whether the AIB/BOI/Anglo/inbs/ebs/Permanent TSB corporate boxes are full

  10. #10
    Politics.ie Member Dreaded_Estate's Avatar
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    Not if the sole purpose of the transactions was to deceive.

    What they knew and when

    Neary retired a few weeks ago after huge pressure was heaped on him over the Sean FitzPatrick loans scandal. The internal audit report from Anglo suggests Neary not only approved of support schemes to help Irish banks bolster their deposits, but he did not seem concerned about the possible methods. A potentially damaging quotation is ascribed to Neary in the report, congratulating Willie McAteer, an Anglo official on his plans to "manage" the bank's balance sheet. "Fair play to you, Willie," Neary is alleged to have said. Neary retired before the latest controversy about the deposits erupted.
    Read more: Finance officials ?furious? | Irish Examiner
    One document recalls a conversation last September when the bank’s then finance director Willie McAteer told the then financial regulator Patrick Neary that he would be "managing" the bank’s balance sheets. The document records Mr Neary’s response as "Fair play to you, Willie." Mr McAteer resigned and Mr Neary retired since the extent of the now nationalised bank’s problems came to light late last year.

    A separate transcript of a phone call between the bank and the regulator’s office records bank officials explaining what they were doing to "manipulate our balance sheet" and make sure it "looks as good as possible" to which a regulator’s official replies: "OK, that’s grand."

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