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Thread: Anglo Quinnish Bank : QuAnglo

  1. #1
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    Default Anglo Quinnish Bank : QuAnglo

    RTE News says Anglo is willing to invest €700m. and become majority shareholder in Quinn Insurance.

    We would have to pay off the other bankers to Quinn with our bonds. [Edit - Brian Carey, Sunday Times Business Editor, says the taxpayer pays out four billion and clears the bondholders, who walk with our money]

    Under the proposal Quinn family keeps a shareholding in the Group says David Murphy.

    Would need EU clearance.

    11.05pm edit:

    RTÉ site now says:

    State-owned Anglo Irish Bank has proposed injecting €700m into Quinn Group as part of a financial restructuring package, RTÉ News has learned. The plan, if agreed, would see €150m injected into Quinn Insurance and €550m would be used to pay off bondholders.

    Anglo's proposal would see money injected into Quinn Insurance to address its solvency shortfall. Other banks owed €1.2 billion would be paid off with Irish Government bonds.

    Anglo would take a majority stake in Quinn Group,...
    [thanks to yoganmahew for this]

    Later edit:

    Quinn would stay as Group Chairman, says Simon Carswell.

    Quinn would stay on as chairman in Anglo rescue plan - The Irish Times - Fri, Apr 09, 2010

    thanks to nuj for coining the term Quanglo and John Blake for reminding us of it here
    Last edited by He3; 11th April 2010 at 09:36 PM.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    Politics.ie Royalty toxic avenger's Avatar
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    Don't tell me - it's 'systemic'. Oh the irony...

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    Politics.ie Newbie MadAsHell's Avatar
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    But first get up out of your chairs, open the window, stick your head out, and yell, and say it: "I'M AS MAD AS HELL, AND I'M NOT GOING TO TAKE THIS ANYMORE!"

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    Oh, FFS.........

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    Politics.ie Royalty toxic avenger's Avatar
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    So taxpayers are bailing out Anglo and Anglo are bailing out Quinn. Do we get a say in this sh1te at any point?...

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    Why does Quinn keep any share when the net worth of the company is negative at the moment?

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    Quote Originally Posted by toxic avenger View Post
    So taxpayers are bailing out Anglo and Anglo are bailing out Quinn. Do we get a say in this sh1te at any point?...
    You could try talking to Alan Dukes.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

  8. #8
    boo-boo
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    Default State Aid

    This is State aid. The EU will have to sanction this. The government are now moving into the insurance industry and additional public monies are going to be injected into Anglo. And if anybody thinks that there is not going to be additional insurance levies to cover this aid your fooling yourself.

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    This is a communist state.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

  10. #10
    Gimpanzee
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    Quote Originally Posted by He3 View Post
    RTE News says Anglo will invest €700m. and become majority shareholder in Quinn Insurance.

    We have to pay off the other bankers to Quinn with our bonds.

    Quinn family keeps a shareholding in the Group says David Murphy.

    Would need EU clearance.
    I don't think that's entirely a done deal.

    Anglo are proposing this deal, but I think there are a load of hoops that need jumping through - not least getting it by the EU and the High Court case next week. It is likely that the government, or rather the only bit of the government that matters - Lenihan - as the major shareholder in Anglo is pushing this though.

    Anyway - the big question is how are the Quinn Family being allowed to retain a stake in the Group if this goes ahead and Anglo end up as the majority shareholder? What's the benefit in that?

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