Follow @PoliticsIE
 
 
 
Page 1 of 2 12 LastLast
Results 1 to 10 of 20

Thread: Kill Anglo now? What possible loss would it be?

  1. #1
    Politics.ie Member ballot stuffer's Avatar
    Join Date
    May 2007
    Location
    52.617,-6.778
    Posts
    1,503
    Mentioned
    0 Post(s)

    Default Kill Anglo now? What possible loss would it be?

    Economic commentators like Morgan Kelly and David McWilliams among others have long argued that Anglo should never have been bailed out and should now be wound up.
    We consistently hear figures from Dukes and Lenihan of 70 billion and over if we wound up the bank immediately and this seems to be taken at face value.

    Why?

    Surely government can wash their hands of this mess. Draft emergency legislation to withdraw government support from the bank and let it go bankrupt. Let anyone that was foolish enough to lend money to the bank or have deposits there take the hit. Life goes on without it and we have saved the tax payer a huge bill.
    Sow the wind, reap the whirlwind.

  2. #2
    Politics.ie Member
    Join Date
    May 2007
    Location
    Inchicore
    Posts
    671
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by ballot stuffer View Post
    Economic commentators like Morgan Kelly and David McWilliams among others have long argued that Anglo should never have been bailed out and should now be wound up.
    We consistently hear figures from Dukes and Lenihan of 70 billion and over if we wound up the bank immediately and this seems to be taken at face value.

    Why?

    Surely government can wash their hands of this mess. Draft emergency legislation to withdraw government support from the bank and let it go bankrupt. Let anyone that was foolish enough to lend money to the bank or have deposits there take the hit. Life goes on without it and we have saved the tax payer a huge bill.
    I'm sure Tonic will be on soon telling us not to worry that Anglo and NAMA will make the state a healthy profit, come on Tonic give us a laugh on this wet miserable day.
    SMASH THE NAMA REPUBLIC GET OUT AND PROTEST

  3. #3

    Default

    So many splits and allegiances in Irish politics based purely on history. Yet when it comes to looking at the economic historical records to observe clear and repeating economic historical trends, political parties are not interested or do not have the know how to perform such a simple task.
    As for McWilliams and Kelly, The Irish people do not listen to the likes of these two commentators. It just proves that the best way to get ignored in Ireland is to be one of the few people talking sense.
    These lads should be applauded.
    Fianna Fail - The Anti Democratic Party & The Anti Constitutional Party. Traitors of Irishmen and Irishwomen.

  4. #4
    Politics.ie Member Nipper's Avatar
    Join Date
    May 2009
    Posts
    2,537
    Mentioned
    0 Post(s)

    Default

    Karl whelan asking who do we save by keeping it open.

    The Irish Economy Blog Archive Anglo?s Plan to Save Subordinated Debt Holders

    Pennies beginning to drop all over the place maybe

  5. #5
    Politics.ie Member
    Join Date
    Jan 2008
    Location
    Dublin
    Posts
    1,818
    Mentioned
    0 Post(s)

    Default

    The government do not want to renege on borrowerings made by the ECB, Irish Central bank, Insurance firms, pension schemes and other Irish banks.
    And for some reason want to mostly payback unsecured borrowers already.

    Under EU law you ahve to protect deposit holders up to €100k so they would all have to be paid out. All others deposit holders are also corrected.

    I don't really care how long it takes to wind down as long as that is the course of action. Lenihan and FF have changed their position on this as they completely wanted to maintain Anglo as good/bad Bank.
    This has changed due to an EU decision rather than a FF decsion.

  6. #6
    Politics.ie Member Eurocitizen's Avatar
    Join Date
    Oct 2008
    Location
    Naughty Land
    Posts
    808
    Mentioned
    0 Post(s)

    Default

    Here is a very good article that explains the Anglo debacle, it is well worth reading.
    Not an open and shut case | The Post

  7. #7
    Politics.ie Member Nipper's Avatar
    Join Date
    May 2009
    Posts
    2,537
    Mentioned
    0 Post(s)

    Default

    Lenny wants to gaurantee depositors no matter what!

    "
    MINISTER FOR Finance Brian Lenihan has asked the European Commission to allow the State to guarantee large corporate deposits in Anglo Irish Bank as it embarks on a wind-down of the bank’s business."
    "

    Who are they?

    Lenihan asks EU to allow State guarantee large Anglo deposits - The Irish Times - Tue, Sep 07, 2010

  8. #8
    Politics.ie Member DaveM's Avatar
    Join Date
    Sep 2007
    Posts
    16,004
    Mentioned
    1 Post(s)

    Default

    Quote Originally Posted by Nipper View Post
    Lenny wants to gaurantee depositors no matter what!

    "
    MINISTER FOR Finance Brian Lenihan has asked the European Commission to allow the State to guarantee large corporate deposits in Anglo Irish Bank as it embarks on a wind-down of the bank’s business."
    "

    Who are they?

    Lenihan asks EU to allow State guarantee large Anglo deposits - The Irish Times - Tue, Sep 07, 2010
    The ECB is the largest. Is it €14bn they have on deposit with Anglo? Are people seriously suggesting we stiff them for this money?!

  9. #9
    Politics.ie Member
    Join Date
    Jun 2010
    Posts
    197
    Mentioned
    0 Post(s)

    Default Will it be more than 70 billion in the longer term?

    Quote Originally Posted by ballot stuffer View Post
    Economic commentators like Morgan Kelly and David McWilliams among others have long argued that Anglo should never have been bailed out and should now be wound up.
    We consistently hear figures from Dukes and Lenihan of 70 billion and over if we wound up the bank immediately and this seems to be taken at face value.

    Why?

    Surely government can wash their hands of this mess. Draft emergency legislation to withdraw government support from the bank and let it go bankrupt. Let anyone that was foolish enough to lend money to the bank or have deposits there take the hit. Life goes on without it and we have saved the tax payer a huge bill.
    Will it be more than 70 billion in the longer term?

    Anglo are paying almost 4% for deposits.

    IF the property market does not recover the losses will grow.

    A long wind down preserves more anglo jobs

  10. #10
    Politics.ie Member
    Join Date
    Jul 2006
    Location
    Somewhere between Akureyri and Ushuaia
    Posts
    8,999
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by DaveM View Post
    The ECB is the largest. Is it €14bn they have on deposit with Anglo? Are people seriously suggesting we stiff them for this money?!
    Maybe it would help if our only living saint was able to return M. Trichet's phonecalls and voicemails. He was at a vital party function down in Kilkenny, and may have been, as Dunphy might say, tired and emotional.

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •