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Thread: Lenihan: Anglo failure would 'bring down' Ireland

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    Politics.ie Member borntorum's Avatar
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    Default Lenihan: Anglo failure would 'bring down' Ireland

    The lead article in tomorrow's FT is an interview with Brian Lenihan in which he states that the failure of Anglo Irish Bank would "bring down" Ireland.

    He states that, "It is systematically important not because of any intrinsic merit in the bank. But because of its size relative to the national balance sheet. No country could contemplate the failure of such an institution."

    The article also states that the markets may be about the target AIB, and that in response the government is about to announce a further injection of €2-3billion.

    Article here, registration required

    Edit: There is an article here on the Irish Times website that summarises the main points of the FT's piece

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    Anglo failed.
    "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 Member Simbo67's Avatar
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    What else will Anglo bring down? We shall know tomorrow.

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    Politics.ie Member spidermom's Avatar
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    Quote Originally Posted by He3 View Post
    Anglo failed.
    The Minister thinks it is a roaring sucess in its current state obviously!!..
    When a man sits with a pretty girl for an hour, it seems like a minute. But let him sit on a hot stove for a minute and it's longer than any hour. That's relativity.

    ALBERT EINSTEIN

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    Quote Originally Posted by borntorum View Post
    The lead article in tomorrow's FT is an interview with Brian Lenihan in which he states that the failure of Anglo Irish Bank would "bring down" Ireland.

    He states that, "It is systematically important not because of any intrinsic merit in the bank. But because of its size relative to the national balance sheet. No country could contemplate the failure of such an institution."

    The article also states that the markets may be about the target AIB, and that in response the government is about to announce a further injection of 2-3billion.

    Article here, registration required

    Edit: There is an article here on the Irish Times website that summarises the main points of the FT's piece
    It is precisely because of its size relative to the National balance sheet that it should be allowed to fail.

    We cannot afford to save it.

    This man is starting to stray into dangerous territory. Nobody bar his own acolytes and those with a vested interest believe this nonsense.

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    Politics.ie Member Simbo67's Avatar
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    Quote Originally Posted by MPB View Post
    It is precisely because of its size relative to the National balance sheet that it should be allowed to fail.

    We cannot afford to save it.

    This man is starting to stray into dangerous territory. Nobody bar his own acolytes and those with a vested interest believe this nonsense.
    Does it also preclude the Irish government from other options apart from pumping in 3 billion into AIB? A billion here, a billion there...

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    Politics.ie Member adamirer's Avatar
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    It is now.. it wasnt in 2008/09. He's made it our problem. And then theres NIB... was that systematic too...?? bull...

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    Quote Originally Posted by MPB View Post
    It is precisely because of its size relative to the National balance sheet that it should be allowed to fail.

    We cannot afford to save it.

    This man is starting to stray into dangerous territory. Nobody bar his own acolytes and those with a vested interest believe this nonsense.
    I don't know what Ned O'Keefe's angle is (probably to save his seat) but at least one FFer has at last called Lenihan for being the spoofer that he is. Old Brian Lenihan senior would be sitting pretty in his grave if he knew his boy could swear black is white, just like his dear old pa.

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    Clearly, Lennie is soft-soaping us (in the FT of all places, he was lambasting it last week) to take the Regulator's announcement that Anglo is going to cost us 30+bn euro, more than 15 times the amount of his original assessment, When a prediction turns out to be that wide of the mark, there can't be any credibility to anything he says

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    Well if the government are planning on only putting 2-3Bn more into AIB they are making a huge mistake. AIB needs at least 15Bn - 7.6Bn if they can raise the 7.4Bn Elderfield wants raised by 31 December.

    It will be an interesting day tomorrow. Just how the markets react to it all is going to be fascinating.

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