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Thread: Where Has All The Money Gone?

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    Default Where Has All The Money Gone?

    Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

    How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?

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    Politics.ie Member tigerben's Avatar
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    How long is a piece of thread? Not a question anyone will ever agree on a answer.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

    How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?
    What are you on about?

    The blanket guarantee of 30 Sep 2008 increased the amount of liabilities in the covered banks guaranteed by the State from €75 billion (deposits under €100,000) to €440 billion (everything except equity and undated sub-debt).

    The covered banks look set to lose around €80 billion on their lending into the Irish economy. This is money that was lent into the economy from the banks that will never be paid back to the banks. Someone in Ireland has it or at least had it - some people got it and bought bank shares! so whoever sold the shares had the money at least until the used it. It is impossible to know where the money is now. But it is out there. Someone benefits from it.

    Of course, these losses have to be covered so the net effect is zero. Shareholders have lost around €25 billion of equity (and had over €60 billion of market capitalisation). Subordinated bondholders have lost €15 billion and the State is in hock for around €65 billion. This is more than the total losses so their may be some residual value for the remaining shareholders (mainly the State) but not much.

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    Politics.ie Member ruserious's Avatar
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    Uganda.
    Boycott the "Irish" Sun rag.

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    Quite a bit of that money is sitting in uninhabited houses in marshy fields in Longford and similar places!

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    In deluded ventures like this.
    Financed by Irish banks.
    The Biggest White Elephant on the English Market
    Updown Court - Wikipedia, the free encyclopedia

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    Quote Originally Posted by Dunlin3 View Post
    Quite a bit of that money is sitting in uninhabited houses in marshy fields in Longford and similar places!

    And bundles of it are being handed over to buy that desirable "reduction-for-cash-buyer" property in sought-after locations in Dublin, in case house prices start to rise.....Cash Buyers Driving Market - Tuohy O'Toole

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    And this very expensive hole in the ground in Chicago....dreamt up by more deluded folk with other people's money.
    Chicago's Spire Remains Hole in the Ground - WSJ.com
    We really took a walk down the Boulevard of Broken Dreams.
    Laughing stock of the World.

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    Now I may be ðaft (rhetorical statement there...), but is this our third or fourth AUSTERITY budget coming up?

    I can't figure out where all the billions in cuts in the last few budgets went.

    And no, this is not a PS bashing comment either.

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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    Where Has All The Money Gone? By 2008 Fianna Fáil has guaranteed the banking liabilities of Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and EBS Building Society plus Postbank somewhere around €500bn.

    How much of that money is lost altogether and on what? How much of it can be recovered? I mean some of the €120 bn in mortgage loans will stay current. How much will the Irish taxpayer be forced to stump up for?
    It was gone the moment the government guarranteed the liabilities of the banks and then backed that promise with capital. The losses off the banks had already been made, but not yet booked. Our clever politicians decided we as taxpayers would be the beaters of the overwhelming bulk of those losses.

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