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Thread: NamaWineLake: "Anglo is in breach of the terms of its banking licence"

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    Politics.ie Member Windowshopper's Avatar
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    Default NamaWineLake: "Anglo is in breach of the terms of its banking licence"

    According to this article in NamaWineLake the Irish Bank Resolution has been in breach of its banking since at least the 30 June 2012.

    So let’s get this clear. We have poured €34bn into IBRC including €30bn of promissory notes on which we are scheduled to pay a further €17bn in interest between now and 2031. IBRC has closed it branches, sold most of its deposits and doesn’t take new deposits, doesn’t advance new loans and is simply running down its loan book. It’s dead.

    It is supposed to keep its banking licence to continue to obtain loans from the Central Bank secured on its promissory notes. No banking licence means no Central Bank loans. And of course without Central Bank loans, IBRC would collapse tomorrow, its creditors would get paid by whatever assets remained in the bank.

    You might have thought that the €663,000-a-year chief executive officer of IBRC and his €500,000-plus a year juniors might have at least have been able to ensure IBRC complied with the terms of its banking licence.

    Somewhere up in Cavan this morning, and perhaps in a court room in Dublin 1, there may be eyebrows raised at a bank in breach of its banking licence terms, attempting to hold to account the probity of others. And what on earth is governor of the Central Bank of Ireland, Patrick Honohan doing about breaches that appear to be permitted for at least seven months and are still ongoing"
    Anglo is in breach of the terms of its banking licence « NAMA Wine Lake

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    Shocking, they should wind it up and close it.

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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by Windowshopper View Post
    According to this article in NamaWineLake the Irish Bank Resolution has been in breach of its banking since at least the 30 June 2012.



    Anglo is in breach of the terms of its banking licence « NAMA Wine Lake
    What is the exact nature of its breach?
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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    Politics.ie Member wombat's Avatar
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    Quote Originally Posted by statsman View Post
    What is the exact nature of its breach?
    Doesn't matter, its the economists version of discussing how many angels can dance on the head of a pin.

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    The most shocking element of this story is the implication that everything it did before that date WASN'T in breach of its banking licence.
    I have no money, but I love my life.

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    Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?

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    Quote Originally Posted by statsman View Post
    What is the exact nature of its breach?
    "No banking licence means no Central Bank loans."

    From my reading of the OP, it has failed to retain/renew its banking license.

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    Quote Originally Posted by ShoutingIsLeadership View Post
    The most shocking element of this story is the implication that everything it did before that date WASN'T in breach of its banking licence.
    we will never know because the ODCE will have to finish reading the 24m documents first before they raise their arses off the bench.

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    Politics.ie Member Hewson's Avatar
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    Quote Originally Posted by Manstein View Post
    Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?
    Heck no. Look at all the culprits brought to court after the Hep C scandal, the Beef Tribunal report, the Mahon Report, the Morris Tribunal report . . .

    Ad nauseam. Ireland spends much of its wealth investigating wrongdoing with the sole purpose of doing nothing about it.
    Abortion is an act of violence. Violence demeans humanity, particularly violence against women and children.

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    Politics.ie Member statsman's Avatar
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    Quote Originally Posted by wombat View Post
    Doesn't matter, its the economists version of discussing how many angels can dance on the head of a pin.
    Quote Originally Posted by Watcher2 View Post
    "No banking licence means no Central Bank loans."

    From my reading of the OP, it has failed to retain/renew its banking license.
    Any sane system would have a specific 'wind-down' licence for banks in this situation.
    Put a thief among honest men and they will eventually relieve him of his watch. Flann O'Brien

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