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Thread: Anglo Irish Gone. Is AIB Next?

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    Default Anglo Irish Gone. Is AIB Next?

    The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?

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    You need a reality check if you think the government is doing anything pragmatic.

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    Politics.ie Member Crazy horse 6's Avatar
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    No chance. They have many friends in AIB. In a proper run democracy AIB would be long gone and the depositers and bondholders burnt.

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    Quote Originally Posted by Crazy horse 6 View Post
    No chance. They have many friends in AIB. In a proper run democracy AIB would be long gone and the depositers and bondholders burnt.
    The bank that wrote off Saint Garret's GPA shares gambling debts and which you will find associated with all of the political shennanigans where money was involved?Never.

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    Politics.ie Member Shpake's Avatar
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    From Today's Wall Street Journal
    Review & Outlook: Ireland's Bondage - WSJ.com

    But it's no secret that the ECB has played a key role in this Irish drama. Lenihan maintained near the end of his life that he had put the bank guarantee in place at the insistence of the ECB, although the ECB has never acknowledged that publicly. The lion's share of the money that the Irish government subsequently paid out pursuant to that guarantee went out of Ireland, to make whole private investors and banks elsewhere in the euro zone.

    Ireland's immediate burden has been eased by Thursday's deal, but Irish taxpayers will still spend decades paying the price demanded by the ECB at the height of the panic in 2008.

    Don't want to derail a thread so mods do what you like with this.. I can't start one. But
    I think it cuts home to what went on in the power centers. Something for the historians to pore over then. The Cowen cabinet must have watched while the storm clouds were gathering but were constrained by the ECB from letting the banks go bust? questions questions? It wasn't the snap decision of a weekend then?
    They could at least have issued a halt to further house/ shopping center building?
    wouldn't open government be nice....
    "Well, OK. Fine. As long as it comes with a steady paycheck, I'd believe whatever they wanted me to believe, as the Guy in Ghostbusters said."

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    Quote Originally Posted by rant_and_rave View Post
    The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?

    All the banks went bad. That is why we made some of them into pillars. Don't be knockin the poor pillars r&r....
    Heaven and Earth Meet in the Human Heart!

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    Politics.ie Member Spanner Island's Avatar
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    Quote Originally Posted by rant_and_rave View Post
    The Governments decision to wind up Anglo Irish Bank(IBRC) is welcome. There was never a remote possibility that Anglo could be rescued. But what about AIB? This is another zombie bank going nowhere. Do you think the Government could seize the opportunity and kill two birds with one stone, especially as the markets have responded favorably to the debt deal? Will Noonan strike while the iron is hot and get rid of all the bad banks in one fell swoop?
    Anglo was never a systemically important bank despite the bullsh!t which claimed otherwise. Anglo was a wet dream for the rich and well connected... which is more than likely why it was saved at OUR expense. Saving Anglo was an act of robbery on a scale not seen since Benchmarking...

    AIB and BoI on the other hand, definitely are systemically important. Therefore I doubt either will be going bust anytime soon...

    I suspect we'll continue bailing them out at the end of which they'll probably be hoovered up by healthier banks from somewhere else...

    We pay. Others make hay.

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    Here's an interesting one on the RTE website, from around this time, 4 years ago, entitled:

    Govt to provide €3.5bn each for AIB, BoI – RTÉ News / Ireland - Updated: 22:50, Wednesday, 11 February 2009

    The Government is to provide €3.5bn each to Allied Irish Bank and Bank of Ireland as part of its recapitalisation scheme.

    Read the full statement from the Minister for Finance

    Minister for Finance Brian Lenihan announced the terms to be offered to AIB and Bank of Ireland.
    Looking back now, it is interesting, to see what the responses of the opposition parties were then:

    Fine Gael:
    Fine Gael's Richard Bruton has said the recapitalisation plan is a '€7bn gamble on the wrong horse'.

    He said there was no evidence a similar approach had worked in any other country and he feared the Government would have to revisit the issue.
    Labour:
    Labour's Spokesperson on Finance Joan Burton said the Government's plan represents a 'missed opportunity to deliver the comprehensive reform of the banking system'.

    She said tha on virtually all the crucial issues it appears that the banks have been allowed to dictate the terms.
    Needless to say, AIB and BOI welcomed the recapitalisation package.

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    Politics.ie Member edifice.'s Avatar
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    Anglo Irish bank - IBRC
    Windscale - Sellafield

    Anglo is its debt and the debt is still toxic and very much with us.
    All great truths begin as blasphemies!

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    Politics.ie Member LamportsEdge's Avatar
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    Anglo hasn't been wound up. Its doors have closed but its only real footprint- a major bucketful of debt is still with us and will be with us to 2043.

    And this is to be presented as a major concession won by our sparkling team of financial negotiators is it?
    Whenever understanding exists, accepting or rejecting is unnecessary. (Fundamentals of a Gnostic Education).

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