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Thread: RE ANGLO IRISH BANK - Questions to be asked next Tuesday in Dail??

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    Default RE ANGLO IRISH BANK - Questions to be asked next Tuesday in Dail??

    Hi Guys,

    FINE GAEL have just sent out a New Newsletter item on ANGLO:

    Fine Gael News - Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton

    This prompted me to start this thread to ask - in general - should their be any other questions besides below? Is this a good start?

    Please be constructive now .....

    Cheers
    Aidan


    Clarifications Required & Questions to be Answered Ahead of Dáil Debate on Anglo Legislation - Bruton

    FG Leader Seeks Written Response from Taoiseach on Key Issues

    Important issues still remain to be clarified by Fianna Fail regarding their announced plans for Anglo and the viability of keeping the bank operating as a going concern, according to Fine Gael's Deputy Leader and Spokesman on Finance, Richard Bruton T.D. Deputy Bruton was speaking as further details emerged regarding Fianna Fail's plans for Anglo the day after the nationalisation plan was announced.

    "Fine Gael is pleased that the Government is not now planning to pour €1.5bn of taxpayers' money in to a recapitalisation plan for Anglo. It is the latest example of Fianna Fail playing catch up in relation to important economic decisions facing the country. Last night in responding to this news I sought certain clarifications regarding aspects of the Anglo nationalisation plan.

    "On Wednesday in Maynooth Fine Gael stressed that the nationalisation plan should be implemented with a view to winding down Anglo in an orderly fashion over 5-7 years with a new management team recovering whatever monies are possible. It appears that Fianna Fail is intent on nationalising the bank and operating it as a going concern. It is simply not credible that the State would continue injecting unknown funds on a rolling basis in to Anglo in some vain hope that the bank will be refloated. This is not realistic.

    "Following on from this the Fine Gael Leader, Enda Kenny T.D., has written to the Taoiseach today seeking answers to important questions surrounding the Anglo recapitalisation. These include;

    1. Is the Government's long term plan for Anglo Irish Bank to operate it as a going concern?
    2. Will a specialist management team be appointed with expertise in the recovery, management and sale of distressed property related loans - if necessary from outside of Ireland?
    3. Will the current board be replaced in its entirety and be replaced by a board and chairman that would be vetted by a cross-party Oireachtas Committee?
    4. Is there any implicit or explicit extension of the Guarantee to the owners of preferred shares, subordinated debt and other Anglo securities (in other words that speculators and traders in these securities do not earn a windfall at the expense of the tax-payer), and will the Government clarify its statement from last night to make it clear that the owners of these securities will only be repaid if sufficient loans are recovered.

    "These are very important issues that need to be addressed and will help inform the Fine Gael contribution to the debate next week."

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    Quote Originally Posted by aidanodr View Post
    1. Is the Government's long term plan for Anglo Irish Bank to operate it as a going concern?
    This is the most interesting question of course. It seems that FF intend to keep pumping scarce taxpayers money into an insolvent bank, whose liabilities still remain 90% below the water, rather than winding it down.

    We all know why of course. They are DESPERATE to keep the thing afloat as a going concern, so that all of their scumbag FF builder pals - part of the cause of this problem - don't end up in the debtors' prison.

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    Quote Originally Posted by aidanodr View Post
    will the Government clarify its statement from last night to make it clear that the owners of these securities will only be repaid if sufficient loans are recovered.
    I can't imagine how any equity holder would expect to be repaid if the value of the banks assets did not meet the value of its liabilities.
    A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.

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    Quote Originally Posted by mccafferty cat View Post
    We all know why of course. They are DESPERATE to keep the thing afloat as a going concern, so that all of their scumbag FF builder pals - part of the cause of this problem - don't end up in the debtors' prison.
    You don't really understand this, do you?

    They need to keep it going to pay off the depositors and security holders, in so much as it is unlikely they can recover the value of the loans to pay them off in an immediate wind down, or if it goes bust.

    The people who Anglo money will not be happy about the bank being nationalised or being kept going, as it makes it more likely that their roll-up arrangements are about to come to an end.
    A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.

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    Quote Originally Posted by goosebump View Post
    You don't really understand this, do you?

    They need to keep it going to pay off the depositors and security holders, in so much as it is unlikely they can recover the value of the loans to pay them off in an immediate wind down, or if it goes bust.

    The people who Anglo money will not be happy about the bank being nationalised or being kept going, as it makes it more likely that their roll-up arrangements are about to come to an end.
    Anglo Loans to property are c 50b. 40% writedown = 20b
    Depoist + loans = 65b which is greater than the assets
    So, whether in state or private hands billions are needed to be injected....by you and your kids

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    The really interesting thing listening to the Brian Lenihan on six one news on RTE is he repeated several times that the assests of the bank exceeded the liabilities by 4bn.

    Something to chew on for the assessor?

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    Quote Originally Posted by markeys View Post
    The really interesting thing listening to the Brian Lenihan on six one news on RTE is he repeated several times that the assests of the bank exceeded the liabilities by 4bn.
    If this was true then there would be no need for the FF builder bailout, Lenihan is just a fool, if he had any respect he would have walked away from that party when he found out that the former leader was stealing from his old mans medical fund, but no, Lenihan is just another on a long on of pure FF thieves, he is loving stealing from the people of Ireland. He should he hung.

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    listen to Lucey's analysis on today FM. He ripped into lenihans numbers. Lenihan has no idea what he is saying and got even basic things wrong (as in the deposit base figures)
    Lucey asked - if anglo is so strong, why are we nationalising it...

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    Quote Originally Posted by BodyofEvidence View Post
    listen to Lucey's analysis on today FM. He ripped into lenihans numbers. Lenihan has no idea what he is saying and got even basic things wrong (as in the deposit base figures)
    Lucey asked - if anglo is so strong, why are we nationalising it...
    What a shrewd analysis. With guys like him around we know we are in very safe hands

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    Quote Originally Posted by robert151410 View Post
    What a shrewd analysis. With guys like him around we know we are in very safe hands
    Lenihan? or Lucey?
    One of them is wrong - you want to bet on the lawer over the professor of finance on basic accountancy, go ahead

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