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Thread: Anglo 'of systemic importance': Lenihan

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    Default Anglo 'of systemic importance': Lenihan

    The Minister for Finance has claimed that the viability of Anglo Irish Bank was of 'systemic importance' to Ireland. He made the claim at an Oireachtas Committee meeting this morning. He also claimed the collapse in Anglo's share price was connected to Bear Stearns' problems and HBOS...

    The Minister for Finance also stressed the viability of Anglo Irish Bank was of systemic importance to Ireland.

    He added that the publication last week of Anglo Irish's accounts brought an end to what he called a regrettable chapter in the bank's history.

    In response to questions form Labour TD Joan Burton, Minister Lenihan explained the fall in share price at Anglo Irish on 17 March 2008.

    He said it was linked to difficulties experienced by HBOS in the UK in accessing funds from the wholesale markets and the crisis at Bear Sterns.


    Is what he says reasonable?


    RTÉ News: Lenihan stresses importance of Anglo Irish
    "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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    Quote Originally Posted by He3 View Post
    The Minister for Finance has claimed that the viability of Anglo Irish Bank was of 'systemic importance' to Ireland. He made the claim at an Oireachtas Committee meeting this morning. He also claimed the collapse in Anglo's share price was connected to Bear Stearns' problems and HBOS...

    The Minister for Finance also stressed the viability of Anglo Irish Bank was of systemic importance to Ireland.

    He added that the publication last week of Anglo Irish's accounts brought an end to what he called a regrettable chapter in the bank's history.

    In response to questions form Labour TD Joan Burton, Minister Lenihan explained the fall in share price at Anglo Irish on 17 March 2008.

    He said it was linked to difficulties experienced by HBOS in the UK in accessing funds from the wholesale markets and the crisis at Bear Sterns.


    Is what he says reasonable?


    RTÉ News: Lenihan stresses importance of Anglo Irish
    Maybe he confused Ireland with Fianna Fail.

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    That is the obvious answer, but that aside is there any justification at all for him claiming it was of 'systemic' importance to the country?

    If not are we still being treated as fools by him?
    "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 libertarian-right's Avatar
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    It has been known since the haughey years that FF has treated the Irish people with contempt

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    Quote Originally Posted by He3 View Post
    That is the obvious answer, but that aside is there any justification at all for him claiming it was of 'systemic' importance to the country?

    If not are we still being treated as fools by him?

    Lenihan is either a complete fool or a pathological liar. Anglo-Irish may be systematic to the fortunes of certain landowners and builders, but beyond that no, its not of systematic importance.

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    Politics.ie Member revereie's Avatar
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    Thats what they said of Lehman Brothers which got us all into this mess.

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    Does Brian still doubt that we had a property bubble? Does he think that Anglo would have survived without a credit crunch? Does he think it would have been better that we continued building our debt? Does he think it would have been better that we didn't know about the wrongdoings taking place in the banking sector? What planet is he on?

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    Quote Originally Posted by HanleyS View Post
    Does Brian still doubt that we had a property bubble? Does he think that Anglo would have survived without a credit crunch? Does he think it would have been better that we continued building our debt? Does he think it would have been better that we didn't know about the wrongdoings taking place in the banking sector? What planet is he on?

    A chara, you have hit the nail on the head there. That's just exactly whats so frightening about all this. Fianna Fáil equate solving Ireland's economic crisis with getting the building industry up and running again and a new property bubble started.

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    I am genuinely hoping someone will explain how there could be some reasonable justification for what he said.

    If there is none, then the conclusion must be that he either does not understand the words he is using, or he is lying through his teeth. I really do not want to contemplate having to choose which it is.
    "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 Elmer's Avatar
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    If Anglo is of such 'systemic importance', why wasn't the decision to include it in the guarantee unanimous? According to Morgan Kelly's source - someone "very familiar with what happened at the (Sept 29th) meeting" - extending the guarantee to Anglo and Irish Nationwide "was strongly opposed by representatives of the Central Bank and the Department of Finance (who reportedly came into the meeting with a draft Bill to rescue only four institutions)."
    Kelly's source told him that "they were overruled by the Taoiseach and the Minister for Finance, who were supported by the Financial Regulator and the Governor of the Central Bank on the grounds that a sudden liquidation of Anglo’s assets would not be in the national interest."

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