AIB/BoI have requested further €2bn+ in Bailout Funds


#1

I heard last night that the 2 big nationalised Mortgage Banks have requested another €2-2.5bn bailout specifically for Mortgage Lending…they want €1bn each because the last injection of state money for mortgage lending is seemingly all spent.

I don’t know what the government said but I suspect they did not tell them to fuck off like they should have so the request is still live…even if ‘live’ parked in an intray somewhere in Noonans department. If the banks won’t lend then maybe NAMA will step in (or else NAMA with banks) as their agents meaning the only mortgage available is on NAMA property and everyone else pays cash.

I think a series of questions have been tabled in Noonans department so expect some clarity perhaps as early as next week.


#2

When did they last get a bailout for mortgage lending purposes?


#3

2009, I think, 3.5 bn each.

edit: the preference shares…


#4

Lies 2Pack, all lies !

Need I remind you that …

Mr. Michael Noonan T.D. - 27 October 2011

finance.gov.ie/viewdoc.asp?DocID=7033


#5

That this might even make sense is insane, that is was already done, criminal! Giving Banks money from the State (or borrowed by the state or whatever way they print it) to lend back at interest. Why do we even need the Banks. Give it directly in the form of shelter. We have one of the biggest shelter Banks in the world at this stage relative to our population. We could end the cycle of mortgages and end the cycle of shelter provision uncertainty forever and all this life wasting schemes for good. It’s a choice we still have. Bypassing the money system where it functions not. No need for Bank anymore. They proved their uselessness for shelter provision by destroying everything. Time to rethink. This old way is the sure death way. No need fro Bank. Bank is bust. We are still alive. We have prevailed. Which is real and which is not?


#6

This bailout may be NAMA money or NAMA collateralised/backstopped money and simply ADMINISTERED by the banks the way they administer property loans as an agent of NAMA. I don’t know at this stage.

But the banks have no funds to lend for mortgages and they have no intention and/or ability to raise €2.5bn in normal Libor/Euribor operations in order to lend that long on residential mortgages. They might if they reported on how well the €3.5bn in ( NTMA???) cash injected some years ago performed as a standalone book in terms of arrears etc.

But sadly the bums want another bailout by whatever means the state can finesse the optics. . :frowning:


#7

There certainly seems to be an insanity in increasing taxes on all taxpayers to allow money be given to banks to lend at interest to some taxpayers

Time for a new mortgage bank?


#8

I mentioned this before, I heard from a fairly senior guy at one of the Irish banks that debt forgiveness was happening every day. They were keeping it quiet and limiting it to 5 cases a day for two reasons: 1. To stop a stampede for deals from mortgage holders and 2. Not to burn through the €1bn they have been given by the taxpayer.

If they are coming for more money it is because they have burned through the previous money


#9

In order to push up property prices so taxpayers can pay more for accommodation.


#10

If this happens I’m starting a tax revolt. Or something.


#11

The banks are looking for another bailout for “lending purposes”…

I guess it’s lucky that they don’t have some other contingency looming that they might be using this to cloak their real purposes…

Oh wait…

irishexaminer.com/business/b … 07157.html


#12

BOI requesting extra capital is nonsense. Their most recent interim report for the first half of 2012 showed only a very small decrease in Tier 1 capital. They are still well-overcapitalized.

bankofireland.com/fs/doc/pub … -20121.pdf


#13

A UK court has declared the actions of the Irish government as being unlawful? Noonan will tell them where to go.


#14

Explain please.
Link?


#15

Or time for an end to mortgages on your Primary shelter full stop.

The economic, social, material, psychological, spiritual benefits and cultural gains are clear when you have stable access to shelter. Why do we need to charge any interest at all. Whose benefits in the end? Society seems close to collapse or large section under great duress and held to ransom by a few corporates so it can’t be society. So who benefits?

We could just to end the madness and be responsible and take control. It is not hard to plan for any of this. Right now we take a wildly large punt and hope for the best. Why is this still viewed as a good system? Because it works some of the time?


#16

Indeed I have and shall but not in this thread other than to say as a point of view we all must recalibrate to view mortgages as the alternative as opposed to accepting them as the norm.

@WGU … interesting find! :slight_smile:


#17

FFS, this was predicted right on here many moons ago.

If you let shareholders survive, you can’t claim that the bank is bust and can enforce losses on risk capital. It’s really not very complicated. It is not amenable to spoof and it doesn’t respond well to bluster.

By the way, this was one of the strokes of the previous government… step forward B. Lenihan… oh wait, get a shovel…


#18

This is the problem with fuking around with well established bankrupcy/liquidation procedures. The bank guarantee was a make it up as you go along type of bullsit operation that ireland excels at. There is a high probability that as standard and accepted liquidation procedures were not followed, then there would be reprecussions.

It is interesting that as the government of ireland plc as it now in fact is, could be sued in overseas courts and could have assets siezed and sold to pay off people who are owed money.

Its time to pull the plug on the whole lot and start again.


#19

Gurdgiev went through the latest IMF paper the other day. He quoted the IMF: “the overall arrears balance, together with developments in house prices and unemployment, remain within the adverse scenario of the Prudential Capital Assessment Review (PCAR) that guided bank recapitalization in 2011.”

He continued: