EU express grave doubts over State's survival plan for Anglo

The Irish Times front page

Words fail me. :open_mouth: :open_mouth: New Anglo stinks of a cover up to hide who made the getaway with the loot by moving the accounts around making it impossible to FOI.

Sounds like Anglo’s business plan is exactly the same as their plan before the property bubble burst. But sure what are the chances of that happening again?

In a nutshell x 2.
Except not nuts have been cracked as of yet.

Bravo… just when you think it couldn’t possibly get any worse…

It’s staggering that the government would consider this as part of it’s plan… but equally so that it finally got approval from the EU.

I dont think it has got approval…far far from it

Approved despite grave reservations was what I was taking from it…

It really does highlight how on one hand we hear from the gov about detailed business plans being made up and then via the back door we of the EU we hear that there is no plan and the gov simply thinks it’s all going to kick off again.

The EU is running scared on this stuff too. Who’s going to provide an alternative? A few tweaks here and there to the plan and the EU will feel it’s done its job.

The alternative is to shut it down. Its game over at last, the EU can’t help to keep this disaster going.

The only question remaining is wll it be 5, 10 or 20 years to shut it down?

This is incredible…

What the hell are the DoF at? They’re happy to through our money at Anglo and they don’t have a proper plan for their plan.

Now, I’m pretty sure that daisy Dukes was biggin up ‘polished turd anglo’ as an SME lender. But our Almunia says

:imp:

Does anyone know where to find Almunia’s letter referenced in the article?

This is the link to the EU letter:
ec.europa.eu/competition/state_aid/register/ii/doc/NN-12-2010-C-11-2010-WLAL-en-31.03.2010.pdf

Some of the points made suggest the Irish government’s submission was pathetic. We really are being run by idiots.

This is a long extract, but nicely captures the incompetence of our masters

XX

:confused:

If they had such grave reservations then why did they approve it?

The circus part of “bread and circuses”. :frowning:

https://www.anunews.net/blog/wp-content/uploads/2010/02/aa-financial-crisis-dominos-good-one.jpg

Saying no, would possibly be a taking a “courageous” decision (see: career limiting move). It’s a CYA (cover your ass) exercise. They are bureaucrats, and they don’t want to be blamed for starting another round of dominos falling should the Irish government default. The irony is after all the calls for tighter regulation in the wake of the credit crunch, here is a case where where the regulators “felt the survival plan was still excessively exposed to the property market and was based on assumptions that could not be supported”, and yet, they still approved it…go figure.

Remind me again why a financial type qualification is not a pre-requisite to join the dept. of finance?

Here
Analysis by Namawinelake (I assume) here.

The bit I really love is that property transferred from Old Anglo to New Anglo won’t be subject to any of that LTEV nonsense. LTEV is obviously only for the plebs…

Loads apply for the roles… tis just that the boys doing the interviewing haven’t a clue what they are banging on about.

I can picture it now… deep in the bowels of the DoF canteen…
‘I’ve no idea what that guy in the interview was on about?’
‘I know… derivatives, leverage… what other nonsense was he saying. Sure aren’t they yokes you’d use on a building site!’

The reason there is no detailed business plan is because the only detailed business plan is to shut the fucker, everything else looks terrible written down.

All the other allusions people make here are pure tripe.

Anglo = Old Bank + New Bank

=> Underpants + Sprinkling of fairy dust = Profit

I’d like to see them produce a more bullet proof business plan :nin

They approved the capital injection on existing Anglo. They didn’t approve the split for the new bank/bad bank.

They submitted a “substantially different” plan at the end of May in response

independent.ie/business/irish/substantially-different-anglo-plan-sent-to-brussels-2248474.html