BN 6:47 *IRISH BANK GUARANTEE BEGAN FROM MIDNIGHT SEPT. 29
BN 6:47 *IRISH BANK GUARANTEE WILL COVER EXISTING, NEW FACILITIES
BN 6:46 *IRELAND WANTS TO `REMOVE UNCERTAINTY' AMONG COUNTERPARTIES
BN 6:46 *IRELAND SAYS GUARANTEE WILL OPERATE FOR 2 YRS
BN 6:46 *IRISH FINANCE MINISTRY ISSUED E-MAILED STATEMENT TODAY
BN 6:46 *IRISH GOVERNMENT TO GUARANTEE BANKS' SENIOR DEBT, BONDS
BN 6:46 *IRISH GOVERNMENT TO GUARANTEE ALL BANK DEPOSITS
As usual the government are reactive instead of proactive - I hope this isn’t too late. I can sense some panic in the news reports which will surely project to the masses - I can see a lot of money being moved today.
Even the way the news reports on the radio this morning “announced” the new measures had a feeling of national crisis announcement about it…
that the government has promised State money to proetect every/any bank in the country. Potentially they have promised a blank cheque against your tax euros, State pension, others Social welfare …
depending on just how far the government will go to ‘defend’ any bank they may have just painted a great big bullseye on every bank here for speculators, as the government has thrown it’s weight into the ring behind the banks. Think the UK fighting to stay in the ERM. Expect the markets to test this.
This is another great move by the gov. The second in their tenure in gov. The first was guaranting the first €100k of deposits. And now this
So bad luck to the doom-mongers and ppl who post statements like “Don’t worry - the crash is still on!” : ppls feelings on share prices are immaterial: their feelings on deposits are not. And after the Right Hook program, at least €50 MILLION is out there on deposit.
summary: the issue here is that available credit is drying up. About 45000 people lost their job in this country in the last 9 months. The atmosphere for doing business in this country is getting difficult.
The issue with the financials is that they feed into the rest of the economy. That’s why banks are getting nationalised and bailed out when car manufacturers and airlines have to make it on their own.