Have a complete new banking system for only $2.1Bn

That is what the Icelandic government is doing .

bloomberg.com/apps/news?pid= … s70dN9ffxE

On a population weighed basis it would cost Ireland **€25bn **or so which is the LOWER end of what the NAMA assets are worth and one third of what the government is prepared to pay to get its tent people off the hook.

I must point out that ‘new’ AIB and ‘new’ BoI are more attractive to the taxpayer than propping up the idiots who got us into this mess. New Anglo would be a step too far , best kill it altogether .

and no doubt with instructions to completely avoid the British Government and the IFSC :smiley:

Does anybody have some details about this , it would likely be a better idea than NAMA

Absolutely. ‘New banks’ all the way please. New licences issued in an auction.

I’m also with rock3r on this one, but unlike him (and like the Icelanders) I’d like to see new banks from old. Temporary nationalisation, bad assets to NAMA in return for equity stakes in NAMA (they get the share of the upside and long-term value they keep telling us is there), modest recapitalisation, debt-to-equity swap, preferential purchase terms (in tax terms) for depositors to convert deposits to equity, the whole nine yards - every method anyone has ever used to get bankrupt balance sheets cleaned up.