Irish government ready to help Bank of Ireland, Irish Life

[BoyRacer]

Irish government ready to help Bank of Ireland, Irish Life -> reuters.com/article/idUSTRE6BM1WA20101223

(Reuters) - The Irish government said it would inject state funds into Bank of Ireland (BKIR.L) and Irish Life & Permanent (IPM.I) if they were unable to raise additional capital from private sources.
“We are going to have to ensure that Bank of Ireland and Irish Life also meet their capital requirements,” finance minister Brian Lenihan told state broadcaster RTE on Thursday.
“In the absence of private funding we will have to capitalize them as well.”

there is more

IMHO The bailout of AIB has all but made this inevitable. What investor is going to put money into these companies and then be undercut continually by the Irish taxpayer/ECB propping up AIB. Is it a wonder the foreign banks are retreating from the main street in Ireland.

[lord_vader]

but Lenny the Weeny sees no problem hitting the poorest hardest in his bullshit budgets

Scum is he and may he pay for his incompetence and greed

[DSE3Br]

Is the great IL&P fairytale coming to an end? And they don’t all live happily ever after?

• note how Irish Life and Permanent suddenly becomes just Irish Life, sure forget about our toxic siamese twin, we’re fine!!!

[johnnyskeleton]

IMHO The bailout of AIB has all but made this inevitable. What investor is going to put money into these companies and then be undercut continually by the Irish taxpayer/ECB propping up AIB. Is it a wonder the foreign banks are retreating from the main street in Ireland.

In a similar vein, while I don’t believe in this talking up/talking down stuff, if the government wants them to raise private capital, why is it talking about doing to them what it did to AIB? IMO, any investors stupid enough to be swayed by government opinion will be scared well away by this announcement, thus further deepening the taxpayer’s exposure.

[Blindjustice]

we need to stop being so damn “helpful”

[johnnyskeleton]

we need to stop being so damn “helpful”

Nah, we just need to redirect our helpfulness. Let’s help the market*, not the banks.

*Yes, I realise that true free marketeers don’t believe in any sort of help, and no, I’m not a true free marketeer.

[chaingang]

“Nah, we just need to redirect our helpfulness. Let’s help the market*, not the banks.”

That’s it now in a nutshell, the Irish taxpayer has become the “invisible hand”
and in keeping with our generous nature we have become the “helpful invisible hand”.
So now, in addition to expecting all future textbooks on macro economics to include a full chapter dedicated to Ireland and how not to fuck up a complete country, we can also be referred to by our new title, earned for us by our very own “Adam Smith” yes it’s none other than Brian “helpful invisible hand” Linehan.