Is it time to shout stop as bailout nears €22bn?

[BoyRacer]

Is it time to shout stop as bailout nears €22bn? - Simon Carswell -> irishtimes.com/newspaper/fin … 76358.html

ANALYSIS: THE SHOCKING revelation that the State may need to pump up to €22 billion into nationalised lender Anglo Irish Bank and possibly even more has intensified the debate about whether the Government should reverse its position and shut the bank down, writes SIMON CARSWELL

The Government has endorsed the bank’s plan to restructure itself after selling half of its €72 billion loans to the National Asset Management Agency (Nama) and reinvent itself as a business lender. This plan, which has yet to be approved by the EU, will cost the taxpayer up to €22 billion.
This includes this week’s €8.3 billion bailout to cover the losses of €12.7 billion reported yesterday and on top of the €4 billion injected last year to cover losses of €4 billion reported last May.
So, in effect, the €12.3 billion invested in Anglo so far has filled the capital hole blown by losses of €15 billion incurred as a result of bad loans to the toxic property sector.
Little or nothing of this has led to any new lending, well not beyond existing Anglo customers.

there is more

[ThomasB]

Is it time to shout stop as bailout nears €22bn? - Simon Carswell -> irishtimes.com/newspaper/fin … 76358.html

ANALYSIS: THE SHOCKING revelation that the State may need to pump up to €22 billion into nationalised lender Anglo Irish Bank and possibly even more has intensified the debate about whether the Government should reverse its position and shut the bank down, writes SIMON CARSWELL

The Government has endorsed the bank’s plan to restructure itself after selling half of its €72 billion loans to the National Asset Management Agency (Nama) and reinvent itself as a business lender. This plan, which has yet to be approved by the EU, will cost the taxpayer up to €22 billion.
This includes this week’s €8.3 billion bailout to cover the losses of €12.7 billion reported yesterday and on top of the €4 billion injected last year to cover losses of €4 billion reported last May.
So, in effect, the €12.3 billion invested in Anglo so far has filled the capital hole blown by losses of €15 billion incurred as a result of bad loans to the toxic property sector.
Little or nothing of this has led to any new lending, well not beyond existing Anglo customers.

there is more

NO, No its not…

Look its the only show in town and it would cost far more not the bailout, we need a functioning banking system

[yoganmahew]

No, no it’s not. The time to shout stop was when people were shouting stop seven to ten years ago.

It is not shouting that this country has a problem with, it is listening.

[spqr64]

The ability to say stop or go can only be made when the information used to make the current decisions has been made public but that’s unlikely from this shower who are destroying the country currently. Personally I think that if this information were made public we would see just how incestuous the bondholders pension funds etc in this country have been as well as how stupid.

[schuhart]

It is not shouting that this country has a problem with, it is listening.

A goodly and apt thought.