Q1 accounts show how under pressure the banks are

Proof positive of what is facing the banks and has investors spooked from yesterdays Q1 National Accouts.
Deposits have risen just 1.8% yoy so all those great deposit offers for the past year have only resulted in the banks cannibalising one anothers deposit base at a high cost of funding.
With credit growth still at 15% yoy yet deposits rising only 1.8% it gives you an idea of the extent to how far banks have yet to rein in lending with the wholesale markets so expensive for short term money.
Also, Irelands Money Supply M3 growth collapsed in Q1 yoy to just 7.3%.

What does that say about the talk of a banking cartel?

I’d love to hear Joe Higgins explain why all the banks would get together and agree to this.

-Rd

When there was no foreign competition in ireland the banks gave it to there customers left ,right and centre. The likes of rabo and NR mean “our” banks can’t get away with the same carry on they did years ago.

So the cartel is officially finished?
And Joe can stop going on about nationalising them?

Ironically he may get his wish if one or two of them need to be bailed out. I’m sure he’d love that.

-Rd

Mayeb Joe could slap a levy on the huuuge profits being made by depositors these days :smiling_imp:

I don’t care what joe says,but are you saying the banks didn’t treat there customers like shit ? (or course,if you were in the know u could run up massive overdrafts and not even pay them back)

I remember going to the bank around 96 looking for a car loan.Life time customer in full employment looking for 5000 and i was basically told if i didn’t take out payment protection on top i wouldn’t be getting the loan.

I remember the days when the bank charged you every quarter for having an account

I remember the days went you were charged for every atm transaction

I remember the days when you were robbed on the rate on foreign currency and then charged a fee on top of that again

I remember the days when you were paid a pittance on your savings

The irish banks had it good enough for long enough.

And to add insult to injuiry, they still managed to debase the currency with excessive money supply growth and credit issuance. Bloody inflation monkeys!

Bank monkey is as bank monkey does, and bank monkey does what government monkey allows them to do.

Unfortunately for the people who borrowed all the money, the amount of lending didn’t debase the currency one bit.

In fact the currency is extremely strong.

And Irish people currently owe €390,000,000,000 of it.

Yes. Apparently the new rule is that you have to refer to those days as “the good old days of the Celtic Tiger”.

The point is that whatever the sins of the past, things seem to have changed. I’m just curious to know whether the tune whistled by Joe and his ilk has changed also?

Does anyone know? Is he still in favour of nationalising banks?

It would be interesting to hear that he’s interested in nationalising losses now that the profits have been privatised.

-Rd