I can’t remember when we offered to buy loans from RBS.
All to do with cross collateralisation innit?
Certainly is guv’nor, you can’t clear that nice Mr. Dunne’s loans if you don’t have all of them…
So where does this leave the NAMA estimates? There ain’t no sponds for ACC/NIB/UB/BoS in the €54bn as far as I know. We should at least be told the amount of loans outstanding to those institutions by NAMA borrowers, i.e. where NAMA needs to buy them out to get good security. Whilst nobody has much confidence in the banks estimates, one would hope that their estimate of book value for the loans is relatively accurate. However, if we are including all these other jokers then that is out the window. (I recall somebody high up in lending in Bank of Scotland telling me in or around 2006/2007 that the problem with Developers was that they didn’t want to take a risk!)
Who cares. They’ve got their law past and that’s all that matters.
How does this work, those this mean AIB, BOI and the other Irish Banks have an equal but opposite call on the British Govt. for the significant loans they issued in Britain? Or Anglo a call on the US taxpayer for holes in the ground in Chicago?
Or is it the destiny of the Irish taxpayer to face buggary from all and sundry, no questions asked there, like a good chap.
The way this is heading the citizenary of this land will have no option soon but to run the ship aground on the rocks.
I think what it means, is that for a select few barristers and solicitors, the party may never stop rolling.
" 'Aven’t the Paddy’s got some sort of a dustbin bank then? 'Ow 'bout dumping the lot in there?"
… and pick them up cheap later!
Be wary of getting caught ‘ballwatching’ Anglo, AIB, & BOI: