By all accounts there is plenty of people/groups that have close to a billion euros borrowed from Anglo and the other Irish Banks.As their loan to values crumble,will their loans be called in?
I have close to 3m borrowed and have been told by my manager that if I was ever to default that the bank would follow me for ever.
I wonder will they do a deal with the big guys or will we never hear what deals have been done?
Here is some of the names/companies that I read have close to a billion borrowed from Irish Banks and many of their loans have to be seriously in trouble.
-Telecoms owner with Irish newspaper interests(heard he has a billion borrowed personally from one troubled Irish bank)
-Quinlan Private/Derek Quinlan
-Liam O Carroll
I am sure others here on the pin can name other people/groups.
Will there be one rule for them and another one for the smaller borrowers?(Not that 3m is small it feels huge to me)
Will some be too big to be allowed fail?
How would a bank taken over by the Irish government deal with them?
And now that a handful of rich men owe the banks a billion each and can’t pay, it’s a problem for everybody, since these rich men don’t want to become poor, they get the government to socialise their losses and both you and me bend over and take it, though loss in value of savings, higher taxes and cuts in social welfare.