UK Rescue ignores Irish banks operating in UK????????

How can this be? We must support UK banks operating in Ireland, but the UK aren’t supporting Irish banks operating in UK???

Before everyone start to get all nationalistic about this.

The UK has moved on the main clearing banks.

If Ireland had moved only on AIB, BoI they wouldn’t have got as moch flack (but there is still the issue of the unlimited nature of the Irish approach, as well as the subsidy type nature, compared with the remunerated equity stake in form of preference shares).

With the UK government being a significant and preferential shareholder of HBOS, why would the Irish taxpayer be guaranteeing the deposits and other liabilities of a subsidiary? Depending on what level of control the UK govt. obtains, almost akin to Ireland guaranteeing a subsidiary (or at least associate, assuming significant influence) or the UK Government? Sounds ludicrous. I do think Ireland should take prefs from the Irish banks.

I think we may be starting to really see that tangled web of “unintended consequences”…