Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Post new topic Reply to topic  [ 383 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 39  Next
Author Message
 Post subject: Government to guarantee bank deposits/debt
PostPosted: Tue Sep 30, 2008 6:47 am 
Offline
Real Estate Developer

Joined: Mar 15, 2007
Posts: 974
Location: Cork
Code:
BN   6:47   *IRISH BANK GUARANTEE BEGAN FROM MIDNIGHT SEPT. 29     
BN   6:47   *IRISH BANK GUARANTEE WILL COVER EXISTING, NEW FACILITIES
BN   6:46   *IRELAND WANTS TO `REMOVE UNCERTAINTY' AMONG COUNTERPARTIES
BN   6:46   *IRELAND SAYS GUARANTEE WILL OPERATE FOR 2 YRS       
BN   6:46   *IRISH FINANCE MINISTRY ISSUED E-MAILED STATEMENT TODAY
BN   6:46   *IRISH GOVERNMENT TO GUARANTEE BANKS' SENIOR DEBT, BONDS
BN   6:46   *IRISH GOVERNMENT TO GUARANTEE ALL BANK DEPOSITS       


Mod edit: thread title


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 6:52 am 
Offline
Nationalised

Joined: Mar 4, 2007
Posts: 8008
Wow. Just like McWilliams called for. Except I think he wanted all bonds guaranteed.


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:01 am 
Offline
Of Systemic Importance

Joined: Jun 9, 2008
Posts: 7098
Am I getting anything for investing in the banks?

_________________
“Don't ask the barber if you need a haircut—and don’t ask an academic if what he does is relevant.” Nassim Nicholas Taleb


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:01 am 
Offline
Under CAB Investigation

Joined: Feb 24, 2008
Posts: 1640
What does this mean?


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:15 am 
Offline
Planning Tribunal Attendee

Joined: Mar 19, 2008
Posts: 1305
Going off reports on the news reports on the radio this morning everything is covered (including bonds) in all the main banks


Quote:
The Government has decided to guarantee all deposits in Irish banks.

The banks that are covered are: Allied Irish Bank, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society and specific subsidiaries that may be approved by Government following consultation with the Central Bank and the Financial Regulator.


Quote:
The statement from the Department of Finance says all deposits, bonds and debt will be covered by the State.


http://www.rte.ie/news/2008/0930/economy.html


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:19 am 
Offline
Too Big to Fail

Joined: Jan 29, 2008
Posts: 3133
Location: In a greener field.
Take a bow David McWilliams, please God it hasn't come too late.

_________________
The best way to predict your future is to create it. - Abraham Lincoln


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:19 am 
Offline
Neo Landlord

Joined: Sep 17, 2008
Posts: 245
Watch for other CBs to follow, great move


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:22 am 
Offline
Under CAB Investigation

Joined: Feb 24, 2008
Posts: 1640
So what happens now if a bank fails? The government gets hit for a few hundred billion?


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:25 am 
Offline
Of Systemic Importance
User avatar

Joined: Sep 18, 2007
Posts: 5562
This is a necessary step and should have been done weeks ago.

The entire banking system will fail if people have any doubts about the safety of their deposits.


Top
 Profile  
 
 Post subject: Re: Government Response this morning...
PostPosted: Tue Sep 30, 2008 7:37 am 
Offline
Neo Landlord

Joined: Aug 27, 2008
Posts: 226
DSE3Br wrote:
So what happens now if a bank fails? The government gets hit for a few hundred billion?



In some cases several billions

_________________
"The more the banks retrenched, the more bad loans mounted - which in turn led to more bad debts, which led to more loans being called in as the banks faced bankruptcy". David McWilliams March 12th 2006


Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 383 posts ]  [Go to page]   1, 2, 3, 4, 5 ... 39  Next

    Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Who is online

Users browsing this forum: No registered users and 5 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com