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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Tue Oct 07, 2008 5:13 pm 
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Location: Brigadoon
This is sort of what the UK did with Northern Rock.

NR aren't allowed to hold more than 1.5% of the total amount on deposit in the UK. It's why they effectively closed to new savers last week.

How you'd work that on a European wide basis for an entire countries banks, god only knows.

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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Sat Sep 29, 2018 11:15 am 
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IMF'd

Joined: Sep 13, 2007
Posts: 31921
Location: Tullamore
And here we are 10 years later, 2 banks, an insurance/cement gambling firm lighter.

https://www.rte.ie/news/2018/0929/99878 ... guarantee/
Quote:
Long, expensive night - The story of the bank guarantee
David Murphy
Monday 29 September 2008 was a day like no other. Fear gripped the Irish stock market.

Stockbrokers’ screens turned red, shares were in free fall and wealth built up over decades suddenly melted away.

This was not just a bad day on markets. Something had snapped.

Irish blue chip banks, regarded as the nexus of the country’s roaring economy, were collapsing like matchsticks as investors lost confidence by the hour.

Shares in Anglo Irish Bank sank by 46%. Bank of Ireland and AIB were also badly damaged.
>>>


https://www.irishtimes.com/business/eco ... -1.3643697
John Fitzgerald
Quote:
Ten years on from the bank crash, we still have something to learn from similar experiences elsewhere, and what has facilitated other banking systems to recover.
>>>


https://www.irishtimes.com/business/eco ... -1.3639829
Patrick Honohan
Quote:
Patrick Honohan: ‘Many people thought it was too good to be true – and it was’
There were few options in 2008 'and that was fault of Dame St, not Leinster House'
A month into the job as minister for finance, Brian Lenihan arranged in June 2008 to meet Trinity College Dublin economics professor Patrick Honohan.

Faced with a multibillion-euro tax shortfall amid a collapse in property deals, rising social welfare costs as unemployment crept up, and an economy technically in recession (though he did not know that yet), Lenihan was canvassing views outside his department as to how to frame his next budget.

Perhaps reflecting Lenihan’s sense of the weight of the challenge ahead, he spent much of his time with Honohan discussing the 1998 tome of the late former UK chancellor of the exchequer Roy Jenkins on 19 men who had been in charge of the British coffers between 1886 and 1947.

“Banks didn’t come up at all,” recalls Honohan in an interview with The Irish Times more than a decade later.
>>>


The P. Honohan piece is quite incisive, I think.

There are many more threads from around that time, but this is the first one that came up in search - reading through the posts you can see the disbelief grow as the enormity of the guarantee became clear.

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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Mon Oct 01, 2018 10:15 am 
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Joined: Nov 6, 2006
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Was it worth it


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