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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Sun Oct 05, 2008 6:23 pm 
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Single Home Owner

Joined: Aug 20, 2008
Posts: 189
Quote:
It was Fianna Fáil's best friend, Bob the Builder, who propelled the banks into the liquidity crisis and caused the historic post-midnight sitting of the Dáil. After a decade of swaggering around the corridors of power and inside the Fianna Fáil tent, many of those feted builders are now expected to put their most extravagant plans on ice and sit out the recession, cushioned by the citizens' guarantee to the financial institutions.

"We're not so much talking about a golden circle as the golden triangle – Fianna Fáil, the builders and the banks," says Labour's Joan Burton
>>>

http://www.tribune.ie/news/article/2008 ... the-banks/


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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Tue Oct 07, 2008 9:35 am 
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Too Big to Fail

Joined: Mar 2, 2007
Posts: 4174
Quote:
Lenihan expects early deal with Kroes
Tuesday, October 07 09:26:00

(BizWorld)

Finance minister Brian Lenihan has predicted agreement with the European Commission on fine tuning of Ireland's bank guarantee scheme.

He was speaking in Luxembourg after meeting with competition commissioner Neelie Kroes.
Mr Lenihan was in the Grand Duchy for an earlier meeting of eurozone finance ministers, at which he faced criticism for going it alone with the bank guarantee scheme.


The minister said last night that his meeting with the commissioner had allowed him to clarify the government's intentions on how the bank guarantee will be implemented.

Ms Kroes had said earlier that some fine tuning of the bank guarantee scheme could make it fully compliant with EU law.

Mr Lenihan said that detailed operating rules for the guarantee scheme would now go before the cabinet late this week or early next week.

These rules, he said, would take account of possible discrimination between different categories of bank operating in Ireland.

Meanwhile, eight foreign-owned banks have now applied to join Ireland's guarantee scheme.

The latest to seek to participate are Postbank, the joint venture between An Post and Fortis, Belgian owned IIB Bank and Dutch owned ACC.



http://www.businessworld.ie/livenews.htm?a=2306327;s=rollingnews.htm


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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Tue Oct 07, 2008 2:32 pm 
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Too Big to Fail

Joined: Mar 2, 2007
Posts: 4174
Quote:
EU minister agree E50k deposit guarantee
Tuesday, October 07 14:16:06

(BizWorld)

European Union finance ministers have agreed to guarantee consumer deposits up to E50,000, up from the previous level of E20,000.

However, Luxembourg Finance Minister Jeannot Krecke told reporters following the finance ministers' meeting in Luxembourg that countries could still set a maximum guarantee level at E100,000, as had been proposed earlier.
Confirming the new E50,000 limit to reporters, French Finance Minister Christine Lagarde said that Europe is determined to work together during the crisis and is prepared to do what is necessary for the sake of the financial system, adding the agreement to support banks is of systemic importance.


In addition to raising the deposit guarantee, the finance ministers also agreed to limit executive pay. Savers, not risk takers, are to be protected, Lagarde said to reporters.



http://www.businessworld.ie/livenews.htm?a=2307215;s=rollingnews.htm


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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Tue Oct 07, 2008 2:38 pm 
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Of Systemic Importance
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Location: Cloud 9
So what does this mean for our 100% guarantee?

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 Post subject: Re: Government to guarantee bank deposits/debt
PostPosted: Tue Oct 07, 2008 5:09 pm 
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Under CAB Investigation

Joined: Feb 23, 2007
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Location: Milky Way Galaxy
There is talk from the EU that the amount of capital flow into Irish banks will have to be limited to satisfy competition rules.

_________________
The Free Legal Aid Centre (FLAC) says reckless lending by credit agencies and sub-prime mortgage providers had forced people to borrow at rates they simply could not afford.
Now the builders have dropped their prices by 20 per cent, and the banks' valuers drop them by another 20 per cent.
For now, we are stuck with a system which allows troubled banks to post their keys through the taxpayers’ door and walk away.


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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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Real Estate Developer

Joined: Apr 14, 2008
Posts: 913
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: 31851
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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Nationalised

Joined: Nov 6, 2006
Posts: 8901
Location: Hollywood
Was it worth it


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