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How vital is Anglo Irish

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  • 27-01-2009 1:21pm
    #1
    Zuiderzee
    Closed Accounts Posts: 593 ✭✭✭


    Just wondering - does this bank supply mortgages, pensions etc. or is it just an investment bank?

    Would it not be more important to retain the bail out for public service banks?

    Or do I not just understand it.

    How much collateral damage would have been done if it went under?

    Seems we are rewarding corruption and failure


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    #2
    AlekSmart
    Registered Users Posts: 14,005 ✭✭✭✭AlekSmart


    I would rather suspect that it was in the best interests of the Fianna Fàil party to set about securing it`s lines.

    One of the major issues here was the extent to which Irish and International media may have strated pulling at some of the many threads protruding from the Anglo-Irish geansài.

    Whilst Seany Fitz represents the icon of the Anglo-I collapse the reality is there are far larger and less media friendly fish floating about in the Anglo-I fetid pool.

    With Mr Lenihan acting on the best "Advice" available to him and taking the Entire Bank into State ownership the threads have essentially been swept up and concealed within the padlocked box marked Official Secrets (Not to be opened for 300 years !)

    However I believe the Govenement have made a mistake of cataclysmic proportions in moving to protect the (admitedly large) interests of its secretive developer led backers.

    The moral collapse is now of far greater importance than the financial as once it begins to show at the top end the supporting structure is already crumbling below.

    It`s now just a matter of time.


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



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    #3
    Zuiderzee
    Closed Accounts Posts: 593 ✭✭✭Zuiderzee


    Are you serious about the 300 years? If it is a publicly owned asset then there needs to be accountability.

    And I dont want any more tribunals, we have a legal system -if someone has broken the law then we need to have the ability to investigate and prosecute.

    I know a fair bit - but banking economics is not an area of any indepth knowledge.

    Surely there are regulations in place that need to be enforced, and if that means some of FFs people (and others) have to own up - then so be it


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    #4
    mountainyman
    Closed Accounts Posts: 2,268 ✭✭✭mountainyman


    Fianna Fail has been a parasite on Irish life for years. But parasites are usually an annoyance rather than a danger.

    Unfortunately sometimes the parasite kills the host. Is that what's happened now? And if someone is sick for thirty years (the Irish body politic) and does nothing about it doesn't he only have himself to blame when he snuffs it?


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    #5
    OhNoYouDidn't
    Closed Accounts Posts: 6,934 ✭✭✭OhNoYouDidn't


    Zuiderzee wrote: »
    Just wondering - does this bank supply mortgages, pensions etc. or is it just an investment bank?

    No to the two products above, its primarially a business bank that does some high net worth stuff. Not a retail bank link BoI, AIB, PTSB etc.
    Zuiderzee wrote: »
    Would it not be more important to retain the bail out for public service banks?

    Or do I not just understand it.

    Yes IMO, if by public service you mean retail.
    Zuiderzee wrote: »
    How much collateral damage would have been done if it went under?

    None at all. In fact there is a chance that if they left Anglo fail it would improve sentiment. The state would cover deposits and the property developers would have to deal with liquidators who would expect to actually be paid.
    Zuiderzee wrote: »
    Seems we are rewarding corruption and failure

    Yes, on behalf of the building industry who want to be insulated from the real world.


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    #6
    bmaxi
    Closed Accounts Posts: 3,859 ✭✭✭bmaxi


    I must agree with Alek Smart on this, the nationalisation of Anglo Irish was IMO more to do with the interests of the Galway Races tent set than any social issue. Fianna Fail don't like to hear this type of talk, I wonder why? Is it that the truth hurts? The fact is, the Irish taxpayer has been saddled with a burden they can ill afford and the people who are most to blame, it would appear, have least to fear.


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    #7
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    If there isn't serious political reform out of this then I'll be very disappointed in the Irish people and our system.

    We have been failed massively by our government on this issue and with the bailing out of Anglo, it seems they stood up and said, "Hi, we're corrupt and you the taxpayer are going to pay to protect our interests" in such a public way that they haven't had to do previously.

    If people are blind enough not to see this, they deserve the crap that is about to land on their plate. I for one would rather emigrate that spend the next 10 years being fooked in the arse by FF.


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    #8
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    If people are blind enough not to see this, they deserve the crap that is about to land on their plate. I for one would rather emigrate that spend the next 10 years being fooked in the arse by FF.


    :eek::eek::eek:


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    #9
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    Mr.Micro wrote: »
    :eek::eek::eek:

    Eek all you want but there are a lot of people out there this mad. I haven't lost anything because of the recession yet but I'm sure I will end up at a loss by the end of it.

    Imagine how the people that have lost their jobs partly due to FF failures and corruption feel.

    I'm surprised nobody has tried to stone them as they enter the Dail TBH. Call it a testament to the patience of the Irish or call it yet another example of the ah sure it'll do attitude of the nation.


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    #10
    turgon
    Closed Accounts Posts: 3,762 ✭✭✭turgon


    OhNoYouDidn't wrote: »
    Yes, on behalf of the building industry who want to be insulated from the real world.

    Nice pun :)

    Well it seems to be the vested interest of FF again. I now the Cowenizer tried to appear all for the people with closing the Galway Races tent, but this decision, and a number of elements of the 2008 Budget would insinuate otherwise.


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    #11
    thebman
    Closed Accounts Posts: 10,012 ✭✭✭✭thebman


    I think that was a move by Cowen because he knew it was popular.

    Either that or because he just didn't like it. I imagine he isn't the Galway Races type person.

    He lives not far from where I grew up/am registered to vote :P I'd like to believe he wanted to get rid of the developer favours FF have to pull to keep the funds they have. I can't imagine its nice being invested interests lap dog if you can get away with not doing it.

    Unfortunately he has sold out the nation with the bailing out of Anglo and must go.


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