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42% of entire Euro zone crisis paid for by Ireland according to Eurostat
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Fratton Fred wrote: »anything that has been used as security for a loan.
ie, property.
You cannot seize property belonging to someone who is keeping up with their repayments. That is illegal.
If the banks had have been allowed to collapse, creditors would have taken over those mortgages. They could have held onto them and taken the monthly repayments or they could have sold the loans on to some other private business.
It wouldn't have changed the amount people had to repay.Fratton Fred wrote: »you are looking at this too simply.
other banks, markets, etc didn't "Invest" in Irish banks, they lent them money so they could lend it to people to buy homes, developers etc. it isn't a case of oh well, tough, you lost your money, it is a case of err, we lent you a load of money, we want it back.
You're the one looking at it too simply. The foreign banks lent to Irish banks so they'd make money. They didn't give a toss what the banks were lending the money out to.
Credit come from the Latin word credo which mean believe.
Every loan comes with a risk that the money will not be repaid, whether it is the AIB loading someone three grand for a car or Deutch Bank loaning Anglo-Irish 10 billion.
That's the way finance worked. The foreign banks gambled on the Irish property market because it was generating huge returns for them. They made huge profits for years but eventually they lost-or at least should have. :mad:Fratton Fred wrote: »but once these guys have their finer's burnt, they will stop lending money to the banks. if a bank can't borrow money, it can't lend any and it can't give money to anyone.
Other banks who didn't lose out would have stepped in.
It happens all the time when private businesses are liquidated or go through the examinership process.0 -
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is it? are you sure about that?
You cannot seize property belonging to someone who is keeping up with their repayments. That is illegal.If the banks had have been allowed to collapse, creditors would have taken over those mortgages. They could have held onto them and taken the monthly repayments or they could have sold the loans on to some other private business.
It wouldn't have changed the amount people had to repay.
Who would have bought all these loans? they are subprime, which is what started this whole mess.You're the one looking at it too simply. The foreign banks lent to Irish banks so they'd make money. They didn't give a toss what the banks were lending the money out to.
Credit come from the Latin word credo which mean believe.
Every loan comes with a risk that the money will not be repaid, whether it is the AIB loading someone three grand for a car or Deutch Bank loaning Anglo-Irish 10 billion.
That's the way finance worked. The foreign banks gambled on the Irish property market because it was generating huge returns for them. They made huge profits for years but eventually they lost-or at least should have. :mad:
Other banks who didn't lose out would have stepped in.
It happens all the time when private businesses are liquidated or go through the examinership process.
So Ireland creates the mother of all property bubbles, then walks off scot free when it all goes tits up? That sounds fair.0 -
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hooradiation wrote: »You're welcome to that delusion, and it certainly won't be lonely.
Back to dole out more ad hominem attacks? But sure it only took you a few hours to come up with that witty riposte. Well I'm sure its witty to you anyway, but regrettably I doubt anyone else understands it. Never mind, some day when you grow up you will learn how to debate with others who you do not agree with, as has been going on in this thread all day. Who knows - you might even learn something. However until then, my counsel to you would be to keep avoid making statements that are not seen by others as particularly intelligent. I hope this helps
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Fratton Fred wrote: »is it? are you sure about that?
Pretty certain.
And if not why would the foreign banks seize assets and kick people out of their homes who are paying their mortgages?
What good would that do the foreign banks then? Who would buy the properties?Fratton Fred wrote: »Who would have bought all these loans? they are subprime, which is what started this whole mess.
You're totally confused.
Sub-prime is what happened in America. Mortgages were given to people with no jobs.
People here are by and large still repaying their mortgages.
Some are in negative equity but that isn't a problem for the bank.Fratton Fred wrote: »So Ireland creates the mother of all property bubbles, then walks off scot free when it all goes tits up? That sounds fair.
Ireland didn't create the property bubble.
Irish banks and foreign banks did. Private capitalist businesses.
And how the hell does being in negative equity equate with getting off scot-free?
Or having lost your shareholding in a bank?
You seem totally oblivious to the fact that foreign banks (as did Irish banks) made vast profits from the Irish property bubble.
Their greed fed it.
They milked it and eventually lost.
Or as I posted earlier, should have.0 -
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Pretty certain.
And if not why would the foreign banks seize assets and kick people out of their homes who are paying their mortgages?
What good would that the foreign banks them? Who would buy the properties?
You're totally confused.
Sub-prime is what happened in America. Mortgages were given to people with no jobs.
People here are by and large still repaying their mortgages.
Some are in negative equity but that isn't a problem for the bank.
Ireland didn't create the property bubble.
Irish banks and foreign banks did. Private capitalist businesses.
And how the hell does being in negative equity equate with getting off scot-free?
Or having lost your shareholding in a bank?
You seem totally oblivious to the fact that foreign banks (as did Irish banks) made vast profits from the Irish property bubble.
Their greed fed it.
They milked it and eventually lost.
Or as I posted earlier, should have.
Standard "it wasn't us, it was those nasty bondholders" line
The whole thing was fed by greed, from the banks, to the politicians, to the developers to the speculators.
Now, everyone across Europe is paying for it.0 -
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