So, erm, that article in the Times about the bank bailout everyone is reading (1 Viewer)

[dudley]

how many of you have, or are considering, taking whatever savings you have out of irish banks?

 

[therealjohnny]

when he said we all partied I thought "damn right"

who is this 'we'?

I think that statement shows how completely out of touch he and the rest of his shower are

So an admittedly sizeable portion of middle class people were given large loans

this is defined as "we all partied''?

 

[billygannon]

Foreign banks would buy up AIB and Bank of Ireland. That's how it'd work. Santander now operate in the UK - and HSBC are a Hong Kong bank and the biggest in England.

In saying this, it would probably mean lots of ordinary bank officials losing their jobs. That includes members of my family. The whole thing just stinks.

 

[Jerry Twig]

Foreign banks would buy up AIB and Bank of Ireland. That's how it'd work. Santander now operate in the UK - and HSBC are a Hong Kong bank and the biggest in England.

Foreign banks would really assume debt in the region of what, 70-90 billion for Irish banks? Why?! HSBC operates as one of many commercial banks in the UK. It didn't buy up the bank system though! And, not that I have any view on this one, how would that truck with the whole notion of lost sovereignty?

 

[ratmonkey]

Foreign banks would pick up the bits that work, not all the debts etc. As far as sovereignty goes, we'd be better off run by competent foreigners than incompetent Irish people.

 

[hugh]

how many of you have, or are considering, taking whatever savings you have out of irish banks?

I don't think it's really an issue. McWilliams and the others were reiterating the other day that savings deposits are protected and insured up their asses in various ways and this is done because the ECB wouldn't countenance a "run" on a bank within the Euro zone.

Nggglbbbtthhhhh would be able to elaborate on this I would say ... I hope!

 

[dudley]

Aye, but regardless, there is definitely a run on deposits, which I can only see snowballing out of fear. What happens then?

 

[hugh]

who is this 'we'?

I think that statement shows how completely out of touch he and the rest of his shower are

So an admittedly sizeable portion of middle class people were given large loans

this is defined as "we all partied''?

Yeah I hate listening to that shit. And a sizeable proportion of that sizeable proportion were taking out large loans because that was what they had to do in order to provide a home for their families.

 

[hugh]

Aye, but regardless, there is definitely a run on deposits, which I can only see snowballing out of fear. What happens then?

Is there a run on deposits?

(I'm going offline for the next hour ........ down to the bank)

 

[ratmonkey]

Instigated by Eric Cantona, no doubt.

 

[Unicron]

Is there a run on deposits?

(I'm going offline for the next hour ........ down to the bank)

There were stories that some people were taking their money out this week but I think that referred to people with more than the 100K that is in effect "double guaranteed" because there's the guarantee on all deposits that the government seems to have to get approval on on a rolling basis and the standard 100k guarantee that has existed in some form for years and years (it was 20 grand up to a couple of years ago but it was increased dramatically). I bank with Ulster Bank so I'm not covered by the blanket guarantee but I am covered by the 100k one.

If only I had that much to be secured, I'd feel like a millionaire.

 

[hugh]

Just back from the bank. Didn't bother going in because there was a giant queue outside. What's that about?

There's always tomorrow I suppose ...

 

[pete]

how many of you have, or are considering, taking whatever savings you have out of irish banks?

which savings would this be now?

 

[pete]

Foreign banks would really assume debt in the region of what, 70-90 billion for Irish banks? Why?!

look up 'debt for equity swap'. then come back and tell me what it means, because I don't understand either.

 

[ratmonkey]

I think it means something any sensible foreign bank would be having none of.

 

[Unicron]

Just back from the bank. Didn't bother going in because there was a giant queue outside. What's that about?

There's always tomorrow I suppose ...

Payday? Last Thursday of the month.

 

[hugh]

look up 'debt for equity swap'. then come back and tell me what it means, because I don't understand either.

In a nutshell it means that if a bank owes money to someone, rather than giving them the money, they give them a share (equity) in the bank. Not hugely popular with the person the bank owes money to but better than getting nothing I suppose.

 

[Mormon Nailer]

who is this 'we'?

I think that statement shows how completely out of touch he and the rest of his shower are

So an admittedly sizeable portion of middle class people were given large loans

this is defined as "we all partied''?

I took it he was referring more to the other political parties.

But even so I think it's a valid point - sure there was a huge growth in inequality during the boom - but even so there was huge pressure on government from all side to pass the goodies around. The prevailing logic was:
"we are rich, more nurses please"
"we are rich, more gardai please"
"we are rich, less taxes please"
"we are rich, more dole please"

 

[nlgbbbblth]

yes, there's a bit of a run alright. Obviously the Irish-owned banks are being hit due to lack of confidence etc. Imagine if that guarantee was called on....

 

[shower another shower]

my advice...
take your money out of the banks and buy Philharmonikers.