Comments on: Banks can’t hide from this crisis

By: FT Alphaville » Ireland — a double-size banking catastrophe

FT Alphaville » Ireland — a double-size banking catastrophe — Wed, 30 Mar 2011 12:53:09 +0000

[...] Which is notorious for having ramped up mortgage lending prior to the financial crisis. As was pointed out during the actual [...]

By: chthonic

chthonic — Wed, 30 Mar 2011 11:12:45 +0000

It is very difficult at the moment to take on the role of medium on future movements of the economy. David and people like him are more able than the vast magority. And, that vast magority is trying for all it is worth to keep a continual run calories coming into their houses. What will happen, I wonder to all those who have bought out their motgages and are in a reasonable position housewise? Are they going to have their good fortune turned into loss. The whole situation has been thrown away by an unfetered greed that swept the nation like Tulip Mania that once swamped Holland. Begrudgers abound be ready to air your sniggers and smirks.
Ireland, it seems to me, as it came towards a modern maturity, simply lost its nerve and reversed direction only to embrace its former imaturity with a glee that astonished its powerless citizens. It just couldn’t cut the mustard. The culture seems to be that of a giggling elite thhat cares noting whatever for ethics or any kind of honesty. I can barely find any true honest ethic in any proffesion that is bank, auctioneer, legal or from any other direction apart from the honest well plodding General medical practitioner. The sooner the Government gives up on the bond holders the better, but will that make very much difference?

By: Permo – Article from Nov 2008 identifies its funding model as a “shambles”. No surprises today. | David McWilliams

Wed, 30 Mar 2011 09:42:21 +0000

[...] http://www.davidmcwilliams.ie/2008/11/16/banks-cant-hide-from-this-crisis tweetmeme_url = 'http://www.davidmcwilliams.ie/2011/03/30/permo-article-from-nov-2008-identifies-its-funding-model-as-a-shambles-no-surprises-today'; Categories: News Next Article: Playing the relegation game Print Upload a Gravatar to include a profile picture with your comment. 2 Comments. Most recent comments first. [...]

By: joe h.

joe h. — Fri, 21 Nov 2008 16:25:06 +0000

Just watched the first program of Niall Ferguson The Ascent of Money .. has anyone ever seen David and Niall in the same room?

By: soldierofdestiny

soldierofdestiny — Fri, 21 Nov 2008 13:23:13 +0000

“We should not bailout the Dublin 4 banking sector. The banks that they have run are no longer worth saving. It would be cheaper to give the depositors their money, and sell Anglo Irish Bank and Irish Life and Permanent to the Saudis. They can ‘rescue’ the Dublin 4 bankers. Bank of Ireland should be forced to sell all non-core assets. And then sack the top three layers of management.

Nepotism has made and destroyed the media/financial/political establishment. We are only now waking up to what these scoundrels are doing and their incompetence.”

I second that.The thousands of apartments, building sites, and houses now lying idle and empty should be sold off to the young people of Ireland at half the current asking price. Instead it looks like a consortium of foreign investors will buy up the distressed assets (i.e. recapitalize the bankrupt banks) and sit on them for the next 5 years, waiting for a turnaround and a massive profit.
Outrageous.
“Eircom Mark 2″.?

By: Save the taxpayer not the banks !!

Save the taxpayer not the banks !! — Fri, 21 Nov 2008 12:30:23 +0000

We should not bailout the Dublin 4 banking sector. The banks that they have run are no longer worth saving. It would be cheaper to give the depositors their money, and sell Anglo Irish Bank and Irish Life and Permanent to the Saudis. They can ‘rescue’ the Dublin 4 bankers. Bank of Ireland should be forced to sell all non-core assets. And then sack the top three layers of management.

Nepotism has made and destroyed the media/financial/political establishment. We are only now waking up to what these scoundrels are doing and their incompetence.

By: Garry

Garry — Wed, 19 Nov 2008 17:52:01 +0000

@Philip & Malcolm
So the people losing their jobs because of this fiasco are workers for contractors.. typically these are the guys doing the real work. Expect to see drastic reductions in actual public services without a corresponding reduction in cost as the productive element are got rid of.

Whereas in a proper accountable democracy, the Financial Regulator and Central Bank would be under new management and we would have a ministerial resignation along with sackings at executive level in the banks.

Thats the bottom line, incompetence & dishonesty are rewarded which sows the seeds for the next fiasco

By: Malcolm McClure

Malcolm McClure — Wed, 19 Nov 2008 15:03:12 +0000

Big delay in getting David’s Indo piece today up for discussion.
“Act now, moderator, or we will all live to regret it”.

By: Philip

Philip — Wed, 19 Nov 2008 14:20:49 +0000

I know of 2 people who are being let go today becasue the banks will not lend. Guys are working on infrastructure/ road projects – probably are waiting to be paid by Gov. And now I see this nonsense that even if the banks are re-capitalised, they will just sit on it and let small companies die or beg for money based on resubmitted business plans…

Is someone taking in mickey here?

By: Lorcan

Lorcan — Wed, 19 Nov 2008 13:58:28 +0000

This just out from NIB. Makes grim, if unsurprising, reading.

http://www.nationalirishbank.ie/en-ie/About-National-Irish-Bank/Press/Press-releases/2008/Pages/Press-release-20081119.aspx

The government seems to be looking to private capital to bail out some of the banks – http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/19/afx5713782.html

There is a chance that this will work for the ‘better’ of the six covered institutions (as we now have to call them) but I doubt it will be an option for the bad eggs among the half dozen.

This, imo, will leave the government/taxpayers holding the can for the worst offenders. It will come down to a question of affordability. There will be costs involved in saving a ‘bad’ bank but there will also be costs involved in letting a bad bank sink. Either way it’s a lose/lose.

Meanwhile, in the real economy, the effects of the credit freeze are causing real problems for supply chains. We still have the banks, but we have been (internationally) without effective banking since the end of September. Banks haven’t been allowed fail yet, but they have been allowed take an extended leave of absence.