The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[Bogball XV]

I have a super solution to this problem.  What don't the US sell Alaska back to the Russians?  I'm sure the'd get at least $1000 billion form it and this would save the banking system AND get rid of Sarah Palin in one fell swoop!  

good call, and sure an irish bank can put up the finance!!

[Sideshow Bob]

Need a bit of advice here folks.


A few years ago a friend of a friend of a friend approached me to say he needed to borrow some money. He was willing to pay it back in installments and add a sizeable bit on top. I didn't have all the cash he wanted but I could see that I could make a few bob on the deal so I borrowed some cash from other friends and relatives to lend to him. He kept making payments and so I borrowed some more to lend to him. I had heard rumours that he wasn't the most reliable of people, but he was paying the installments as planned so everyone was happy, especially me because I was creaming off the top, and quite frankly living the high life on the back of the deal.

That's when it all started to go pearshaped. The payments stopped and I have had to start digging into my savings to pay back the friends and relatives I borrowed money from. The guy tells me he has some 'cashflow' problems and shows no interest in paying what he owes me. It is worse than that. I hadn't told the friends and relatives that I had lent their money to some dodgy geezer but now it all looks like it is going to come out.

I have tried to borrow money from other friends to keep my head above water but they are saying , unsurprisingly that there is no way.

I think I am fooked. What shall I do? I think I may be out of a job soon too, and although I able to claim state benefits I am not sure they will want to pay back the money I have borrowed and Lent out as well (although they might?). What do you think?

Bob, the last thing you should ever do on a discussion board like this is reveal your identity, now I can almost identify you from the above so I suggest you delete your post, before one of your 'mates' who you borrowed from figures out what you've done with their money.  Might I suggest that for a long term solution you go back to the auld sod as state hand-outs tend to be more generous there.

Well done bogballXV you have figured me out, I am Bradford and Bingley  As usual Orangeman was first to jump in without really knowing what was going on, but you gotta love him.

[stew]

I have a super solution to this problem.  What don't the US sell Alaska back to the Russians?  I'm sure the'd get at least $1000 billion form it and this would save the banking system AND get rid of Sarah Palin in one fell swoop!  

Yep, the Russians have that kind of money to give away, and shure 1,000 billion would buy Alaska.




SSSSSSSSSSSHHHHHHHHHHHHUUUUUUUUURRRRRRRRRRRE!!!!!!!


Palin for VP. C'mon Mc Cain. 

[magickingdom]

Just back from the beer I mentioned earlier.

Shouldn't have gone.

From what I hear Irish banking will not be the same by lunchtime today. Better stay in bed.

where did you have those beers? in the central bank...

i think its a very good move by the gov, if the US did this and came up with proper capital rules going forward along with enforcement things might get back on some kind of track

[pintsofguinness]

Some of the things you're talking about may never happen - eg banks defualting - but guaranteeing deposits will hopefully ensure there isn't a run on the banks thereby creating stability.

I know it may never happen and I know why this has been done, imo without it, at least one irish bank would no longer be with us in its current form, but that is not necessarily a bad thing (unless you happen to be a shareholder in one of the institutions that would very likely have went under today).  Tbh Lenihan's game is based on the bluff that he will never actually have to pay up, the move was to ensure confidence, but as I say the consequences of the guarantee are anybody's guess.

THe move was intended to ensure confidence but surely banks/people aren't stupid and will know that the Irish govt would have a very hard time coming up wiht the money if anything did go wrong so how confident can they be?

Seems to me, with my limited knowledge on the subject, that it's an incredible and dangerous gamble. 

[orangeman]

The bail out seems to be on its way - somehow I can't see it having much effect.

[orangeman]

The Seanad has passed emergency legislation giving effect to the €400bn Government guarantee to a range of financial institutions by 39 votes to 5.

The debate in the upper house began at 2.30am this morning, shortly after the Dáil overwhelmingly endorsed the plan.

There were some amendments to the Bill in the Seanad, so it now has to return for final approval in the Dáil when it resumes at 10.30am.

AdvertisementThe Bill is expected to be signed into law by President Mary McAleese around lunchtime.

The most important change is a stipulation that any agreement for support of a financial institution would have to be approved by both houses of the Oireachtas.

The Dáil sat until after 2am to debate the legislation, finally backing it by 124 votes to 18, with only Labour opposed.

In the course of the debate, Minister for Finance Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of institutions accepting the support. He said the State was getting deep into the banking system, and must ensure that the taxpayer is protected.

He will also take action to prevent what he called excessive risk taking being rewarded in the remuneration of top executives.

The minister confirmed the Government will consider applications for inclusion in the scheme from non-Irish banks with a significant retail presence here. Perhaps significantly, the only one he mentioned by name was Ulster Bank.

He told the Seanad that Monday night's crisis meeting which led to the legislation was requested by the chief executives of the two main banks.



Lenihan must have been pretty frightened by this approach ?.

[Hound]

Its been reported that one Irish bank has already received a €500 million deposit from a UK corporate.

[orangeman]

Its been reported that one Irish bank has already received a €500 million deposit from a UK corporate.

Where did that come from ?


Northern Rock has attracted a lot of deposits as well. But have dropped savings rates.

[full back]

Did I hear that Ulster Bank have already applied for help?

[the Deel Rover]

Did I hear that Ulster Bank have already applied for help?

is it that they want to be included along with the onther 6 banks in the government guarantee fullback ?

[orangeman]

Did I hear that Ulster Bank have already applied for help?

is it that they want to be included along with the onther 6 banks in the government guarantee fullback ?

Ulster Bank want to be included in the savings deposit guarantee. It looks like they will be included.

[full back]

Sorry, just picked a bit of it up on the radio earlier

No need to get the savings out just yet deel

[the Deel Rover]

Sorry, just picked a bit of it up on the radio earlier

No need to get the savings out just yet deel

nah your saving are allright yet fullback any way sure the 1st 100k is guaranteed as well, then again sure thats only small changer for your good self  don't worry about picking a bit of it up either sure joe duffy has made a career for himself by doing the same thing

[full back]

joe joe joe joe duffy would do well to start picking up any of it FFS

When the sh1t hits the fan, will anyone feel their savings are really safe?