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

[Rossfan]

Yes !!!!! Dont want GAAboard being sued for libel so I'll stick to well known things ....
No doubt you heard of the Galway races tent and who used to frequent it and who always got what  they wanted  ...
All sorts of Section 23 tax reliefs being given for private house building inflating an already overheated market... increased densitys giving inner city type developments in green fields, moving Dempsey when he tried to dampen the property bubble..

Will the Green Party prop up the rotten FFBuilder party much longer?
Dan Boyle the new McDowell ...lets hope he's not as toothless
Now we taxpayers have to mortgage our grandchildrens future to pay for all those cnuts and what  they did to our country.

[Zapatista]

You are way of the mark the muppet. We are not expected to believe it. When someone is only accountable to themselves it doesn't matter who believes them.

[bcarrier]

Muppet - excellent post.

Saw this retort to Morgan Kelly on another forum ...


Morgan Kelly supposes

that most of the €20 billion lent to builders will not reappear this side of Judgment Day, along with 20 per cent of the €90 billion lent to developers, and 10 per cent of the €120 billion in mortgages, then we are already up to €50 billion.

Why would land and stock underlying loans to builders become worthless ? If banks lent 80% of cost a 40% write down in value of stock and Wip exposes them to a £5 Billion loss ie 25% of the loan book.

If the develop loans were also 80% of GDV and commercial property falls by say a third ( with falling interest rates unlikely but with collapse of high st possible) the banks could lose another 15bn.

I just dont see where you can justify writing 10% of the mortgage loan book off . This supposes that there are repossessions resulting in 12bn of write offs . Irish banks are not inclined to repossess but it say the number rose to 10,000 a year for next three years ( it was 50 in 2006 ) with a loss of 100K per house total exposure would be £3Bn.

There is a further possible black hole for non recourse lending to wealthy individuals ( anglo share purchases etc) but overall I think he overstates the problem .
   

[Donagh]

Yes !!!!! Dont want GAAboard being sued for libel so I'll stick to well known things ....
No doubt you heard of the Galway races tent and who used to frequent it and who always got what  they wanted  ...
All sorts of Section 23 tax reliefs being given for private house building inflating an already overheated market... increased densitys giving inner city type developments in green fields, moving Dempsey when he tried to dampen the property bubble..

Will the Green Party prop up the rotten FFBuilder party much longer?
Dan Boyle the new McDowell ...lets hope he's not as toothless
Now we taxpayers have to mortgage our grandchildrens future to pay for all those cnuts and what  they did to our country.

Yeah right. Saw him on Vincent Brown last night and he made a fool of himself. He's just another FF crony now.

[Zapatista]

The fault lies with everyone who backed FF though thick and thin just because they thought they were getting a piece of the pie too. I have little sympathy for (many of) the Irish people yapping about being hard done by now. Many people i know were hell bent on buying up the private property deals made in Galway in order to rent them in the old British Landlord way. They had no regard for how tose deals were made or what impact it was having in society and in communities across Ireland as long as they had someone renting their house. Tough!!!

The only saving grace is that they see the errors of their ways now as FF have yet to do.

[Donagh]

I blame Hardy for changing his mind in the polling booth.

[Donagh]

The fault lies with everyone who backed FF though thick and thin just because they thought they were getting a piece of the pie too. I have little sympathy for (many of) the Irish people yapping about being hard done by now. Many people i know were hell bent on buying up the private property deals made in Galway in order to rent them in the old British Landlord way. They had no regard for how tose deals were made or what impact it was having in society and in communities across Ireland as long as they had someone renting their house. Tough!!!

The only saving grace is that they see the errors of their ways now as FF have yet to do.

Yip, know a boy who bought three from plan outside Ballina a few years ago and is now working every hour God sends to meet the payments as he can't get the rent to cover them. Same boy works in construction, luckily he doesn't have any dependents.

[Smokin Joe]

Where the feck is Lone Shark when you need him?

[Hardy]

I blame Hardy for changing his mind in the polling booth.

Yiz can't touch me! And thanks everybody for guaranteeing my deposits and writing off me loan.  

Good synopsis, Muppet. Another few points:

1. Brian Cowen, as minister for Finance, reversed a Revenue recommendation to change the tax treatment of Contracts For Difference (previously tax free) so that they would be stamp taxed the same as ordinary share purchases. Within days, the famous huge purchase of Anglo CFDs by a well known businessman took place.

2. I'd bet Kenny has a cabinet name linked to the 10-man golden circle. He was asked three times by Brian Dobson this evening whether, based on his Dáil question today, he had reason to suspect that a cabinet member was involved and each time he evaded the question, but avoided saying 'No'.

3. Since the Anglo share price responded to the phantom ILP deposit, it's hard to see how this transaction can be seen as anything other than manipulation of the share price. That's a criminal offence with very large financial and custodial penalties (millions and 10 years, I believe).

[muppet]

I blame Hardy for changing his mind in the polling booth.

Yiz can't touch me! And thanks everybody for guaranteeing my deposits and writing off me loan.  

Good synopsis, Muppet. Another few points:

1. Brian Cowen, as minister for Finance, reversed a Revenue recommendation to change the tax treatment of Contracts For Difference (previously tax free) so that they would be stamp taxed the same as ordinary share purchases. Within days, the famous huge purchase of Anglo CFDs by a well known businessman took place.

2. I'd bet Kenny has a cabinet name linked to the 10-man golden circle. He was asked three times by Brian Dobson this evening whether, based on his Dáil question today, he had reason to suspect that a cabinet member was involved and each time he evaded the question, but avoided saying 'No'.

3. Since the Anglo share price responded to the phantom ILP deposit, it's hard to see how this transaction can be seen as anything other than manipulation of the share price. That's a criminal offence with very large financial and custodial penalties (millions and 10 years, I believe).

1. The Taoiseach admitted that he was informed about a CFD problem at Anglo. He seems to have never been informed about the solution though which of course would have meant they should never have extended the guarantee to Anglo.

2. Kenny has reached his defining moment. If he has nothing it will be the end of him. If he has something it will be the end of FF. The Greens could also join the PDs.

3. No one ever goes down in Ireland for that sort of stuff, but here's hoping.

[stephenite]

Yip, know a boy who bought three from plan outside Ballina a few years ago and is now working every hour God sends to meet the payments as he can't get the rent to cover them. Same boy works in construction, luckily he doesn't have any dependents.

Idiot - who on earth could possibly think any town in the West was a good place to purchase investment properties?

[Hardy]

Fine Gael have now come out and said they do believe there is a FF link to the circle of ten (Phil Hogan on Morning Ireland this morning). Willie O'Dea, fighting out of the other corner, said the main concern about releasing the names of the ten is that it could compromise any possible criminal proceedings. He has a point, of course, but  FF's position until now was that they didn't know who they were.

Willie also said that Cowen has asked the cabinet whether any of them has anything to divulge and the answer was no.

[Hound]

I'm all for naming the circle of 10, but I don't understand the "criminal proceedings" bit. I thought it was the case that they didnt do anything wrong. Anglo offered them a deal and they took it.

[Hardy]

Their actions could (should, I'd say) be interpreted as manipulation of the share value, which is a criminal offence under corporate governance legislation.

By the way, it's been leaked that there's a new plan:

[the Deel Rover]

Their actions could (should, I'd say) be interpreted as manipulation of the share value, which is a criminal offence under corporate governance legislation.

By the way, it's been leaked that there's a new plan:

Very good hardy wouldn't be surprised to see that form introduced