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

[Trevor Hill]

they have to be seen to do something, however little or late.

[Bord na Mona man]

Gardai search Seanie Fitz's hideout.
http://www.youtube.com/watch?v=ZXVN7QJ8m88

[ludermor]

What the f**k was that eejit Leo Vardakar spouting about yesterday? Why did he have to include Garrett Fitzgerald in hsi rant to Cowen? I wouldnt have thought it was the wisest thing to do to slag off one of your own ex leaders in attacking the other party.

[Declan]

This is the guy who was involved in shunting the €7bn lolly between Anglo and IL&P ??.. unreal...

Irish Life & Permanent: Michael Torpey, Irish Life & Permanent Group Treasurer, has announced his intention to resign from the group in order to take up a position as Head of Banking with the National Treasury Management Agency [NTMA].
Torpey is a former Finance Director of Ulster Bank and First Active [2000 to 2008]. Between 1992 and 2000 he was Group Treasurer of what was originally Irish Permanent and which became Irish Life & Permanent plc in 1999.

With the Anglo pay rises and this story it's gone beyond just taking the piss now

[Shamrock Shore]

Can I ask a question on the Anglo pay-rises.

If one is an assistant manager and gets promoted to manager as the previous manager was made redundant it will mean:

1. now in charge of a team
2. have to work longer hours
3. overall more responsibility

In those circumstances is one not entitled to the 2,000 - 3,000 pay rise per annum (which is what it is)

If that whinging auld wan Joan Burton was made Minister for Whinging in the morning would she expect a pay rise. I expect she would. Even though, in theory, she is paid from the same overall kitty as the Anglo staff.

Just asking.....

[haranguerer]

I agree. All this 'holier than thou' attitude to bankers bonuses pisses me off.

A lot of the criticism over it is down to politicians realising they have a scapegoat to save their own arses, and trying to hang the bankers high to purge their own sins/stupidity.

There were those who did wrong, took chances swindled, etc, and they dont deserve bonuses, but is there not those in any industry? A lot of it seems to be begrudgery; imo most who get the bonuses deserve them, so fair play to them. 

And I'm not a banker btw!

[Declan]

In those circumstances you could expect it alright SS but "entitled" is another word altogether. The larger point Burton was making I thought was that the excuse re "specialists" given by Carey for the pay rises could also be used in other areas of the "public" service which in effect is what Anglo is now that it is 100% state owned.

If the previous manager was made redundant you could argue there's no need for that position to be filled  anyway in line with the moratorium on PS jbs.

[fearbrags]

Brian Cowen today announced that he is changing our emblem from a shamrock to a condom,
]
It more accurately reflects the Governments political stance. a condom allows for inflation, destroys the next generation, protects a bunch of pricks, and gives u a sense of security while your actually been screwed.

[Ulick]

Purely pedantic I know but our national emblem is the harp not shamrock. The only nation in the world to my knowledge that has a musical instrument as it's emblem.

[fearbrags]

http://www.rte.ie/news/morningireland/player.html?20100326,2725657,2725657,real,209

[muppet]

http://www.rte.ie/news/2010/0329/banks.html

Time to sort out the banks, says Brian Lenihan
    Monday, 29 March 2010 20:05
Minister for Finance Brian Lenihan has said tomorrow will see strong and resolute action to deal with the banking crisis in Ireland.

Speaking this afternoon, Mr Lenihan said he would be announcing a strong recapitalisation programme for the banks.

The minister said it is time to sort out the banking sector once and for all so that it can support economic recovery.

His comments come as shares in the two main banks heading into the National Asset Management Agency fell sharply in trading today.

AIB shares closed down 19.6%, while Bank of Ireland shares fell 10.4%.

The shares fell in value during what one trader described as a reasonably busy level of trading.

Tomorrow afternoon will see a coordinated action to restructure the finances of Ireland's banks, as NAMA announces details of the first loan transfers.

Statements will also be made by Minister for Finance Brian Lenihan and Financial Regulator Matthew Elderfield about the restructuring and capitalisation of the banking sector.

NAMA will say how much of a discount it will put on the property, land and development portfolios at the five participating institutions.

The original estimate was for a 30% discount on loans being transferred to NAMA.

This is now predicted to be much bigger, with up to 60% being mentioned for Irish Nationwide.

In addition, the Financial Regulator will decide how much money banks will need to set aside for bad loans. This will shed light on how much new capital the lenders will need.

There is speculation that investment will have to come from the State in return for greater Government ownership.

It is estimated that 40% of Bank of Ireland and more than 70% of AIB will end up in State ownership. That rumour has hit the bank shares hard.

[Bogball XV]

The minister said it is time to sort out the banking sector once and for all so that it can support economic recovery.

so were all the times he 'sorted out the banks' just pretend 'sorting outs'?

[muppet]

The minister said it is time to sort out the banking sector once and for all so that it can support economic recovery.

so were all the times he 'sorted out the banks' just pretend 'sorting outs'?

I'm glad you said it.

In the last decade Social Partnership gave public sector (ad some private) pay rises of 67%. Inflation was <15%. Not only did this put the public service pay bill out of sight but it handed the state a pension liability it will never be able to meet unless it reverses the pay rises. However the unions are trying to reverse the cuts, so the Government re-open social partnership. 

I am all for dialogue but the unelected leaders of the trade union movement in this country need a severe shock before talks start. Otherwise they will bankrupt the state.

Meanwhile the banks need more money. They borrowed from places like Germany to give billions to developers who paid ridiculous prices for land. Some of this land was bought at inflated prices using mortgages from the same banks. Any of the unsold property means trouble for the banks while some of the sold property means trouble for the same banks. Somehow they got into 'lose lose' territory.

Except the EU (German banks owed the money) stepped in. The Irish taxpayer will recapitalise the Irish banks. Yippee. The problem is that many of those taxpayers are public servants who are about to see their remuneration savaged and many others are people in negative equity because they bought into the inflated property. Then there are the 300,000 who have lost their jobs.

But don't worry Brian will fix it tomorrow.

[Billys Boots]

I am all for dialogue but the unelected leaders of the trade union movement in this country need a severe shock before talks start.

Those f*ckers don't have a clue, and wouldn't recognise a shock.

[Rois]

Anyone else tuning in?

Average of 47% discount so far.