Quinn Insurance in Administration

Started by An Gaeilgoir, March 30, 2010, 12:15:49 PM

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lynchbhoy

quinn like most others, didnt expect the economy to go belly up - he gambled and lost out.

I still find it disgusting that the banks are being bailed out, that the gov or the people bailing them out (ie us) are getting nothing for our trouble
meanwhile by going down from AA rating to AA for the duration, these banks cost us an additional 4.3 billion in extra interest rates to world bank.


I'd expect something for our trouble - either to no reposess houses or to give every person 50 or 100 grand.
I'm not joking either.
..........

An Gaeilgoir

Quote from: lynchbhoy on April 12, 2010, 03:32:41 PM
quinn like most others, didnt expect the economy to go belly up - he gambled and lost out.

I still find it disgusting that the banks are being bailed out, that the gov or the people bailing them out (ie us) are getting nothing for our trouble
meanwhile by going down from AA rating to AA for the duration, these banks cost us an additional 4.3 billion in extra interest rates to world bank.


I'd expect something for our trouble - either to no reposess houses or to give every person 50 or 100 grand.
I'm not joking either.

I heard some tax expert on the radio a while back, who said that it would have cost less to pay off all the mortgages in the state than NAMA costs and that all the extra money in peoples pockets would have ended the recession there and then. But would we as a nation have learned our lesson or would the "boom" have started again. We as a nation are not good at learning lessons.

seafoid

Quote from: An Gaeilgoir on April 12, 2010, 03:45:19 PM
Quote from: lynchbhoy on April 12, 2010, 03:32:41 PM


I heard some tax expert on the radio a while back, who said that it would have cost less to pay off all the mortgages in the state than NAMA costs and that all the extra money in peoples pockets would have ended the recession there and then. But would we as a nation have learned our lesson or would the "boom" have started again. We as a nation are not good at learning lessons.

That sounds like a bit of a stretch. NAMA is going to cost something like €50bn + annual interest. O/S Mortgages in total exceed €100bn. BoI has a book of €29bn and about 25% of the market.  NAMA is about plugging the hole in commercial lending. EVEN IF the Gov't paid off the mortgages in full the banks would still be banjaxed on the commercial side.

The idea that NAMA will somehow work a miracle for domestic mortgages is deluded. 
"f**k it, just score"- Donaghy   https://www.youtube.com/watch?v=IbxG2WwVRjU

orangeman

I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.

armaghniac

QuoteI could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.

I suppose you can see Tyrone winning the All Ireland as well.  ;D
If at first you don't succeed, then goto Plan B

Bogball XV

Quote from: orangeman on April 12, 2010, 04:23:59 PM
I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.
the meeja down here don't agree with you, it was adjourned today simply because quinn's affidavit was so large and arrived in an hour before the hearing, a cynic would say that was its purpose.

orangeman

Quote from: Bogball XV on April 12, 2010, 09:10:06 PM
Quote from: orangeman on April 12, 2010, 04:23:59 PM
I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.
the meeja down here don't agree with you, it was adjourned today simply because quinn's affidavit was so large and arrived in an hour before the hearing, a cynic would say that was its purpose.

Maybe a week will give him the time required to rectify the solvency ratio by gathering up a 100-150 million which should keep the regulator quiet ??. Wishful thinking ?.

Bogball XV

Quote from: orangeman on April 12, 2010, 09:36:23 PM
Quote from: Bogball XV on April 12, 2010, 09:10:06 PM
Quote from: orangeman on April 12, 2010, 04:23:59 PM
I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.
the meeja down here don't agree with you, it was adjourned today simply because quinn's affidavit was so large and arrived in an hour before the hearing, a cynic would say that was its purpose.

Maybe a week will give him the time required to rectify the solvency ratio by gathering up a 100-150 million which should keep the regulator quiet ??. Wishful thinking ?.
don't know, starting to lose track of this a bit, but is it not €400m that's needed?  I know they've been saying that Anglo need €700m to go ahead with saving Quinn, presumably that's in order to buy out the bondholders?

orangeman

Quote from: Bogball XV on April 12, 2010, 09:54:09 PM
Quote from: orangeman on April 12, 2010, 09:36:23 PM
Quote from: Bogball XV on April 12, 2010, 09:10:06 PM
Quote from: orangeman on April 12, 2010, 04:23:59 PM
I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.
the meeja down here don't agree with you, it was adjourned today simply because quinn's affidavit was so large and arrived in an hour before the hearing, a cynic would say that was its purpose.

Maybe a week will give him the time required to rectify the solvency ratio by gathering up a 100-150 million which should keep the regulator quiet ??. Wishful thinking ?.
don't know, starting to lose track of this a bit, but is it not €400m that's needed?  I know they've been saying that Anglo need €700m to go ahead with saving Quinn, presumably that's in order to buy out the bondholders?

I thought it was only 100-150 million on order to restore the 150% solvency ratio ??

Bogball XV

Quote from: orangeman on April 12, 2010, 10:51:42 PM
Quote from: Bogball XV on April 12, 2010, 09:54:09 PM
Quote from: orangeman on April 12, 2010, 09:36:23 PM
Quote from: Bogball XV on April 12, 2010, 09:10:06 PM
Quote from: orangeman on April 12, 2010, 04:23:59 PM
I could be deluded as well but I can see Quinn getting all this sorted out by the end of the week and back to business as usual by next Monday.
the meeja down here don't agree with you, it was adjourned today simply because quinn's affidavit was so large and arrived in an hour before the hearing, a cynic would say that was its purpose.

Maybe a week will give him the time required to rectify the solvency ratio by gathering up a 100-150 million which should keep the regulator quiet ??. Wishful thinking ?.
don't know, starting to lose track of this a bit, but is it not €400m that's needed?  I know they've been saying that Anglo need €700m to go ahead with saving Quinn, presumably that's in order to buy out the bondholders?

I thought it was only 100-150 million on order to restore the 150% solvency ratio ??
did they not say initially that the (previously unknown, or previously disclosed, depending on who you're talking to) guarantees for €500m were the reason the solvency ratio was out of kilter, since it now looks like these guarantees are what gives the bonds their value, then in order to release them, the bondholders would have to be paid back the full amount owing?

supersarsfields

It'll take 150 M to shore up the solvency ratios. And I think I heard the other 600 was for bonds that SQ has in America or something. However SQ maintains he doesn't want or need the 600 as he has never defaulted in paying these and wants to continue to do so.

Again all this is going on what I've picked up but might not be gospel.

orangeman

Quote from: supersarsfields on April 13, 2010, 09:03:18 AM
It'll take 150 M to shore up the solvency ratios. And I think I heard the other 600 was for bonds that SQ has in America or something. However SQ maintains he doesn't want or need the 600 as he has never defaulted in paying these and wants to continue to do so.

Again all this is going on what I've picked up but might not be gospel.


That was / is my understanding of the situation. If it is there's a chance that Quinn can retrieve the situation. If it is not, then he's in trouble.

Bogball XV

Quote from: supersarsfields on April 13, 2010, 09:03:18 AM
It'll take 150 M to shore up the solvency ratios. And I think I heard the other 600 was for bonds that SQ has in America or something. However SQ maintains he doesn't want or need the 600 as he has never defaulted in paying these and wants to continue to do so.

Again all this is going on what I've picked up but might not be gospel.
but is the point not that the guarantees have to be released, and the only way that will happen is by buying the bonds back at face value (or below as I believe Anglo are trying to negotiate).

muppet

Quote from: orangeman on April 13, 2010, 12:00:28 PM
Quote from: supersarsfields on April 13, 2010, 09:03:18 AM
It'll take 150 M to shore up the solvency ratios. And I think I heard the other 600 was for bonds that SQ has in America or something. However SQ maintains he doesn't want or need the 600 as he has never defaulted in paying these and wants to continue to do so.

Again all this is going on what I've picked up but might not be gospel.


That was / is my understanding of the situation. If it is there's a chance that Quinn can retrieve the situation. If it is not, then he's in trouble.

The above is Sean Quinn's version. The Regulator has a different story. One of them is being economical with the truth.
MWWSI 2017

supersarsfields

No doubt. Like i say I'm only going on what I've heard. It's a hard process trying to follow all the facts and figures.