How about

European citizens swamp Irish banks with deposits.
European banking system goes into systematic collapse.
Irish banks flourish with new depositors' money
Only banks left in Europe are Irish
Lisbon V2.0 = Which European countries would like to join the Hibero? Headed by Mccreevy, the two brians and Michael O'Leary.

The Irish Empire!

I completely forgot about that - BOI have an absolutely huge network in the UK via the joint venture.

No need to queue up, either, the savers can just apply online or on the phone... http://www.postoffice.co.uk/portal/po/j ... d=23200510

I bet the money is flooding in there today...it's a no-brainer with the Irish guarantee.

I agree. I would also add that even if we accept the governments incredible assertion that there is 100billion surplus of assetts over liabilities in the banks covered, the fact is the balance sheet is not a collective one. Ireland inc does not get to confiscate the assetts of the solvent banks to cover the liabilities of the turkeys.

so the question is which banks will we end up paying on.

I was initially very supportive of this guarantee but the more I hear the more worried I am.

Short term fix to an immediate problem granted but jesus H every spare bean counter in finance and revenue should be going through the developer loan books and the empties and start looking at what the 50% drop in Irish house prices is going to do.

unemployment doubled in a year with worse to come!!!! building halted. Does anyone seriously think we're out of the woods?

While executing a few of the culprits won't solve anything it would certainly concentrate the minds of those planning the next stroke.

Seriously - what kind of idiots are running the country that they didn't think to check
with Brussels before announcing this. Unbelievable.
They're either very smart (Well, we tried to bail ye out banks but that damned EU wouldn't let us)
or very thick (Brian, there's some wan from Brussels on the phone for you there...line 2).
I'm going with thick.

they didn't have time to check with brussels.

they needed to make an anouncment
they did.

no point in guaranteeing everything after it had collapsed.

Well they pretty much had to come up with something very fast on Monday evening. If they checked with Brussels, Brussels might have said no.

Easier to ask forgiveness than permission.

British Banker's Assoc have just declared it uncompetitive

catbear wrote:
i just dropped into my local TD office to pass on a message.....

he rang me back, we went through it. he says that he believes european press think this idea is good. he was basically against nationalisation of the banks. i told him about friends in NE without work, basically bankrupt; without detailing he said there are measures in the bill that will allow the banks ease off on people in those situations. he stuck with the line that the banks assets are worth more than the cover, i said until when? the banks assets are deflating with the house bubble.
i don't know guys. i'm not convinced, they are making this up on the hop. he repeated " we had no choice", he was assertive, but he was not confident.. this is bad folks, really bad. i actually feel real primal fear for the first time in all this.
they probably have not encountered the shadow companies the banks use to keep repos off book.

what really scares me is how quickly he rang back.
folks, we are in defcon 4.

I think so too. I reckon they have been keeping a lid on the situation, not just from us but the Eurocrats too. Imagine them opening up the books to EU... an everyone in the room gets turned to stone.
It looks increasingly like rest of EU will do something similar, I think we haven't been invited to this crisis meeting on saturday, in that case, who are these attendees consulting with? Themselves?

by the government asuming the banks debts on our behalf, will they assume the same downward trend of the banks. if this thing blows up, it will be the end of Fine Gael and Fine Fail. what replaces them will the opposite of everything they stood for.

Why on the resumption of the Dail after an 11 week holiday was the first order of business the conclusion of a Taxation Agreement with the offshore tax haven the Isle of Man?.

Now all banks in Ireland (Rabo, Ulsterbank etc.) can join the guarantee...

oh dear...

Brilliant cannot wait to reset my username to Trill Seeker.

Anyway a trillion is so much handier, a nice round figure.
Wonder does Mary Coughlan even know how many noughts that is?


We are now beyond farce level.

Clearly the politicians don't understand what they've guaranteed if they are going to run off and guarantee all the debt of foreign banks.