General Chat

Southern Ireland needs 40 billion euros to bail their banks out and that isn't the final amount!

Lets hope that Anglo Irish (who used to offer v good savings rates) don't go the same way as the Icelandic ones.

DET - It is called 'Anglo Irish Bank' and they will be slowly winding it down.

Chris is right they have'nt finished calculating the amount - it is a thundering disgrace the way these Bankers behaved, and most of them still holding on to their very well paid jobs. Sean Fitzpatrick (ex Anglo Irish ) has declared himself Bankcrupt - but the wife has over a Million Euro in her account which they cannot touch - plus all the properties they own in Spain and the USA. Bank of Ireland and Allied Irish also carrying huge Debt.

The Tax payer has to foot the Bill - it will be many years to clear this Debt

It is also called the poor get poorer and the rich get richer.
It is disgusting.

On the back of one of Anglo Iris Bank's (thank you GinaS) leaflets which was sent out in the last month, it says

Anglo Irish Bank is a nationalised institution, fully owned by the Irish Governement. Your funds are protected by the Irish Deposit Protection Scheme (up tp EU100k)

So at least the 'small' investor is protected. The Irish banking system and economy have been in trouble for quite a while.

Your right DET - some people here want it closed now, they feel back up money is being poured into a black hole.

A huge amount of money was loaned to builders - there are housing estates all over the Republic half finished, also blocks of flats in the cities, though some are finished, they are standing vacant.

Some builders want the Councils to purchase them for Public Housing - i.e. the tax payers again footing the bill.

What with irisponsible Policitians and the Banks, the country is in a right state

i think we have wasted enough money bailing banks out

The big mistake was taking up the "Euro".

Hi Cassidy,

If Ireland had stayed with the Punt, I dread to think what would have happened, it could not have stood on it's own.

It was the Legislaters who lifted the restrictions on the Banks in the Eighties, allowing them to take risks, countries like South Africa and Australia, although hit with Lehmann collapse are not as bad as the countries where the Bankers had a free hand.

Greed here was the driving motive and no laws have been broken - hence they will all get away with what they did

What I would like to know is,If the banks go bust and the Irish Government is Bust, how can they pay out money to the ordinary person who has invested with them?and what about the monies invested with them through our Post office? makes you wonder if its safer to hide your cash under the mattress. **M**.