This article I wrote in November 2008 identifies it’s funding model as a “shambles”.
Every evening, there is a little ritual in our house. Our young children, having been settled by their mother, demand dad tells them a story ‘‘from your head’’ before bed. This lark involves all classes of adventures, heroes and implausible tales starring themselves as central characters.
There are usually myriad frequently unpleasant baddies who are vanquished by our brave and incorruptible champions.
This nightly Jackanory session ends with the younger child mumbling while fighting back the tiredness: ‘‘But that’s all not true in real life, is it dad?” The older one, just eight, interrupts: ‘‘Of course it’s not true, dad makes it all up.” Sadly, by next year, they’ll both be too old for these stories. Children grow up and they stop swallowing their dad’s made-up yarns. Someone should tell the Irish banks the same applies to the rest of us. There are only so many made-up yarns we can take.
This week, two of our main banks — Bank of Ireland (BoI) and Irish Life & Permanent (ILP) — tried to spin stories to the world, yarns a dad wouldn’t tell to a six-year-old.
Someone make that link live, more people might click on it.
Bang on the money that one from 2008 was.
No Surprises is right, except for maybe Lenny who told us many times that we’d turned the corner.
Financial tsunami is about to make land
Not a banker has been jailed.
Folks, Here’s one to watch (especially tomorrow), from Lorcan:
The state shout not nationalise any more financial institutions; in fact, Elderfield should just revoke the banking licenses on the grounds of insolvency. No-longer a bank? No bank-guarantee applies.
But, that’s just me…..
Let’s keep at it.
Erm, “should not”, of course. Sorry.
It is now going “systemic”.
Permo left it until it was no longer possible to deny that it was in trouble, before admitting it was in trouble.
Nothing unusual there. This is standard procedure for dealing with this sort of problem in Irish banking.
The directors are merely trying to keep the jolly going for as long as possible, for the benefit of their own financial predicament.
A way around this would be to have a time delay on bank directors fees/salaries/bonuses/share windfalls.
If Permo is this bad, who knows what is going on in the Ballsbridge Bankcentre…..
The Pat Kenny show this morning was discussing a letter in the Irish Times refering to debt forgiveness for mortgage holders. Kenny thought this was an astonishing proposal. However we at National Crisis, Save the People!! have suggested this 5 months ago. This formed part of our alternative budget proposals. The proposal is as follows: “HOUSEHOLD MORTGAGE ACCOUNTS Possible figure -â‚¬75 billion, Government takes responsibility for 50% of total figure. Term for same, 20 — 30 years or some other term at negotiated rate of interest. EFFECTS (A) Property valuation would be adjusted by 50%. This would correct inflated property… Read more »