Nationalisation Watch / Govt. rethinking 3.5 billion bailout for the banks?

who's he now ?

He's asking WHY the Bill has to be in before tomorrow - he wants that elaborated on.

Some shite to do with markets going bananas I suppose

Ciarán Cannon

"It galls me that taxpayers have to bail this bank out"

however ..

Cannon: "we need better regulation"

Tune in here

http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o

"Rushed legislation - bad political practice"

Who's he ?

"70 billion loan book - I accept it's 'systemic' "

"The Price Waterhouse Coopers Auditors report is dated and no one knows what goes on from day to day.... What you judge today to be bad might not be bad down the line ... we need time "

"As regards rationalisation ... the number of banks going from 6 to 2 .. Will you be nudging a certain 'realignment' ... in regard to this proposal .. the DustBin Bank .. perhaps you would assure us that that would not be your approach "

"Minister would you please touch on the Recapitalisation of BOI and AIB who have branches up and down the country ..."

"I'd like to hear what happened with regard to the Auditors and what happened between IFSRA and the banks ... hames of it .. "

So Quanglo Irish it is, Auditor #9.

Mary White now

"The FT are now delighting in our trouble because of our success during the Celtic Tiger "

She's sure Fitzpatrick would not have got away with this in America... Ernst and Young should be brought in .... Auditor approach should be questioned ... employees of Anglo must be in a traumatic state .. Minister you need to explain what's going on .... there's no example of a lack of integrity in public life like we had in Anglo"

Rody Molloy maybe ???

cactus flower wrote:

So Quanglo Irish it is, Auditor #9.

Rather than slashing public jobs, Lenihan just took on 12,00 more in the stroke of a pen ...

Ivana Bacik

"shame we haven't more time to debate this ... legislation we've only just seen ... in spite of lack of information and with the rush, 3 points

1) top of Anglo must be held accountable - cannot see why activities cannot have implications for criminal law
2) if unacceptable practices have gone on, should we re-examine the Guarantee
3) what is the doomsday scenario if we do not nationalise the bank"

She shares time with a SF senator ??

Yes, Doherty,

"There are countless other Fitzpatricks in banks across the country ...

Why aren't there laws to make Enron behaviour illegal "

Why were banks exempt from banking legislation

We do not know what the volume of bad debts are.

Lenihan

In reply to Doherty: Office of Corporate Enforcement. Passes the buck to the director there - he's a good record in it.

What this legislation is about is reform and PURGING of this bank. The Loan Book remunerates enough to cover the current position ...

No one can put a definite figure on ... ?

"No one ever thought of considering even in the abstract the nationalising of such an institution, hence the rush ....

The Loan Book is 7000 customers, 5000 in this jurisdiction ... retail customers ... "

45% of Loan book in this jurisdiction therefore poses systemic risk

Auditor #9 wrote:

"No one ever thought of considering even in the abstract the nationalising of such an institution, hence the rush ....

The Loan Book is 7000 customers, 5000 in this jurisdiction ... retail customers ... "

If they've been lending money to people to use to service their loans, then the loan book is not good.

Someone else said they have had this Bill ready for months. It certainly doesn't look like the scrappy A4 side presented for the Bank Guarantee.

Prime Time report on it now.

The Seanad just passed a vote to 'Read the Bill for the Second Time' now Pearse Doherty wants an Amendment about the nominee ... ???

Does that mean the Bill is passed ?

They're delaying something anyway. Norris is saying he had trouble getting to the Seanad yet was not permitted to speak ...

The fecking Iron Curtain is coming down boys

Something happened with a few Amendments - one committee one was passed another wasn't / is being debated now.

Shane Ross wants an investigation. He says he understands about the Taoiseach not wanting loose irresponsible commentary but that they just didn't know whether this bank was a basket case or not. The Minister says its solvent today but that doesn't mean it won't be solvent in the future ...

Why didn't anyone ask Lenihan that ?

Is tonys on the piss ?

David Norris says it was all over the radio when he was abroad, that there was a run on the bank. If there wasn't a run on the bank - why the rushed nationalisation?

Commercial sensitivity is not an issue - the bank has no reputation left.

Quote :

The Bank may be a going concern, within limited linguistic terms, but where is it going, and at what cost?

There's another vótáil on now, is this the last ?

mansergh was speaking for the last half hour - did you hear what he said ?

i didn't. Now we have to wait two months.

Mansergh is a terrible person to listen to.

Oh crap I missed Primetime. I was watching Obamarama on Sky.

Looks like this monster went through the Seanad too

28
22

Auditor #9 wrote:

Is tonys on the piss ?

???

Auditor #9 wrote:

Looks like this monster went through the Seanad too

28
22

Given the number of FF fuck ups in the Seanad, the government will be relieved. If it had been amended, the government would have to call the Dáil back into session at 3am to overturn it or approve it. They want it signed into law by the President by 9am at the latest. Mary is going to have a late night waiting to receive it to sign it into law.

I wonder will she do it in her jammies.

Guys, I think the vote on AIB share price is in bad taste. This is a rather sensitive issue and I don't think we should have a gimmicky vote on it. If AIB does go down we are well and truly fucked.