Government Levy on tracker mortgages ....

[Sam Lord]

I note that this is being mooted for the budget. The money to go to assist the banks "return to profitability."

Would people accept this?

It seems likely that they would. The AIB raised it's variable rate hard on the heels of paying an unguaranteed, unsecured, bond of one billion .... and there hardly seems to have been a murmer in the country about it.

[jpc]

Don't know till you fly a kite I suppose
God bless em!

[MPB]

When i die I want to come back as a bank.

[Captain Con O'Sullivan]

Irish banks can only be said to move into profit if you draw a big line under their debts and ignore them.

They are broke and trading fraudulently as far as I am concerned. Very easy to claim you run a profitable business if you get someone to take away all your trading debts every few decades.

They are fraudulent businesses as far as I am concerned and I see no reason why Irish banks should run any way differently than the corrupt and illegal way they have been run in the past.

No Irish bank will ever see any money from me and thats for sure. Who is to say that in two or three years time they won't be deliberately massaging their balance sheets to hide massive debts again?

I'd trust an Albanian bank before I'd ever put a penny near an Irish bank. They are rotten beyond even the level of banks ordinarily in the US or UK or Germany. And I see no reason to assume they have changed in any way since the mid-noughties.

[Baron von Biffo]

I note that this is being mooted for the budget. The money to go to assist the banks "return to profitability."

Would people accept this?

It seems likely that they would. The AIB raised it's variable rate hard on the heels of paying an unguaranteed, unsecured, bond of one billion .... and there hardly seems to have been a murmer in the country about it.

Well since it would mean punishing people who made prudent financial decisions to benefit those who didn't it will certainly get the support of the latter.

[C. Flower]

That banks are losing a fortune over tracker mortgages. The Government appears to be committed to liquidating the entire state in order to maintain the fiction that they are living banks and to placate the people and institutions who loaned to them.

It is just more bailout, under another name. More trackers would default of course, but not until wrung dry.

[jpc]

That banks are losing a fortune over tracker mortgages. The Government appears to be committed to liquidating the entire state in order to maintain the fiction that they are living banks and to placate the people and institutions who loaned to them.

It is just more bailout, under another name. More trackers would default of course, but not until wrung dry.

The banks and their managers made an enormous mistake of looking for market share rather than a prudent loan book.
They were lent short term funds by Europeans financial institutions to facilitate this folly.
Nothing is made of the fact that NO risk assessment was carried out by the people lending the short term money to the Irish banks.
Mortgage lending is a long term exercise and interest rates fluctuate for who knows what reasons over such a time span.
Beats me why these guys don't take the pain for their very short term views on a long term financial product.
All we hear is the constant bleat about having to pay back bondholders.
They F.uck.ed up due to lack of due diligence.
This observation is totally lost on the clowns running the show.