Daíl Public Accounts Committee - Bank Guarantee Documents

[C. Flower]

Available here -

http://www.oireachtas.ie/viewdoc.asp...C/Homepage.htm

[C. Flower]

Goldman Sachs on 21st September seemed to agree that INBS mainly had a liquidity problem.

There's a lot of reading here. There seems to be no clear reason for some redactions, as the documents I've read so far are very much broad brush scoping.

The primary impression is that very big decisions were being made on the basis of a very shaky information base.

http://www.oireachtas.ie/viewdoc.asp?fn=/documents/Committees30thDail/PAC/Reports/DocumentsReGruarantee/document10.pdf

[ang]

They did indeed 11 days to crisis that was sept 21. So saved just in time. They also say management needed to stay for knowledge purposes.

Difficult to get 100% recoveries for some loans so that was known before NAMA and LTEV

[C. Flower]

Having to turn the laptop on side to read some of the pdf.s

Make our lives easy for us, why don't you ?

[ang]

Merrill Lynch talking about guarantee ANGLO TO BE RUN OFF, EXTEND NO MORE LOANS AND BE USED AS BAD BANK.

http://www.oireachtas.ie/documents/c.../document3.pdf

[ang]

Cactus get the sibin open we're gonna need it.

[C. Flower]

There's note dated 20th September, page 20, listing investor feedback on Irish banks - uniformly negative. If international investors knew, how come no one in Government knew there were serious problems ?

[ang]

Merrill Lynch felt blanket guarantee for all banks could be a mistake, hit national ratings and allow poor banks to continue.

http://www.oireachtas.ie/documents/c.../document5.pdf

[C. Flower]

Merrill Lynch felt blanket guarantee for all banks could be a mistake, hit national ratings and allow poor banks to continue.

http://www.oireachtas.ie/documents/c.../document5.pdf

This tallies with what we alread knew. That ML had serious doubts and was overruled by Cowen and DoF.

[ang]

This tallies with what we alread knew. That ML had serious doubts and was overruled by Cowen and DoF.

Yes overruled despite being warned by ML that this was the worst thing that could be done and would accelerate trouble for all other institutions.

[C. Flower]

Any sign yet in these documents of any reasons why they made that decision ?

[ang]

The way I'm looking at this is, the initial discussions with ML seem to focus on Anglo/INBS looking like the initial decision was to guarantee these two until ML warning on other institutions so they decided to guarantee them all.

Anglo had to be saved. Yes?

[C. Flower]

The way I'm looking at this is, the initial discussions with ML seem to focus on Anglo/INBS looking like the initial decision was to guarantee these two until ML warning on other institutions so they decided to guarantee them all.

Anglo had to be saved. Yes?

I'm going to have to print this lot out, and read properly. So far, I haven't seen anything substantial that wasn't already in the public domain. But there's always going to be some new little detail

[ang]

Yes I'm out of ink but printing will be the way I will go. There has to be something in there.

[Spectabilis]

Having to turn the laptop on side to read some of the pdf.s

Make our lives easy for us, why don't you ?

Right click on a page and choose 'rotate horizontally'

Still far too much info to absorb quickly.