veuve Posted January 16, 2009 Share Posted January 16, 2009 Why has the Nationalisation of Anglo Irish not been covered by either Manx radio or Isle of Man Newspapers. Do they have a "D" notice procedure to hide bad news ? In this case maybe to prevent a run on the other Irish Banks on the Island ... http://www.ireland.com/home/Mixed_reaction...rnewsirishtimes Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted January 16, 2009 Share Posted January 16, 2009 Probably because people have access to newspapers, the internet and 24 hour tv news channels. Its harldly a conspiracy.... Link to comment Share on other sites More sharing options...
manshimajin Posted January 16, 2009 Share Posted January 16, 2009 Covered by the Beeb quite comprehensively. I guess that the problems at Bank of America rather eclipse the fate of a small bank in Ireland. Brought down by a combination of high risk lending to achieve rapid growth combined with the Chairman's behaviour in hiding his loans. Hardly designed to inspire market confidence. Whither AIB and BoI??? Link to comment Share on other sites More sharing options...
monasqueen Posted January 16, 2009 Share Posted January 16, 2009 It was covered by Manx Radio at noon. Perhaps they only just found out about it Link to comment Share on other sites More sharing options...
veuve Posted January 16, 2009 Author Share Posted January 16, 2009 Covered by the Beeb quite comprehensively. I guess that the problems at Bank of America rather eclipse the fate of a small bank in Ireland. Brought down by a combination of high risk lending to achieve rapid growth combined with the Chairman's behaviour in hiding his loans. Hardly designed to inspire market confidence. Whither AIB and BoI??? It may be a small Bank in Ireland but it is important news as far as the Island is concerned. We have AIB BOI and also Irish Permanent and Irish Nationwide all having operations on the Island and Licensed by the FSC. It is doubtful if the Irish Government could stand behind all of them and the Irish Depositor Guarantee only kicks in AFTER any local Depositor Protection Scheme has been used meaning that the IOM Scheme (or effectively us as taxpayers) will be responsible for the first £50k should one of the above be allowed to fail. AIB and BOI are important institutions, but the other two ..... I just hope the FSC are on top of this and do not allow all the deposits to disappear into an Irish whole and generate another KS&F situation. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted January 16, 2009 Share Posted January 16, 2009 We have AIB BOI and also Irish Permanent and Irish Nationwide And Irish Breakfast, Guinness, O'Donnells...jeez we are all fucked! Link to comment Share on other sites More sharing options...
pongo Posted January 16, 2009 Share Posted January 16, 2009 We have AIB BOI and also Irish Permanent and IrishNationwide all having operations on the Island and Licensed by the FSC. It is doubtful if the Irish Government could stand behind all of them Stop. Ireland is a € zone country. The ECB and the EU govts are not going to let an € zone bank collapse. Utterly different from Iceland* which had it's own currency but backed by a population of only a few hundred thousand people. * and I have a prediction about Iceland too: it will come back even stronger. It's got a healthy culture, high expectations and a fundamentally positive international outlook. Link to comment Share on other sites More sharing options...
Paul H Posted January 16, 2009 Share Posted January 16, 2009 We have AIB BOI and also Irish Permanent and IrishNationwide all having operations on the Island and Licensed by the FSC. It is doubtful if the Irish Government could stand behind all of them Stop. Ireland is a € zone country. The ECB and the EU govts are not going to let an € zone bank collapse. Utterly different from Iceland* which had it's own currency but backed by a population of only a few hundred thousand people. * and I have a prediction about Iceland too: it will come back even stronger. It's got a healthy culture, high expectations and a fundamentally positive international outlook. Do you work for Alan Bell? Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted January 16, 2009 Share Posted January 16, 2009 The ECB and the EU govts are not going to let an € zone bank collapse. Pfft...why let facts get in the way of some good old sensationalism Link to comment Share on other sites More sharing options...
oldmanxfella Posted January 16, 2009 Share Posted January 16, 2009 * and I have a prediction about Iceland too: it will come back even stronger. It's got a healthy culture, high expectations and a fundamentally positive international outlook. And a £2bn loan from the Worldbank burning a hole in its pocket. Link to comment Share on other sites More sharing options...
Sebrof Posted January 16, 2009 Share Posted January 16, 2009 We have AIB BOI and also Irish Permanent and IrishNationwide all having operations on the Island and Licensed by the FSC. It is doubtful if the Irish Government could stand behind all of them Stop. Ireland is a € zone country. The ECB and the EU govts are not going to let an € zone bank collapse. Utterly different from Iceland* which had it's own currency but backed by a population of only a few hundred thousand people. * and I have a prediction about Iceland too: it will come back even stronger. It's got a healthy culture, high expectations and a fundamentally positive international outlook. Good on you, Pongo. We need more optimists about. I'm sure in 200 years Iceland will be thriving. S Link to comment Share on other sites More sharing options...
pongo Posted January 16, 2009 Share Posted January 16, 2009 I'm sure in 200 years Iceland will be thriving. They will have a higher standard of living than us inside 10 years. It's an innovative and fundamentally modern place. There is also a lot of good will towards Iceland. And that's what the smart money is saying too. That they will work hard to sort themselves out and relatively quickly. Because they are like that. They are a good bet. Link to comment Share on other sites More sharing options...
manshimajin Posted January 16, 2009 Share Posted January 16, 2009 What a difference 12 months makes: Last January: Jan 17 (Reuters) - Bear Stearns began coverage of the Irish banking sector with the initiation of three Irish banking stocks, saying the sector offered significant value following underperformance. The brokerage started Bank of Ireland (BKIR.I) with an "outperform" rating and Allied Irish Bank (ALBK.I) with an "underperform" rating. Anglo Irish Bank (ANGL.I) was initiated with a "peer perform".Fears for the domestic economy alongside liquidity concerns and sub-prime exposures in the wider banking system resulted in the sector underperforming considerably during 2007, the brokerage noted. "Following the sharp fall in valuations, we believe this is an exceptional opportunity to buy the sector," Bear Stearns added. At the current stage, the brokerage said it does not expect any of the banks in the sector to run out of funding, or to require emergency capital raising to be undertaken. Bear Stearns, which has a price target of 13 euros on Bank of Ireland, said the bank has limited exposure to both liquidity concerns and sub-prime assets. "Our underperform recommendation for Allied Irish reflects our view that it has the fewest attractions on a short-term basis among the Irish banks," the brokerage said. Bear Stearns has a price target of 17 euros on Allied Irish and a target of 12.25 euros on Anglo Irish. Today - Irish Examiner Banking shares take hit16/01/2009 - 19:02:57 The ISEQ index of Irish shares closed down 23.50 points to 2,456.22 today, with banking shares prominent among the fallers amid continued uncertainty in the sector. AIB shed some 25.26% of its value, closing down 49c to 1.45, while Bank of Ireland was 15c off, closing at 0.75. AIB had a peak price of about €24 in early 2007 and BoI about €18.50. Link to comment Share on other sites More sharing options...
Sebrof Posted January 16, 2009 Share Posted January 16, 2009 I'm sure in 200 years Iceland will be thriving. They will have a higher standard of living than us inside 10 years. It's an innovative and fundamentally modern place. There is also a lot of good will towards Iceland. And that's what the smart money is saying too. That they will work hard to sort themselves out and relatively quickly. Because they are like that. They are a good bet. Well, Ognop, I have to say that I don't know to what extent the Icelandic bank losses have been shouldered by Iceland, or whether they have just walked away from the lot. If so, you may well be right. If not, recovery could take a while. And I don't know whether by "ours" you mean the IOM or Britain. In either case, being better may not be a very steep hill to climb. Especially as Britain is not walking away from its banks' losses. S Link to comment Share on other sites More sharing options...
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