What is truth?

Posts tagged ‘Bank Bail outs’

Irish Life & Permanent continuing to rip off its customers

Irish Life & Permanent
has reported an operating loss of €10m in the six months to June this year, compared with a loss of €51m in the same period last year. Operating profit in its life business in the six months was €118m, 40% higher than in the same period last year
This is bad news for the 180,000 mortgage customers, with around 9,000 in arrears, a number that I would expect to increase over the next couple of months as the con artist at the head of this bank continue to rip off their own customers by charging up to 300% interest on their mortgages
Current interest rat at the ECB is 1% and these crooks are charging 4.5% =300%

The latest operating losses at its banking business of €131m, almost unchanged from €132million last year, Irish Life & Permanent will no doubt be exploiting to the full the unflinching support from the equally corrupt and dysfunctional Department of Finance who are by the way supposed to be investigating Irish Life & Permanent’s fraudulent transactions of deposits to Anglo Irish Bank to help it effectively defraud its own shareholders.

Irish Life & Permanent management are still harbouring some of the culprits responsible for this fraud and as long as nobody is brought before the courts I for one will continue to call for the culprits to be rooted out
The hard pressed mortgage customers of this bank should not have to pay for the fraudulent and corrupt actions of the senior management at this bank and so I call on all 180,000 customers of Irish Life & Permanent to refuse to pay the illegal interest rate hikes and boycott this bank.
Join the cause on facebook http://www.causes.com/causes/521544?m=99681795

Cowen & Lenihan spin doesn’t wash with the markets

SAN FRANCISCO (MarketWatch)

Standard & Poor’s Ratings Services downgraded Ireland’s credit rating Tuesday on concern about the cost of bailing out the country’s ailing banks.
S&P lowered Ireland’s long-term sovereign credit rating to AA- from AA and kept its outlook on negative, suggesting the ratings agency could cut again.
The downgrade applies to other ratings that depend on Ireland’s sovereign credit rating, including senior unsecured debt ratings on government-guaranteed securities of Irish banks, S&P noted.
The Irish economy, like many around the globe, is struggling, but well-to-do visitors are returning to the Emerald Isle to take advantage of more attractive pricing for lodging and a chance to enjoy its storied golf links.
“The government’s support of the banking sector represents a substantial and increasing fiscal burden, which in our view will be slow to unwind,” Standard & Poor’s credit analyst Trevor Cullinan said.
The euro /quotes/comstock/21o!x:seurusd (EURUSD 1.2633, +0.0006, +0.0475%) recently traded at $1.2624. That’s lower than it was earlier Tuesday and down from $1.2684 late Monday.
Like several developed countries, Ireland bailed out some of its largest banks in the wake of the 2008 financial crisis. Anglo Irish Bank was nationalized.
The government recently got European Commission approval to inject another 10 billion euros into Anglo Irish Bank, on top of the 14.3 billion euros it already provided. That’s sparked concern Ireland may have to spend more on new support for other banks.
While such bailouts may have averted a much harsher global recession, they have left several developed countries burdened with more debt. Read about the sovereign debt crisis.
90 billion euros
The total cost of Ireland’s support for its banking sector may now reach 90 billion euros ($114 billion), or 58% of GDP, S&P estimated. That’s up from a previous forecast of 80 billion euros.

Comment:

The government’s lies to the markets is not working as we see by the latest Standard & Poor’s Ratings downgraded of Ireland’s credit rating this evening
Anyone that now still believes a single word out of Cowens or Lenihans mouths is guilty of plane stupidity
Surely the people who are backing these two clowns must now begin to question the sanity of their undying support for their pals in Anglo Irish Bank and the NAMA fraud that was set up to bail out the golden circle
These clowns must be stop before we are all totally ruined and condemned to go back to the depression of the 70,s or even the 50,s

Ref:Protest against bank bailouts and incoming cuts, as part of European week of action.

A group of dedicated people were out in front of the Central Bank and Anglo Irish Bank
Demonstrating against the Bank bailouts and the attach on workers’ rights and pensions
Leading the charge was Joe Higgins
Looking around the small numbers (approx 250 demonstrators) I wondered why the Irish People have not yet woken up to the massive fraud been perpetrated on them be the ruling elite!
For Christ sake there was more people waiting outside Smiths toy store (apparently for Jededward) than they were outside the Anglo Irish Bank

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