What is truth?

Posts tagged ‘Bank of Ireland’

Bank Of Ireland (Here to milk you dry)

DSC03052

The crooks at Bank of Ireland continue to steal from their hard pressed customers by applying penal interest on mortgages and charges just to lodge or take out customers own money! Yes my friends I went into my local bank yesterday to lodge a check into my own account: Because I do not have a ATM Card on my account I had to stand in the queue to the teller to do the lodgement! As I came to the bank teller I was advised that I would be charged .60 cent for the privilege of lodging my own money into my own account The same teller told me if I was to get a ATM card for this account I would only be charged 20 cent ! Of course I would also have to pay the governments tax on this ATM card as well. While it is not a huge amount it is no less the principal this corrupt financial institution that has been instrumental in the financial meltdown of our country still allowed to continue to rob its own customers! As there is only 3 Banks in the country that caters for the ordinary Joe we have been again delivered up to these corrupt gangsters by the Government again to be fleeced and robbed so these same corrupt financial institutions can bolster their own nonexistent funds ahead of some sale to faceless moneymen in the not too distant future when the bank vaults are full once again of taxpayers money! Sickening! When will we put an end to this corrupt system??

How two billionaires made huge killing on BoI shares

bank-of-ireland

Photo by thepressnet.com

US-based Wilbur Ross and Canada‘s Prem Watsa slashed their stake in the Irish bank by a third yesterday, selling a 6.4pc holding for around €690m.

It’s more than the €600m the pair paid for three times that size of shareholding in 2011 – and leaves them with a 12pc stake in Bank of Ireland that is worth a cool €1.2bn based on yesterday’s trading price.

Shares bought for 10 cents each in 2011 were sold for just under 33 cents in yesterday’s deal.

The huge windfall for the investors is likely to spark debate about whether the Government here allowed Bank of Ireland to be sold too cheap in 2011.

Seeing successful investors cut their stake will also prompt speculation that the time may be ripe for Finance Minister Michael Noonan to sell some of the taxpayers’ 14pc stake in the bank – which has also tripled in value since 2011.

Yesterday’s deal came about after “an inbound inquiry” from Deutsche Bank, not because he was looking to sell, US-based Wilbur Ross told the Irish Independent.

“We simply responded to an inbound inquiry from Deutsche Bank. We are happy to retain about two-thirds of our shares and have no present intention to sell any more,” Mr Ross said.

He is “totally supportive” of the bank’s strategy and tactics and will continue to be active on the board, he said.

Deutsche Bank sold the stake on to so-called “institutional investors”, the kind of pension funds and insurance companies once seen as natural bank investors.

“Bank of Ireland has been one of our most successful investments,” Prem Watsa said yesterday.

Mr Ross has been a director of Bank of Ireland since June 2012. Before yesterday’s deal he was the biggest private sector shareholder in Bank of Ireland, owning around 9pc of the bank.

Forbes Magazine‘ estimates Wilbur Ross’ wealth at €2bn.

Lower profile Prem Watsa is though to be worth even more. His Fairfax Financial owned a slightly smaller stake and is the bank’s second biggest shareholder. At one stage he was also a director of the bank, but since last year he has been represented on the bank board by non executive director Bradley Martin……………………..

full article at source: http://www.independent.ie/business/irish/how-two-billionaires-made-huge-killing-on-boi-shares-30063647.html

“countries about to go bankrupt should draw on the private wealth of their citizens”

in what is sure to be met with cries of derision across the European Union, in line with what the IMF had previously recommended (and we had previously warned as inevitable), the Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help. As Reuters reports, the Bundesbank states, “(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required.” However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi’s jawbone solution to this line in the sand.)

Via Reuters,

Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

The Bundesbank’s tough stance comes after years of euro zone crisis that saw five government bailouts. There have also bond market interventions by the European Central Bank in, for example, Italy where households’ average net wealth is higher than in Germany.

(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required,” the Bundesbank said in its monthly report.

It warned that such a levy carried significant risks and its implementation would not be easy, adding it should only be considered in absolute exceptional cases, for example to avert a looming sovereign insolvency……..

full article at source: http://www.zerohedge.com/news/2014-01-27/bundesbanks-stunner-broke-eurozone-nations-first-bail-your-rich-citizens

Comment:

goldcore_bloomberg_chart1_03-12-13

Citizens of Ireland, get ready to have your bank account raided by Mr. Noonan and his gangster’s pals in the Irish Government! They are about to come and steal your money under the guise of saving your bank from bankruptcy: Welcome to Bail-ins!

Get you money out of these Zombie Banks before it’s too late!

Irish Finance Ministry Reveals It Has Lost Banking Crisis Files

We are sure there is a joke in here somewhere but it is no laughing matter.
Following a request for copies of 8 documents  of correspondence between
Ireland’s (former) finance minister and the nations’ largest bank
executives
, the Irish minstry of finance has been forced to admit that
it cannot find two out of the eight. The documents, previously
100% redacted, raises questions as to whether other documents have gone
‘missing’. As RTE
reports
, the Department of Finance said it had carried out a widespread
search for the documents and it was not clear why the original versions
could not be located
. Those darn leprechauns… We are sure, however,
it
has nothing to do with the Irish banks “picking bailout numbers out of their
arses.”

Documents relating to the banking crisis have gone missing at the Department of Finance.

The department has conceded that some correspondence forwarded from Bank of Ireland to the former minister for finance Brian Lenihan can no longer be located.

In 2009, the department was asked under Freedom of Information to release copies of all correspondence between the late Mr Lenihan and the chief executives of the banks during the period August 2008 to March 2009.The department released eight items.Late last year, Sinn Féin finance spokesperson Pearse Doherty requested repeat copies of these documents.He was told that two out of the eight could no longer be found.When released in 2009, both had been completely redacted.They concerned correspondence between the governor of Bank of Ireland Richard Burrows and an advisor to the Jupiter group, Noel Corcoran.Jupiter was trying to buy Bank of Ireland at the time.Mr Doherty said the fact that the department could not locate records was worrying ahead of the banking inquiry.He said it raised questions as to whether other documents may have gone missing.

In a statement to RTÉ News this evening, the Department of Finance said it had carried out a widespread search for the documents and it was not clear why the original versions could not be located.It said that it had undertaken a project which would ensure the completeness and integrity of its records from the time of the bank guarantee.It said that it was not aware of any documents relating to the bank guarantee which may have gone missing.Mr Doherty said: “These letters existed in 2009.  They were released but the content was fully redacted to a journalist under the Freedom of Information legislation.”However I have now been informed that these letters have gone missing …………..

full article at source: http://www.zerohedge.com/news/2014-01-10/irish-finance-ministry-reveals-it-has-lost-banking-crisis-files

Comment:

By Thomás Aengus O Cléirigh

All I can say is in this photo!

carers2

The Department of Finance is still run by the same incompetent civil servants (at best) that served under the Gombeen Lenihan, they have a vested interest to make sure their political masters are kept safe! These crooks must not be allowed to get away with this treachery! Naturally there is a cover-up and we the citizens will be hoodwinked and bamboozled into accepting hogwash and lame excuses. There may even be the promise of an investigation but nobody will be found to have done anything wrong! Democracy in Ireland is dead we are now living in a dictatorship of the Bankers and the gangsters who support them through the Irish civil service! The time has come to call these “faceless corrupt servants” of the people to account!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

European Central Bank president Mario Draghi has raised concerns about the health of Irish banks, urging “decisive” action on issues revealed by a recent balance-sheet assessments before European stress tests next year.

Addressing the European Parliament, Mr Draghi said while the balance-sheet assessments of the Irish banks had identified no capital shortfall, there were needs for adjustments for provisions and risk-weighted assets.

“This should be addressed before the SSM assessment,” he said in a response to a question from Irish MEP Gay Mitchell.

Under the original terms of Ireland’s EU-IMF rescue, Ireland was obliged to undergo a full health check of its banks before the end of the programme.
Stress tests However, this was downgraded to a “balance-sheet assessment” after Dublin argued it should not be treated differently from other countries in next year’s Europe-wide stress tests.

Mr Draghi emphasised yesterday that the balance-sheet assessments by the Irish Central Bank were “not forward-looking” and fall short of the “stringent” stress tests that would be required next year.

Ireland’s three main banks – Bank of Ireland, AIB and Permanent TSB – informed the market last month the Central Bank tests had been completed and that no capital requirements had been required.

However, the full results of the tests were not published.
Commercial loans Bank of Ireland revealed that the Central Bank had concluded that it should take an additional €1.3 billion in provisioning against its mortgage and commercial loans, while Permanent TSB chief executive Jeremy Masding told The Irish Times that the bank would be taking extra provisions for bad loans following the reviews. AIB has yet to comment on whether provisions are needed.

Mr Draghi also said the ECB had “a more cautious assessment” of Ireland’s budget for 2014 even if targets were likely to be met. However, he noted that the deficit-to-GDP ratio, which has been credibly set at 4.8 per cent, overperforms relative to the requirement of 5.1 per cent set out in the European Commission’s excessive deficit procedure.

source: http://www.irishtimes.com/business/sectors/financial-services/draghi-expresses-concern-about-health-of-irish-banks-1.1629952

see also related news: http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan

also:http://www.bloomberg.com/news/2013-09-30/bank-secrets-exposed-in-eu-s-credit-derivatives-antitrust-probe.html

Comment:

AAAA

The hidden and off the books derivatives losses by the Irish banks are now becoming so large that even Draghi and his associates are heading for cover ! Once the Irish banks are forced to acknowledge these losses we can expect a cascade effect throughout Europe and all this will land at the door of Deutsche Bank with its $72.8 Trillion derivatives exposures. Still Draghi knows with 156 billion on deposit in Irish banks they can plunder at least 35% of this FREE Cash from the Gullible Irish depositors!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

MSI Radio Royal Bank of Ireland

Why Danske Bank Pulled Out and What it Says About the Irish Banks

By Rory Gillen

It’s more bad news on the jobs front from the Irish banking sector, but something doesn’t quite tie up. The full scale retreat from the Irish banking market of ACC and Danske Bank – and rumours suggest Ulster Bank may be next – comes at a time when the worst has passed and banking margins and profits are on the up. It’s not just bad news on the jobs front; it’s also bad news for consumers and small businesses which are looking at a retreat to 1980s-style duopoly banking.

Rabo Bank, the owner of ACC, is well capitalised and might be excused for wanting to rid itself of a problem child and confine to history a poor move in the first place. Danske bank, it seems, may be reacting to not only increasing regulatory pressure in its home market, Denmark, for stronger capital ratios but also increased political pressure………………..

full article at source:  http://www.gillenmarkets.com/featured_articles/irish-banks-under-capitalised-and-a-government-in-denial.cfm

Let’s talk about tax.

By David Mc Williams

On Friday, both the Financial Times and the New York Times carried banner pieces criticising how Ireland is being used and, more to the point, is allowing itself to be used as part of a large tax avoidance scheme. Opinion is shifting against Ireland’s corporate tax system. And we are talking about the Financial Times and the New York Times – hardly the Worker’s Hammer or Militant.

Added to this, we have reports that the Irish corporate tax system might be a sticking point in the on-going German coalition talks as the left-leaning Social Democrats is demanding tax harmonisation in return for access to future EU bank bailout funds. Right across the political spectrum – left to right – momentum is moving against the way in which Ireland taxes its foreign corporations.

Not that long ago, at the G20 in Enniskillen, the world’s head honchos said that they would act together to level the playing field for corporation tax to prevent companies abusing tax shelters…………………

full article at source: http://www.davidmcwilliams.ie/2013/10/14/lets-talk-about-tax

Comment:

By Thomás Aengus O Cléirigh

AAAA

The  Irish government’s attempt to re-invent the toxic banks as “Pillar community friendly banks” is just a farce. The Banks latest advertisement that floods our TV screens is insulting and an attempt to dumb down the citizens of Ireland. These toxic corrupt dens should be closed down and the directors should be doing jail time. But there is a more sinister problem here on our door step and it is in the IFSC in Dublin.

Did you know that there is approximately 1.4 trillion Euros on deposit and under Management in the various Fund management companies in the IFSC? Now I myself have two bank accounts one in Bank of Ireland and one at Allied Irish Bank and I estimate I am paying about 2.5% in costs every year (taxes) for the privilege of having these two bank accounts. I suspect that everybody else in Ireland is paying the same through the dirt tax and penal bank charges, but what taxes are the super rich paying to hide the billions in the ISFC off shore tax haven? “Nothing”. Not a single penny, No Taxes!

Remember every euro the government gives away to these billionaires they squeeze out of our health service, our educational system and our community services. Want to know why your taxes are going up in the next budget? Easy the puppet government is giving tax concessions to the likes of all these multinational corporations. Remember that when you get your water charges, your property tax etc you are paying Google’s and Apple’s taxes for them!and dont get me started on the corrupt tax avoidance scams down at Europe’s largest hot money centre the IFSC

What a great bunch of suckers we really are!  Time to get these leaches to pay their proper taxes!

Public Appeal Aimee Foley and her Mom

By Thomás Aengus O Cléirigh

AAAA

This Minister is a puppet in the hands of hidden money men! These faceless unelected money men are the true rulers’ of Ireland now. We are all financial slaves and we the ordinary people are nothing more to the sell-outs ruling our country now. Billions have been lost in bank bailouts and I belive 10 billion more  is now needed again to keep the corrupt and bankrupt Banks of Allied Irish Bank and Bank of Ireland afloat. The Government hasn’t got these funds and so I expect they will do a Cyprus job on the unsuspecting depositors of these Banks before March next year!

Pouring billions down black holes in the corrupt banks and giving billions in tax breaks to corporations like Google and Apple and a whole load of Hot Money institutions down at the IFSC in Dublin docklands is the only game in town .  Recent figures from the central bank show that 2.75trillion Euros was  sloshing around in “managed funds “ down there and not one red cent was being paid to the Irish state in taxes for providing a safe haven for such hot funds.! Another name for this is “money laundering”! At the same time, we the ordinary people will have to endure another smash and grab from the government in the next budget on the health services to pay the interest on gambling debts from the gangsters in the banks and the hidden corrupt banks in the IFSC Money laundering centre. Headed by John Burton Chairman of IFSC Ireland and former Taoiseach!

It is appalling that a Mother and Daughter have to adapt measures such as this to call on the Minister to provide  the necessary services to give this woman a chance for life.

The funds have been stolen to bail out the minister’s real masters “ The faceless moneymen” and our country will continue to be sucked dry until the people of Ireland wake up and turf these puppets and liars out of the Dial and put in real people committed to providing community services and health services for all our people!

Best of luck Aimee.

The Anglo Tapes

By The Story

Myself and Tom Lyons wrote yesterday in the Sunday Independent about new revelations from The Anglo Tapes, new audio of which is available over on Independent.ie.

This follows on from the trojan work of Paul Williams, Fionnan Sheahan, Dearbhail McDonald and Donal O’Donovan in the Irish Independent last week.

full article at source:http://thestory.ie/2013/07/01/the-anglo-tapes/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+thestory%2FQSEJ+%28The+Story%29

Comment :

252031_189388681111381_4631774_n

It is indeed to the thanks of the likes of Paul Williams and others that we the people even get to hear the likes of these tapes .Thank you to all who made this possible!

With regards to the X Directors and some serving directors (including the so called “public” placed leaches by the government) of the various toxic Banks, I believe all of these should be banned immediately from holding any public office and criminal charges should be brought against all of them. The charges would be of gross misconduct, negligence, and conspiracy to defraud the citizens of Ireland. All expenses should be investigated by an outside source such as Scotland Yard and some other police force but definitely not the Irish police as I believe they are too close to the various suspects!

Where are the tapes of Allied Irish Bank? This bank is worse than Anglo Irish and they got just as much money from the taxpayers so why are the X Directors not been brought before the courts?

The Bank of Ireland and the other credit institutions have criminal charges to answer for too, five years on not one of the responsible have been brought before the courts, indeed they have been rewarded with fat pensions and in some cases  some have received new employment on the boards of public companies, why??   Why was nothing done about these tapes 5 years ago why are they now suddenly brought out to the media, what are the loans outstanding of Mr. Kenny, Noonan, and Gilmore? For that matter what about all of the TD,s and the private pal advisors of the minsters ?? let’s have all the top civil servants in the department of Finance have their  bank loans investigated as well! There is dirt and muck everywhere and we are been fed these tapes ( a few crums)  because they are hiding a much bigger scandal.Heads must roll now!

275

Thomás O Cléirigh

Tag Cloud