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Posts tagged ‘Irish Taxpayers’

The cost to the Irish taxpayer

SIMON CARSWELL

 

Photo Machholz

 What the bailout is costing Irish taxpayers

Anglo  – €29.3 billion (including €22.9 already committed by Government) – could go to €34.3bn in severe worst-case

AIB  – up to €6.5 billion (including €3.5 billion already invested by Government) A Basket case

BoI  – €3.5 billion (doesn’t need any more capital from Government)(So it says but can you belive them  I don’t!)

INBS  – €5.4 billion (including €2.7 billion already committed by Government) why is there no prosecutions for this fraud?

EBS  – €350 million (further requirement for €440 million and possibly more which is expected to come from its new buyer)

can anyone belive any buyer will stump up this kind of cash now?

Irish Life & Permanent  – doesn’t need any capital; didn’t engage in property development lending

No ,just helped Anglo Irish Bank to defraud its own investors and customers and Irish Life& permanent is now screwing its own customers now  

Total:  €45 billion – could go to €50 billion in Anglo severe stress case

Of this, some €35 billion of this is debt and is unlikely to be recovered – the €6.5 billion to be invested into AIB and €3.5 billion already invested into Bank of Ireland is regarded as an investment by the National Pension Reserve Fund, the €24 billion sovereign wealth fund held by the Government. The State is likely to make this €10 billion back and could make a profit by selling down the shares over time.

The figures relate to the State’s investments in the banks. AIB’s capital requirement is €10.4 billion of which it has raised €2.5 billion from the sale of its stake in Poland’s Bank Zachodni WBK, leaving €7.9 billion to raise – some of that will come from the sale of the 22.5 per cent stake in US bank M&T, the sale of its UK business and further (possible) investment from existing shareholders and institutional investors. The Government will underwrite the sale of new shares.

source http://www.irishtimes.com/newspaper/breaking/2010/0930/breaking37.html?via=rel

What about the dierivitave  losses that the Banks are hiding Bank of Ireland and Allied Irish Bank ?

 Machholz

The Story.ie tells us about Anglo Irish Bank

 

 


 

I came across this excellent summary of the Anglo Irish bank Position

In November the ECB announced it would begin the process of winding down the emergency funding. In December the last 12-month repos were sold. We are now approaching the next phase. Next month, the ECB will close the 6-month window. The 3-month and 1-month repos will close after that.

In June, Anglo received a €3.5bn recapitalisation from the State. At the time it said it might need a further €3.5bn. This is money to rebuild the bank’s capital base due to bad loans.

However, these figures are likely much higher. Anglo will likely need up to three times that figure. Combine that with AIB, INBS and Bank of Ireland’s funding needs, and the taxpayer will likely be handing over more than €22bn to our banks over 2010.

Please follow the link to read the full story

 

source http://thestory.ie/2010/03/25/the-anglo-spin-begins/

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