Thursday, Oct 01, 2009
Oi! Give us our money back!
Bloomberg: RBS, Lloyds Send ‘Shocking’ $4.4 Billion to Ireland
RBS and Lloyds, which were saved from collapse by British taxpayers last year, have injected 3.03 billion euros ($4.4 billion) into their Irish units over the past 10 months, to cover rising losses from real estate.
British banks invested in Irish real-estate developers at the height of the “Celtic Tiger” boom and are now writing down investments amid the worst property slump in western Europe. RBS, 70% government-controlled, and Lloyds, 43% taxpayer-owned, were bailed out with $59billion of taxpayer money last year.
“Many will find it hard to understand why British taxpayers are bailing out bad investments made in Ireland,” said Vince Cable. The government agency appointed to oversee the taxpayer investments stated it did not interfere in operational decisions of the banks.
3 Comments
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1. will said...
These 'real estate losses' have been concealed from us in an attempt to stem further losses, but just how will they eventually clear their balance sheets?
2. stillthinking said...
I can't remember which bank, I think RBS, of several billion to a russion company. They wrote the whole amount off. They didn't even recover an office chair. Nothing.
If the "global" banks are in London, and the UK taxpayer guarantees to make good the losses of London banks, then we underwrite a fair old bit.
3. shipbuilder said...
The benefits of globalistion, stillthinking - not only privatisation but globalisation of profits, not only socialisation but localisation of losses.