Thursday, Mar 31, 2011

The unbelievable truth about Ireland and its banks

BBC: The unbelievable truth about Ireland and its banks

Unless something unexpected happens in the next 24 hours, the total amount of additional capital that will need to be injected into these banks will be a bit less than 35bn euros - including 8bn euros that was supposed to be injected into them at the end of February, but was postponed because of Ireland's political turmoil.
........So that is 208bn euros of taxpayer loans to Ireland's banks - equivalent to a remarkable 154% of GDP.

Posted by tick tock @ 04:38 PM (1321 views) Add Comment


1. tom101 said...

Zero's don't seem that amazing anymore.

Thursday, March 31, 2011 04:59PM Report Comment

2. inbreda said...

that is an eye-watering percentage. I guess if we don't see major rioting in Ireland in the next few weeks, there is no hope left for us. If the public are that apathetic, there is no chance of getting anything like a fair system.

Thursday, March 31, 2011 05:27PM Report Comment

3. Crunchy said...

I said it was a black hole, but when your charging interest on these bail outs who cares.

Come on, default for goodness sakes. That will teach em!

Thursday, March 31, 2011 05:53PM Report Comment

4. miken said...

A total of 75bn Euro's invested by the state in the banks. How can this ever be justified? Surely even a worst case default of all the banks put together would cost less than 75bn once all the assets of the banks have been seized and liquidated.

"Ireland's banks can't borrow from anyone except the Irish people (who, poor souls, have nowhere much else to put their deposits).". Err, no this is incorrect. Irish people can put their money in foreign bank accounts (if they have any sense).

Thursday, March 31, 2011 09:54PM Report Comment

5. mdmick said...

Where does "Can't Pay Won't Pay" fit in here?
Do people have the perception that they can pay because you always assume that taxes are going towards good deeds like road repairs and hospital nurses?
What is the time lag on people twigging that today's tax payments are being channelled into unrealistic interest repayments instead?

Thursday, March 31, 2011 11:04PM Report Comment

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