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Ireland To Restrict Accounts Of Big Anglo Debtors

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Ireland to restrict accounts of big Anglo debtors

Reuters Monday 19 January 2009 05:14

DUBLIN (Reuters) - The Irish government is placing heavy restrictions on the accounts of major debtors of Anglo Irish Bank <ANGL.I> under legislation nationalising the top-3 bank. Under the draft law, which will be debated in parliament on Tuesday, anyone who owes the commercial lender 20 million euros (18 million pounds) or more will be prevented from withdrawing money if the total in their accounts would drop below the amount owed.

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Ireland to restrict accounts of big Anglo debtors

Reuters Monday 19 January 2009 05:14

DUBLIN (Reuters) - The Irish government is placing heavy restrictions on the accounts of major debtors of Anglo Irish Bank <ANGL.I> under legislation nationalising the top-3 bank. Under the draft law, which will be debated in parliament on Tuesday, anyone who owes the commercial lender 20 million euros (18 million pounds) or more will be prevented from withdrawing money if the total in their accounts would drop below the amount owed.

I wonder what I would be doing right now, before the law is voted, if I was one of these debtors... :rolleyes:

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I wonder what I would be doing right now, before the law is voted, if I was one of these debtors... :rolleyes:

It's been very hard to get money out of Anglo for the last few weeks. I had major problems 2 months ago. They wont get anything.

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It's been very hard to get money out of Anglo for the last few weeks. I had major problems 2 months ago. They wont get anything.

Devaluation and netting + bill for all that's owed in the post?

Fun times for "rich" folks. I had £10m in cash and £20m in debt. The government pass a law and I have a bill for £10m and that's it.

Ace. I need more pictures of nuke explosions.

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If I am reading that right it means anyone that owes Anglo Irish greater than €20 Million and has deposits with them cant access there deposits till the amount owed goes below €20 Million.

Or in other words anyone that owes them €20 Million and deposits with them is now probably bankrupt.

Great way to boost Irish business make a load of them bankrupt in one go :o

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A golden rule of treasury is keep your cash with someone other than your main lender. I spent 4 days last September at work making sure that we had this covered in all of the countries in which we operate, and uncovered some counterparty horror stories along the way; now very glad that I did.

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Guest sillybear2

Ireland are clearly envious of our printing presses, hence this is the only alternative for them.

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It's been very hard to get money out of Anglo for the last few weeks. I had major problems 2 months ago. They wont get anything.

Not my experience. I simply rang them and cleared out my Anglo account into my Barclays current account in the same day. Whether Barclays survives is another question!

(Of course, my account was a wee bit less than €20m).

Edited by BearGlas

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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