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Allied Irish Bank Defaults

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8590428/Allied-Irish-Bank-has-defaulted-says-derivatives-body.html

Just like Greece, everyone is trying to find a way of getting the insolvent not to pay, but without causing a credit event. This appears to have failed here.

Gold streaking upwards, and the pound is diving against the Euro.

Good news for exporters to the Eurozone though eh?

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8590428/Allied-Irish-Bank-has-defaulted-says-derivatives-body.html

Just like Greece, everyone is trying to find a way of getting the insolvent not to pay, but without causing a credit event. This appears to have failed here.

Gold streaking upwards, and the pound is diving against the Euro.

Good news for exporters to the Eurozone though eh?

Not for those of us who want to temporarily export ourselves to the Eurozone for a couple of weeks. :(

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Not for those of us who want to temporarily export ourselves to the Eurozone for a couple of weeks. :(

:lol::lol: I don't wan a holiday in the sun........................................................

Edited by Patfig

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8590428/Allied-Irish-Bank-has-defaulted-says-derivatives-body.html

Just like Greece, everyone is trying to find a way of getting the insolvent not to pay, but without causing a credit event. This appears to have failed here.

Gold streaking upwards, and the pound is diving against the Euro.

Good news for exporters to the Eurozone though eh?

How can they default if they are backed by the Irish State.. ?

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Nun on a bank run is it?

Anyway, shouldn't we get our money out of the Post office? You can't be too carefull...

Did mine yesterday. Just to be on the safe side. Although it is covered by the FSCS gaurantee and I was well within the limit I'd rather not have the hassle.

Just to be clear though post office is bank of ireland not AIB.

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How can they default if they are backed by the Irish State.. ?

On the assumption that you're not being ironic, the Irish State is itself bust (thanks to taking on bank debt) and since they unwisely ceded their right to issue sovereign currency back in 2002 they can't even stealth default through money printing.

Forcing the population to take a 25% hit on their savings and salaries via money printing/debt monetisation is about the only thing that has kept the wheels from completely coming off the UK economy .... so far.

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On the assumption that you're not being ironic, the Irish State is itself bust (thanks to taking on bank debt) and since they unwisely ceded their right to issue sovereign currency back in 2002 they can't even stealth default through money printing.

Forcing the population to take a 25% hit on their savings and salaries via money printing/debt monetisation is about the only thing that has kept the wheels from completely coming off the UK economy .... so far.

Maybe Magnier, McManus and the rest of the Coolmore Gang will reptatriate their offshore funds as an act of patriotism B)

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The International Swaps and Derivatives Association (ISDA) yesterday said that a "credit event" had occurred on Allied debt, meaning the bank has effectively defaulted on its debt, a situation the Irish government has gone to extreme lengths to avoid.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8590428/Allied-Irish-Bank-has-defaulted-says-derivatives-body.html

Bit more worrying to us than the enfolding Greek tragedy .....perhaps ?

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On the assumption that you're not being ironic, the Irish State is itself bust (thanks to taking on bank debt) and since they unwisely ceded their right to issue sovereign currency back in 2002 they can't even stealth default through money printing.

Forcing the population to take a 25% hit on their savings and salaries via money printing/debt monetisation is about the only thing that has kept the wheels from completely coming off the UK economy .... so far.

Me? Ironic?

Actually I did remember if there was something about junior vs. senior debt, with only the senior debt state backed, so a junior default would not rock the world. But if we really are seeing a state backed bank in default... oh dear.

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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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