Irish banking shares in complete meltdown (again)

dont think they cud do that . the ECB wud not allow it. if worst came to worst and the govt cudnt fund the guarantee then the ECB and IMF wud step in
 
They would have too.. but your money may not be accessible for a while or you might just be able to get a percentage of your funds out. This has been experienced in recent history by people in Iceland, Argentina, Ecuador and others.

I am not saying this is going to happen - I dont know - but todays share price action is a serious warning signal.
 
yes it tells you that investors are selling their shares cos they think the banks will be nationalised. not that they think the banks deposits will be lost... as i have said already
 
terrontress said:
I am holding 1,200 AIB Shares. I considered getting out at 20 to spend on my wedding but didn't as I thought they'd go back to 25.

I considered selling 500 at 13 to pay off my credit card bill but didn't as I thought they would go back to 20.

They have gone from a value of €30k to €600.

As far as I am concerned I am wiped out already.
Click to expand...

Terron that right there is the human cost of this meltdown. I feel sorry for you and the many thousands like you who have lost thousands because is the mismanagement of the financial system. It's all well & good realising their is the risk that when you buy shares that they may fall as well as rise, but traditionally when buying bank shares you would not have expected them to collapse so spectacularly & in such a short space of time. So many pensioners have invested their life's worth in bank shares to have a bit of a nest egg in their latter years & now they find they have nothing. It's quite simply a disgrace.

I think it's beyond doubt now that the goverment are going to have to nationalise all Irish Banks. The markets have lost all confidence in the Irish Financial system.

Also we have a dithering goverment which nobody has any confidence in.
Time for party politics is over. We need a national goverment with all the best minds & talent we have, to get us out of this mess. It's only going to get worse as well, which is what is so disheartening.

Cowen, even though he inherited a poison chalice has got to be the worst excuse for a leader that the country has ever known. I have never seen a guy to wobble so badly & retreat into his shell as Mr. Cowen.

How in Lords name though we get them out. March on the streets ??
It's coming to that. This country is in dire straits.
 
Cowen has proven himself to be utterly useless as a leader.
The oppo are as bad with the exception of Bruton who I admire greatly (and I vote FF)
Labour's answer to the crises is Burton blathering on about utter rubbish. She hasn't a monkeys.

Now to get back on topic. I suspect Ulster Bank and First Active will be working for her maj by Friday at the latest.
AIB and BOI look like they need to be nationalised also. They haven't a hope of getting the minimum of €1bn that they need.
IMO, EBS is a basket case. Ditto the nationwide.
IL&P just might make it but that's a slim chance and only because of the size of the commercial book.
 
I am watching the whole banking crisis with awe but also some puzzlement.

Surely a drop in bank share prices of 1 euro, when prices were say 15 euro a share, destroyed more wealth than a 50% drop from say 1 euro to 50 cent.

Are we now fixated on percentages, and the gorey headlines they create, as opposed to actual wealth destroyed.

I look forward to being educated in this matter!
 
Just a guess - but those sort of massive price moves suggest aggressive shorting possibly by hedge funds in London who know something the rest of us don't.
 
How about the other banks operating in Ireland, NIB for example? I don't hear much about them?
 
With all of this talk I am wondering are deposits in AIB safe? I have a client who has close on €1m deposited in AIB. However if the Bank's are nationalised as is looking more and more likely, then the government are in charge.
What happens if the government go bankrupt like Iceland? Are the funds on deposit lost?? Will the European central Bank let this happen??

As the joke goes, what's the difference between Iceland and Ireland??
One letter and about 3 months!!
 
lemur said:
Just a guess - but those sort of massive price moves suggest aggressive shorting possibly by hedge funds in London who know something the rest of us don't.
Click to expand...

Maybe the hedge funds just know there is a wall of fear & uncertainty out there to capitalise on.
 
KFB123 said:
With all of this talk I am wondering are deposits in AIB safe? I have a client who has close on €1m deposited in AIB. However if the Bank's are nationalised as is looking more and more likely, then the government are in charge.
What happens if the government go bankrupt like Iceland? Are the funds on deposit lost?? Will the European central Bank let this happen??

As the joke goes, what's the difference between Iceland and Ireland??
One letter and about 3 months!!
Click to expand...

The joke used be 1 letter and 6 months! That was 3 months ago. Interesting to see the prophesy is holding true!

Is anyone keeping an eye on the goings on in the dept of finance, central banks and BOI/ AIB tonight?

On the propertypin website, they have a link to a traffic camera, that is trained on the central bank.

Interesting times!
 
Contagion is spreading throughout the Irish financial system and indeed the global financial system. Diversification into physical gold and government bonds (preferably AAA rated and index linked) is essential now more than ever.
 
Safe - we don't know. But I for one have taken measures to protect myself in a worst case scenario.
 
Moved the money off shore. Cash & gold bullion.

May even go largely into gold bullion if systemic risk spreads. The gold is a physical asset whereas cash these days is a blip on a computer screen at the bank.
 
indeed these are interesting times. this week looks like being as bad as it can get??

by the end of the week, the govt could control all the banking system and half the country could be on strike due to PS pay cuts
 
Nature of cash of is key - with Club Med economies under serious pressure and at risk of default also - makes sense to look at Swiss francs and Swiss government bonds, possibly Singapore dollars and debt as well.

If IMF comes in - then small depositors may not be protected. They generally aren't and weren't in Argentina, Turkey, Ecuador etc. etc.

While the Argentine experience is not likely - it is important to remember that they were one of the wealthiest countries in the world and then got reduced to this:
Argentina's Economic Collapse - Part 1 of 12
http://www.youtube.com/watch?v=rH6_i8zuffs
 
The public service will fight a rearguard action to hold on to their unsustainable privileges but they will be fighting a losing battle.

The game is up on the housing boom, American investment into Ireland and the benchmarking looting scam. Back to the 1980's now.
 
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