Shuttleworth
Registered User
- Messages
- 16
Forgive me if this question has been addressed already, but I think I have a very valid point. I'm talking in cold, hard legal terms here, rather than a general "this is Ireland" standpoint.
If Bank of Ireland, AIB and Anglo have been recapitalised by the Minister for Finance, AND the taxpayer/social welfare recipient has had his/her salary or benefits garnished to pay for the recapitalisation of the banks and the interest payable on the EU/IMF drawdown, it would seem to me that anyone who is attempting to pay back money that was borrowed such as car loan, credit card, etc. to a bank that has been recapitalised is effectively enriching the bank twice?? I'm not saying that the borrower doesn't owe the money, but I am questioning who should that money be paid to.
Surely before anyone post-Budget pays another red cent in loans, they should obtain a statement from the Financial Regulator who oversaw the recapitalisation process as to whether or not such banks presented certain debts as being "bad" to the Minister for Finance and demanded financial coverage for them.
There's going to be massive defaults on personal and mortgage debt over the next twelve months - people are simply not going to be able to pay back what they've borrowed, as in my view their wage/benefit garnishment constitutes an Instalment Order by statute. I appreciate that many people who owe nothing are going to be paying for the debts of others, but that's a side issue. For both bank and borrower it will be a bumpy ride.
Thoughts?
If Bank of Ireland, AIB and Anglo have been recapitalised by the Minister for Finance, AND the taxpayer/social welfare recipient has had his/her salary or benefits garnished to pay for the recapitalisation of the banks and the interest payable on the EU/IMF drawdown, it would seem to me that anyone who is attempting to pay back money that was borrowed such as car loan, credit card, etc. to a bank that has been recapitalised is effectively enriching the bank twice?? I'm not saying that the borrower doesn't owe the money, but I am questioning who should that money be paid to.
Surely before anyone post-Budget pays another red cent in loans, they should obtain a statement from the Financial Regulator who oversaw the recapitalisation process as to whether or not such banks presented certain debts as being "bad" to the Minister for Finance and demanded financial coverage for them.
There's going to be massive defaults on personal and mortgage debt over the next twelve months - people are simply not going to be able to pay back what they've borrowed, as in my view their wage/benefit garnishment constitutes an Instalment Order by statute. I appreciate that many people who owe nothing are going to be paying for the debts of others, but that's a side issue. For both bank and borrower it will be a bumpy ride.
Thoughts?