I remember when they borrowed money to replace the savings and deposits of members of the public which the Banks had lent to developers who had subsequently gone bust. Rather than calling it "Borrowing from future generations to replace the lost savings of old people" we called it "Recapitalising the Banks".I remember when the politicians were giving all our money away to Banks etc... that about 7 billion was to be targeted for distressed consumers for the purposes of debt relief. Can anyone find any link to it as it appears to be airwashed from history.
We did it was about 6.7Bn but the banks just took it and gave very little reliefI don't remember that.
Don't forget - we gave the money to the depositors and the bondholders in the banks. Not to the shareholders or to "the banks".
Brendan
The total cost of recapitalising the banks so that they did not default and depositors and investors didn't lose their money was €42 billion. It was probably cheaper than the alternative.I remember when the politicians were giving all our money away to Banks etc... that about 7 billion was to be targeted for distressed consumers for the purposes of debt relief. Can anyone find any link to it as it appears to be airwashed from history.
What relief are you talking about?We did it was about 6.7Bn but the banks just took it and gave very little relief
The total cost of recapitalising the banks so that they did not default and depositors and investors didn't lose their money was €42 billion.
I can't find any information more recent than 2019. I agree that there's nothing about €7 Billion.The costs were set out here in 2017 - not sure if this has been updated since.
How much will the bank bailout eventually cost?
Summary |€bn Anglo|29.3 AIB|18.4 Irish Nationwide|5.4 BoI|4.7 I.L&P|2.7 EBS|2.4 Total|62.9 How much will we get back? Anglo has said recently that it may have more than it needs and could give back around €2 billion in time. Bank of Ireland has attracted outside investors recently, so they...www.askaboutmoney.com
No mention of €7 billion for borrowers.
Brendan
Should he really be selling at all until such time as it's clear that State recovers the full €20.8bn
The submission [by DoF officials] also said that the State had now clawed back €16.1 billion from the €20.8 billion that it had invested in AIB during the financial crash.
Correct.I can only assume that these clawed back funds were used to pay down the national debt?
Should the state use taxpayers' money to buy stakes in CRH? In Ryanair?
While it has €200 billion of state borrowing?
The money-in, money-out framing is very reductive and we should be able to move on at this point.
In 2010 the Government issued a ‘promissory note’ for 31 billion EUR to the banks [or more correctly the IBRC], which could then be used as a deposit to borrow euro from the European Central Bank, via its Emergency Liquidity Assistance program. The concept and issuance of the promissory note was approved by the ECB. The money received from the ECB was used to pay back bank depositors and other creditors of the banks.I don't remember that.
Don't forget - we gave the money to the depositors and the bondholders in the banks. Not to the shareholders or to "the banks".
Brendan
I would like to know where this €16.1 billion (plus the billions repaid by BoI) went? The government of the day increased the national debt to recapitalise these banks. I can only assume that these clawed back funds were used to pay down the national debt? If not, what was the money used for?
Are you sure about that, I struggle to find any clear evidence, so could you please share your source?Correct.
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