A lot of money has already been taken by the senior management - in bonuses, loans. How much chance is there of Fitzpatrick's € 87 million being repaid ?
Morgan Kelly's Opinion piece in today's IT would make your hair stand on end. I was probably most frightened by the possibility he raised of employees looting a bank's assets by bringing personal guarantees home in their briefcases and negotiating their return to the borrowers, who presumably would be prepared to pay quite a few shekels to be rid of those nasty PG's. Can any of our banking contributors allay my fears by assuring me that this form of bank robbery is impossible?
Sources close to Fitzpatrick have said he will have no problem repaying the loans in full.
I can't find this story online. Have they pulled it?
He suggested that the government would be better off burning €1.5billion instead of putting it into Anglo Irish Bank.
I must say that it was a terrible piece of writing.
He suggested that the government would be better off burning €1.5billion instead of putting it into Anglo Irish Bank.
And when someone makes a comment like that, it destroys their credibility.
Nothing else in the article has any validity after a comment like that.
Does "incinerated" not mean burned?
He suggested that there is no point in putting money into Anglo which is nonsense.
You and Morgan miss the point completely.
The government has given a commitment to meet the liabilities of Anglo.
It does not matter if these liabilities are €3B or €20B - the government has to meet them.
The €1.5b is a downpayment. If you are committed to buying a new house for €200,000 which is bad value, you are still better paying the deposit than burning it.
So, the Government has already agreed to throw good money after bad, and cannot row back on that decision, no matter what? .
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