Duke of Marmalade
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Now we are told that because they are shareholders of Anglo they are bound by banking confidentiality to their customers.
However in the last week they could see bad times were coming... and thought that the were better to stick with the devil they knew.It has become abundently clear that they backed the wrong horse.
It's not because they are shareholders; it's because they are customers of the bank.
These shares were bought by individuals who got loans (300m) to buy them. Can they be forced to use their personal wealth to pay back these loans? in other words why is the money lost?
Expect an election very shortly - Green's in meltdown over this.
As a customer of Anglo Irish Bank as a depositor and a borrower I do not want any shareholder (i.e. my nosey neighbour!) knowing my business. One of the fundamental principals of banking is that your business is confidential.
If I am one of the golden 10 and I have done nothing wrong why should my private banking business be debated publically?
They were non-recourse loans. 75% of the loan was secured on the shares which are now worthless. The other 25% was supposed to be secured on personal assets but last I heard, there was a legal problem with the loan agreement and so the bank doesn't have a leg to stand on with regard to the 25%. Careless mistake or something more sinister? You choose.
EK must be very confident there are no FG bigwigs in there. Maybe it will be a massive anti-climax, just a bunch of faceless partyless golden circlers, but I don't think so.
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