Bank run in Ireland to the tune of 10 Billion

Well this is damned disturbing. Bank of Ireland is 36% owned by the Irish Government, but the bank is now a UK corporation. So does this mean that the UK can make withdraws on Ireland's dime?



Last Edited by Khim on 11/14/2010 04:21 PM

Its about to pop off. How much more can the EURO zone take before it falls apart??

Its no problem, the people in the UK seem to really like austerity. France and Greece seem to think otherwise. I think eventually an uprising will be see across all Euro zone countries.

Oh really, well perhaps this article wil give you some more insight:

[link to www.zerohedge.com]


Who would have thought it only takes for PIIGS spreads to go back to all time records, and for Ireland and Portugal to be hours away from joining Greece in the bailout corner, for Goldman's Erik Nielsen to turn bearish again. To wit: "if investors are running for the door out of fear of being the last one left behind, then there’ll be a liquidity crisis (as there would be for anyone with a financing need), and they’ll need help." Way to stay ahead of the curve Erik. The problem is that while the economic reality below the surface cracks and collapses, investors are largely ignoring the perpetual words of optimism from Europe's politicians, and sellside cheerleaders (which begs the question - is it time to take this Goldman acknowledgment of reality as a buying opportunity?). What happened in Greece may have been brushed under the carpet for a few months, but the policy response there, which is identical to what is happening in Ireland and Portgula now, i.e., blatant lies, has left those holding relevant securities with a bitter taste in the mouth. And now, unlike before, the possibility of holder haircuts is distinctly on the table. Which is why we expect that before the Asian open, there well may be some key news out of Ireland (and/or Portugal)- no matter how much Nielsen believes that Ireland is not in a solvency crisis, with Bund spreads in the 700 range, no matter how much prefunding the government has, it will be irrelevant and will create yet another toxic debt spiral. The biggest threat is not so much to Ireland, which supposedly has its cash needs met through mid 2011, but contagion hitting other European countries, which do have solvency issues, yet have been spared the liquidity hammer so far. And with Italy CDS also hitting record highs, look for the core to start crumbling as everyone, especially Chiswick's perpetual optimist, to appreciate the gorgeous mushroom cloud over the European periphery.

please explain the flag, kind human.

Better get your lucky charms because they close down the banks!

Wow, time to get your money of the banks, my fellow irishmen!

Dam I pledged $1.00 a mile 0n the last bank run.

Got any of them wheel chair PPL, arms only.
OK two bucks a mile.

They always have.

Its about to pop off. How much more can the EURO zone take before it falls apart??


About as much as the us dollar can take.

Guarandamntee you that by the time the small people stage their Dec 7 bank run, there will be nothing left.

Is this for REAL?

If this is true (and it IS plausible)...

THIS is the beginning of the end.

YES we have much bank run..now sssshhh..dont tell to many or money will be stopped..please shut up..i am getting mine out as we speak. sssssh.

True that..:)

kin love it..ard as nails..pigs in shit...at least we can all lose a bit of weight while we starve...im so excited i could crush a grape.

I took it to mean, the British Government insures savings in this Irish Bank (up to £50,000 I think).

People in UK might not be happy about that..

Last Edited by [•REC] on 11/14/2010 05:05 PM

Stiff upper-lip, old chap.

Now, relax your anus.

I smell bullshit on the part of the folks that allowed this article to be published. Not the publisher, not the editor, but the folks above them.

This sort of news telegraphs to those with money at the bank to sell off assets and grab cash while there is still cash to grab and IF there is cash to grab. Those Post Office banks can very easily tell the customers that "...sorry, we work so hard, we needed a Bank Holiday" ;o)

So, the response will be, "Oh Shit! But how will we eat? Dump everything! The bottom is falling out!"

The Old Rothschild game of "Buy Low and Hold" rears its' ugly head yet again.

Bank run my eye. It's the middle of the night there.

No, scream it out!
This system must fall, fast!

lulz

you wouldnt say that if you had nearly 17000 euros in an irish bank...please i wont know for a bit if it transfers.

How do you get a bank run during the night?

hey there is a thing called the internet and 24 hour banking..we are a bit more advanced in europe than you realise. silly merkan.

no its 10.18 pm not yet middle of night..sunday evening..that old roast dinners still going down.