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Bank run in Ireland to the tune of 10 Billion

 
react1200
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11/14/2010 04:15 PM
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Bank run in Ireland to the tune of 10 Billion
[link to www.larouchepac.com]

Glass-Steagall.Silent Run on the Bank of Ireland by Corporate Depositors
November 14, 2010 • 11:54AM
There has been a silent run by corporate depositors at the Bank of Ireland which is now Ireland's biggest lender and is 36% owned by the government. The bank announced that in August and September there were withdrawals by corporate depositors. Citing banking sources, the Irish Times suggests that the withdrawal could have been as much as EU10 billion. The bank said while the situation had "stabilized" there nonetheless continued to be "outflows of ratings-sensitive customer deposits in our capital markets business." On top of that, mortgage arrears at the bank continue to increase." The bank admitted it continues to be totally dependent on the European Central Bank's emergency unlimited liquidity window for funding where it receives short-term credits of no longer than three months' duration.

There is a direct British connection. The Bank of Ireland is in a joint venture with the British Post Office Bank which operates 11,500 branches and is used primarily by normal depositors. Also not widely reported this week is the fact that this subsidiary was reorganized as Bank of Ireland (UK) plc as of November 1, so as to allow the deposits to fall under Britain's deposit guarantee scheme. This was no doubt a pre-emptive move to avoid a run on the bank as the crisis worsens.

While Inter-Alpha's Allied Irish Bank's small banking operation in the U.K. also falls under the British deposit insurance scheme, the U.K. subsidiary of Anglo Irish Bank, now 100% owned by the government, is not covered by the U.K. guarantee, but only the Irish guarantee which is good as long as the Irish government is solvent.
Anonymous Coward
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11/14/2010 04:16 PM
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Re: Bank run in Ireland to the tune of 10 Billion
hiding
Khim

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11/14/2010 04:20 PM
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Re: 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?

blink

Last Edited by Khim on 11/14/2010 04:21 PM
Anonymous Coward (OP)
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11/14/2010 04:22 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Its about to pop off. How much more can the EURO zone take before it falls apart??
Anonymous Coward
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11/14/2010 04:23 PM
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Re: Bank run in Ireland to the tune of 10 Billion
bsflag
Anonymous Coward (OP)
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11/14/2010 04:24 PM
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Re: 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?

blink
 Quoting: Khim



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.
Anonymous Coward (OP)
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11/14/2010 04:25 PM
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Re: Bank run in Ireland to the tune of 10 Billion
bsflag
 Quoting: Anonymous Coward 485010


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.
Anonymous Coward
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11/14/2010 04:26 PM
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Re: Bank run in Ireland to the tune of 10 Billion
bsflag
 Quoting: Anonymous Coward 485010


please explain the flag, kind human.
Hillcrest

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11/14/2010 04:31 PM
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Re: Bank run in Ireland to the tune of 10 Billion
wtfspock
Water always wins. :sun:
Anonymous Coward
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11/14/2010 04:33 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Better get your lucky charms because they close down the banks!
Anonymous Coward
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11/14/2010 04:34 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Wow, time to get your money of the banks, my fellow irishmen! hf
Anonymous Coward
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11/14/2010 04:35 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.
Anonymous Coward
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11/14/2010 04:51 PM
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Re: 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?

blink
 Quoting: Khim

They always have.
Anonymous Coward
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11/14/2010 04:51 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.
Anonymous Coward
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11/14/2010 04:52 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Its about to pop off. How much more can the EURO zone take before it falls apart??
 Quoting: Anonymous Coward 1048372


Guarandamntee you that by the time the small people stage their Dec 7 bank run, there will be nothing left.
M U S I B I K E

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11/14/2010 04:52 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Is this for REAL?
MUSIBIKE
Anonymous Coward
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11/14/2010 04:54 PM
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Re: Bank run in Ireland to the tune of 10 Billion
If this is true (and it IS plausible)...

THIS is the beginning of the end.
Anonymous Coward
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11/14/2010 04:57 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.
[•REC]

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11/14/2010 04:57 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Its no problem, the people in the UK seem to really like austerity.
 Quoting: Anonymous Coward 1048372


True that..:)
When there's no more room in hell, the dead will walk the earth.

Repent! The End Is Extremely F***ing Nigh.
Anonymous Coward
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11/14/2010 05:02 PM
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Re: Bank run in Ireland to the tune of 10 Billion
]


Its no problem, the people in the UK seem to really like austerity.


True that..:)
 Quoting:


tredmil
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11/14/2010 05:02 PM
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Re: Bank run in Ireland to the tune of 10 Billion
]


Its no problem, the people in the UK seem to really like austerity.


True that..:)
 Quoting:


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.
[•REC]

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11/14/2010 05:02 PM
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Re: 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?

blink
 Quoting: Khim


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
When there's no more room in hell, the dead will walk the earth.

Repent! The End Is Extremely F***ing Nigh.
Anonymous Coward
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11/14/2010 05:03 PM
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Re: Bank run in Ireland to the tune of 10 Billion
]


Its no problem, the people in the UK seem to really like austerity.


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.
 Quoting: Anonymous Coward 1164260



Stiff upper-lip, old chap.

Now, relax your anus.
Art Smass
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11/14/2010 05:05 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.
Anonymous Coward
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11/14/2010 05:06 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Bank run my eye. It's the middle of the night there.
Anonymous Coward
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11/14/2010 05:09 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.
 Quoting: Anonymous Coward 1164260

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

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11/14/2010 05:10 PM
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Re: Bank run in Ireland to the tune of 10 Billion
tredmil
 Quoting: Anonymous Coward 1163088


lulz
Water always wins. :sun:
Anonymous Coward
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11/14/2010 05:11 PM
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Re: Bank run in Ireland to the tune of 10 Billion
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.

No, scream it out! scream
This system must fall, fast!
 Quoting: Anonymous Coward 1164132


you wouldnt say that if you had nearly 17000 euros in an irish bank...please i wont know for a bit if it transfers.
M U S I B I K E

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11/14/2010 05:13 PM
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Re: Bank run in Ireland to the tune of 10 Billion
How do you get a bank run during the night?
MUSIBIKE
Anonymous Coward
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11/14/2010 05:14 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Bank run my eye. It's the middle of the night there.
 Quoting: Anonymous Coward 1164353


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.
Anonymous Coward
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11/14/2010 05:15 PM
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Re: Bank run in Ireland to the tune of 10 Billion
Bank run my eye. It's the middle of the night there.


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.
 Quoting: Anonymous Coward 1164260


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

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