Bank run in Ireland to the tune of 10 Billion

ITS BEEN GOING ON FOR 3 DAYS NOW

WE HAD A FEDERAL HOLIDAY HERE SO IT GOT OVERLOOKED IN NEWS

FROM NOV. 11TH:

"...Such high levels will be a concern to other banks trying to trade with AIB and there was speculation tonight that it was becoming harder for Irish banks to obtain overnight funding from rivals.

AIB, expected to become more than 90% government-owned after a cash call of about €5bn (£4.2bn) in the coming weeks, was hardest hit. It now costs €90,000 to insure €1m of the bank's debt.

Ireland's finance minister Brian Lenihan, who has seen his country's borrowing costs rise from 6% to 9% in three weeks, said: "The bond spreads are very serious and there is international concern throughout the eurozone about that."

Steven Major, a strategist at HSBC, said: "When you get to these levels, it normally implies there is going to be an 'event'."

believe it or not the irish finance minister said recently that he thought a ban run unlikely in ireland - as ireland is an island.

it's true google it - conference call+lenihan

point taken. but it's still the middle of the night, so how would anyone know until after the fact. Is there a website that tracks withdrawals 24/7?
I doubt it.

Here we go!!!

that is the funniest thing ive seen this week

had it left to me by family after probate put in a bank of irland account

That´s fine, but prepare for when it isn´t worth anything anylonger.

Yep. And it could be a part of HPH's forecast. According to some interview of Germany's states TV "ZDF" with some insider in Ireland it seems Ireland asked the EU for support during this weekend and that this will be published in 2 months, when everything was done.

Maybe not two months, but 63 days?

Eurozone can take a lot more for the moment:
- EU is asking themself to give out bonds on EU, not on a single state
- ECB also runs QE. The known level is about 63 bln. EUR, but noone knows anything about it officially
- You can't buy Greece Bonds on the market, because there are none. The price for them is a kind of guessing, what they could cost
- If Ireland really gets into trouble in cause of banks, Germany also will be in, in cause of the HRE bank, which has a huge amount of Irish papers.

This could be something small at the moment, which could make the EUR implode. If EUR implodes this can be also a start for some serious USD trouble... We are living in a very complicated system of business...

M.

Oh yes, I got that too, although I didn't know the exact amount of guarantee nor the feelings of the British people. I was just wondering if it meant that since the British people are the largest depositor base...now...if that money can be withdrawn by the British Government. I will admit that I know zip about the British banking system.

Hole--eee-shit!

Money never sleeps.

There has been a silent run by corporate depositors at the Bank of Ireland

It's the corporations bailing before the public gets wind of it, and before the banks open Monday.

Well, maybe. just a conspiratorial thought.

That's just not a very good answer.

Seems like the Euro Banksters are as crooked as our fucking Federal Reserve being able to conjure up out of thin air "unlimited bailout funds"........I pray that they ALL fucking crash!@

Ireland has had the runs for the past couple of days. Could it be the end, don't think so, so long as they can continue to push austerity on people the fed will continue to print and buy euro bonds through IMF. Then again, who knows.

I'm pretty sure the country with the most horrible cuisine in the world, who brought their grease-and-potatoes cooking to American culture, deserve to be reduced to dust for eternity for their crimes in the kitchen.

so it begins...

thank you for educating the really silly cunts

Here is the thread the mods refuse to pin:

Thread: Thailand may dump the dollar: Thai leader calls for country to use China's Yuan instead of US Dollar

Yes we really love austerity here probably why the conservative HQ got trashed!

pipolz.. yu better wake up and wake up fast!!!

follow this situation for the next two weeks!! its gunna get uglyz!

ciaux

you're hot ;-)

Flash lights?

Whats "wild colleen?"

You can have Big Ben and his Printer.

Unfortunately, they did the withdraws in August thru September. The deed is done two months ago. The corporations who made those **[edit]withdraws[edit]** (wtf did I write deposits?) are just fine, although - that is like having inside information which is illegal or so I thought.

So this isn't like something that happened last Monday. This is a story that has just now come to light and was published in the Irish Times. The biggest issue is that although the British part of AIB is covered under the UK's guarantee, the Irish part of AIB is only covered so long as the Irish Government remains solvent, which....dare I say it?

But you are absolutely right! The corps did bail before the public got wind and here's why...

"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.

A pre-emptive move? By whom? Not the people - the corporations. So basically, this information is coming out after the bank can no longer guarantee deposits made by "normal" Irish depositors.

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

This is what a 21st century bank run looks like. Terms suddenly change in the repo market, where banks get their funding, and the whole system begins to teeter. It's a structural problem in the so-called shadow banking system for which there's no remedy. Conventional banks exchange bonds with shadow banks for short-term loans agreeing to repurchase (repo) them at a later date. But when investors get nervous about the solvency of the bank, the collateral gets a haircut which makes it more expensive to fund operations. That sends bond yields skyrocketing increasing the liklihood of default. In this case, the debt-overhang from a burst development bubble is bearing down on the Irish government threatening to bankrupt the country. Ireland is in dire straights. Here's an excerpt from an article in this week's Irish Times which sums it up:

"Until September, Ireland had the legal option of terminating the bank guarantee on the grounds that three of the guaranteed banks had withheld material information about their solvency, in direct breach of the 1971 Central Bank Act. The way would then have been open to pass legislation along the lines of the UK’s Bank Resolution Regime, to turn the roughly €75 billion of outstanding bank debt into shares in those banks, and so end the banking crisis at a stroke.

Those of us who are awake always talk about withdrawing from the system in order to crash the system. The easiest and most effective method of withdrawing from the system is to take your money out of the banks and force a bank run. This will send a message and it will serve to cause panic to those who our oppressing and stealing everything from us. Everyone needs to pull their money out of the banks now when the banks are most vulnerable. Also, for those have the extra resources should buy items like silver which will preserve your wealth and further destroy banks like JP Morgan Chase.

I'm pretty sure the country with the most horrible cuisine in the world, who brought their grease-and-potatoes cooking to American culture, deserve to be reduced to dust for eternity for their crimes in the kitchen.

yeah and i bet u ate them all up and weigh about 20 stone u big fat yank!

Where do you think we got the potatoes, Asswipe?