Image by Landahlauts via Flickr So last night it finally happened. We formalised the bailout. We are taking an €85 billion loan. We will be paying an interest rate of about 5.8%. We will be loaning money to ourselves. Yes, you read that last line right. €17.5 billion will be coming for the National Pension Reserve Fund and the other cash on hand funds. Who’s fault is this? The Banks. €35 billion of this is for them. €50 billion...
Image via WikipediaIt seams I, (as well as every other Irish Tax Payer) has become part owner of Anglo Irish Bank. According to the statement on the IT website “The Government has today decided, having consulted with the Board of Anglo Irish Bank Corporation plc (¿Anglo¿), to take steps that will enable the Bank to be taken into public ownership.” The statement calls Anglo a “major financial institution whose viability is of systemic importance to Ireland”. The reason for...
Image via WikipediaThe Government has finally decided to recapitalise the banks to the tune of €10 billion in a statement from the Department of Finance released tonight. The Government has today decided on an approach to the recapitalisation of credit institutions. The Government’s objective is to ensure the long-term sustainability of the banking sector in Ireland and to underpin its contribution through the availability of credit to individuals and businesses in the real economy. This initiative will help to...
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