Northern Ireland is dependent upon the Republic of Ireland

Sceala Clann T.D. Location: Belfast and Donegal.

Kerrin or anyone else with the brains - work this out for me in simple to understand language.

As far as I can work out - Lenihan was crazy to guarantee the bond holders, these were not straight forward honest investors, they were high risk speculators. The Irish were too honest.
We should have changed the rules like the British did with their bust banks. The British banks that were bust to hundreds of billions - just re-wrote the accounts, turned massive losses into shares.

Then the British banks took advantage of Lenihan's honesty-naivety. The British banks have made billions out of Ireland, by speculating, buying up bonds they knew were high risks. They did not deserve to be paid any guarantee.
British profit billions targeting Ireland.
In effect - The Irish tax payer has been re-capitalizing the bust British banks. And now perversely the British are presenting themselves as friends - willing to provide us with a loan.

Like others on here, I was wondering how some of the British bust banks are all of a sudden making profits. Same time period as Lenihan pays out the speculators 55 billion.

In summary - The same speculators and gamblers who set out to destroy the Irish economy, now want to give us another credit card and have the nerve to present their support as a loan and friendly.
Even Enda Kenny (when in opposition) hinted at the scam
When he was in opposition, Enda Kenny made a 'not' cynical remark that the British loan was Machiavellian

Irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
September marked Ireland’s point of no return in the banking crisis. During that month, €55 billion of bank bonds (held mainly by UK, German, and French banks) matured and were repaid, mostly by borrowing from the European Central Bank.

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.

With the €55 billion repaid, the possibility of resolving the bank crisis by sharing costs with the bondholders is now water under the bridge. Instead of the unpleasant showdown with the European Central Bank that a bank resolution would have entailed, everyone is a winner. Or everyone who matters, at least.

The British banks. The German and French banks whose solvency is the overriding concern of the ECB get their money back. Senior Irish policymakers get to roll over and have their tummies tickled by their European overlords and be told what good sports they have been. And best of all, apart from some token departures of executives too old and rich to care less, the senior management of the banks that caused this crisis continue to enjoy their richly earned rewards. The only difficulty is that the Government’s open-ended commitment to cover the bank losses far exceeds the fiscal capacity of the Irish State.

Britain to come to Ireland's aid?
Ireland is one of the UK's top trading partners. We accounted for three times as many exports from the UK as China did last year, and more than the combined exports to Brazil, Russia, India and China. UK exports here are worth about 2% of its national Income, and if the situation here were to get so serious that our output dropped, our imports of British goods would fall, damaging Britain's hopes for an export led recovery from recession. Northern Ireland would be particularly badly hit as 40% of its exports came south last year.

Britain is already already committed to about £6 billion in contingent liabilities if Ireland approached the European financial stability facility. Mervyn King, the head of the Bank of England, has said that the UK can not ignore troubles in Ireland. He said the overall financial sector exposure to Ireland is 'by no means trivial'. He also said he had concerns about the banking sector, as many UK banks lend directly to Irish households and companies - and their exposure is £83 billion.

Justin Urquhart Stewart, of Seven Investment Managers in London, states that the Irish economy is vital to Britain and our nearest neighbour can not turn its back on the country. he says the two countries have a symbiotic relationship and that Britain is expected not only to provide financial support but also political. He says that the situation is all about political confidence if the Irish economy survives - and he says he believes it will of course survive. He says the UK government may even give more than reports currently suggest as he adds that the two economies just can not survive without each other.
rte.ie/news/2010/1117/mibusiness-business.html

How kind of the British to give us back - as a loan - some of the billions they made by targeting Ireland - their supposed neighbor - and vital export market.

All these years, now we find out the truth about NI, it relies upon the Republic of Ireland.
Was it you that said we have power but no leader.
It was appropriate that it was the Anglo Irish bank at the source of such evil.
The Anglo Irish - The English - have brought poverty to the Irish nation once again.

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Irish Forums Message Discussion :: Northern Ireland is dependent upon the Republic of Ireland

Northern Ireland is dependent upon the Republic of Ireland