Ireland Takes Steps to Safeguard it’s Banking System: Government to Guarantee All Deposits
In case we wild and crazy Americans think we are the only ones whose banks and stock markets fall apart like $2 watches every 20 years or so, check out my cousins over in the Emerald Isle. Seems like the dear lads have got themselves into a bit of a sticky wicket, so to speak.
Since we are on the subject of All Things Irish, as an added bonus, ( at least I’d like to think it’s a bonus ) I’d like to throw in one of my favorite Irish sayings.
“May those that love us, love us. And those that don’t love us, may God turn their hearts. And if He doesn’t turn their hearts, may He turn their ankles, so we’ll know them by their limping.”
~~John Cronin~~
By Aude Lagorce, MarketWatch
LONDON (MarketWatch) — The Irish government Tuesday said it will guarantee domestic banks’ deposits and debt for two years to allay fears of an imminent collapse of its banking system after shares in the sector lost more than a quarter of their value in Dublin Monday.
“The government has decided to put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and date subordinated debt,” the finance ministry said in a statement.
The measure sent banking shares soaring. Anglo Irish Banks rose 16% in volatile Dublin afternoon trading. Bank of Ireland shares climbed 18% and Anglo Irish Bank added 41%. Irish Life and Permanent shares gained 26%.
The recovery in the banking sector lifted the ISEQ 20, which rose 6.1% to 521.04, after a drop of roughly 13% on Monday.
October 1st, 2008 at 8:44 am
Here is an excerpt of an article at Politico.com:
Some Republicans say they are uncertain of McCain’s electoral strategy, wondering why, for example, he’s back in Iowa this week, a state few independent analysts see as being in play and where public polls this month show Obama enjoying a double-digit lead even before the economic meltdown. Asked why McCain was in Iowa, one veteran Republican there replied: “Because he’s running a senseless, non-strategic campaign. Why else would he come here?”
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This sums up the McCain campaign. Today we have learned that the moderator for the VP debate is in the tank for Obama. Gwen Ifill, the moderator, has written a glowing book about Barack Obama that will be coming out in a few months. The McCain campaign DID NOT KNOW. So they can’t even vet the moderator?! Yet they question why they are down in the polls and about to lose this election.
October 1st, 2008 at 9:35 am
The bailout bill has a provision in it that will allow the US government to take on the bad debt of foreign countries. Please tell your congressmen to vote NO on this bailout bill. We need to take time to understand what is happening here and voting for this bill will likely lead us into a depression and not prevent one.
October 1st, 2008 at 9:58 am
Tracy,
Why do you think there is a provision to take out bad foreign debt?
October 1st, 2008 at 10:02 am
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/30/AR2008093002320.html
October 1st, 2008 at 10:43 am
and another interesting take on what is amiss . . .
http://online.wsj.com/article/SB122178603685354943.html
October 1st, 2008 at 10:44 am
a view on the SEC
http://www.sec.gov/news/press/2008/2008-234.htm
October 1st, 2008 at 10:59 am
STEPHEN
THE TRUTH ABOUT THE BAILOUT
http://market-ticker.denninger.net/
October 1st, 2008 at 1:10 pm
The interview with Rep Brad Sherman who has studied the bill.
http://www.theunspunzone.com/opinion/brad-sherman-on-the-bail-out-bill-on-kudlow-and-co/