The Celtic Chernobyl

NAMA architect Peter Bacon described Anglo Irish Bank as a Celtic Chernobyl in an interview on Newstalk radio this morning. The government have already pumped €22 billion into Anglo, Newstalk report

Doctor Peter Bacon has told Breakfast here on Newstalk there’s much we still don’t know about Anglo’s liabilities, and the full picture won’t be a pretty one.

“There is a large property investment portfolio that is not eligible, as I understand it, to go into NAMA” he said.

“That resides to a significant degree with Anglo”.

“So I think that Anglo story is going to continue – I don’t think it’s at an end” he added.

  • What’s it got to do with Chernobyl? What’s it got to do with the Celts? It seems some of these idiots couldn’t run a bath, never mind a bank.

  • Mack

    I think he is proposing we hire Neil Lennon to turn Anglo Irish Bank into a nuclear reactor by fusing together toxic loans – either that or it’s a metaphor, Nevin 🙂

  • Mack, I’m struggling to see the sameness, or indeed the saneness, in his hyperbole 🙂

  • Gréagoir O Frainclín

    ……It’s meltdown!

  • andnowwhat

    Erm, Chernobyl caused deaths, horrible dissfigurment and subsequent birth defects in the region.

    Shows the world perspective of the financial boffins….Fek all!!!!!!

  • Ballymoney and Moyle Times would have reported the story very differently: “Bank ATM runs out of cash”.

    This is how this NALIL story was presented in the BMT.

    [Cara McShane] said she was told there had been some vandalism which is why the fence was erected.

    It seems she hadn’t spoken to her SF colleague, Cathal Newcombe, or seen the pictures in NALIL blog. She missed the massive new gate that blocks the public road!!

    Now those sensitive Bushmills people who are startled by starlings would go into ‘meltdown’ if they read this Slugger thread 🙂

  • Fabianus

    Christ, I thought it was a bad Irish April Fool’s joke. Not then. The guy should be ashamed of himself.

    There again, he’s behind NAMA, isn’t he? I doubt if the word “shame” is part of his lexicon.

    BTW this is the worst best Irish April Fool I’ve seen so far today.

  • Fabianus

    Update on my previous post!

    This is the worst best Irish April Fool I’ve seen so far today.

  • RepublicanStones

    Any info on why those board members received who loans do not have to pay them back in full and only 10% in one case. One who borrowed 85 million (Fitzpatrick?) only has to pay 65 million. And another who borrowed 8.5 million only has to pay back 10%.

    Not sure if those figures are correct, but its still ridiculous.

  • Fabianus

    RepublicanStones,

    “Any info on why those board members who received loans do not have to pay them back in full and only 10% in one case.”

    Oh yes, here we go. The whingeing has begun. Typical.

    Listen, we all got career counselling at school. You were given a fair idea of what to expect if you chose one of a number of professions.

    You could have chosen to enter one of the less respectable ones, such as the Church, and you could have enjoyed all those dubious “perks” we’ve been hearing about lately.

    You could have become a politician and traded a strip of your garden for a small fortune. And think of the expenses and other perks in return for little or no effort.

    You could have chosen banking, whether conventional, merchant or investment. Instead of whingeing on Slugger about those who made the right career choice, you could be sitting on the board of AIB and raking it in, as would be your due.

    Instead you (and I don’t mean you personally, RS) probably opted for a more respectable occupation and became an estate agent, an IRA terrorist, a mercenary, a chiropractor or a mafia hitman.

    You had your chance, as we all did. So suck it up.

  • Scaramoosh

    ah sure no, c’mon lads, jasus, it’s not that bad (head in the sand);

    The IMF estimates total Irish bank losses through 2010 could reach 35bn (20% of GDP). The government has already provided 11bn in state aid and conservative estimates suggest that it could be on the hook for 24bn. This is compared with a falling tax base of 30bn and a fiscal deficit already running at 12% of GDP.

    At the height of the boom the Anglo Irish Bank lend a consortiumj 170m to acquire the Racing Post – this deal more than any other epitomised the fact that Ireland’s bankers were nothing more than a bunch of punters that bet heavily and lost.

    The time is ripe for revolution.

  • Mack

    I don’t know Scaramoosh. That IMF report you quote is a year old (the also praised NAMA as the right solution in it – see here – http://www.finfacts.ie/irishfinancenews/article_1017005.shtml)

    The consensus view on the cost of recapitalising the banks appears to be about €33 billion (this compares with a fiscal deficit in 2009 alone of almost €25 billion). Beyond that NAMA might make or lose money (the bigger the haircut – which is the discount to NAMA the better in this regard. The less NAMA pays for the loans the more change it will make money).

    If we had this revolution, wouldn’t you socialists (I presume?) be increasing spending on pet projects and sending us deeper into the mire?