Bank of Ireland – Government takes a majority stake

according to Reuters anyway and coming after a long plunge in today’s trading and a decision to hold a firesale of the family silver. They’re stopping short of full nationalisation though.

It’s casting fresh doubt on the credibility of the stress-testing that both the Bank of Ireland and Allied Irish Bank went through in July. Not much more detail than that available at the moment, but we’ll keep you posted.

  • 21stcentury fenian

    I think this is part of the proposed IMF plan – all contingent upon the passing of the budget it seems. On the rte newsite.

  • alley cat

    According to Reuters anyway?
    Where have you been hiding, RTE had the details of this
    And of what bailout package would mean for the country.
    This is not ‘breaking’ news lol

  • A.N.Other

    Yes, and shares rose 15% in after hours trading on the news; one wonders how many insiders made a killing on the back of that bounce?

  • DC

    Pups for the pavement, dogs for the hard road.

  • Alias

    This allows them to cook the books regarding the level of sovereign debt they are inflicting on taxpayers. But the debts of this eurosystem bank will default to its shareholders, i.e. the state (the taxpayers). The state can then claim that it hasn’t nationalised this eurosystem debt and that the taxpayers are less debt-laden that they actually are as a result of the government bailing-out the eurosystem.

    If this was a business deal it would be entirely fraudulent and end up in the courts, just like the lies the government have told to missell it to the gullible public would fall foul of the trade descriptions act.

  • Comrade Stalin

    One would like to think that there is an upside for the Irish consumer. Irish banks are ripoff merchants compared with the UK .. Bank of Ireland and AIB have operated a tidy duopoly for some time now despite being dogged by scandals and corruption over the past two decades. Most of us will be glad to see the back of them.

  • 21stcentury fenian

    The “debt crisis” in Ireland has been a great boon particularly for the digital and 24hr tv media. Hopefully the troubles in Korea won’t interfere too much with their planned news agenda over the coming week. It must be very inconvenient when a real news story breaks out just as they’ve sent all their clever analysts to Dublin and the scary ghost towns of Meath and Roscommon 🙂

  • Alias

    Wars are old hat, but a government selling out its entire nation for a few jobs in the EU after their domestic political careers expire is something new. By my calculations, that circa 200 billion per job.

  • Drumlins Rock

    will this mean they can finally flog off Leinster House and move back to the Old Parliment Buildings? they have wanted to get their hands on it for years!