De Tuesday Papers Admin at 10:51 pm March 14, 2016 MORE to folly. FacebookTwitterPinterest Related posts: De Tuesday Papers De Tuesday Papers De Tuesday Papers De Tuesday Papers
It’s price seems to be the Daily Star’s story of the day…
I replied to this comment earlier.
It was a flippant yet innocuous reply…and it was deleted.
If I remember correctly it was funny too, but I can’t be bothered.
I’m not complaining about MY comment being removed.
I’m just curious as to why this one is still here.
And before anyone lays into me, telling me that my avatar looks like Ron Jeremy wearing a blue dress and a blonde wig I say God bless your eyesight..
We need more people like you.
The Irish world…
Literally nobody could have foreseen the rent situation panning out this way after the government stepping in to ‘solve the problem’ last year.
I’m really happy for Mr Drumm
It was hard for him I’m sure to come home and face the music but I bet he’s glad he did so now. It will be of immense relief to his wife, family and relatives also I’m sure that he’s made this positive decision.
It must be very psychologically distressing being condemned by the whole country without having gone through a due process or being afforded at least the right of defence.
John Bowe recalling what management told the Regulator during an evening meeting:
To cut a long story short…look, what we need is seven billion euros.
Bowe recalling how the Regulator responded:
Jesus that’s a lot of dosh…Jesus fucking hell and God…well do you know the Central Bank only has €14 billion of total investments so that would be going up 20…Gee…that would be seen. Jesus you’re kind of asking us to play ducks and drakes with the regulations.
Bowe on what would happen if the money wasn’t made available:
Well it has to happen. It has to happen, because if it doesn’t happen we’re going to hit a wall in the next week….We’re already in breach, you know.
Peter Fitzgerald responding to Bowe’s summary of the meeting:
Em, there’s a lot at stake here isn’t there?
Fitzgerald asks how the figure of €7 billion was arrived at:
Just, as Drummer [CEO David Drumm] would say, ‘I picked it out of my arse’.
Bowe on what the actual monetary requirement could be:
That number is seven but the reality is we need more than that. But you know, the strategy here is you pull them [the Central Bank] in, you get them to write a big cheque and they have to keep, they have to support their money, you know.
Fitzgerald shows his understanding:
They’ve got skin in the game and that’s the key.
Bowe on the lie to the Regulator:
If they saw the enormity of it up front, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high…if it doesn’t look too big at the outset…if it doesn’t look big, big enough to be important, but not too big that it kind of spoils everything, then, then I think you can have a chance. So I think it can creep up.
Bowe on what could happen next:
I don’t think we’re an easy sell to anybody. So, do I think it’s going to be possible to offload it? No, I don’t. What will it end up being? It could be breaking it up and selling individual books, it could be nationalisation, you know.
What’s your point Noel?
I hope Drumm can find somewhere to rent, it will be hard no doubt seeing as he is 8 million in debt.