Tag Archives: The Bank Guarantee

Kelly2

Morgan Kelly vs Brendan ‘The Banks Are Solvent’ Keenan and a rugby-eared Bloxham trading analyst.

Never a fair fight, in fairness.

Whatgoesup writes:

It’s 5 years, to the day, since Morgan Kelly went on Primetime, on the night after the night of the bank guarantee. To salute this, I have put all his papers, articles and media appearance from 2006 to 2011 together:

The Morgan Kelly Opus – Part I – 2006

The Morgan Kelly Opus – Part II – 2007

The Morgan Kelly Opus – Part III – 2008

The Morgan Kelly Opus – Part IV – 2009

The Morgan Kelly Opus – Part V – 2010

The Morgan Kelly Opus – Part VI – 2011

Previously: We Didn’t Have A Clue

90096552

On September 17, 2008, the Irish Times gave Noel Smyth (above) space to to publish a 1300-word article about the bank crisis and what the government should do.

1300 words.

Noel was described as a ‘solicitor and property developer‘.

What wasn’t mentioned was that Noel was also a big customer with Anglo Irish bank and Irish Nationwide.

And by ‘big’ we do mean ‘at the time he wrote this article (below) he owed both institutions hundreds of millions in property bets gone bad’.

This is what he had to say. It’s quite magnificent.

One of the main features of property ownership in Ireland is that it is mostly in the hands of people who either live or work in our country. We have been unable to expand this ownership base like those in London, New York or Paris have, or to introduce incentives like those given to people buying property in Dubai.

In the present climate (where property is nearly a dirty word and where there is an I-told-you-so attitude from some of the more smug, negative commentators who, with respect, have never taken a risk in their life, never given anybody a job and certainly have never promoted Ireland Inc as a place to invest) there are steps that Ireland Inc and those of us in the property world can take to improve our profile and our ability to get investment into our country. Our main attribute is, and always has been, our people. We have the best brains and the most enthusiastic professionals, be they agents, surveyors, solicitors, accountants or bankers, all of whom are needed to identify, secure, acquire, finance and deliver projects.

When the smoking ban was introduced there was an outcry, saying that it would never work. We know the result to be different.

We have to take a similar step as far as finance is concerned. We don’t have control of the ECB interest rate but we do control fiscal policies within our borders and we should not be afraid to use these to their fullest advantage.

If the Government was to persuade the Central Bank to guarantee all deposits in Irish banks operating under a banking licence from the Central Bank in the State, the effect would ensure that depositors considering investing in Ireland would know they had a State guarantee and that the banks would always ensure their money was repaid.

Continue reading

highway

A trailer for Colin Murphy’s play Guaranteed for Fishamble’s The New Play Company

About the night of the bank guarantee.

Opening tonight at the Riverbank Arts Centre, Newbridge, Co Kildare and coming to a theatre near you.

We may need another act.

Full tour details here

Drama aims to make sense of boom and bust (Carol Hunt, Sunday Independent)

playIn lieu of a public inquiry.

Guaranteed! by journalist and documentary-maker Colin Murphy.

An ensemble of actors plays a myriad of ministers, bankers and bureaucrats as they wrestle with the unfolding crisis. You will come away informed, enraged and perhaps a little heart-broken. We have stripped back our assets for a recession-friendly, bare-bones presentation where we will hold on to our scripts, while you can hold on to your wallets.

€440 billion.

Guaranteed! by Colin Murphy (Fishamble)

All backs scratched.

The decision covers Bank of Ireland’s chief executive Richie Boucher (top) and Kevin Murphy (above), a director of Irish Life and Permanent Group Holdings. The Central Bank said last night that over the past 12 months while it conducted its review, many of the long-standing directors of the lenders covered by the bank guarantee had resigned.It said it had no reason to suspect the fitness and probity of any directors currently in place who were on boards of Irish banks during the night of the guarantee.

 

Central Bank probe Concludes Bankers Who Were Present During The Banking Guarantee Period Can Remain (RTE)

(Laura Hutton, Sasko Lazarov/Photocall Ireland)