ANON : Two of those three banks; Anglo Irish Bank (which was a specialist property developer lender, not a mainstream bank), Allied Irish Bank (AIB) were nationalised while Bank of Ireland is still a private company but may yet have to be nationalised to keep it afloat. They’re all only surviving due to state intervention and bale-outs from the Irish tax payer who is borrowing money, laughably called a “bale out” from the European Commission/ECB and IMF at about 5.8%. It is all massive debts being piled upon Irish tax payers to fund bank investors who took stupid risks! It seems no matter what happens, the ordinary Irish person, the vast majority of whom, had absolutely no part in this, are taking the hit in terms of tax hikes and state service reductions. Many of us have also taken a huge hit in our pension provisions some of which were wiped out entirely due to the behaviour of the banks and the fact that their share prices collapsed. What has happened here is nothing short of a grand pyramid scheme that conned us out of our current earnings and our future earnings for decades to come. As an Irish citizen and resident, it’s just sickening to see what was done and how the crisis was handled by the Government.
Quick Recap On Irelands Banking Property Bubble. February 7, 2011