Very worrying stop press news re Anglo Irish

eeja

Sky news just this minute reported that the European Commission has started an investigation into the bank to see if EU rules have been breached.

What is most worrying (even for Gozomark) is that were the EU to rule against Ireland its current cast iron ( note I did not say gilt edged ! ) guarantee on deposits might also fall away. If this happened it is quite possible that the bank would go belly up and depositors would lose their savings.
A frightening prospect indeed.

gozomark

I'm not worried about anything - if Northern Rock was allowed to be nationalised, then why not Anglo Irish - what the EU might do is impose market share restrictions similar to those applied to NR.

bryanb

gozomark wrote: »

I'm not worried about anything - if Northern Rock was allowed to be nationalised, then why not Anglo Irish - what the EU might do is impose market share restrictions similar to those applied to NR.

NR was nationalised by the British Government, there is a difference.

gozomark

yes, the UK isn't in the Eurozone

tonytsdiver

eeja wrote: »

Sky news just this minute reported that the European Commission has started an investigation into the bank to see if EU rules have been breached.

What is most worrying (even for Gozomark) is that were the EU to rule against Ireland its current cast iron ( note I did not say gilt edged ! ) guarantee on deposits might also fall away. If this happened it is quite possible that the bank would go belly up and depositors would lose their savings.
A frightening prospect indeed.

After the Iceland fiasco I could not believe how many depositors flocked over to Anglo Irish on a promise of a 100% guarantee. That country could never honour that promise. You watch it will all hit the fan again shortly.

cos69

tonytsdiver wrote: »

After the Iceland fiasco I could not believe how many depositors flocked over to Anglo Irish on a promise of a 100% guarantee. That country could never honour that promise. You watch it will all hit the fan again shortly.

Hope not - no savings with them, but another default will not help the UK or anyone else recover from the problems we have with banks.

agsnu

gozomark wrote: »

yes, the UK isn't in the Eurozone

But EU law does apply in the UK, and it is EU anti-competition laws etc which are the subjects at hand.

evenasus

tonytsdiver wrote: »

After the Iceland fiasco I could not believe how many depositors flocked over to Anglo Irish on a promise of a 100% guarantee.

Me too.
They only have themselves to blame if they lose their money.

LesU

The whole problem with Anglo-Irish is they, like Icesave, have experienced a big run of depositors extracting all of their savings. A massive drop in share price then ensues. But why now?

ed123_2

...it has been nationalised...per channel 4 teletext yesterday

soulsaver

LesU wrote: »

The whole problem with Anglo-Irish is they, like Icesave, have experienced a big run of depositors extracting all of their savings. A massive drop in share price then ensues. But why now?

I follow the news with Anglo and have seen no recent reports '..a big run of depositors extracting....' Got a link? Or are you talking of September last prior to the guarantee?