Very worrying stop press news re Anglo Irish

JP45

There was a brief and somewhat reassuring item on this morning’s ‘Today’ programme on Radio 4, in which they spoke to a bond specialist from Nomura about the possibility of sovereign default. He said that he felt it unlikely that Ireland would default and that in any event the IMF or ECB would come to the rescue. He also went on to breifly discuss the situation here in the UK and (if I remember rightly) Austria.

redouma

Hi have posted this elsewhere but appearing in Telegraph today
http://www.telegraph.co.uk/finance/personalfinance/savings/4641458/Bank-regulators-are-asleep-at-the-wheel.html

gozomark

as per my reply to your other posting - nothing new in the article, and whose to say UK safer than other countries anyway

Midnight_Cowboy_2

JP45 wrote: »

There was a brief and somewhat reassuring item on this morning’s ‘Today’ programme on Radio 4, in which they spoke to a bond specialist from Nomura about the possibility of sovereign default. He said that he felt it unlikely that Ireland would default and that in any event the IMF or ECB would come to the rescue. He also went on to breifly discuss the situation here in the UK and (if I remember rightly) Austria.

You can listen to the interview on the Today program here:

http://www.bbc.co.uk/iplayer/console/b00hhk3y

The interview starts 23 minutes into the broadcast.

GeorgeHowell

Regarding various posts above, I do not need telling what I should post or how I should couch it. As long as I do not flout the protocol in terms of not being abusive etc then I have as much right to express a view as anyone else, whether some people like it or not.

Regarding the question as to where I put my savings, I did have money in various non-UK banks, including Icesave, but took it all out last spring when I began to see the writing on the wall. I now have predominantly fixed rate accounts and predominantly with UK building societies. A small portion is in various unit trusts (ISA's), National Savings, and bank accounts.

My comments are not aimed at upsetting people who may have money locked into bonds etc with Irish banks or whatever. If there is to be an Iceland type crash then I sincerely hope that those people are able to retrieve their funds first. But regarding anyone who is staying with non-UK banks by choice, in order to pull in a trifling amoung of extra interest, then I repeat what I have previously said -- on your own head be it, and don't expect any sympathy or bail-outs if it all goes pear-shaped. This might be seen as unreasonable doom and gloom by some. But remember what happened to Iceland. Are there rational grounds for any optimism in this repect ? No, better safe than sorry.

melbury

Have just been reading this, everything is so downbeat and depressing. There is another article under the business section which is horrendous.:eek:


http://www.irishtimes.com/newspaper/opinion/2009/0217/1224241278003.html?via=mr

gozomark

if you believe Ireland will do nothing to correct its budget deficit, then it is in big trouble, I agree. Same can be said for the UK and many other countries - no country can sustain a 10% plus budget deficit for long. This is why European Commission will be insisting on a plan by the Irish to get the deficit down to 5% by 2011

JamesJames101

That is quite a bad article Melbury - based on conjecture though. The Asian and Arabic countries have huge sovereign wealth funds which are a big source of funding remember. When I spoke to the chap at the Irish Treasury he also mentioned that if you try to issue bonds at the same time that can cause issues if there is not enough demand to suck up supply.

Here's another article which is more reassuring. The fact that Ireland got $7.6 billion in five years bonds away in January is good news. It's quite good fun getting into how countries finance themselves!
http://www.bloomberg.com/apps/news?pid=20601102&sid=aS6U82HcSxQ4&refer=uk

FraudBuster

Found on The Irish Times link in #297

The chief executive of the Bank of Ireland Brian Goggin is to step down within the next three weeks, the Minister for Finance Brian Lenihan confirmed tonight.

The chairman of Irish Nationwide Building Society (INBS) Michael Walsh has resigned.

soulsaver

FraudBuster wrote: »

Found on The Irish Times link in #297

As most of ours have had to, too.