A slow steady bleed has turned into a mad dash for cash at Allied Irish Banks. Allied Irish Banks has had to rely on Central Bank funding as customers withdraw $18 billion, a stunning 17 percent of its deposit base. Without Central Bank funding, there would indeed be outright panic.
Forbes reports Allied Irish says it's lost 17 percent of deposits
Forbes reports Allied Irish says it's lost 17 percent of deposits
Allied Irish Banks announced Friday it has lost a staggering euro13 billion ($18 billion), or 17 percent, of its total deposit base since June in the latest evidence of cash flight from Ireland's debt-crippled banking sector.
Earlier this month two other banks, Bank of Ireland and Irish Life & Permament, reported suffering losses of more than 10 percent of deposits in recent months.
The cash flight from Irish banks has accelerated since September, when the government raised its estimated bill for bailing out five banks to at least euro45 billion ($62 billion), a figure that many analysts said was still too low.
Officials at Allied Irish said the bank had euro74 billion in customer deposits at the end of June but just euro61 billion today.
Allied Irish was once Ireland's largest business, but it has suffered a spectacular fall since 2008 in line with the collapse of a construction-dependent economy.
Property Boon Gone Bust Sinks Ireland
Bravo for the fighting Irish.
ReplyDeleteBring the bankster swine to their knees.
Kill their God $$$
take all money out of banks now, do it and restore this country
ReplyDeleteBring down the TBTF banksters Re-colonising Ireland .
ReplyDeleteTake back America from the Fed and the fractional reserve banking mafia.
A nation of debt peons must revolt.
Popularize the December 7th date for organizing peoples bank runs .
Take out Bank of American fraud and the Wells fargo highwaymen robbers first.
Then demand no more never ending bankster bailouts.
“A slow steady bleed has turned into a mad dash for cash at Allied Irish Banks. Allied Irish Banks has had to rely on Central Bank funding as customers withdraw $18 billion, a stunning 17 percent of its deposit base. Without Central Bank funding, there would indeed be outright panic.”
Forbes reports Allied Irish says it's lost 17 percent of deposits"
Way to go Ireland !
*****
Buy some silver today help to crush JP Morgans criminal silver futures manipulations to free up the worlds silver markets
DECEMBER 7TH "BANKER MUTINY DAY" TAKE YOUR MONEY OUT OF YOUR BANK!!! DESTROY THE BANKS!!
ReplyDeleteBanks runs and complete collapse feared in Europe so it is demanded that ireland must knuckle under for time for restructuring Europe finamcial system in order to prop up the European banksters by saving them from their losses!
ReplyDeleteFull article @
http://www.ft.com/cms/s/0/370dd208-f244-11df-9118-00144feab49a.html#axzz15og0r3fl
A short extract from a leading British financial paper :’the Financial Times”.
“So Ireland – and Europe – must confront the prospect of an inevitable string of bank restructurings. Giving away more capital now will weaken states’ ability to deal with the problem when there is no more time to be bought.
Preparations must now be made for dealing with a run on banks by depositors or wholesale lenders. Countries that have yet to put in place special insolvency regimes – Ireland included – must do so without delay. They must allow states swiftly to take control of banks so as to keep operations going during a panic and quickly allocate losses by forcibly restructuring wholesale debt or converting it into equity. Paradoxically, Ireland’s reliance on wholesale funding may make it easier to force losses on creditors.
No one can be relaxed about the chaos such a process may cause. But it can be minimised by putting in place the technocratic capacity; by preparing large, well-capitalised banks for quickly taking over operations whose disruption is most damaging, such as small business banking and deposit-taking; and by readying the large funds needed for transitional outlays and liquidity needs – with borrowing from the EFSF if necessary.
Ireland has little time to lose. Overall deposits are shrinking. Europe must prepare for a run on the Irish banks spreading, with deposits fleeing not to financial institutions with solid assets but to those with solid sovereigns: Berlin may soon face calls for support.
Europe does not yet seem willing to give up a diabolical bargain that has core states lend to peripheral ones so that they can support their banks, all to save financial institutions in the core from losses. This game of bail-outs on the sly cannot be sustained for much longer…
***
December 7th is the suggested day above for americans to organise bank runs to start to fight and take back democratic control of their own economy and financial system!
The alternative ,as in Ireland ,is endless bailouts for the TBTF banks that will take decades of "austerity" ,in order to pay off the trillions in increases in government debts.
if irish figure out way to destroy monster banks then we all figure out way to destroy bankers. Ask questions, write to congress, if you can get on news. World is falling apart, we need children in shelters. We need men and able body women to grab guns and dig holes. bad stuff is coming are way folks. how many will die for sunrise. how many will fall. we investigate problems for years. Now it is time to march in streets carrying flags. Each state carries star. Stars add up and we get 50 stars to make a flag. 'movements come and movements go." Rage against the machine spoke of this clearly. Homeless bums will help. Arm homeless people. arm people who dont work at a bank or in washington. then we take vans and drive to washington asking for freedom. People this practises amenments. We have right to potition, right to bear arms, right to free speech, free money, free action. No killing, we just march to capital and ask for freedom.
ReplyDelete- Sam
adding here. if you see a banker car throw a rock threw the window. take a block of ice and dump it off building on to a rich car like porsh or mercedes. show them how you feel. dont make violence. Martin luther king must be respected, 'no violence". my flag will have a eagle on it flying over a ape. This shows how we fly with eagles, even though apes. We sore, not bankers and politics.
ReplyDelete- Sam
Is there a way to conduct a poll on this site?
ReplyDeleteI'd really be interested in finding out how many of these folks who post here are commies.
Sam, stop the wacko posts or I'm going to ask EA to shut you down! You're stuff, while once cute but annoying, is now nothing but drivel from the mind of a nut job.
ReplyDelete6:23, I wonder how many here, like you, are hill billy retards.
ReplyDelete6.23 Asks “I'd really be interested in finding out how many of these folks who post here are commies.”
ReplyDeleteAny critics and people concerned about the way that insolvent crony capitalist American capitalism isn’t working now ,are assumed by this brainwashed supporter of perfect American capitalism must be a “Commie”.
Many are in fact only what “commies” would describe as ‘bourgeois” or middle class people that would like to return to an ‘honest” capitalism ,a rule of transparent contract law for example to have again decent mortgages and property titles, and an honest money system , as described somewhat as law ,in the original US constitution .
Communists a have long term aim of abolishing property right and exploitation of working people and wage slaves by capital in the hands of a ruling class, they are opposed to slavery and feudalism , but consider capitalism as a great advance over feudalism ,especially where republican democratic rights for the people are established by law as in the American revolution .
Therefore they like most "bourgeois" are opposed to Fascism and corporate states run by financial gangsters in the first or third worlds ,where democratic rights of working people are suppressed in the interest of monopolies etc .
As we can see in America today, with the bailouts socializing the past losses of the TBTF all organized by a private bank the Fed ,issuing money as credit in collusion with the State Treasury to capture for capital the future revenues of the state . The national debt .
This is corrupt crony capitalism organized with the support of both major political parties ,whose votes via lobbying and economic support for the election of suitable politicians who will serve the money power.
Within the capitalist system banks can play a useful ,even beneficial role organizing the savings of the various classes as loan funds ,arranging credit and oiling the wheels of industry to develop the productive forces (growth, productivity) of the working people and commerce, for the profit system to work.
You might say even by competitive “honest banking’ that theoretically should make its profits by borrowing capital at a low interest and loaning it on contact at a higher interest rate. The differences after costs are deducted being its profits.
(leaving aside for now ,considering fractional reserve banking scams)
With the development of the dollar hegemony system of the Fiat $ paper in world trade and finance it became difficult to make a profit in high waged American industry and America under the “free trade” in movement of capital internationally, moved its industry and jobs to where a profit could be got in industry, like in low wage capitalist China where the workers are disciplined to work hard by an armed capitalist state using a state capitalist “socialist “signboard and where some western varieties of ‘bourgeios” democratic capitalist freedom are not practiced as well as they once were in America .
Under the dollar hegemony system now unprofitable America was de-industrialised America was converted into a Ponzi economy running on credit.Even Vendor finance from countries like China investing their profits in US treasury and property bonds.
That worked fine for a couple of decades until like any ponzi system America and Americans reached their credit limits,that is ,they could not continue to service the ever mounting interest and dividends profits that had to be paid for on past loans.
The American finance sector now turned to outright fraud to in order to keep the ponzi economy functioning .
Trillions of Dud sub prime and other dud bonds like government Fannie and Freddie bonds as AAA debts , and derivative bets on those supposedly secure AAA bonds were sold to the rest of the world.
Until the Ponzi all fell apart with the collapse of the Money markets in 2008 followed by the financial coup in Treasury .
A Crony capitalist State.
12:11 Must be a "commie".
ReplyDelete