Friday, October 03, 2008

Good news, bad news, on the Irish government's bank guarantee

Good news: Allied Irish Bank, which is one of those institutions backed by the guarantee of the government of the Republic, provides financial products through UK post offices.

Bad news: the government is shutting post offices as fast as it can get away with it.


Anonymous said...

Even those Icelanders are now at it!

Aberavon and Neath Liberal Democrats said...

Mark Sismey-Durrant, chief executive of Icesave in the UK told Radio 4's Money Box programme,

"They shouldn't be nervous about the state of the bank.

"We have a strong capital base and 63% of our balance sheet is funded by deposits.

But he had been asked directly about the state of Iceland's economy, which is surely going to be stretched if there is a run on either of the major banks.

Metholtrexate said...

Looks like the Icelandic economy is in serious financial problems judging by the news today - where is it all going to end!

Aberavon and Neath Liberal Democrats said...

Yes, all three of Iceland's largest banks have either gone into receivership or been taken over by their government.

This has had repercussions in Welsh local government, according to BBC Wales. Six local authorities are known to be exposed and we are promised more information on Dragon's Eye tonight.

So far, no Labour or LibDem-run authority has been implicated, but we have yet to hear from Cardiff and Neath Port Talbot.

Anonymous said...

I thought RCT was Labour run?