Last out switch off the lights

Goodbye Permanent TSB!  The €4 billion recapitalisation now required per today’s stress testing announcements means the nationalisation of Irish Life and Permanent.

We will now be left with 2 banking groups, AIB and BOI, both owned by the State. This seems like a bad day for Ireland, but if it finally means the end of it all, then today represents a new start.

The government decisions of 30th September 2008 to extend the bank guarantees and to save Anglo Irish Bank Corp have proven to be catastrophic.

PTSB has been ruining its residential property investors for the last year by forcing them into giving up their tracker rates.  The bank did not care that the result would be the firesale of properties nor that lives would be ruined. Ironically we the taxpayers of Ireland will now save Irish Life and Permanent in their hour of trouble. Not much evidence of good financial housekeeping over the last 10 years.

The next 10 years are going to be rough but hopefully the measures being taken will be worthwhile for the future of our country.  

The Loan Arranger

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