Run on the banks prompted Irish rescue deal

Fianna Fail is entirely to blame for not initially controlling over-viewing and checking the Irish banking system which due to the bankers stupidity, incompetence, dishonesty, greed, and lies resulted in this terrible financial disaster. They are however not to blame for creating the State banking guarantee since this was essential and certainly needed to protect the Irish financial and banking institutions. Due to the bankers dishonesties the government was not aware of the tremendous amounts of bad loans that came along, and as those silly bad loans amounts became public knowledge the investors and depositors across the globe withdraw their money, and the Irish state and banks depended on the ECB to provide billions of input to keep the Irish State and Banks afloat. According to regulation however, ECB could not continue in this way and as a result the rescue had to come from the EU and IMF. Fianna Fail did reasonably well given the circumstances, but due to Ireland's small economy the banking system could not be re-established without the outside assistance, the opposition parties that will soon be in power will of course try to get a few bonuses both from the EU and the IMF whether they succeed or not depends entirely on the above institutions. Nevertheless, Irish bank savers and depositors should not worry about their deposits since those have been guaranteed officially by the EU in addition to the Irish State, and the Irish State will never allow this to take place because it would entirely destroy Ireland's financial reputation for more than a decade.

Who is the lady walking by the railings on College Green by the Bank Of Ireland?

I agree with you Seamus Mor.

I know exactly why the run on the banks started. I had a not small sum of money on deposit with one of the banks. I received a statement recently showing how much interest the bank allowed me for leaving the sum on deposit – a savings account. The interest was so small it was laughable. I later went into the bank to complain and tell them that I was going to move my savings to another bank. Well, you should have seen the flap that caused amongst the bank staff!! They suddenly offered me other savings products that offered higher interest. The question is why didn’t they offer me this option when I first deposited with them? No wonder people are taking their money out. If even a million other savers like me withdrew their savings now, where will that leave the banks? If they want our business, they need to offer better returns for the loan we savers give them.

While we’re talking ships.. we’re in uncharted waters - surrounded by sharks, with a leaking hull, a broken compass, a torn sail, a fouled anchor, a drunken Master, with the officers dancing on the fiddley deck laughing at the mutinous crew...

Olli Baba and forty thieves have stolen Ireland's sovereignty, and now they're going to loan the money to buy it back! Where is Sinbad when you need him? He was the one who picked the pocket of the corrupt official who had just impounded his ship. "You sell me own ship, I pay you with your own coin!" Cancel the Euro debt! Declare a Jubilee! Pull out of the Eurozone and start over with blank balance sheets, and new currency, called something like a "Boru." It is immoral to pay bank's debts off if essential government services are curtailed as a result. Ireland needs to go through a "Chapter 7" bankruptcy and start over fresh, rather than borrowing more German monopoly money. It would be like one big tax on the banks. Give them the bill for the mess they made.

Just as well Bono got his money out of the country before the rush. He might have had to stand in the queue.