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Yves Logghe/AP/Press Association Images

The blanket guarantee for banks was a mistake, says Olli Rehn

The European Commission vice-president spoke last night about his initial shock at the scale of Ireland’s bank debt.

THE VICE-PRESIDENT of the European Commission has acknowledged that Ireland’s blanket guarantee of its banks was a mistake.

Olli Rehn was speaking ahead of the government’s celebrations to mark the country’s exit from its IMF/EU bailout programme.

“In retrospect I think it is quite easy to spot some mistakes like the blanket guarantee for banks, but that is now water under the bridge and now we have redirected the river and we are on a better place for the moment,” he said during RTÉ’s Prime Time last night.

Rehn told political correspondent Katie Hannon that he was “quite shocked” on hearing the level of the debt held by Irish banks in September 2010.

“Compared to that situations in September or November 2010, the Irish situation now three years afterwards is actually quite promising,” he added. “And while Ireland is not completely out of the woods yet, it is still on a very good and sustainable path. So my main feeling is of relief on behalf of the Irish people and also confidence as regards the future of Ireland and its people.”

He also noted that Ireland should work quickly on legal services reform as it will benefit both society and the economy and stick with current austerity policies.

However, he would not be drawn on whether Ireland could get a deal from the ESM on retrospective bank recapitalisation.

“The agreement in principle from last summer is that it can be considered in exceptional cases,” he explained. “However I have to be precise and honest . It is an issue that is in the hands of the euro area member states because they are the owners of the ESM which can take decisions on direct recapitalisation or not.”

Ireland exits its three-year financial arrangement today and the government is marking the occasion with a number of events throughout the day.

Although the Troika will no longer be carrying out quarterly reviews of the country’s books, officials from the European Commission, European Central Bank and IMF will visit twice a year to check in.

The IMF team are expected to stay for a “number of years”.

30 Days in September: An Oral History of the Bank Guarantee

Related: Ministers have some good news, and they’ll be telling us about it all day

More: The quarterly reviews may be over, but the Troika aren’t leaving just yet

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80 Comments
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    Mute Teresa Scanlon
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    Dec 13th 2013, 8:28 AM

    It might be water under the bridge for him but we are going to be swimming in it for years to come.

    317
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    Mute Barry Aston
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    Dec 13th 2013, 8:34 AM

    Whisht!!!!! Don’t wreck the bleedin session.

    64
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    Mute Sean Gillick
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    Dec 13th 2013, 8:43 AM

    Now he tells us…

    75
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    Mute De Badger
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    Dec 13th 2013, 8:46 AM

    Ha ha ha ha ha ha ha ha ha ugghhh

    36
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    Mute Niall H
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    Dec 13th 2013, 9:04 AM

    My blood was actually boiling when I heard him say that on tv last night. ‘Water under the bridge’ like is he for real?
    If u make a mistake u should try and fix it olli

    117
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    Mute Sean South
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    Dec 13th 2013, 9:17 AM

    its an insult to every irish person

    101
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    Mute General Loveshank
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    Dec 13th 2013, 9:18 AM

    Politicians salary should be performance related. Pensions for the gang that got us here, Bertie etc, should be null and void.

    118
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    Mute Catherine Sims
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    Dec 13th 2013, 9:31 AM

    Not swimming in it , drowning in it more like . Best we can hope for is to get back to threading water .

    56
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    Mute Kevin Gibb
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    Dec 13th 2013, 9:31 AM

    He knew all along, gota pay his masters though !

    41
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    Mute Bill Butler
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    Dec 13th 2013, 9:34 AM

    if this is the kind of leadership the people of Ireland want keep voting FG FF LAB .but if you want bankers and politicians held accountable in my opinion for criminal activity which brought us down think again .

    47
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    Mute Gillian Foale
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    Dec 13th 2013, 10:14 AM

    I agree, so easy for him to stand there and say that with no real knowledge to the dire effects of the “mistake” on the lives of so many families. Emigration of their children, suicide, loss of the home, unable yo feed the kids, the list goes on…….. While I’m delighted things are improving “water under the bridge” just doesn’t cut it! Scrap property and water taxes. Leave people with their cash to save/spend collect the VAT from it and increase/maintain businesses and employment.

    47
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    Mute Eamonn O'Riain
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    Dec 13th 2013, 12:01 PM

    He should have gone with his heart, dropped his cax and presented the ring of his arse to us.
    Pass the f•ckin sick bag.

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    Mute Gillian Foale
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    Dec 13th 2013, 12:58 PM

    Exactly general, no point in having heroes unless the villeins have been brought to justice. Hang the lot of them out to dry then get back to us. We can all see they look upon themselves as the real heroes here. This is just spinning us an auld yarn in the hopes of us forgetting about the noose they have around our necks and the necks of the next generation or two.

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    Mute Tony Skillington
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    Dec 13th 2013, 9:23 PM

    Well Ollie,..if it was such a mistake retro capitalise our useless fkn banks and start making amends to this country

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    Mute Sean Collins
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    Dec 15th 2013, 9:13 AM

    He didn’t say it was a mistake at the time, he must have great hindsight.

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    Mute Garry Coll
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    Dec 13th 2013, 8:48 AM

    Time for the Garda Fraud Squad to go into the Central Bank and find out the truth about who in the EU and the ECB gave the instruction to impose the bank guarantee, who in the CB received the instruction and relayed it on to Lenihan and Cowan, and what laws were broken and by whom in that act of national treachery and sabotage.

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    Mute Johnnathan Biskalero
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    Dec 13th 2013, 8:51 AM

    Very good Idea Garry….the mafia in this country will not let that happen though, just like the cover up of Fr. Molloy and Veronica Guerin Murders…..

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    Mute Patlyndo
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    Dec 13th 2013, 8:53 AM

    Gerry I’d be more interested in who decided to include Anglo, again this is something I have never understood. It was clear prior to the Guarantee that Anglo was in trouble (Anglo tapes), every one in the loop knew it was a rogue bank.

    It was not systemic to the banking system.

    It loaned primarily to developers/commercial as opposed to residential.

    It had no ATM’s.

    Who made the fateful decision to guarantee this bank and why?

    116
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    Mute Johnnathan Biskalero
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    Dec 13th 2013, 8:55 AM

    Noonan had shares in Anglo aswell………it was a scam 100%

    82
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    Mute Patlyndo
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    Dec 13th 2013, 9:02 AM

    I’d say he was small fry – but I agree there was a scam with Anglo and in time we’ll find out the real reasons it was saved at the cost of the taxpayer.

    I believe that without Anglo we may never had need the bailout in the first place.

    When we had to take a handout it was done because of the Blanket Guarantee – the the cost of our borrowing increased which forced us into the IMF not because we couldn’t repay everything – but because we guaranteed to do so.

    The markets thought we were nuts and we were.

    50
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    Mute Niall H
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    Dec 13th 2013, 9:05 AM

    The Garda fraud squad….all 2 of them!

    35
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    Mute Jason Bourne
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    Dec 13th 2013, 9:19 AM

    Gerry, the bank G was the means of endebting us. The decision came from Frankfurt. Its the reason we were lent all the money in the first place and anglo was used as straw that broke the camels back. The politicians are in the pockets of the Rothschilds so they only follow the script. Thats what the politicial advisors are for. To keep them from wandering too far from it.

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    Mute Bill Butler
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    Dec 13th 2013, 9:42 AM

    Johnathan it was the elite who brought down this country ,it was the same under english rule for 800 yearsand judging by your comments you do not watch RTE bile .

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    Mute Teresa Scanlon
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    Dec 13th 2013, 10:32 AM

    Very good point

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    Mute Johnathan McAuliffe
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    Dec 13th 2013, 10:47 AM

    I think JFK had it spot on…….http://www.youtube.com/watch?v=FnkdfFAqsHA pity they killed him for speaking out..

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    Mute Jose Verandah
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    Dec 13th 2013, 11:02 AM

    The Garda Fraud Squad have been defrauded of their powers.

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    Mute Sir Charles Chattan
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    Dec 13th 2013, 11:42 AM

    @Garry Coll I’m pretty sure when the blanket bank guarantee was first announced by the FFailures there was plenty of dismay, even condemnation in Europe.

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    Mute Ignoreland
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    Dec 13th 2013, 12:57 PM

    Noonan had shares in Anglo? Noonan wasn’t the Minister for Finance at the time. Noonan was an opposition TD and wasn’t even a member of th FG front bench at the time of the guarantee. Completely irrelevant.

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    Mute Pat Mustard
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    Dec 13th 2013, 8:45 AM

    Meanwhile in Iceland they jail the bankers
    http://www.bbc.co.uk/news/business-25349240

    Is there any chance of the gardai and justice system doing their job and throwing our bankers who committed wrongdoing into jail. Five years and waiting!

    78
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    Mute Gaius Gracchus
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    Dec 13th 2013, 9:08 AM

    Are today’s government ‘celebrations’ sponsored by Vaseline?

    50
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    Mute Aertel_Journalist
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    Dec 13th 2013, 8:43 AM

    The EU/ECB approach to every part of this crisis has been a mistake and mismanaged.

    The EU looks to be heading back in to recession, while the rest of the world pulls away.

    It is becoming an inbuilt structural decline for the continent now.

    49
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    Mute Dane Tyghe
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    Dec 13th 2013, 8:24 AM

    And SF IRA Voted for the guarantee. Labour only party who voted against it.

    46
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    Mute Norman Hunter
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    Dec 13th 2013, 8:29 AM

    FG voted for it and Lab voted to extend it with FG in government.

    114
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    Mute Stephen Barry
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    Dec 13th 2013, 8:32 AM

    Check the news mate, IRA no longer exist, gone, kaput never coming back. Let’s grow up and and starting calling them Sinn Fein.

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    Mute Patlyndo
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    Dec 13th 2013, 8:34 AM

    I am not a SF party member or a supporter but let’s be clear – on the night of the 29th of September the banks were failing and the Guarantee was introduced to stop this.

    After not supporting to protect the banks and on being given the same information as SF – Labour then supported the blanket guarantee.while SF were the only party to withdraw their support.

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    Mute Norman Hunter
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    Dec 13th 2013, 8:40 AM

    Pat…it would seem some don’t like easily verifiable facts.

    43
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    Mute Patlyndo
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    Dec 13th 2013, 8:48 AM

    It suits the agenda Norman. As I said I am not a supporter but the facts are undeniable in this instance.

    SF voted for the guarantee as an emergency measure to stop a run on the banks and protect deposits.

    The full extent of the Guarantee was outlined on the 17th of October and SF did try to block it.

    While Labour supported it/ Go figure?

    I can understand if Labour continued to vote against it after the initial guarantee – but on knowing the extent of it to change from not supporting it to supporting has always been mind boggling to me.

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    Mute Norman Hunter
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    Dec 13th 2013, 8:54 AM

    Just think of Gilmore’s public stance in regard to the Lisbon treaty, then his private conservation with the Americans (via Wikileaks) should help you understand Labours shifting position.

    37
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    Mute Jason Bourne
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    Dec 13th 2013, 9:13 AM

    Goodman Dane. Straight in there with the first comment thats a very poor attempt at creating a diversion from the articles main points.

    You sad man.

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    Mute Kevin Dobson
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    Dec 13th 2013, 11:03 AM

    It doesn’t matter who voted for it in the Dáil. Fianna Fáil were in Government. They had the instruments of state at their disposal. They had the inside track. They were in constant contact with European colleagues, the Central Bank etc. They made the call. At a moment of national emergency they were in the chair. At such a moment, it is incumbent on opposition to back the Government as they don’t have all the facts and the people empowered the Government to make the decision. It’s convenient to try and share round the blame. But facile.

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    Mute Enda Costello
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    Dec 13th 2013, 3:11 PM

    @Patlyndo Can you explain then the hypocrisy of Sinn Féin then issuing numerous Budget proposals since that account for painful cuts down to the terms of the Bailout. Sinn Féin didn’t just reverse their support for the Blanket Guarantee, thy decided they didn’t want ANY guarantee. Sinn Féin flip flop on the policy decisions that count, they have zero credibility and zero economic appreciation of our situation.

    @Kevin, how does it not matter how our elected representatives are elected to the Dáil?! Regarding the “Inside track” are you insinuating Opposition parties are in the dark and therefore they are not making informed decisions? Sure how can we believe anything SF say today so? Sure if they get into Government no doubt they will do a “Labour”, and say “we didn’t realize” and then reverse every populist promise they made. terrible excuses, between Dáil votes not counting and then suggesting they had no choice to support it, Sure nothing SF do is their fault. Get real, no wonder people don’t trust them.

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    Mute Enda Costello
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    Dec 13th 2013, 3:15 PM

    *elected representatives vote in the Dáil

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    Mute Patlyndo
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    Dec 13th 2013, 4:55 PM

    Enda – Can you explain your parties (Fianna Fail) decision to include Anglo Irish Bank in the bailout?

    But to answer your question let me give you the basic facts.

    When the initial Credit Institution Bill was presented to the Oireachtas as an emergency measure Sinn Fein supported it – with certain conditions.

    On the 17th of October when the bill was presented again, not only without those conditions, but the bill was not very clear . They spoke to the late Brian Lenihan about the bill, expressing their real concerns at the risks to the taxpayer and Lenihan didn’t listen.

    It is pure fantasy to say that on the 17th of October when the actual bill was presented that SF did not want any guarantee. They stand by their decision to support the emergency biill as it did stabilise the banks in the first instance.

    But you see it was then that your party failed to do due diligence and relied on bankers for their information.

    The initial guarantee to protect the banking system is not where your party failed Enda – your party failed when they extended the guarantee to protect everything – even bonds that should not have been guaranteed.

    Your party failed when they refused to nationalise Anglo and wind it down.

    Your part failed when they paid out bonds that were issued AFTER the near collapse of the system.

    Your party failed.

    Full.

    Stop.

    4
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    Mute John Murphy
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    Dec 13th 2013, 9:15 AM

    And the people of Ireland have been saying since this started we do not want to pay the banks!
    Burn the bond holders .
    But did anybody in our government listen no.
    And these guys are suppose to be represent us.

    43
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    Mute Barry Aston
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    Dec 13th 2013, 8:33 AM

    That is like saying water is wet.

    42
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    Mute sean o reilly
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    Dec 13th 2013, 8:36 AM

    Who gives a crap waht the Finish county councillor/financial expert has to say. Creep.

    42
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    Mute Johnnathan Biskalero
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    Dec 13th 2013, 8:49 AM

    Your having a laugh Ollie ? …….. thanks for telling us after the fact moron……scam artist !!

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    Mute mark crabbe
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    Dec 13th 2013, 8:32 AM

    No sh1t

    40
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    Mute Jason Bourne
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    Dec 13th 2013, 9:30 AM

    Olli (Rothachild agent) Rehn. Dirty liar. All he has to do is look at the past with other countries that got ‘bailed out’. Its common knowlege in the financial world that it makes no sense to underwrite the debt of a bank that contributes nothing to the day to day runninf of the country.

    Get this..
    The Rothschilds charged us 10 million for a 7 page document that said that the Irish banks were sound.
    But…
    The Rothschilds were also senior bond holders in it. So when it failed, THEY lent us money to pay them back their bonds. Again, They lent us money, at interest, to in turn give it back to them for their gambling.
    Then, we borrowed, at interest, 60+billion from THEM, again, to bailout the entire banking system. At interst.

    Now we are in debt, a debt that will NEVER be paid as the interest alone is too high. So we are selling our most prized assets for next to nothing so they can get them at a fraction of the price and sell on the produce of these assets to the highest bidder around the world.

    39
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    Mute Dee4
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    Dec 13th 2013, 8:33 AM

    it would be safer living next to an active volcano then living in Ireland. a 2 or 3 % rise in Interest rates does to Ireland what a late celtic tiger mortgage did to anyone dumb enough to take them out. The whole Irish political establishment is the perfect puppet government for the French and German banks who should have have been defaulted on back in 08.

    29
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    Mute Kerry Blake
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    Dec 13th 2013, 9:30 AM

    “However, he would not be drawn on whether Ireland could get a deal from the ESM on retrospective bank recapitalisation.” Final confirmation if any was needed that Enda’s seismic shift is dead and buried.

    24
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    Mute james r
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    Dec 13th 2013, 10:24 AM

    He’s after admitting it was a mistake !! So give us back all the billions you robbed from the irish people you thief !! Accountability to those who were involved in the fraud !! Prison sentences ect etc etc … The irish people should be up in arms over this statement . A thief admitting to the crime for Christ sake

    22
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    Mute Mjhint
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    Dec 13th 2013, 9:33 AM

    Good man Ollie. One thing I have learned from this crisis is never take any authority seriously. The bi product of this is even the law is undermined. In years to come the state or any other state with in the EU will have little moral authority over any citizen. This is the result of state sponsored corruption & recklessness.

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    Mute Nigel O Keeffe
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    Dec 13th 2013, 9:53 AM

    Water under the bridge!..scant consolation to the multitudes whose lives have been shattered by the decimation of the irish economy
    Is rehn a member of FF ..we are where we are..etc
    Next election..not even a transfer.
    BT W..Olie..if you can see it was such a mistake..help fix it..use your influence
    1.2% of the economy carrying 42%of the cost is never going to work.

    20
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    Mute Shane Hickey
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    Dec 13th 2013, 8:51 AM

    Genuine question. Would it have been better to allow the banks go bankrupt, bailing out only three of them say, and refund depositors than the blanket bailout? Would the eu have permitted Ireland and by implication the euro fail that badly?

    20
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    Mute Patlyndo
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    Dec 13th 2013, 8:59 AM

    They should have let Anglo fail. Protect the rest. In the states banks fail everyday and so what. Anglo was protected for a reason.

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    Mute Bill Butler
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    Dec 13th 2013, 9:53 AM

    Patlyndo the reason anglo was saved is the political class had to save them selves ,they all had loans they could not pay back .how many loans were given in anglo with little or no collateral or security so we are told ,i do not believe this there was a a lot of shredding paper work in that bank and a lot of the big developers plus FF big wigs were saved from being cleaned out.

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    Mute Anne Marie Devlin
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    Dec 13th 2013, 12:28 PM

    I would say Anglo goes further than just FF. What about Alan Dukes? Even Shane Ross the advocate of the people was a big supporter. There are not many with clean hands

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    Mute Patlyndo
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    Dec 13th 2013, 1:07 PM

    Spot on Bill Butler.

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    Mute Jason Culligan
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    Dec 13th 2013, 1:36 PM

    In most cases, savings in banks are guaranteed automatically up to a certain amount. For the average worker, his savings will be covered by the government should a bank collapse.

    The problem lies with companies and their accounts. A company could lose millions in both savings and lost revenue and would be in severe risk of shutting down should their bank collapse. The knock-on effects on the economy could be catastrophic.

    That being said, the blanket guarantee was not needed to prevent this from happening.

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    Mute Kerry Blake
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    Dec 13th 2013, 8:55 AM

    Bit late to be saying that now.

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    Mute Patlyndo
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    Dec 13th 2013, 9:23 AM

    Doesn’t mean we’re not entitled to know Kerry. Decisions were made that affected each and every one of us – it might be late to say it but sadly I’m a peasant and dependent on people in Government to protect this state and they failed to do so.

    Let’s hope people remember that in the elections.

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    Mute Geralyn Early
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    Dec 13th 2013, 8:48 AM

    Ollie! The bearer of good and insightful news as always!!

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    Mute Antaine Ó Cáthain
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    Dec 13th 2013, 8:38 AM

    the phrase “Management by Perkele” comes to mind https://en.wikipedia.org/wiki/Management_by_perkele

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    Mute Rob
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    Dec 13th 2013, 9:23 AM

    No shit Sherlock ,other pearls of wisdom you would like to share with us Ollie the Oaf.!!!!

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    Mute John Dunne
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    Dec 13th 2013, 8:49 AM

    Go away

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    Mute Tom Daly
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    Dec 13th 2013, 10:55 AM

    Down the bloody Swanny ,more like!

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    Mute kingstown
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    Dec 13th 2013, 9:00 AM

    We-deh agree-deh Olie-deh

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    Mute kingstown
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    Dec 13th 2013, 9:58 AM

    Jeez folks what’s with the negative thumbs? Rehn is no friend of Ireland

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    Mute Ivan Vanrentel
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    Dec 13th 2013, 9:09 AM

    So Its a little like getting a face tattoo.

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    Mute Adam Hurley
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    Dec 13th 2013, 9:38 AM

    Shame on Fianna Fail, Fine Gael and Sinn Fein for supporting the bank guarantee.
    At least the Labour party had the sense not to.

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    Mute Norman Hunter
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    Dec 13th 2013, 9:52 AM

    Adam so Labour never supported the Bank guarantee? You know the Dail record can be viewed online.

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    Mute Richie Rodgers
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    Dec 13th 2013, 11:24 AM

    Norman
    I think you’ll find Adam is correct and given your daily political rants it now appears there is a major hole in your knowledge base! Well well well.

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    Mute Jason Culligan
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    Dec 13th 2013, 1:40 PM

    Adam is not correct actually, SF withdrew their support for the blanket guarantee. These are easily verifiable facts.

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    Mute Norman Hunter
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    Dec 13th 2013, 2:42 PM

    Richie again in your infantile attempt to insult you have proven yourself to be an idiot.Try reading a comment correctly before you reply.

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    Mute Mitch Cumstein
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    Dec 13th 2013, 4:02 PM

    Wouldn’t pay much heed to this. Him and all those eurocrats just make this up as they go along. Next week it will be something like “giving Greece a bailout was a mistake”.

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    Mute Jim Flavin
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    Dec 13th 2013, 12:45 PM

    This guy has some neck – shows he – or rest of Establishment do not give the proverbial- water under the bridge – how insulting can one get.

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    Mute James Delaney
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    Dec 13th 2013, 7:16 PM

    It’s NOT water under d bridge for Irish citizens or Indeed Fianna Fail.
    NEVER LET US FORGET.
    Guarantee should ave applied to DEPOSITORS ONLY. How convenient Loans were also guaranteed. Banks holding ordinary people to ransom as usual. Lies and deceat. Politicians never learnt from the AIB ICC Debacle in the 80′s.

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    Mute james doyle
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    Dec 13th 2013, 5:12 PM

    Chopra said it’s wrong Rehn now says it’s wrong what happened yet we plough on with austerity

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    Mute Dermot O'Reilly
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    Dec 13th 2013, 11:59 PM

    Will Fianna Fáil apologise?

    Will Bertie apologise?

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