Newsgroup: it.politica.internazionale
Titolo: Salvataggi? Macché!

http://www.irishtimes.com/newspaper/breaking/2008/0930/breaking7.htm
Tuesday, September 30, 2008, 15:27
DAVID LABANYI and CHARLIE TAYLOR
Shares in Irish banks rose sharply today after the Government placed an 
unlimited two-year guarantee on all deposits and certain debt in six Irish 
banks in a move designed to "safeguard the Irish financial system".
The move comes two weeks after the deposit protection limit of ?100,000 was 
introduced by the Government and follows yesterday's record losses for Irish 
financial stocks, with Anglo Irish Bank shares falling 46 per cent. Banking 
shares fell 26 per cent on the Iseq yesterday.
The measure has had an immediate impact, with Irish banking shares rising 
sharply all day. By 3pm Anglo Irish Bank had recovered its losses with a 
rise of 58.65 per cent, while Irish Life and Permanent shares were up 26 per 
cent at ?4.50, Bank of Ireland rose 21.7 per cent and AIB shares were also 
higher, rising 14 per cent.
At a press conference held in Dublin this morning, Minister for Finance 
Brian Lenihan explained the move was designed to "secure the stability of 
our banking system" as it was becoming increasingly difficult for banks to 
secure funds on world markets.
"I am satisfied that the decision of the Government yesterday evening is 
another element of the strategy of maintaining confidence in our banking 
sector . . . what we're talking about today is guaranteeing the actual 
liquidity of the Irish banking system, ensuring that there is access to 
funds on world markets," said Mr Lenihan.
"Were liquidity to dry up in the Irish banking system in the weeks ahead, 
the inevitable result would be economic catastrophe for this country. We are 
a small exposed economy, one that is more globally exposed than any economy 
in any other member state in the EU. For us not to have a viable banking 
system would paralyse the trade of this country and reduce us to a powerless 
position in all the markets in which we buy and sell our goods and 
services," he added
The Minister said the Government has "drawn up contingency plans for every 
scenario" or difficulty that Irish banks may face, but he declined to 
elaborate.
He denied the measure was a "bailout" of Irish banks, saying the facility 
was subject to a charge or a levy. The level of that charge will be set by 
the Central Bank, said Mr Lenihan.
"Let's be clear about this the Government is not underwriting shareholders 
funds or hazardous investments in banks, the Government is looking at those 
who lend to the banks.
"We're not in the position of bailing out banks or assisting those who have 
invested on a risk basis in a bank. What we're guaranteeing here is the 
lifeblood of the banking system. The system of lending and borrowing that is 
essential to the successful operation of any banking system," he added.
Mr Lenihan also denied that the guarantee would cost taxpayers.
"I do not see a hazard or exposure to the taxpayer in the decision I've 
arrived at because the taxpayer has a vital interest in seeing that the 
bloodstream of our banking system is maintained," the Minister said.
The Government was guaranteeing liabilities of about ?500 billion compared 
with the country's national debt of ?45 billion, estimated Scott Rankin, an 
analyst at securities firm Davy. Irish GDP is about ?190 billion.
"This is a massive step by the Government to alleviate financial stress in 
the domestic system,'' Eamonn Hughes, head of research with Goodbody 
Stockbrokers, wrote in a note.
"This presumably puts the Irish banks in better shape to seek funding 
compared with other non-guaranteed banks in international capital markets.''
Ireland's decision follows action by governments worldwide to prevent more 
bank failures amid the freeze in credit markets.
The Government said today the guarantee extends to Allied Irish Bank, Bank 
of Ireland, Anglo Irish Bank, Irish Life and Permanent and Permanent tsb 
bank, Irish Nationwide Building Society and the Educational Building 
Society.
It will also extend to subsidiaries of these banks, following consultation 
with the Central Bank and the Financial Regulator.
It does not extend to deposits in National Irish Bank, ACC, Rabobank or 
Ulster Bank which are subsidiaries of large international banks.
Mr Lenihan denied that international bank subsidiaries such as Bank of 
Scotland Ireland and Ulster Bank were exposed by the move as they were 
guaranteed by other governments. However, he did note a move towards what he 
termed "economic nationalism."
"One of the difficulties that has happened is that customers are looking at 
rival systems of protection in rival member states, and this is a dangerous 
tendency, and I accept that there is a tendency towards economic 
nationalism, and I regret that but we're on our own here in Ireland, and the 
Government has to act in the best interests of the Irish people," said Mr 
Lenihan.
Under the new arrangement all deposits are covered by the guarantee 
including retail, commercial, institutional and interbank deposits, as are 
bonds, senior debt and dated subordinated debt.
It also covers all money borrowed by Irish banks from other financial 
institutions. The guarantee takes effect immediately and will expire at 
midnight on September 28th, 2010.
"The decision has been taken by Government to remove any uncertainty on the 
part of counterparties and customers of the six credit institutions," the 
Department of Finance said in a statement.
It said the unlimited guarantee was designed to "remedy a serious 
disturbance in the economy caused by the recent turmoil in the international 
financial markets".
On September 20th, the week that US investment bank Lehman Brothers 
collapsed, the Government raised the State guarantee limit on deposits to 
?100,000 from ?20,000. The guarantee limit also covers international bank 
subsidiaries and Credit Unions.
Mr Lenihan said that that much of the current crisis followed on from the 
collapse of Lehman Brothers.
"My personal view is that the United States authorities were mistaken in 
permitting that bank to go to the wall. It has led to very serious 
consequences for the world financial system, and it illustrates the dangers 
of permitting banks to become insolvent through the process of private 
liquidation."
The Minister called for a European Union-wide approach to dealing with the 
banking crisis, so that there was a common standard of protection.
"In the absence of a European system, there's an onus on the Government to 
take action and that's what we have done," he said.

 banks in a move designed to "safeguard the Irish financial system".
Non ho capito quale sia la polemica.
E' una via al salvataggio diversa da quella americana.
Tb

 E' una via al salvataggio diversa da quella americana.
Infatti. Trovavo solo divertente l'ostinazione a negare un qualsiasi legame 
con quello che sta avvenendo oltreoceano.
Namib