I have been tracking the Irish Banks for years. The level of corruption, incompetence and collusion is breathtaking in it's audacity. Most people have an idea of what's going on so I'll just point out the most recent and some of the more amusing.
Minister for Finance and beating up old ladies, Michael Noonan, assured the Irish people shortly after the Cypriots learned a lesson about trusting banks and politicians that "deposits of over 100,000 euros are sacrosanct" appears to be getting ready to either make good on that promise or prove himself a liar once more.
a) The Irish banks have been putting out reassuring headline after headline that they are solid and "we only lost xxx million last year".
b) They appear to be trying to dump their UK mortgage portfolios or at least gouge their customers by hiking their mortgage repayments.
c) Blackrock audited them a couple of years back and reported a 24 billion shortfall. This was after the bailout which required the Irish people to be on the hook for their incompetence.
d) Because of the way property transactions in Ireland are conducted
For the last few months Reggie Middleton has been looking at the Irish banks and he doesn't like what he sees. Reggie is a great analyst but unfortunately his articles are horribly constructed with facts just randomly thrown on a page and links to more articles with links to more articles. The bottom line Reggie says "fraud".
Anyway, to my point. There are two articles that you need to read and it becomes blatantly obvious what is going to happen.
The first is this Ireland Agrees to Stress test ahead of EU Summit
"The Government has agreed the tests – aimed at gauging banks’ resilience to economic shocks – could take place ahead of a Europe-wide exercise, in line with the European Union and International Monetary Fund’s desire for the banks to be checked before the end of Ireland’s sovereign bailout deal in December.
Dublin had wanted the tests carried out in conjunction with a European-wide exercise, expected in early 2014."
Not terribly exciting except it points out the level of distrust is growing in the EU but then you have this today "Bank deposits of over 100K may be at risk"
"While the inclusion of large savers in future bank bailouts is now widely accepted, significant differences still remain between member states.
While the new rules governing bank resolution were first intended to come into place in 2018, since the Cypriot bailout there have been calls from senior EU figures such as European Central Bank president Mario Draghi and EU economics affairs commissioner Olli Rehn to introduce the new regime as early as 2015.
The Irish presidency of the European Council is hoping to reach a common position by the end of next month."
I read this as the next