The scale of the debt about to be foisted on the Irish taxpayer is truly impressive — in a Jaws or Godzilla sort of way. Economist, David McWilliams, compares it to the folly of trench warfare in WWI. You can read it all here.
Summarising the scale of the bailout, he says:
We have also been informed that €8.3bn will be transferred to Anglo now. Additional support will be required to the tune of €10bn. So that is an extra €18.3bn for Anglo alone. AIB will need another €7.4bn to keep it open. Irish Nationwide will need another €2.6bn and Bank of Ireland will receive €2.7bn from us, the taxpayer. But these figures have been calculated by people who have constantly underestimated the scale of the problem, so why trust them now?
That’s €28.3 billion! Debt your grandchildren will love.
On a related note, Anglo-Irish Bank is looking for depositors. This bank is now routinely described as “rogue” in media reports, and both its former CEO, Seanie FitzPatrick, and former Finance Director, William McAteer, have been arrested in relation to Garda investigations of the bank.
Meanwhile, Anglo advertises for depositors, and one of their ads is to the right. The guy is an actor, of course, and had a fairly decent run in the Irish-language soap Ros na Rún. His name was O’Dowd, and he played the role of a criminal mastermind.