Irish banks fear nationalisation
While just recently we saw Anglo Irish bank taken "in house" by the Irish government there are fears this evening that both Allied Irish bank and Bank of Ireland are on the verge of nationalisation. The share price of these two companies have today halved with investors literally running for the hills on concerns that the Irish government is set to nationalise the sector.
Just a short few weeks ago the Irish government received significant praise from authorities around the world regarding their handling of the situation. However, today we see the sector in disarray, the Irish government looking to nationalise the country's leading banks and investors disappearing en masse. The Irish economy has for many years been one of the best performing in Europe with great assistance from the EU, a growing financial market and host to a number of corporate head offices.
The country has attracted a number of leading international groups because of its beneficial tax system although when you consider the situation at the moment there are fears these tax benefits will disappear in the short to medium term. This could have a serious impact on the Irish economy at a time when everything seems to be going against the government and the financial sector.
Share this..
Related stories
UK’s employment rate falls as wage growth slows
16/12/2015 The UK’s unemployment rate has fallen to the lowest level in nearly 10 years to 5.2% in the three months leading to October. The Office for National Statistics (ONS) released the figures which showed the lowest jobless rate since the three months leading to January 2006. 110,000 people became employed in the three months to October, leading to the number of unemployed people fa...
Read MoreIs the Bank of England now a puppet for the UK government?
As the UK banking crisis began some months ago, there appeared to be severe differences of opinion between the UK government and the Bank of England. However, as the situation worsened there appeared to be a change of mood at the Bank of England which slowly but surely came round to the government's way of thinking. Despite the fact that the Bank of England is wholly independent from the UK govern...
Read MoreIs this the end of Child Trust Funds?
The Conservative party recently announced plans to bar families earning over £16,000 a year from opening new Child Trust Funds (CTF) and revealed they will lose £500 worth of government top ups for schemes already in existence. This is a major change from the Labour strategy which had been welcomed as a means of saving for the future of children in the UK. It has also given the Labour Party perf...
Read MoreBank Of England under pressure to increase quantitative easing fund
In one final push to drag the UK economy out of recession, a number of economists in the UK are putting pressure on the Bank of England's monetary policy committee to increase the quantitative easing fund by at least £50 billion. This would take the "liquidity enhancing strategy" to a total figure of £225 billion, which as pointed out in the Telegraph today, is more than the gross domestic produ...
Read MoreUS stocks retreat on Dell acquisition
On the surface of it the US stock market's reaction to Dell's $3.9 billion acquisition of Perot Systems would appear to be a kick in the teeth for the US technology market, but this may not be the case in the longer term. Dell shares were down 3.6% after the announcement of the deal with many believing the company may have overpaid in a bid to match rival Hewlett-Packard which recently acquired a...
Read More