The new Governor of the Central Bank, Professor Patrick Honohan, thinks it’s quite possible that the State might end up owning a half share in each of the two biggest Irish banks. That’s what he told a Dáil committee yesterday.
After NAMA buys their bad assets for a criminally-inflated price, the banks will still have to raise more capital and it doesn’t look as if they’ll be able to find the money on the open market.
So guess who gets to stump up the cash?
Yup. It’s you! After you generously put €7 billion into BoI and AIB, and after you kindly nationalised Anglo instead of letting it collapse like the pile of wobbly shit it is, and after you obligingly agreed to pay at least €20 billion more for the banks’ distressed assets than they’re worth, and after you bent over and took the last two budgets without lubrication, and after you quite possibly accepted a cut in your wages, you’re now about to pay who knows what – €5 billion? €10 billion? €20 billion, for a half share in these two incompetent, grasping, criminal institutions that, along with the non-banks, brought the country to bankruptcy.
Isn’t that generous of you?
Here’s a radical idea. Supposing the salaries of senior executives was inversely linked to State aid? Suppose the more money we had to put in, the less they were paid?
Do you think they’d somehow manage to find the money on the open market then?
Isn’t it nice to know you’ll be a part owner of the bank that tells you to fuck off next time you go looking for a small loan?