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Financial services

Rubbish

Anglo Irish Bank no longer exists. It is now called Irish Bank Resolution Corporation Ltd. and it will never be “restored” to its “financial position” or any other position.

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Fundamental Laws

Sean Fitzpatrick’s business model for Anglo Irish Bank plc (when it was revealed to the public) had a familiar ring about it.

It expressed a belief in a perpetual motion device.

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3rd Parties and Insurance Cover

Will Bill mention this to Mathew Elderfield and Professor Holohan? Will they write a letter to the Taoiseach seeking urgent legislation to remedy the situation? Will the Taoiseach act? Will he, feck!

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The Financial Services Ombudsman

Bill Prasifka, the new Financial Services Ombudsman has started well, if we can properly understand recent newspaper reports. He seems to have issued some form of Press Release but it’s not on his website yet. The reports credit him with underlining that he is limited in the amount of compensation he may award against the anonymous “regulated” financial services bodies (banks) he polices. (He does’nt really; he reacts to complaints). Consequently, Bill awarded the maximum, €250,000, to a farming couple […]

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Financial Services – complaints

1. I have lost my savings in an investment with XXX Building Society. What can I do? It depends on the facts. Deposits in a Building Society or a Bank are protected by the Government guarantee. Even with the collapse of Anglo Irish Bank and Irish Nationwide Building Society, the depositors with those institutions were secured and the deposits are available to be withdrawn. (In reality, all the deposits were lost in those institutions; it is the taxpayer who is […]

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