UNISONActive is an unofficial blog produced by UNISON activists for UNISON activists. Bringing news, briefings and events from a progressive left perspective.

Friday, 24 December 2010

Ireland nationalises Allied Irish Bank with €3.7bn from state pension fund‏

A run on a bank is the worse kind of exposure as there is nowhere near enough money in the bank to pay the depositers. The con trick of banking is fully exposed. So the government robs the peoples pension savings to prop up the bank. Nice one: http://www.guardian.co.uk/business/2010/dec/23/ireland-nationalises-allied-irish-banks

'Allied Irish Earnings Annual results Allied Irish shares are worth 33c compared with the €24 they traded at before the global recession. Ireland has nationalised its fourth troubled financial institution after taking control of Allied Irish Banks (AIB) today in an attempt to stem the run on deposits at the stricken bank. In the latest sign of the lack of confidence in the Irish banking system, Ireland's government secured a high court order to inject €3.7bn (£3.15bn) of funds into the bank through the nation's pension fund.'