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2008–2012 Irish Banking Crisis
The post-2008 Irish banking crisis was when a number of Irish financial institutions faced almost imminent collapse due to insolvency during the Great Recession. In response, the Irish government instigated a €64 billion bank bailout. This then led to a number of unexpected revelations about the business affairs of some banks and business people. Ultimately, added onto the deepening recession in the country, the banks' bailout was the primary reason for the Irish government requiring IMF assistance and a total restructuring of the government occurred as result. Background During the second half of the 1995–2007 'Celtic Tiger' period of growth, the international bond borrowings of the six main Irish banks—Bank of Ireland, Allied Irish Banks, Anglo Irish Bank, Irish Life & Permanent, Irish Nationwide Building Society and Educational Building Society—grew from less than €16 billion in 2003 to approximately €100 billion (well over half of Ireland's GDP) by 2007. This ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Are Bastards
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of Bank regulation, regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure accounting liquidity, liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total population of over 84 million in an area of , making it the most populous member state of the European Union. It borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, and France, Luxembourg, Belgium, and the Netherlands to the west. The Capital of Germany, nation's capital and List of cities in Germany by population, most populous city is Berlin and its main financial centre is Frankfurt; the largest urban area is the Ruhr. Settlement in the territory of modern Germany began in the Lower Paleolithic, with various tribes inhabiting it from the Neolithic onward, chiefly the Celts. Various Germanic peoples, Germanic tribes have inhabited the northern parts of modern Germany since classical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
County Cork
County Cork () is the largest and the southernmost Counties of Ireland, county of Republic of Ireland, Ireland, named after the city of Cork (city), Cork, the state's second-largest city. It is in the Provinces of Ireland, province of Munster and the Southern Region, Ireland, Southern Region. Its largest market towns are Mallow, County Cork, Mallow, Macroom, Midleton, and Skibbereen. , the county had a population of 584,156, making it the third-List of Irish counties by population, most populous county in Ireland. Cork County Council is the Local government in the Republic of Ireland, local authority for the county, while Cork City Council governs the city of Cork and its environs. Notable Corkonians include Michael Collins (Irish leader), Michael Collins, Jack Lynch, Mother Jones, Roy Keane, Sonia O'Sullivan, Cillian Murphy and Graham Norton. Cork borders four other counties: County Kerry, Kerry to the west, County Limerick, Limerick to the north, County Tipperary, Tipperary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enda Kenny
Enda Kenny (born 24 April 1951) is an Irish former Fine Gael politician who served as Taoiseach from 2011 to 2017, Leader of Fine Gael from 2002 to 2017, Minister for Defence (Ireland), Minister for Defence from May to July 2014 and 2016 to 2017, Leader of the Opposition (Ireland), Leader of the Opposition from 2002 to 2011, Minister for Tourism and Trade from 1994 to 1997 and Minister of State at the Department of Labour and Minister of State at the Department of Education, Department of Education with responsibility for Youth Affairs from 1986 to 1987. He served as Teachta Dála (TD) for Mayo West (Dáil constituency), Mayo West from 1975 to 1997 and for Mayo (Dáil constituency), Mayo from 1997 to 2020. Kenny led Fine Gael to a historic victory at the 2011 Irish general election, 2011 general election, his party becoming the largest in the country for the first time, forming a coalition government with the Labour Party (Ireland), Labour Party on 9 March 2011. He subsequently ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fine Gael
Fine Gael ( ; ; ) is a centre-right, liberal-conservative, Christian democratic political party in Ireland. Fine Gael is currently the third-largest party in the Republic of Ireland in terms of members of Dáil Éireann. The party had a membership of 25,000 in 2021. Simon Harris succeeded Leo Varadkar as party leader on 24 March 2024. Fine Gael was founded on 8 September 1933, following the merger of its parent party Cumann na nGaedheal, the National Centre Party and the Blueshirts. Its origins lie in the struggle for Irish independence and the pro-Treaty side in the Irish Civil War, with the party claiming the legacy of Michael Collins. In its early years, the party was commonly known as ''Fine Gael – The United Ireland Party'', abbreviated ''UIP'', and its official title in its constitution remains Fine Gael (United Ireland). Fine Gael holds a pro-European stance and is generally considered to be more of a proponent of economic liberalism than its traditional rival, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RTÉ
(; ; RTÉThe É in RTÉ is pronounced as an English E () and not an Irish É ()) is an Irish public service broadcaster. It both produces and broadcasts programmes on television, radio and online. The radio service began on 1 January 1926, while regular television broadcasts began on 31 December 1961, making it one of the oldest continuously operating public service broadcasters in the world. It is headquartered in Donnybrook in Dublin, with offices across different parts of Ireland. RTÉ is a statutory body, overseen by a board appointed by the Government of Ireland, with general management in the hands of a committee of senior managers, currently an interim leadership team, headed by the Director General. RTÉ is regulated by Coimisiún na Meán. It is financed by the television licence fee and through advertising, with some of its services funded solely by advertising, while others are funded solely by the licence fee. The current network consists of 4 main TV chan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Allied Irish Bank
Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life assurance and pensions through its tied agency with Irish Life Assurance plc. In December 2010 the Irish government took a majority stake in the bank, which eventually grew to 99.8%. AIB's shares are currently traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges between 2011 and 2017, following its effective nationalisation. The remainder of its publicly traded shares were listed on the Enterprise Securities Market of the Irish Stock Exchange until 23 June 2017. AIB also owns Allied Irish Bank (GB) in Great Britain and AIB (NI) in Northern Ireland. In November 2010, it sold its 22.5% stake in M&T Bank in the United States. At th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recapitalisation
Recapitalization is a type of corporate reorganization involving substantial change in a company's capital structure. Recapitalization may be motivated by a number of reasons. Usually, the large part of equity is replaced with debt or vice versa. In more complicated transactions, mezzanine financing and other hybrid securities are involved. Leveraged recapitalization One example of recapitalization is a leveraged recapitalization in which the company issues bonds to raise money and then buys back its own shares. Usually, current shareholders retain control. The reasons for such a recapitalization include: * Desire of current shareholders to partially exit the investment * Providing support of falling share price * Disciplining the company that has excessive cash * Protection from a hostile takeover * Rebalancing positions within a holding company * Help to improve the stock of the company during a time of poor economic conditions Leveraged buyout Another example is a leveraged bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Institutions (Financial Support) Act 2008
The Credit Institutions (Financial Support) Act 2008 (No. 18) is an Act of the Oireachtas (Irish parliament). It was emergency legislation passed by the Irish Government on Tuesday, 30 September 2008 and enacted on Thursday, 2 October to provide a €440 billion guarantee to six Irish banks to prevent possible collapse as a result of the 2008 financial crisis. It was the first time since its foundation that the Seanad began debate on legislation after midnight, passing the bill at 8 a.m. on Thursday 2 October. Background The decision to introduce the bill was made following Monday 29 September 2008, when the ISEQ fell a record 13%, when a number of banks in Europe were collapsing and the United States congress initially rejected their Emergency Economic Stabilization Act of 2008 and a subsequent record points-value fall in the Dow Jones Industrial Average The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brian Lenihan Jnr
Brian Joseph Lenihan (21 May 1959 – 10 June 2011) was an Irish Fianna Fáil politician who served as Minister for Finance from 2008 to 2011, Deputy leader of Fianna Fáil from March 2011 to June 2011, Minister for Justice, Equality and Law Reform from 2007 to 2008 and Minister of State for Children from 2002 to 2007. He served as a Teachta Dála (TD) for the Dublin West constituency from 1996 until his death in 2011. Early and private life Born in Dublin in 1959, Lenihan grew up in Athlone, County Westmeath until the age of 12, attending the local Marist Brothers primary school. He was then educated at Belvedere College, where he was school captain, then at Trinity College Dublin where he obtained an LL.B. (first class). He was elected a foundation scholar of the college in 1979. While in Trinity, he was Treasurer of the College Historical Society. Lenihan was later awarded an LL.M. (first class) at Sidney Sussex College, Cambridge and was called to the Irish Bar by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister For Finance (Ireland)
The Minister for Finance () is a senior minister in the Government of Ireland. The Minister for Finance leads the Department of Finance and is responsible for all financial and monetary matters of the state; and is considered the second most important member of the Government of Ireland, after the Taoiseach. The current office holder is Paschal Donohoe, TD. He is assisted by one Minister of State Robert Troy, TD. Overview The Minister for Finance holds the second most important ministerial position in the Irish Cabinet after that of the Taoiseach. The minister is in charge of the Department of Finance responsible for all financial matters in Ireland. It is one of three positions in the government which the Constitution requires to be held by a member of Dáil Éireann, the other two being Taoiseach and Tánaiste. Ministers for finance who later became Taoiseach include Jack Lynch, Charles Haughey, Albert Reynolds, John Bruton, Bertie Ahern and Brian Cowen. The departme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recapitalisation
Recapitalization is a type of corporate reorganization involving substantial change in a company's capital structure. Recapitalization may be motivated by a number of reasons. Usually, the large part of equity is replaced with debt or vice versa. In more complicated transactions, mezzanine financing and other hybrid securities are involved. Leveraged recapitalization One example of recapitalization is a leveraged recapitalization in which the company issues bonds to raise money and then buys back its own shares. Usually, current shareholders retain control. The reasons for such a recapitalization include: * Desire of current shareholders to partially exit the investment * Providing support of falling share price * Disciplining the company that has excessive cash * Protection from a hostile takeover * Rebalancing positions within a holding company * Help to improve the stock of the company during a time of poor economic conditions Leveraged buyout Another example is a leveraged bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
