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Post-2008 Irish Banking Crisis
The post-2008 Irish banking crisis was the situation whereby, due to the Great Recession, a number of Irish financial institutions faced almost imminent collapse due to insolvency. 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 Irish Government occurred as result of this. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Are Bastards
A bank is a financial institution that accepts 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. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of 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 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 of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Germany
Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated between the Baltic and North seas to the north, and the Alps to the south; it covers an area of , with a population of almost 84 million within its 16 constituent states. Germany 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 nation's capital and most populous city is Berlin and its financial centre is Frankfurt; the largest urban area is the Ruhr. Various Germanic tribes have inhabited the northern parts of modern Germany since classical antiquity. A region named Germania was documented before AD 100. In 962, the Kingdom of Germany formed the bulk of the Holy Roman Empire. During the 16th century, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
County Cork
County Cork ( ga, Contae Chorcaí) is the largest and the southernmost county of Ireland, named after the city of Cork, the state's second-largest city. It is in the province of Munster and the Southern Region. Its largest market towns are Mallow, Macroom, Midleton, and Skibbereen. the county had a population of 581,231, making it the third- most populous county in Ireland. Cork County Council is the local authority for the county, while Cork City Council governs the city of Cork and its environs. Notable Corkonians include Michael Collins, Jack Lynch, Roy Keane, Sonia O'Sullivan and Cillian Murphy. Cork borders four other counties: Kerry to the west, Limerick to the north, Tipperary to the north-east and Waterford to the east. The county contains a section of the Golden Vale pastureland that stretches from Kanturk in the north to Allihies in the south. The south-west region, including West Cork, is one of Ireland's main tourist destinations, known for it ... [...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 from May to July 2014 and 2016 to 2017, 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 Department of Education with responsibility for Youth Affairs from 1986 to 1987. He served as Teachta Dála (TD) for Mayo West from 1975 to 1997 and for Mayo from 1997 to 2020. Kenny led Fine Gael to a historic victory at the 2011 general election, his party becoming the largest in the country for the first time, forming a coalition government with the Labour Party on 9 March 2011. He subsequently became the first Fine Gael member to be elected Taoiseach for a second consecutive term on 6 May 2016, after two months of negotiations, following the 2016 election, forming a Fine Gael-led minority government. He was the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fine Gael
Fine Gael (, ; English: "Family (or Tribe) of the Irish") is a liberal-conservative and 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 and largest in terms of Irish members of the European Parliament. The party has a membership of 25,000 in 2021. Leo Varadkar succeeded Enda Kenny as party leader on 2 June 2017 and as Taoiseach on 14 June; Kenny had been leader since 2002, and Taoiseach since 2011. Fine Gael was founded on 8 September 1933 following the merger of its parent party Cumann na nGaedheal, the National Centre Party and the Army Comrades Association. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RTÉ
(RTÉ) (; Irish for "Radio & Television of Ireland") is the national broadcaster of Ireland headquartered in Dublin. 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. RTÉ also publishes a weekly listings and lifestyle magazine, the '' RTÉ Guide''. RTÉ is a statutory body, overseen by a board appointed by the Government of Ireland, with general management in the hands of the Executive Board, headed by the Director-General. RTÉ is regulated by the Broadcasting Authority of Ireland. RTÉ is financed by television licence fee and through advertising, with some of its services funded solely by advertising, while others are funded solely by the licence fee. Radio Éireann, RTÉ's predecessor and at the time a section of the Department of Posts and Tel ... [...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 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 the beginning of 2008 ... [...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 b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Institutions (Financial Support) Act 2008
The Credit Institutions (Financial Support) Act 2008 is an Act of the Oireachtas (Irish parliament). The Act was a piece of emergency legislation decided on 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 Financial crisis of 2007–2008 It was unusual in that it was the first time since its foundation that the Irish senate began debate on legislation after midnight, finally passing the bill at 8am 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 ... [...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 to 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 Honorable Soci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minister For Finance (Ireland)
The Minister for Finance ( ga, An tAire Airgeadais) 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 Michael McGrath, TD. Overview The Minister for Finance holds the second most important ministerial position in the Irish Cabinet after that of the Taoiseach. He or she is in charge of the Department of Finance responsible for all financial matters in the Republic of 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. Many Ministers who have held the Finance portfolio have gone on to become Taoiseach, including Jack Lynch, Charles Haughey, Albert Reynolds, John Bruton, Bertie Ahern and Br ... [...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 b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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