Tuesday, 23 November 2010

The Death of Fianna Fail in Two Quotes and a Headline

John Naughton reminds us of Eamon De Valera rebuking the Brits for criticising Ireland's neutrality in WW2:

"Mr. Churchill is justly proud of his nation’s perseverance against heavy odds. But we in this island are still prouder of our people’s perseverance for freedom through all the centuries. We, of our time, have played our part in the perseverance, and we have pledged our selves to the dead generations who have preserved intact for us this glorious heritage, that we, too, will strive to be faithful to the end, and pass on this tradition unblemished."

From the Guardian at 2.45pm:

"Irish bank shares fell again today 24 hours after the government announced restructuring was on the way and the governor of the central bank confirming the Irish banks are "for sale".

Shares in 36%-state owned Bank of Ireland fell 23% to 30c giving it a market capitalisation of around €1.77bn (£1.5bn), half what it was a month ago. Allied Irish Banks, whose government ownership will rise to around 95% after a planned rights issue, traded down 13% to 35c.

Irish Life & Permanent, the only Irish-owned bank to so far not have received any state aid, fell 4.5% to €0.80, following a 27% drop yesterday.

"The market is on its way to deciding there is no equity left in the banks," said Gary McCarthy, head of Quest, the quantitative research unit of broker Collins Stewart."

So, we have a government who announces it wants to sell its banks -and the market immediately tells them that they're worth sod all.

No comments:

Post a Comment