Daft Property - Irish Property News

How Cowen took a €440bn shot in dark... Government snub for own advisers: THE Government was in the dark about the true scale of the banks’ massive losses when it ignored its own advisers and pushed ahead with a €440bn blanket state guarantee. Losses at the banks have ended up being double the amount the Department of Finance assumed at the time of the bailout. The €440bn bailout was undertaken on the basis that the banks had assets of €500bn. But in reality these assets were worth far less because of the property crash. If the guarantee was called in at any time, taxpayers would face colossal losses that would dwarf the banking bill to date. The startling revelations are revealed in newly released documents from a Dail committee investigating the banking crisis. The documents revealed: ● Contingency plans to nationalise Anglo Irish Bank and Irish Nationwide were in place before the controversial guarantee was agreed on September 29. ● A special lending scheme proposed by advisers Merr