World's Biggest Bank Bailout
16 Dec 2012
World's Biggest Bank Bailout
After years of hard knocks, Ireland is poised for recognition on the world stage
Debt Justice Action have lodged an application with the office of the Guinness Book of World Records for Most Expensive Bank Bondholder Bailout, per capita.
Ireland's bail out is 4 times higher per capita than that of Greece. If Europe needs a 'win', Ireland can surely deliver.
Be sure to play your part! You can share this video with all Fianna Fáil, Fine Gael and Labour TDs here, and acknowledge their role in securing Ireland a place in the history books. Click here for more information.
Full Press Statement:
Full Press Release about our World Record Application
Guinness Book of Records bid for Irish Bank Bailout
Debt Justice Action makes formal application
December 16, 2012: An application has been lodged with the offices of the Guinness Book of Records to recognise Ireland's as the World's Most Expensive Bank Bailout, per capita. The World's Most Expensive Bank Bailout bid is being submitted by the campaign group Debt Justice Action, on behalf of all of the people in Ireland who, the group claim, will each pay €16,500 to make this record attempt a reality.
Vicky Donnelly, Development Officer, who filled out the application, said:
"The application was submitted online, detailing how much Ireland has poured into the banks. We included supporting documents from the most recent IMF working paper, which recognises Ireland as having the, "costliest banking crisis in advanced economies since at least the Great Depression". We expect to hear back from Guinness Book of Records within 4 - 6 weeks"
In terms of competition, the only comparable bank-related record listed by Guinness concerns the theft of $70 million from the Banco Central in Brazil in 2005 In that case, people removed large sums of cash from a bank, whereas the money in Ireland's record-breaking attempt is going in the opposite direction. What the two records do have in common is that the culprits remain at large, and the money has yet to be recovered.
It is estimated that at least €67.97 billion has been poured into Irish banks so far, representing 45% of GDP, which came to €156.4bn in 2011 though DJA argue that the nature of Ireland's economy makes the figure of 56% of GNP, €123.9bn in the same year, more relevant.
Of the €70 billion, one single institution, the infamous Anglo Irish Bank, accounts for over €30 billion of socialised debt. When the interest is factored in, this will cost Ireland €47 billion, or the equivalent of €26,000 per person working for pay or profit in the country.
DJA has produced a video to accompany their application, which stresses the sacrifices being made by ordinary people in order to secure a place in the famous Guinness hall of fame. It is available to view at http://www.youtube.com/watch?v=hAkFatWFcOY
Vicky Donnelly: Debt Justice Action / 0872645344 /www.notourdebt <http://www.notourdebt.ie/> .ie
IMF working paper [pages 19 - 20]:
IMF (June 2012) Working Paper; Systemic Banking Crises Database: An Update Prepared by Luc Laeven and Fabián Valencia
Banco Central robbery:
CSO Quarterly National Accounts Quarter 4 2011 and Year 2011 (Preliminary)
Breakdown of €70 banking costs:
Michael Noonan's written answers on Bank Guarantee Scheme (26th April, 2012)
Opening Address by Mr. Brendan McDonagh, Chief Executive of NAMA, to the Public Accounts Committee (5th July, 2012)