Ireland looks to Middle East to buy its banks

December 13, 2010 by · Leave a Comment
Filed under: Global News 

This is not a confidence builder in Irish banks when you are in talks with foreigners to purchase your banks.  These countries should not keep making the same mistake by bailing out the creditors and footing the public with the bill.  These banks make reckless decisions during a greedy real estate bubble and now should face the consequences of their actions, not the hardworking taxpayers that are struggling to get by in the worst economy in 50+ years.  But, we can’t seem to actually let losses fall where they may.   This will continue until the amount of debt we create globally will outstrip the income available to tax and then you will have a real problem on your hands.

Tehran Times – John Bruton, a former Irish prime minister, is leading a delegation from the country on a whistle-stop tour of the region as Ireland prepares to sell assets.

Irish officials are visiting sovereign funds in the UAE, Qatar, Bahrain and Saudi Arabia, where they have already met Prince Alwaleed bin Talal bin Abdulaziz Al Saud, the chief of Kingdom Holding and one of the world’s 20 richest men. Mr Bruton is the head of the International Financial Services Centre in Ireland, which aims to attract financial companies to set up there.

“The message was ‘our banks are for sale to any investors, foreign or local’,” said one executive at a UAE sovereign wealth fund who met the delegation this week.

The visit follows recent similar trips made by groups from Greece and Spain seeking investment in ailing financial institutions.

Mr Bruton said yesterday he was not representing the Irish government in an official capacity but discussing the general situation and opportunities in the country, including the potential sale of banks and bank assets.

“We are not here to facilitate the sale of any assets or start any negotiations,” said Bruton. “That is the government’s decision and role, but obviously discussions have taken place about the Irish economy generally. The central bank has clearly said asset sales are being studied.”

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