Stress Test Part Two Discredited Before It Is Even Announced: All Irish Banks Pass "Comfortably"

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Fri, 07/15/2011 - 07:11 | 1458721 malikai
malikai's picture

Autofellatio at its best.

Fri, 07/15/2011 - 07:23 | 1458731 markmotive
markmotive's picture

The smartest man in Europe owns gold.

Who am I to argue with the smartest man in Europe?

Fri, 07/15/2011 - 07:58 | 1458824 TheFourthStooge-ing
TheFourthStooge-ing's picture

Stress Test? They're playing a game of charades with PIIGS.


Fri, 07/15/2011 - 07:14 | 1458723 Mongo
Mongo's picture


Fri, 07/15/2011 - 07:16 | 1458724 schismjism
schismjism's picture

Top o' the mornin' to ya!

Fri, 07/15/2011 - 07:26 | 1458735 Cassandra Syndrome
Cassandra Syndrome's picture

Leprechaun Contagion Bitchez!

Fri, 07/15/2011 - 07:19 | 1458725 qussl3
qussl3's picture

Fucking idiotic to test for robustness when exposed to a hypothetical economic shock, when the most likely shock is the failure of the institutions themselves.

Not to mention NOT testing for sovereign default, when that is precisely the most likely trigger for any fun and games.

This is nothing more than a setup to sucker in some dipshit bagholders, which dumbass SWF will step up?

Fri, 07/15/2011 - 08:01 | 1458837 LMAO
LMAO's picture

"which dumbass SWF will step up?"

The Norwegian?

They'll do about anything chasing yields. Risk management, is not a topic.

Although arguably we are in the middle of some "diversification" of the SWF portfolio by buying up top notch real estate in Paris, London and anywhere else (after all the Commercial/Real Estate market has bottomed and is making a blistering post recession comeback, right?) I expect them to do anything in their power to bailout the banksters. Stoltenberg has already been hinting "more bailout money to come" for his Norwegian banking friends, on the first signs of weakness .




Fri, 07/15/2011 - 07:20 | 1458729 swissinv
swissinv's picture

at then end of the day it's anyway all about liquidity and not capital

Fri, 07/15/2011 - 07:21 | 1458730 Dick Darlington
Dick Darlington's picture

And the super strong greek banks will pass too...

Fri, 07/15/2011 - 07:30 | 1458733 Ghordius
Ghordius's picture

So what?

The previous Irish Government bailed Anglo-Irish out, brought Debt/GDP from 40% to over 100%.

The current Irish Government did nothing, which is IMO the same as fucking the Irish People/Taxpayers.
For the second time.

So what are the chances that any Irish Bank won't be bailed out? Zero. Give them AAA and leave them rot.

ZH: there will be a new year for Europe next year. Looked up in the calendar. It's there.

Fri, 07/15/2011 - 07:28 | 1458737 Silverhog
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Great driver, guaranteed to run like a clock. No need to look under the hood, trust me.  

Fri, 07/15/2011 - 07:31 | 1458738 StormShadow
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Arrgghh, whose been luckin in me pot 'o gold!! Tis full I tell ya, full to the brim. Stare at the the pratty rainbou and be on ya marry way, Lad!

Fri, 07/15/2011 - 07:34 | 1458739 Lord Welligton
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Irish Life and Permanent is already known to require €4bn in equity.

It is insolvent.

A large chunk (don't know say 40%) of its mortgage book is linked to the ECB rate (trackers) but their cost of funds is far higher (don't know how much higher).

They are losing money hand over fist.

Fri, 07/15/2011 - 07:38 | 1458754 sangell
sangell's picture

The Irish Central Bank can whip out another 50 billion Euros in ELA anytime it wants backed by the full faith and credit of something or other so why aren't Irish banks well capitalized?

Fri, 07/15/2011 - 07:50 | 1458792 wandstrasse
wandstrasse's picture

All these stress tests are really tough and serious - FOR ME. My farce-tolerance-o-meter is at its limit.

Fri, 07/15/2011 - 07:56 | 1458811 THE DORK OF CORK
THE DORK OF CORK's picture

These are not banks as defined by the more convential modern terms.

They are safety deposit boxes that are being drawn down to pay external sovergin debt.


Fri, 07/15/2011 - 08:05 | 1458841 TheFourthStooge-ing
TheFourthStooge-ing's picture

These are not banks as defined by the more convential modern terms.

They are safety deposit boxes that are being drawn down to pay external sovergin debt.

I'd even go so far as to say they are collection points for tribute paid to foreign masters.


Fri, 07/15/2011 - 08:12 | 1458866 centerline
centerline's picture

Did anyone expect anything different?  Pass = fail.  And leaves the general population confused - not knowing who to believe.  Of course, thier intuitions tell them the tests are bogus and the banks are insolvent - but the ability to process this "feeling" has been beating out of them over the years.  And only a few people (not enough) have any clue the shitstorm that is coming as a result.

Fri, 07/15/2011 - 08:30 | 1458924 Sambo
Sambo's picture

How long can the world tolerate this kind of blatant cheating?

The banks are not serving money, the money is serving banks.

Fri, 07/15/2011 - 08:42 | 1458949 StormShadow
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News flash: Red Cross now including free jar of Vaseline with every aid package.

Fri, 07/15/2011 - 08:59 | 1458991 Sudden Debt
Sudden Debt's picture



Buy whoever does the tests or is involved should be shot if it turn out that they don't.



Fri, 07/15/2011 - 09:11 | 1459019 pods
pods's picture

This is not surprising in the least bit.  They need the banks to be solvent, bam, they are solvent.  

I imagine some of QE2s loot got sloshed around to keep everyone happy.

Was anyone really thinking that the people who run the game were going to sell out themslves?


Fri, 07/15/2011 - 10:24 | 1459224 PulauHantu29
PulauHantu29's picture

I iwsh these guys had written my Final Exams in school.......

Fri, 07/15/2011 - 12:04 | 1459775 Problem Is
Problem Is's picture

We Learned Years Ago
From Wanker Timmay that all stress tests of Banksters are bullshit...


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