Discover and read the best of Twitter Threads about #Ruin

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Did the #Irish Central Bank provide sovereign guarantees to buyers of Irish Bank Bonds and other contractual debt liabilities classified as fixed income securities, before the #GFC struck?
I asked this question after watching Professor Kelly on YouTube.
He was describing how the #Irish Central Bank allowed banks to import capital in large sums, and later lend it out to housing finance borrowers.
That created a severe #ALM Mismatch, as homes are not liquid assets.
Only after the #GFC, did the Irish and other banks realize that a run on the #deposits could lead to financial #insolvency.
#Ruin #Risk by definition is the gap between Unexpected #Loss and Expected Loss.
As the gap increases, the chances of financial ruin and #default rises too!
Read 7 tweets
By the 1860s, St Andrews, South Huish was showing its age.

During a service, high winds blew in a pane of glass. Shards narrowly missed Fr Hole, the officiant.

It was the death knell for the church...

But not before it gave up one final secret hidden in its walls...

Fr Hole stopped all services.

To repair the church they were quoted £300. That sort of money simply wasn’t available. It would be cheaper to build a new church.

(How cheaply could you build a church in the 19th-c?!)

Fr Hole set about dismantling St Andrew’s bit-by-bit…

The 14th-century font and marble tablets were relocated to the new church at Galmpton.

The ancient stoup found its way to Salcombe church.

The 16th-century painted screen was sold to Mr Ilbert of Bowringsleigh for 20 guineas.

The Earl of Devon bought the pews.

Read 7 tweets

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