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Enda Kenny and Michael Noonan and their poodle Union Boss pull a fast one on the oppressed families of Ireland!

By Thomás O Cléirigh

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This deal does not include his perks and lottery pensions he is going to get as a Teacher and Government minster. What about the pensions of the gangsters in the Banks who brought this disaster on us. The X CEO’s, and the X self-serving Politicians who are now still sitting on these boards?

This Deal is again a smoke screen which gives the likes of Jack O Connor the chance to tell his members he did something for them. The Unions have sold out the rest of Irish society to the “Austerity for all Brigade” except for the people who are in a position to fend off the spineless puppet Governments attempt to foist ever more cuts and stealth taxes on the working class of Ireland.

No My Friends this deal was done in the backrooms a few weeks ago and we are experiencing a well rehearsed drama that is intended to cater for the dumb Union members who continues to pay lottery salaries’ to the well connected Union Bosses who have lost touch with their roots. This deal will ensure the ordinary working man and woman will pay dearly for the outrageous salaries and perks of a class that is totally out of touch with the ordinary citizen of Ireland .The Top 20,000  highly paid civil servants people who are earning immoral salaries, while hospitals and child care will have to be cut further to accommodate these public servant leeches : There is a two tier society in Ireland and the Government has ensured that our people will continue to be divided as they plough through their “Austerity steam roller “through our democracy ,keeping themselves and their vested interests gorging on the gravy train they have kept intact while dispensing to the masses the crumbs that falloff their tables.

No change then as gangsters and crooked politicians and Union mafia bosses extract more blood from the ordinary families of what is now, signed sealed and delivered financial slaves ( the Irish citizens of the BA-NAMA-Republic of IRELAND to our bondholder masters.

If you have any ounce of credibility in you citizen get up off your knees and say no I will not pay anymore into the coffers of hidden faceless moneymen who have stolen our country with the help of the mafia union bosses and the puppets in Lenster house.

Time for a people’s revolt against the financial slave traders in the Dail .

Ireland’s coalition proposals are strong on rhetoric but need more depth

Taoiseach-in-waiting Enda Kenny will be in at the deep end as Ireland’s coalition attempts to deal with the country’s economic plight. Photograph: Niall Carson/PA

The campaign rhetoric seeps through Fine Gael and Labour’s freshly minted “Programme for Government” unveiled Monday after they agreed the terms of the coalition which hopes to lead Ireland out of recession and the clutches of the International Monetary Fund (IMF).

Its opening gambit is a declaration of “common purpose” noting that on 25 February (election day, in case anyone had forgotten) “a democratic revolution took place”.

It solemnly goes on to talk of Ireland facing “one of the darkest hours in the history of our independent state” and invokes the great Albert Einstein by saying we should “learn from yesterday, live for today, hope for tomorrow” and how an “unprecedented level of political resolve” is needed to get the country on its feet again.

Although it is clear on some things – such as reversing the cut in the minimum wage, which is against the terms of the IMF bailout – by and large the rhetoric in the document is going to get the coalition only so far.

With regard to banking and the IMF/EU bail out, here are the main pledges:

Interest rate
• “We will seek a reduced interest rate.” This it is likely to get as there is wide acknowledgement that the 5.8% rate is unsustainable. The question is how much by?

Credit ratings
• “We will attack the utmost priority to avoiding further downgrading of Ireland’s sovereign credit rating.” It fudges the detail on this though and says it will set further capital spend by the state at “a level consistent with national debt sustaintability”.

Bank recapitalisation
• “We will defer further recapitalisation of the banks until the solvency stress tests are complete.” This is the big one. The PCAR and PLAR tests being undertaken will be complete at the end of March and are widely expected to expose even further need for recapitalisation at AIB. If AIB is worse than expected and Anglo Irish is as bad as chairman Alan Dukes has indicated, could we be talking about a second bailout? Dukes reckons Ireland will have to go cap in hand for another €15bn (£12.8bn) just to save the Irish banking system.

Sale of AIB assets?
• “We remain committed to a smaller banking system” but it says “to limit further calls on the state to cover bank losses from distressed asset sales, bank deleveraging must be paced. This is interesting. The coalition is obliged under the deal with the IMF to shrink the size of the banks but which would cause greater damage – losses from a fire sale or the continuing liquidity problem which require even greater capital injection than presently foreseen. Interestingly, one proposal, according to the Sunday Business Post editor Cliff Taylor, is to split AIB and possibly Bank of Ireland into two banks – one dealing with core assets and the other with non-core assets.

Credit for small businesses
• “We will ensure that an adequate pool of credit is available to fund small and medium-sized businesses.” The devil will be in the detail here as there is a widespread feeling that the lack of credit is smothering SMEs in Ireland. (If you are a small business and have experience of this please email me on guardian.dublin@gmail.com as I would like to return to this issue).

Restructuring bank boards
• “The new government will restructure bank boards and replace directors who presided over failed lending practices.” This is well-meaning but possibly doesn’t go far enough – what about staff in bailed-out banks, senior executives and middle management, who presided over failed lending practices?

End transfers to NAMA
• “We will end further asset transfers to NAMA, which are unlikely to improve market confidence in either the banks or the state.” Again, specifics are needed. It it going to end all transfers that haven’t happened or set a threshold – say all property development loans under €5m?

Transparency at NAMA
• “We will insist on the highest standards of transparency in the operation of NAMA.” Again, what does this mean? Those involved in the establishment of NAMA say it is politically popular to demand greater transparency but that NAMA, like any bank, will retain “customer confidentiality”.

Global pool of finance managers to be assembled
• “We will openly construct a pool of globally experienced finance services managers and directors to be inserted into key executive and non-executive positions in banks receiving taxpayer support.” International banking executives won’t be forming an orderly queue for these jobs unless there is some detail on pay scales and these are currently capped at the highest levels.

All it says on remuneration is this : “All remuneration schemes at banks subject to state support will undergo a fundamental review to ensure an alignment of interest between banks, their staff and the taxpayer.”

Bank bonuses
• “We will ban all bank bonuses …”

… I made that one up. Bank bonuses don’t get a mention, as far as I can see. This is possibly because bonuses in the bailed-out banks were effectively banned by the finance bill rushed through the Dail in January government through a 90% tax on bank bonuses.

However, it is the culture of bonuses even at the lowest levels in banking that lead to the reckless lending in the first place and some sort of policy detail on this would have not gone awry here.

The document is detailed and full of the right kind of rhetoric. For this week. After that it’s straight in at the deep end for the taoiseach-in-waiting Enda Kenny and Michael Noonan, who is expected to be named finance minister as they try to persuade Europe to save Ireland from bailout number two.
source: http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-

He could be talking about Ireland

I agree we need to be concentrating of  industrious business ,why can’t I but Irish made shirts, shoes, Irish made bicycles, for god sake Irish made anything?

75% of our business here in Ireland is services, and we are now been forced to become debt servicing junkies by Cowen and his cronies.  

Unless we get up off our collective backsides we will be forced to vote in twiddle dummer when we get rid of twiddle Dee

http://www.youtube.com/watch?v=Kja5aCYuocU&feature=player_embedded

Taxpayers getting shafted once again

The Irish Times – Tuesday, November 2, 2010

Q&A

MARTIN WALL

Who will benefit from the early retirement/voluntary redundancy schemes? 

The schemes will be primarily aimed at staff in managerial/administrative and clerical grades in the HSE, voluntary hospitals and in voluntary health service agencies funded by the HSE. They will also be offered to support staff, such as catering, portering, cleaning and maintenance personnel. Approval for applications from these grades will depend on the number of management and administrative staff who apply and on the basis of the overall budget for the scheme not being breached.

How many people will leave? 

This will very much depend on the categories of staff who opt for the packages. The Government has capped the budget for the schemes at €400 million and if a large number of senior managers choose to go, it will restrict the overall numbers.

Minister for Health Mary Harney said about 4,000 managerial and administrative staff could leave. The HSE said it was estimating that between 3,000 and 5,000 personnel could go.

How do the two schemes differ? 

There is a voluntary early retirement scheme, which is open to employees over 50. This provides for immediate payment of pension entitlements on retirement with no actuarial reduction in respect of payment prior to minimum retirement age. Full lump-sum entitlement will also be paid and payments will not take into account the salary cuts introduced in the public service earlier this year.

The voluntary redundancy scheme will involve a severance payment of three weeks’ pay per year of service in addition to statutory entitlements, subject to an overall limit of two years’ pay. This could see some senior managers getting €300,000.

Is there a deadline for applying? 

Applications will have to be submitted by November 19th. Staff who take a package must leave the health service by December 30th.

Will all applications be accepted? 

Applications from managerial/ administrative staff will be prioritized and will be approved automatically, subject to the overall €400 million budget not being breached.

How will services be maintained? 

Management plans to use the provisions of the Croke Park agreement to redeploy staff or introduce more flexible work practices. Much will depend on the type of staff who actually leave. It may be easier to maintain services in administrative areas than if a large number of porters or catering staff, for example, from one organization took the packages.

Why are these packages on offer now? 

Since the establishment of the HSE in 2005 there have been questions raised as to why there was no rationalization of administrative and managerial staff given that 11 health boards were being amalgamated. On at least two occasions in recent years the HSE and the Department of Health drew up proposals for a voluntary redundancy scheme but these were rejected by the Department of Finance.

source http://www.irishtimes.com/newspaper/ireland/2010/1102/1224282482579.html

Comment:

Having signed the Croke Park deal the government now have realized it was a disaster for the taxpayers of the country with 70% of the Health Services Budget going on salaries, this commitment should never have happened because the country could not afford to shelter any group of state employees if it was going to make any real savings  

So Not only is the HSE now closing down services and hospital beds they have now found 450,000,000:00 Euros to allow these middle management to retire laden down with these bumper benefits

Earlier this year we were told citizens will have to work an extra 3 years for the state pension (68)

With this deal thousands of state workers get to have their state pension up to 18 years earlier and this when the country is broke?

We the taxpayers were told back in 2005 that the rationalization of administrative and managerial staff was one of the reasons for the establishment of the HSE in the First place, given that 11 health boards were being amalgamated.

Now the taxpayers are again getting a raw deal here and the ordinary Joe public is been shafted once again having to foot the bill again! If you thought things were bad in the Health Service think again we are about to feel real pain now thanks to Harney.

Harney your hands are stained with blood and you know the country hasn’t got this 450 million it has to be borrowed why don’t you go and take all your cronies with you?

Green’s still supporting the Fianna Fail mantra

The Green Party has pledged to pursue a major reform agenda over the next Dáil term in a bid to ensure there is no reoccurrence of the banking crisis.

Speaking after the party’s think-in in Co Carlow, party leader John Gormley said “restoring financial stability and reforming the banks and the planning system were a priority”.

“We must learn from the lessons of the past and make sure that the problems we are now facing, never happen again,” he said, adding that the party wanted to restore the public’s faith in politics and State institutions.

He said measures have already been taken to stabilise the banking system and the planning process was being overhauled.

The party also said it wanted to see the introduction of a ban of corporate donations and a directly-elected mayor for Dublin.

He said reform of local government and the establishment of a new electoral commission “will see the biggest shake-up in Irish politics in decades”.

Other priorities include the introduction of the Climate Change Bill and measures to improve people’s quality of life, such as a Bill on noise.

 

Comment:

Well there you have it, the greens solution to all our countries problems

Keep dumping billions into bankrupt banks and bail out wealthy developers and keep Fianna Fail in power as long as possible.

Overhaul the planning process, with little or no building going on that should not be a problem!

500,000 citizens will be delighted that your top priorities are for a climate change bill

(Whatever that is) and making criminals out of noisy neighbours.

Sorry no jobs stimulus package, no re-training program, no new measures for mature students to get back into education, in fact absolute nothing, not even the word  job” is in the  party’s think-in, in Co Carlow.

But wait they might want to have the nations butterfly population counted, now that would keep some of the unemployed busy!

These power addicts will not get the time of day when they go knocking on peoples doors here in Wicklow .They have shown their true colours by adopting  the culture of Fianna Fail spin and cronyism and consequently  they have dumped their core values shame on them!

They have helped to rune this country by agreeing to Fianna Fail’s demand to set up NAMA.

They have helped to pour billions into the toxic Anglo Irish bank and colluded with Fianna Fail to deprived citizens of their right to political representation by holding off on local elections.

There are not the same greens that presented themselves to the Irish public.

They did not tell the voters that they would sell out to Fianna Fail if offered merks and perks and ministerial positions

They can make all the promises they like now, no one will ever trust this green shower ever again!   

Cowen continuing to waffle “That morning radio interview”


Listen to the apologizers for Fianna Fail and at the end Brian Clown telling the reporter not to engage in defeatism as a way of deflecting the hard questions
“There is nobody else “says another Fianna Fail supporter as if that was enough to secure their further tenure in the Dail.
This behaviour from Cowen is an affront to the public’s intelligence!
Notice how he brushes aside the concerns of a young person
Apologists for Cowen are currently on the live line show and the just is at a certain age men have a difficulty with their voice early in the morning: What Bull!
I am 4 years older than him and I don’t have any problems with my voice
Jesus how stupid do they thing the general public is? Listen Here
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“A picture is worth a thousand words”

Europe’s biggest can of worms is overflowing again.
Fears that Europe’s banks are vulnerable to losses on risky government bond investments are sending shivers through the European bond markets, especially Ireland and Greece. Investors are dumping risky bonds tied to weaker European economies and crowding into the safe havens of German and British government bonds.
Ireland, which is grappling with an increasingly expensive bail-out of troubled lender Anglo Irish Bank, is the single worst performer Tuesday.
The premium that Ireland has to pay over Germany to borrow from investors in the bond market has hit its highest level since the euro was created in 1999 (Specifically, 3.75 percentage points compared with 3.47 percentage points on Monday.) Prices of Irish bonds have fallen, sending the yield on the benchmark 10-year Irish bond above 6%. (Bond prices and yields move inversely.)
Greece isn’t faring much better. The yield on its 10-year note is nearly 12%, while its own “risk premium” over Germany has also blown higher. Portugal’s spreads are also weaker. Credit-default swaps for Spain, Portugal, Ireland and Greece have all jumped in price, suggesting investors are more worried about these countries defaulting on their debts

Source http://blogs.wsj.com/marketbeat/2010/09/07/europes-bond-market-tanks-again/

Struggling with the euro zone’s biggest budget deficit relative to its gross domestic product at more than 14% last year, Irish authorities are also grappling with the ballooning cost of bailing out the banks, especially state-owned Anglo Irish—a bill that has already hit €33 billion ($42.55 billion), or roughly 20% of Ireland’s GDP.

Source http://wsj.com

ON THE radio on Monday, Brian Lenihan spoke of “not showing his hand” to the European Commission. He suggested that we in Ireland had to “hold our nerve”. These phrases are not normally used in economic policy — rather, they come straight from the world of poker.
This language is appropriate as it probably best sums up the Government’s policy throughout the banking crisis — it has all been a big bluff.
Yesterday, the financial markets reacted to the gambler’s words by selling Irish bonds, thus driving the yield (at one stage) up from 5.78pc to 6.15pc.
Yields came down to 6.01pc, following rumours that the European Central Bank was buying Irish bonds. We are fast becoming a vassal state of the ECB, the only institution prepared to buy Irish bonds.
The ECB is doing this for one reason — to protect the bondholders of Anglo from the default which has to come. In this little game, we issue expensive IOUs at 6pc that the ECB buys with money it prints for nothing to keep open zombie banks that don’t lend. The ECB is doing this not to protect you, but to protect rogue creditors who have no right to expect that they will be paid.
source http://www.davidmcwilliams.ie/2010/09/08/we-dont-have-an-economic-policy-its-all-just-a-big-bluff

Ireland has effectively nationalised its financial system for two years: it will guarantee deposits and debts for the country’s six biggest banks until 2010. This means it is assuming potential liabilities of around EUR550bn, compared with existing government debt of EUR40bn and overall GDP of EUR160bn. The move has increased pressure on the UK authorities to boost the size of the deposit guarantee.
The move was designed to shore up rapidly dwindling confidence in the banking sector. Irish financial sector shares plummeted early this week amid fears that it is particularly dependent on the frozen interbank market; loan to deposit ratios are 150% in Ireland compared with 130% in the rest of the EU, Sebastian Orsi of Merrion pointed out in the FT. Banks have been “bleeding money” as the Irish property and construction markets have tanked, noted Ambrose Evans-Pritchard in The Daily Telegraph. Ireland has become the first eurozone member to slide into recession now that the property bubble has burst and consumption has slumped.
What next?
By effectively betting its economy, Ireland has “certainly upped the stakes in the confidence game that is banking”, as Alphaville said in the FT. The hope is that the guarantee will improve Irish banks’ access to funds on world markets. But Ireland may be in for a bumpy ride. Note that the banks’ assets are highly concentrated in “fast-fading” UK and Irish property, said Lex in the FT. At Anglo-Irish Bank, the exposure to these two sectors is 80% and at Bank of Ireland and Allied Irish it is 71% and 60% respectively. And if markets keep withholding wholesale funds from “property plays”, then the government “may have to reconsider that guarantee”.
source https://info.moneyweek.com/article.php?p_id=10807

Comment :
“A picture is worth a thousand words”

I have posted the various sources above in support my own opinion that the government are totally on the wrong economic path and what’s even worse they are hell bent on sticking with this disastrous policy all logic seems to have disappeared and we are becoming slaves to the mantra we must spin ourselves out of this mess no matter what
Brian Lenihans language is increasingly that of a gambler (read DavidMcWilliams latest posting on this Link above)
David is one of the country’s finest economists and it would appear this government are choosing to ignore his sound advice just like they did on the eve of the first bank blanket guarantees
This is the time when the government should be getting the best minds in the country to come up with a real solutions to the financial crises that is after all their own making
Whether you agree with me or not, that facts are the well informed lenders (Bond Traders) of the world certainly do so, and what’s more they are getting very nervous at the lack of this governments realistic economic road map
The constant dirp drip feed of ever more disastrous figures emanating from Anglo and NAMA should frighten all of us
The Governments belligerence and a misplaced sense of loyalty to their pals a la Galway tent has to be abandoned pronto, and these gamblers must face the music themselves
The Irish nation cannot afford the commitments made by incompetent government minsters that are overwhelmed by the sheer complexity that is the Derivatives market
It is just plain stupid to expect civil servants who have no training in this field to advice party indoctrinated con men to understand these financial nuclear bombs
There are only a hand full of people in the world that understand these complex financial instruments ,even after 10 years of market participation myself I still don’t know anybody in the field that has successfully traded their way into profit
These financial instruments were created by the largest financial corporations in the world (AIG, JP Morgan, Citi etc and they were designed as far as I can make out to protect themselves as they were the market makers as well as the insurer and we all know that insurance companies are notorious in looking after themselves
the bottom line here is the markets have now copped on to the spin the Irish Government have been spewing out on the world’s airways and they Ireland Ink has a set repayment capability and that is now breached and any further surprises coming from Anglo Irish and Allied or Bank of Ireland is going to push this little country over the Default Bridge
And with the current Captain on the Irish Titanic ignoring the warnings of Icebergs dead ahead what does he do?
Call for more Ice for his pals cocktail,s

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