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Archive for the ‘Banking’ Category

Michael Collins would take out his revolver……………..


The German economy is poised to grow by about 3% this year, after growing at its fastest rate for more than 20 years during the April-to-June quarter.
That spurt has led the Bundesbank central bank to raise its growth estimate from its original 1.9%.
The bank said conditions for Europe’s biggest economy remained favourable and “the economic upward movement should continue in the second half”.
But it said risks from “developments on international financial markets” exist.

These risks are of course that the other PIGS countries might stop helping to bail out German banks that have after all lent billions into their risky banks
These PIGS might just say enough is enough and we will not put up with any more dictates on austerity measures coming from the German Bundesbank
We the Irish might wake up and tell them to take a running jump, after all the Irish taxpayers were not responsible for private banks and their bad boardroom gambling investments
In the USA this year the FED has allowed 103 banks to go bankrupt whilst here in Ireland the economic terrorists Cowen and Lenihan have decided to bail their pals and the golden circle in Anglo Irish Bank out by socializing the private debts of Developers and German bondholders (Deutsche Bank)
So of course Germany is doing great we have just given them 22.5 billion back of the bad gambling debts they made on Anglo Irish Bank and we are also going to give them back another 10 billion
I suspect we will end up giving them back 70 odd billion
We are the dummies that were conned into paying their bad debts by Cowen and lenihan
Who told the Irish people we had engaged in irrational exuberance when in fact the Germans
Gave vast amounts of money (2.5 trillion) to corrupt bankers and with the help of incompetent government ministers (Cowen, Minster of Finance) here in Ireland
The Germans did not carry out any real due diligence and would have been expected to suffer their own losses were it not for the fact that they control the ECB Bank and thus can dictate to us
With the gutless Cowen and his swatter cabinet colleagues we are no longer in control of our own destiny as they have keeled over and sold us out ,they have betrayed the trust of the voters and for the next 2 generations I am afraid we are going to have to pay the German piper
Ironically today the anniversary of the death of Michael Collins we have Lenihan poring political garble to the chosen few that still believe a word he says
I think if Michael Collins was still alive today he would take out his revolver and shoot this Gobs***
and call for a new republic

These stooges obviously don’t read the papers

More proof that the Banks are in fact calling to tune with regards to the running of our country
Cowen and Lenihan have swallowed hook line and sinker the notion from the other Bank Lords that no Irish Bank must be allowed to fail because of the damage that will be done to the financial viability of our nation state
Wake up lads nobody would touch us with a mile long barge pole!
These stooges obviously don’t read the papers and they sure don’t take sensible advice even when the pay through the nose for it.
Look at this article U.S. Bank Failures In 2010 Surpass 100
If the US the center of capitalism in the world can close down 103 Banks this year alone we in Ireland can let a corrupt private Bank go down the Toxic Toilet it has made for itself!
It’s like telling the Captain of the Titanic there is an Iceberg dead ahead and there response is
The Titanic is unsinkable according to the instruction manual and so we should stay the course

Why is NAMA calming that it was not a public authority?

EU Commissioner’s preliminary decision on NAMA
Who is controlling NAMA?
Why is NAMA calming that it was not a public authority?
Is it in order to be able to escape having to supply information on its activities to the public via Freedom of information act?
see what the EU Commissioner’s preliminary decision is 35189551-NAMA-Preliminary-Decision-Reply
to recap this is what NAMA is suposed to be according to the finance Minster
10. NAMA is established as a separate corporate body with a board appointed by the
Minister for Finance under the control of the NTMA. NAMA as a corporate entity will
arrange and supervise the identification of property-backed loans on the books of the
qualifying financial institutions in the State but will delegate under its control the
purchase and management of those loans to a separately created special purpose
vehicle (the “SPV”)2. 95% of the consideration for the purchase of the loans will be
financed by securities guaranteed by the government and the remainder with non-
State guaranteed debt.

11. The SPV will be a separate legal entity with a subscribed capital of !100 million
with private investors owning 51% of the equity and the remainder owned by NAMA.
Given that the SPV is 95% funded by the State however, NAMA representatives on
the board of the SPV have a veto over all decisions of the SPV board that could
affect NAMA or the Government.

12. The SPV will seek to make a profit through the management of the acquired
assets during the lifetime of NAMA, however given that the SPV debt will be
guaranteed by the Government the distribution of the SPV profits to the private
shareholders will be capped and the remainder will accrue to the State.3 The details
of the distribution of the SPV profits are not publicly available.

Now who is in control of this SPC?
Why the investment arms of the three major Irish financial institutions (IL&P, BOI, AIB) thats who! The very vehicle that is there to rescue their own corrupt companies.link here

This is outrageous! Lenihian and his cronies has pulled a con on us all,
The same gangsters that have caused this whole financial collapse are now running NAMA.(The Bankrupt Banks ,have effectively taken control of 80 billion worth of assets for 100 million investment )the barging of the millennium
And it should come as no surprise to see the NAMA board try now to extract themselves from having to answer the hard questions from the probing general public through the Freedom of information act
When will the Irish people rise up and stop this fraud?

Central Bank report for Quarter 2

Just more lies?
Central Bank report for Quarter 2, NAMA’s resident and non-resident borrowers
namawinelake :
source http://namawinelake.wordpress.com/2010/07/31/central-bank-report-for-quarter-2-nama%e2%80%99s-resident-and-non-resident-borrowers/

The wide-ranging quarterly Central Bank report and forecast published yesterday contains some interesting nuggets on NAMA and Irish property in general. On NAMA, it publishes information on the first tranche which hasn’t been publicly seen before, namely a split of the first tranche loans between resident and non-resident borrowers and also gives the provision the banks held for the loans transferred. The information is on page 39 of the report and is summarised here.

Of note is that the writedown by NAMA on the loans (49.6% in total) comprises a writedown by the banks themselves (23.7%) and NAMA’s additional write-down (26.9%) – given that Anglo’s accounts were published on 31st March, 2010 and INBS’s accounts were published on 9th April, 2010 and they each contained the government’s recapitalisations announced on 30th March, 2010, it is indeed amazing that they were showing their provisions at such a low level – was it a case that the accounts were produced many months earlier and only amended for the government’s injections of capital – wasn’t there any attempt to show the imminent NAMA haircuts? As to the split between resident and non-resident, I’m not sure how much can be deduced. For information the following were reported by the media (not confirmed by NAMA and indeed Paddy McKillen’s spokeswoman has denied that Paddy was in tranche 1) as being the Top 10 developers in the first tranche – spot the non-residents!
Liam Carroll
Bernard McNamara
Sean Mulryan
Derek Quinlan
Paddy McKillen
Treasury Holdings
Michael O’Flynn
Joe O’Reilly
Gerry Gannon
Gerry Barrett
As to what the Central Bank say in their report on page 39 about the write-downs with respect to residents and non-residents they are talking rubbish – the figures show that the resident loans had greater write-downs at both the banks and at NAMA.

We are been lied to by the Central Bank and the CSO

I see California Governor Arnold Schwarzenegger declared a state of emergency over the state’s finances on Wednesday last , raising pressure on lawmakers to negotiate a state budget that is more than a month overdue and will need to close a $19 billion shortfall.
The deficit is 22 percent of the $85 billion general fund budget the governor signed last July for the fiscal year that ended in June, highlighting how the steep drop in California’s revenue due to recession, the housing slump, financial market turmoil and high unemployment have slashed its personal income tax collection.
So far I could be talking about Ireland but for one vital difference Schwarzenegger does not dance around the issues, he can’t afford to because of the effectiveness of the opposition. The fiscal facts are made known to all political parties and they have to come up with real solutions or face the people who are notoriously unforgiving
The yanks have no time for waffelers, gombeenmen and crooks unlike here in Ireland we are it seems are to be saddled with them !
I am indebted to Dr.Constantin Gurdgiev for having provided this excellent article on the subject
We are not been told the full facts of our financial situation and a lot more pain is on the way
We are been lied to by the Central Bank and the CSO who have a vested interest in talking up our economy

Thankfully we live in the age of the Internet and the real figures cannot be kept hidden from the people

Source http://trueeconomics.blogspot.com/
Last week the State of California declared official emergency in relation to its fiscal shortfall. The problem, you see, is that torn between various vested interests, California’s legislature is unable to approve a new budget for 2011. The State deficit is currently running at $19bn, which represents 22% of the general budget fund. As a part of emergency declaration, Governor Schwarzenegger ordered three days off without pay per month beginning in August for tens of thousands of state employees to preserve the state’s cash to pay its debt, and for essential services. Now, 3 days out of each month represents roughly speaking a 14% straight cut across all lines of wages, pensions liabilities, overtime etc. A bit more dramatic than Irish Government 2-year old programme of cutting PS pay by an average of 5-7%.

May be the depth of California’s crisis is that much (say 2.5 times?) deeper than the fiscal crisis in Ireland?

Well, let’s compare, shall we? To do so, I took budgetary projections (latest available) for California and Ireland and put them side by side. I computed the extent of expected and planned deficits in both locations as a share of the net Government expenditure.
It turns out that in its state of emergency, ‘insolvent’ California is not 2-3 times worse off than Ireland. It is the ‘turning the corner’ Ireland that looks 1.5 times worse off than California. And not just now – all the way through the next 4 years.

So California – its Governor and Legislature – are at the very least trying to work through the summer to hammer out some sort of a resolution. Our own legislators and Government are out to enjoy a spot of recreation. And why not, you may ask, if the economy has finally turned the corner… err… sort of… for the 15th time since May 2009 that is…

Cowen admits billions are “Lost”

Cowen admits cash put into bank gone forever

By Fionnan Sheahan Political Editor

Wednesday June 23 2010

“Unelected” TAOISEACH Brian Cowen last night finally admitted the €22bn



of taxpayers’ money being pumped into Anglo Irish Bank won’t ever be seen again.

Mr Cowen was repeatedly quizzed by opposition leaders on the view of the nationalised bank’s chairman that the “lion’s share” of the €22bn was gone.

“That money is not going to be returned,” he eventually replied after being asked the question four times. Anglo chairman Mike Aynsley made the startling admission last week that the capital injection would “never be seen again”.

Anglo has already sent €9.3bn in loans in its first tranche transfer to the National Asset Management Agency (NAMA) and will send another €26.3bn before the end of the year. A discount of 50pc is expected across the whole debt pile.

“That money is not recoverable,” Mr Aynsley said, adding: “That money is gone.”

Fine Gael leader Enda Kenny and Labour Party leader Eamon Gilmore put pressure on Mr Cowen to say if he agreed with this assessment.

Avoiding the question, the Taoiseach repeatedly said the recapitalisation of the banks was necessary where there were not enough shareholders’ funds.

Mr Gilmore came back again asking if the money was gone. “Don’t give me argument, don’t give me where you were right, and where I was wrong and where Deputy Kenny was wrong, and where everyone else was wrong apart from yourself; just give us an answer to that question — is the money gone?” he said.

Analysis

Mr Cowen ultimately agreed with Mr Aynsley’s analysis.

“They are the losses being taken on by the taxpayer; and it is clear in relation to that bank that that is the situation.

“That money is not going to be returned because clearly the shareholders’ funds have been inadequate to meet the losses,” he said.

Mr Kenny said Mr Cowen had made a personal promise to the Irish people in October 2008 — at the time of the bank guarantee scheme — that they would not be held accountable for the banking bailout.

He questioned why the Government was now borrowing vast sums to pay off Anglo debts while professional shareholders weren’t being asked to share the pain. “It makes absolutely no sense for the Government to continue with the policy of borrowing money to put into a black hole,” he said.

Mr Kenny said creating employment was the only way out of the crisis.

“Money could be borrowed for that instead,” the Fine Gael leader insisted.

– Fionnan Sheahan Political Editor

Irish Independent

New reserve currency

This is big trouble for the USA
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.
New reserve currency
We in Ireland are still bailing out bankrupt banks at the cost billions we don’t have causing economic depression for this and the next generation!
With 52 thousand students coming out of our universities and no jobs to go to
alone along with 100,000 people all ready left the country ,and another 53 thousand students leaving secondary education this year
How many of them are going into apprenticeships, jobs or is it emigration for the majority for them
The Unelected Cowen and his band of economic terrorists are helping the top bankers of the state live it up while the rest of us struggle to pay our monthly bills
I say let the bankrupt banks pay their own bills and allow them to fail, just like the Americans are doing in the land of Free markets
Allowing the crooks in the Dail to plunder our natural resources and the wealth of future generations is a crime I personally do not want to be responsible for, when our children ask what you did to prevent it I can show I was active in my opposition and I made a stand
What can you say you did??
It is the responsibility of each and every one of us to oppose this band of thieves we must stand up and take action
Do not just stand by and allow our country to be destroyed by the current government who have sold out to the faceless bondholders in Germany , France and England
Stand up and Fight back now!
Put yourself up for election do not give you vote to any of the current TD’s
We need new blood in the Dail and not Family dynasties
We want a general election now and we need a new community party made up of new local people from ordinary backgrounds that will work for an average wage and not clock up huge self given perks, ending up as millionaires while the rest of us struggle to pay for these perks & pensions
We need real servants of the people and not leach’s sucking the rest of us dry like some of the current shower of TD’s are doing
The next general election must end Gombeenisem for good.
Promise yourself this and we just might save Ireland!

Cowen must go now!

Cowen denies unemployment a ‘low priority’

Wednesday, 16 June 2010 11:39

Taoiseach Brian Cowen has rejected an assertion by Labour Leader Eamon Gilmore that unemployment is a low priority for the Government.

Brian Cowen said the Government had increased the number of training places for the unemployed.

He said jobs were created on the basis of a more competitive economy and predicted net employment creation next year on the basis of current Government strategy.

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Eamon Gilmore said the situation was hopelessly depressing for people out of work.

He described as ‘socially unsustainable’ the situation in which one in three young men was on the dole.

Mr Gilmore criticised what he referred to as the Government’s residual theory of employment and encouraged the Taoiseach to come up with a strategy to get the unemployed back to work.

Source http://www.rte.ie/news/2010/0616/politics.html

Comment

As far as I can see this is exactly the case unelected Taoiseach Cowen has done nothing to help the unemployed it is as if they just don’t exist in his world

A world of big bank bonus, mistrial allowances and perks and giving a did out to the golden circle.

Pulling strokes and looking after your cronies (The gutless greens who see no problem supporting the very gangsters who have destroyed our country) the confidence expressed in Cowen yesterday

The country is clearly in the shits because this unelected Taoiseach guilty of economic treason

survives a no confidence vote and the oppositions leader has to face treachery from his own front bench

The Unemployed don’t expect the get anything from Cowen or the Greens anytime soon

They are too busy looking after the big developers and Bankers and squabbling over the plumb jobs for themselves and their laciest.

People of Ireland wake up for God sake!

Debt Burden Falls Heavily on Germany and France

By JACK EWING

FRANKFURT — French and German banks have lent nearly $1 trillion to the most troubled European countries and are more exposed to the debt crisis than the banks of any other countries, according to a new report that is likely to add pressure on institutions to detail their holdings.

Enlarge This Image


Ronald Zak/Associated Press

Jean-Claude Trichet, left, president of the European Central Bank, with Josef Ackermann of Deutsche Bank.

French banks had lent $493 billion to Spain, Greece, Portugal and Ireland by the end of 2009 while German banks had lent $465 billion, according to the report by the Bank for International Settlements, an institution based in Basel, Switzerland, that acts as a clearing house for the world’s central banks.

The report sheds light on where the risks from Spain and other troubled euro-zone countries are concentrated, but left open the question of which individual banks would be most endangered by declines in the prices of sovereign bonds or a surge in bad loans made to companies and individuals. The B.I.S. did not identify individual institutions, in line with its confidentiality rules.

Voluntary disclosure by banks has been uneven. Hypo Real Estate Holding, a real estate and public-sector lender based near Munich, has put its exposure to government debt from the four countries plus Italy at more than €80 billion, or $97 billion. Deutsche Bank, in Frankfurt, says it holds €500 million in Greek government bonds and no Spanish or Portuguese sovereign debt.

But there has been little disclosure from the hundreds of smaller mortgage lenders, state-owned banks and savings banks that dominate banking in countries like Germany and Spain.

“More information and disclosure on bank and financial institutions’ holdings of periphery paper would be beneficial,” Jacques Cailloux, an economist at Royal Bank of Scotland, said Sunday. Mr. Cailloux had not seen the report — which was released to news organizations on the condition that they not publish the findings until late Sunday — but he was one of the authors of a Royal Bank of Scotland study in May that anticipated many of the B.I.S. findings.

All told, Spain, Ireland, Portugal and Greece owe nearly $1.6 trillion to banks in the 16-country euro zone, either in the form of government debt or credit to companies and individuals in the four countries, the report said. Credit from French and German banks accounted for 61 percent of that total.

Uncertainty about which banks may be at risk from Greece and the other countries has fed mistrust among financial institutions, causing interbank lending to wither and leading European Union leaders to take extraordinary steps to prevent a financial collapse.

The European Central Bank has been pressuring E.U. regulators to release data on which banks may be most at risk, to separate the healthy banks from those that may be in trouble.

“We are encouraging them to do whatever is necessary to improve the sentiment of the market because that is the real issue today,” the E.C.B. president, Jean-Claude Trichet, said at a news conference last week.

Mr. Cailloux said that releasing the results of so-called stress tests, which examine banks’ ability to withstand market shocks, would be useful if the tests were based on realistic possibilities and there were measures in place to bolster the banks that prove vulnerable.

The lack of information about which banks could suffer most from Europe’s debt crisis led to the near-seizure of money markets in early May. That, along with plunging prices for sovereign bonds from the weakest countries, prompted the European Union and the International Monetary Fund to pledge nearly $1 trillion in debt guarantees for euro-zone governments.

The European Central Bank also took the unprecedented step of buying European government bonds in the open markets, where trading had nearly come to a halt.

“There is mounting evidence that the blind don’t want to lend to the blind,” Ed Yardeni, president of Yardeni Research, wrote in a research note last week.

The B.I.S. figures confirm estimates of the level of risk by analysts at Royal Bank of Scotland and others, which had been extrapolated from B.I.S. data and other sources. But the B.I.S. report provides more detail on country-by-country exposure, and the organization’s imprimatur means it will be difficult for critics to dismiss the information as exaggerated.

Most of the claims held by the French and German banks were from companies, individuals or other banks, and Spain was the biggest debtor country. But much of the holdings were government debt — $106 billion for French banks and $68 billion for German banks. The figures, which the B.I.S. presented in dollars, may offer a clue why the French government, in particular, has been keen to provide aid to Greece and the other troubled countries.

Private-sector debt from Spain, Greece, Portugal and Ireland has also become a concern, because government austerity programs and economic downturns in those countries may also take a toll on the ability of companies and individuals to repay loans, and lead to a surge in defaults.

The risk from the so-called peripheral countries is by no means limited to France and Germany. British banks have lent $230 billion to Ireland, while Spain — besides being one of the countries with a debt problem — has lent $110 billion to residents of Portugal.

The B.I.S. put total exposure by U.S. institutions to Spain, Greece, Portugal and Ireland at less than $200 billion.

source http://www.nytimes.com/2010/06/14/business/global/14eurobank.html?ref=jack_ewing

Wicklow Times gives us a mention

 

We recently crossed over the 36,000 visitors mark and for the first time we also got a mention in the local paper the Wicklow Times click here Document (9)

They picked up on my article on the Local TD’s expenses.

Last Year we had a Darby and here is the link http://thepressnet.com/2009/09/01/wicklow-td%e2%80%99s-are-big-spenders/

My thanks to all who drop by on a Daly basis , contribute and encourage me .Independent news and opinions  are a vital ingredient of Democracy ,and we must guard these fundamental rights we all have .

We also have the right to call to account those that are put in places of power be it local or national

remember we the people are the paymasters and they are supposed to be working for US the general public .We must get used to asking the real questions .for example Wicklow Town has now approx 2000 unemployed ,so what have the Local elected TD’s done to get even one person a job

What new funds or what job creation measures have been provided in the last 17 months

I can answer you NONE!

Don’t promise you votes to someone just because there a nice Man/Woman

We need new faces and new ideas; nothing will change if the same old policies are kept

 We need Action on Jobs and not hot air and empty promises

Billions have been squandered in toxic Banks (NAMA)

Jobs have been created for top managers, accountants and solicitors (people in the right circles)

The rest of us are dumped and forgotten!

Stand up and fight back! 

  Demand up-skilling ,re-education and universal health care for all

 Demand answers and accountability!

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