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Archive for the ‘Department of Social and Family Affairs’ Category

Should the transfer of Anglo’s remaining NAMA tranches be put on hold ?

from source http://namawinelake.wordpress.com/author/namawinelake/

Should the transfer of Anglo’s remaining NAMA tranches be put on hold pending clarification of Anglo’s total costs?
namawinelake | August 27, 2010 at 10:15 am
Anglo has transferred a cumulative total of €16bn of its NAMA-bound loans in tranches 1 and 2, leaving an estimated €20bn in its remaining tranches if the estimates in NAMA’s revised Business Plan and accompanying tranche 2 detail are correct (what introduces some doubt is the claim two weeks ago by the Anglo CEO Mike Aynsley that €2-4bn of NAMA-bound loans in the UK and US may be “reclassified” in agreement with NAMA).
If tranches 1 and 2 are anything to go by, NAMA will in future pay Anglo a Long Term Economic Value (LEV) premium of 10-12% of the current market value of the loans. So if €20bn is still valid as the face value of the remaining Anglo loans and they have a current market value of 45% of their face value, then NAMA will be paying €0.9-1.1bn above the current market value of the loans. That is a substantial sum of money to be gifting a bank whose future is being debated as we speak at the EU with a European preliminary view on the future of Anglo due in weeks.
The perpetual murmurs of disquiet about Anglo have grown substantially in volume this week. Standard and Poor’s downgrade of Ireland’s credit rating was predicated in part on their assessment of the increased cost of bailing out Anglo at €35bn. Last week in Beijing the Governor of the Central Bank broke the news that “Anglo may impose a NET [my emphasis] cost to the Government of about €22-€25 billion”. A net cost of course could be a gross cost of €35bn with €10bn recouped over time (eg through sale of a government stake in Anglo’s Newbank, redemption of NAMA bonds at face value rather than the accounting value which might assume a large discount). Trinity College economics professor Constantin Gurdgiev repeated his view that Anglo could incur losses of “€33bn in mid-range case, rising to €38.6bn in the worst case scenario”. It is not clear if these losses equate to a net cost to the State as there may already be provisions for these losses and Anglo has a (small) capital base. Today in the Irish Times, former Ulster Bank chief economist Pat McArdle suggests that, in an attempt to improve Ireland’s credit rating “we could try to give greater certainty regarding the Anglo bailout cost, possibly by postponing all other transfers to Nama until Anglo is taken care of.” Other calls this week came from the domestic politics (FG’s Finance spokesman, Michael Noonan calling for a debate at balance sheet level to assess the different options for Anglo) and the Financial Times editorial which today says “it is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure”. This blog has expressed concerns about the non-NAMA losses at Anglo and whether these are being realistically assessed at present.
Last weekend NAMA paid Anglo a LEV premium of €270m on its latest tranche of loans, a considerable gifted sum in normal times but small in comparison with the expected €1bn of LEV premiums on the remainder of Anglo’s NAMA loan book. Has the tipping point now come whereby Anglo’s future is consensually decided (consensus impedes speed of action but the sums involved have grown to state of war proportions for the Irish state)? And until Anglo’s costs are clarified, should NAMA put the transfer of future loans on hold as these future transfers will involve the State paying substantial sums in excess of the true value of the loans.

Comment:

We did not have to wait for the past 18 months to expire to suddenly find out that NAMA was going to end up paying way over the odds for the various toxic assets from the Banks, never mind the Crap it was getting from ANGLO IRISH BANK
The simple fact is that from the start we the ordinary Joe soaps could smell that a sweetheart deal has been done by the Fianna Fail Government with the establishment of what is now openly been acknowledged as the largest bail out in Irish corporate history and all for the benefit for the golden circle, the chosen few, the cronies and leaches and hangers-on of the Fianna Fail party

This is now seen as a fraudulent transfer of wealth from the citizens of Ireland to a group of irresponsible gamblers, with the help of economic traitors within the government and a totally incompetent regulatory authority that at this stage one must ask if it was designed to be so, in order to facilitate this fraud in the first place !

It is the duty of every citizen to make sure that the next tranche 3 of toxic loans from Anglo-Irish Bank should not take place and indeed an independent international enquire should be set up to investigate exactly who were the beneficiaries of the billions that have already gone into this toxic Toilet, who was responsible for the approval ludicrous high valuations put on these worthless toxic assets and whether there was a conflict of interest at any level
The Fraudulent actions of Government ministers to be exposed and all individuals brought before the courts and jailed on convictions, no golden handshakes or beefed up pensions to be paid out to any individuals found to have felicitated in the cover-up of fraudulent actions or helped to hide relevant information that would have expose this monstrous fraud on the Irish taxpayers
This continued drip ,drip feed of lies must be stopped and the truth must be put before the people
In the form of a general election or a referendum on the issue
I call on all the opposition parties to declare that they will not honour any of the fraudulent guarantees given to the international bondholders by way of an extended government guarantee given in the first place without the consent of the Irish people
I dispute the authority of any government to place me and the hundreds of thousands of its citizens into a kind of financial enslavement to corrupt financial institutions that then are enabled to legally rob me of my family home, my savings, and my prosperity as a consequence of their corrupt practices.
As a result of the establishment of NAMA the countries financial institutions have effectively sucked dry the financial resources of the country for the next generation.
Thus robbing me and the majority of the countries citizens the necessary means to independently provide for their family’s and so forcing families to become dependent on the state for handouts
These actions are a clear breach of the rights guaranteed to every citizen of Ireland by the Irish constitution (see PDF Here Constitution of Ireland) and so renders the establishment of NAMA illegal without first haven put it to a referendum to the citizens of Ireland
Please stand up for our constitutional rights , get active and  put an end to this  madness

Don’t believe Cowen’s lies!


The economy has reached a “turning point” with the worst now over, The Unelected  Taoiseach Brian Cowen said.

How many turning points have we now turned ? anymore and we will all get dizzy!

Get real ,things are getting worse! talk to the 556,000 now on the dole scrapheap!

Talk to the social welfare recipients, expected to live on a fraction of the money you and your band of gangsters in the Dial are creaming on expenses!

Tell that to the unfortunate sick citizens lying on trolleys and are been denied basic services in the hospitals of the country that you and the criminal Harney are still advocating more cuts for!

In an address to a Fianna Fail meeting in Athlone,Cowen said the challenge is to now move with confidence and ambition into a new phase of recovery and renewal. (This is just political tripe)

The Unelected Taoiseach said Ireland was returning to growth and seeing an upturn in confidence.

“While we face another difficult budget ahead,(Code for more social welfair cuts,an easy target) for the Irish economy the worst is now over,” he said.

Mr Cowen said creating jobs was the backbone of the Government’s economic strategy.

He said Enterprise Ireland was working to create 40,000 jobs over the next five years, (8,000 each year) which would lead to an additional 28,000 jobs elsewhere in the economy.

Don’t believe the tripe coming from this gangster; I cannot believe the figures coming from the so called poll either!

This gangster and his cronies in the Dail have plundered this country and he and the other economic traitors deserve to be hanged for what they done

People of Ireland do not believe the vested interests who own the national news papers

They are afraid of a people’s government one that will bring real hope for the futures of all of us now consigned to the scrap heap by Cowen and his band of gangsters

Don’t be fooled by cowen’s pals in the news rooms

Help get these, the real leaches off our backs!

Support the demonstrators outside the Dail next Tuesday at 19.00 hrs and let your voice be heard

we want a General election Now!

 

What if this oil spill was off the coast of Ireland?

 

If this had happened in Irish waters the Government would have told the nation that we were all responsible and we must all put our shoulder to the wheel and help stop this well from leaking any more of our precious oil .They would also blame the single mothers and the Unemployed for using up badly needed financial resources that would otherwise be spent plugging the well.

A call for a national bond would be made and everyone in the work would be made pay a new oil cleanup carbon tax levy and the Unions would tell the members that we have no choice as this is the only option for the country

Gormley would employ a few green pals to count all the dead fish and Ryan would call for a national day of mourning .Brian lenihan would go on national TV to tell us we must tighten out collative belts yet another two notches!
Bertie Ahern would look for another “Dig out” from his pals to help pay his levy!
Having got it he would then seek an exemption from the revenue on the grounds he was a struggling artist!
The Government would then blame the protesters of shell to sea for the disaster and have them all thrown into jail!

See just dead wood and no Heart!

Yesterday, the minister revealed she had learned of the 58,000 unchecked X-rays in December. But she insisted she only realized the scale of the problem on Tuesday.

Full article link http://www.independent.ie/national-news/calls-mounting-for-the-resignation-of-hopeless-harney-2095141.html

Adding my voice to the thousands of calls for this Minster to resigne will make on difference  as walking over bodies for this person is all in a days worke ,This I foubnd out my self personally ,remember the Susi Long case ,(http://www.susielonghospice.com/about%20Susie.html) I  was the only person at a PD Meeting to tell Harney that I could not suport her any longer as I belived she was wrong with the policies she was persuining at the time and they cost this woman her life I could not support this any longer!

Things havent changed and she is still clinging on to power and that is all she wants !

she started out great but power corrups totally! 

 

Adding my voice for this disastrous and useless minster to resign is not really going to be of any help, Iwas also shouted down be an elderly woman saying “here we go again”
Harney sat there stone faced and said nothing
I knew the she was out for herself in politics and that has been proven so many times since! Harney has lost her way many years ago and this suited Fiannia Fail to have a scapegoat and in Harney they have a perfect one!
The entire Government is all clapped out, wasted and dry, rotten fruit clinging to the tree branches waiting for a wind strong enough to blow it down!

It better happen soon before the Farmer will have to take the Axe to the dead wood!

Liz McManus active in the Dail

 

Liz McManus , Dail activities during the week  24.01.2010- 29.01.2010

 

 
Liz McManus
(Wicklow, Labour)

Last year broadcasting legislation was passed by the two Houses and the Joint Committee on Communications, Energy and Natural Resources was charged with carrying out a selection process for appointments to the boards of the Broadcasting Authority of Ireland and RTE. That process was completed before Christmas. We all know the Minister, Deputy Ryan, has an eccentric view regarding appointments to the public services. He seems to think a telephone call and a chat is enough.
We now have a situation where, I understand, four Cabinet meetings have been held and yet these appointments have not been made. I have no idea what is going on, but the committee on which I sit carried out its duty in an exemplary fashion. We made our recommendations to the Minister, Deputy Ryan. He does not have to accept them, but we have no word—–
 

Question 48: To ask the Minister for Finance if the public sector pay cuts apply when contract employees in a university here have their funding 100% sourced from philanthropic or private sources; and if he will make a statement on the matter.

Brian Lenihan Jnr
(Minister, Department of Finance; Dublin West, Fianna Fail)

The Financial Emergency Measures in the Public Interest (No 2) Act, 2009 makes provision for the reduction in the pay rates of all persons employed by public service bodies with effect from 1 January 2010. Universities come under the definitions within the Act as public service bodies, contract researchers where they are employed by such a public service body are subject to the pay reductions provided for under the legislation.

Question 89: To ask the Minister for Justice, Equality and Law Reform when digital closed circuit television will be provided to a Garda station (details supplied) in County Wicklow to replace the out of date analogue system; and if he will make a statement on the matter.

John Curran
(Minister of State, Department of Community, Rural and Gaeltacht Affairs; Dublin Mid West, Fianna Fail)

I am informed by the Garda authorities that the recording equipment currently employed for the existing Garda CCTV system in the station referred to by the Deputy will be replaced with digital recording equipment during the first quarter of 2010.

 Question 115: To ask the Minister for Community, Rural and Gaeltacht Affairs if he will give assurances for continued funding in 2011, 2012 and onwards for a community development project (details supplied) in County Wicklow in order for it to continue its work with the County Wicklow partnership; if the current level of funding will continue into the future; his views on the important work being carried out by the community development projects; and if he will make a statement on the matter

John Curran
(Minister of State, Department of Community, Rural and Gaeltacht Affairs; Dublin Mid West, Fianna Fail)

As I outlined previously to the House, my Department has seen the need to redesign its community development/social inclusion programmes, particularly the Local Development Social Inclusion (LDSIP) and Community Development Programmes (CDP), drawing on good international practice and to support the ongoing evaluation of the programmes. Both programmes have a community development element and were delivered through separate local delivery structures. These programmes came to an end on 31 December 2009 and have been superseded by a new programme, the Local and Community Development Programme (LCDP).

The aim of the new programme is to tackle poverty and social exclusion through partnership and constructive engagement between Government and its agencies and people in disadvantaged communities.

The new programme will preserve elements of good practice from the CDP/LDSIP Programmes and will enable groups to objectively demonstrate the positive impacts they are securing for local communities. An implementation strategy, involving the stakeholders, is underway in preparation for LCDP roll-out over the course of 2010.

In advance of proceeding to establish a single programme across CDPs and Partnerships, my Department undertook an evaluation of individual community development projects. Many of these projects span across two decades, with quite diverse activities. The objective of the review was to identify those projects that produce tangible, appropriate benefits for the communities they serve. The vast majority of projects, including the project referred to by the Deputy, fall into this category and have been offered funding under the new programme in 2010. Where projects were not recommended for continued funding, an appropriate appeals mechanism has been provided.

I am pleased to have been able to ring-fence funding for community development projects for 2010 and to maintain it at 2009 levels. In few other areas of public spending has it been possible to do this. The Deputy will appreciate that ongoing funding for 2011 and beyond will be subject to budgetary considerations at the appropriate time.



 

Irish Live Register

Irish Live Register: Rises 3,300 to 426,700 in December; 133,577 added in 2009; Unemployment rate still set to peak in summer 2010

 


Source: CSO

Taken from Finfacts Team
Jan 8, 2010 – 12:30:04 PM

Irish Live Register: The seasonally adjusted Live Register total increased from 423,400 in November to 426,700 in December, an increase of 3,300, according to the CSO.  In 2009 there was an unadjusted increase in the Live Register of 133,577(+46.1%). This compares with an increase of 119,642 (+70.2%) in 2008. The unemployment rate still set to peak in summer 2010.
 
January of this year has represented the spike in claimant increases in any month, with a record 33,000, or 11.3%, rise – – 26,700 additions in February, 20,000 in March; 15,800 in April; 13,500 in May; 11,400 in June; 10,500 in July; 5,400 in August and 600 in September.

The total fell 3,000 in October. and rose 900 in November.

There was an annual increase of 88,273 (+45.4%) in the number of males on the Live Register in 2009 and a corresponding increase of 45,304 (+47.5%) in the number of females.

I have being unemployed since January last year 2009

I was told at the Dole office as I was self-employed for the past few years I was not entitled to any state benefits, no Jobseekers allowance, and I did not need to register every week.

so go and don’t bother us again attitude !

Since I do not qualify for the jobseekers allowance, it would appear that I do not show up as unemployed in the CSO stats.

So now extrapolate this fact to the approximately 65, 000 thousand or so other X self-employed people. Who lost their self support means they had.

These would be chippies, electricians, brick layers and people who have lost their own businesses

And you begin to get the real unemployment figures.

Like every other government in the world this government is fiddling the real figures

I would estimate the real unemployment figures are close to 536,000 Thousand.

The greatest scam is that I paid all my taxes and paid into the PRSI, I also paid all taxes for my staff and I end up with no entitlements!

The lesson here is don’t set up yourself in Business in Ireland

Just go out and try to get a job in the public service

There are approximately 360,000 thousand lucky people already looked after for life.

But if you take in the now subsidized financial sector, and the thousands of guanos and advisers

We must be looking at 600.000 thousand plus.

Every time you here someone talking about the good job the government is doing just ask the question who is paying their salaries, inevitably it is the taxpayers!

Nothing is going to change for the Unemployed unless they get out on to the streets and take action themselves

Join the union for the unemployed

Demand jobs now and not empty promises

Join the CAB to-day

Sign  up and demand an emergency jobs creation and up-skilling program for the unemployed to-day!

 


protests in Dublin streets (3)

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