What is truth?

Archive for the ‘Irish Justice’ Category

Bank of Ireland takes bizarre action to prevent the State acquiring more than 50% control

Bank of Ireland takes bizarre action to prevent the State acquiring more than 50% control

namawinelake | November 9, 2010 at 1:27 pm | Categories: NAMA | URL: http://wp.me/pNlCf-M9

 

photo machholz

The State presently owns 36.5% of the ordinary stock of Bank of Ireland thanks to the payment in lieu of cash of the 8% dividend on the €3.5bn “directed” investment from the National Pension Reserve Fund in March 2009 and the conversion of some preference shares to ordinary shares in May 2010. You might recall that in February 2010, BoI paid out 184m ordinary shares to the NPRF on its €3.5bn preference share investment made in March 2009, in lieu of a cash dividend because the pesky EU had forbidden it to make a cash distribution when in receipt of State-aid. Three months later, the NPRF acquired additional ordinary shares in BoI through the rights issue by the bank and the conversion of some €1.7bn of the preference shares to ordinary shares. As part of the rights issue conversion of preference shares the interest rate payable on the remaining €1.8bn of preference shares was to rise from 8% to 10.25%. So that’s how the State this morning owns 36.5% of BoI and has €1.8bn of preference shares yielding 10.25% per annum with the dividend due next February 2010.

Next February 2011, BoI will be required to pay the NPRF €214m – roughly 10.25% of €1.8 (I say roughly because remember we had €3.5bn preference shares earning 8% for about two months of this dividend year and then the 10.25% applies for 10 months approx). We are now waiting almost four months (a record as far as I can tell) for the EU to publish the Decision announced on 17th July, 2010 which set out the conditions for BoI’s restructuring. I’m willing to bet that the EU will allow BoI to start making cash payment for dividends again. Because if they don’t, BoI would need pay the €214m in ordinary shares or at current prices (€0.42 per share with the company having an ordinary share capitalisation of €2.24m), nearly 10% of the company which would bring the State shareholding up from 36.5% to 46.5%. Given the volatility of BoI’s share price, we could easily end up with an ordinary share dividend which would give us 50% of BoI – majority control which seems anathema to the State’s strategy for the banking sector.

And so yesterday in the High Court we witnessed the bizarre spectacle of BoI applying (in simple terms) to be allowed reclassify part of its capital base in such a way that a dividend payment can be made in cash so the horror of the State taking majority control of BoI can be avoided. Of course if economist Morgan Kelly, whose latest jeremiad in yesterday’s Irish Times is correct (and there is sufficient support for his position to suggest he’s not being a crackpot), then the scale of non-NAMA losses in BoI will give us majority State control in the near future anyway. Nonetheless it is interesting to see the legal lengths to which BoI will go to avoid majority ownership in the next three months

Comment:

The Government accepts now that Anglo will cost the taxpayers 34.5 billion and we must accept that AIB and Bank of Ireland will cost at least €30 billion because they were just as bad as Anglo in lending, not only to the Developers but to ordinary folk that couldn’t not even afford the matchboxes the banks were lending out money for. So you end up with a taxpayer bill of €13 billion for Bank of Ireland plus the 3.5 billion we already paid out Bank of Ireland lending practices were on par or  even worse than Anglo Irish Bank as they tried to catch up with Anglo . With the worsening mortgage default situation heading our way and a possible bailing out of negative equity home owners a much bigger loss provision will have to be faced up to at Bank of Ireland and that is before we start on the derivates Losses .For my money we are now looking at the end game.

Bank of Ireland is only months away from been nationalized and to assume anything else is simple ignoring reality, there cooked and we the taxpayers are snookered!

Just two points in support of this assumption

(1)    Yesterday the Irish times seem to have now gone against the Government with that article from MORGAN KELLY up to now there were mostly cheerleaders for the Government in its actions with the banks and the whole NAMA set up, the Kelly article is a watershed and a parting of the waves and I believe the Irish times is “smelling change” of Government is in the air and want to be on the winning side.

(2)   Cowen and lenihan have lost the plot all together and we now have foreign” minders “taking up residence in the Department of Finance and also in Treasury Buildings (NAMA ) Our sovereignty in lost because of the actions of these traitors and the blame game is about to get started.

                God help us all

look at these videos

http://www.bloomberg.com/video/64352822/

http://www.bloomberg.com/video/64349432/

Paddy McKillen V NAMA

Fast-tracking of Nama case sought
MARY CAROLAN

The National Assets Management Agency (Nama) and the State will ask the Commercial Court next Monday to fast-track the first legal challenge to the agency by businessman Paddy McKillen and 14 of his companies over the proposed transfer of Nama of €80 million loans of the companies.

Mr McKillen claims the €80 million credit facilities from Bank of Ireland are “fully performing”, not impaired, there is no default on repayments, and transfer of the loans would have a “drastic and significantly detrimental” impact on his business and property rights.
He has also expressed “grave concern” about the impact internationally of transfer of the loans to the “toxic bank”, the implications for his companies abilities to raise additional facilities and the valuations placed on the loans by Nama.

For instance, Nama had obtained a Stg£725.9 million valuation from CBRE for assets on which a loan for the UK Maybourne Hotel Group was secured when he had last month obtained a valuation of Stg 994.78 million from Cushman & Wakefield Hospitality

Ltd, he said. He was concerned such valuations would drive down the realisable value of his companies property portfolio.

Mr McKillen said his companies had not purchased any Irish assets since 1998 “and hence have not engaged in speculative development”. His companies instead invested in “world class retail centres and other quality assets”.
source http://www.irishtimes.com/newspaper/breaking/2010/0714/breaking56.html

This is just the bigining of a long legeal battel and I suspect the Taxpayers of this country will again fut the bills
everybody involved will walk away with fat pay cheques except the poor taxpayers of Ireland

The right to work Campaign (3)

Protesters at Anglo Irish Bank

 


It appears the four people on ledger were arrested as well as two or three people who had been outside. All this took place in the space of ten minutes. Inspector Gannon who led the assault on Shell to Sea campaigners at Polthomas pier in Rossport was spotted among the Gardai and witnesses reported they had the clear impression that the Gardai were acting under orders that no further protests against the bank bailouts were to be tolerated.

Up to 100 Gardai are now around Anglo Irish bank with a second protest having being called by eirigi for 14.00 today. It has been confirmed that this protest will still be going ahead as will Tuesdays protest at the Dail.

We would call on people to join the anti-capitalist block at 19.00 at the Wolfe Tone statue on Tuesday (opposite Shelbourne Hotel) where we will discuss how to best respond to the attacks on bank bailout protests before proceeding to the Dail. 

Full report at source
http://www.wsm.ie/c/gardai-attack-eirigi-anglo-irish

Response to Pope’s pastoral letter

 

Response to Pope’s pastoral letter

In the pope’s pastoral letter he says

“I urge you to examine your conscience, take responsibility for the sins you have committed, and humbly express your sorrow. Sincere repentance opens the door to God’s forgiveness and the grace of true amendment. By offering prayers and penances for those you have wronged, you should seek to atone personally for your actions. Christ’s redeeming sacrifice has the power to forgive even the gravest of sins, and to bring forth good from even the most terrible evil. At the same time, God’s justice summons us to give an account of our actions and to conceal nothing. Openly acknowledge your guilt, submit yourselves to the demands of justice, but do not despair of God’s mercy”.

This letter is a first step in the long road of renewal for the church

But the pace of this renewal is too slow, with modern methods of transmitting news, the Church is just not making the necessary changes soon enough and events will overtake it if it does not move faster.

I see nothing new that convinces me that I should allow my Daughter to be confirmed into the current institution of the church

I read a lot about what has happened but little about what changes are been made

And nothing about accountability!

I suggest that Cardinal Brady take the “obvious step” and do so now along with the rest of the Bishops that have been implicated in the abuse scandals.

“It cannot be denied that some of you and your predecessors failed, at times grievously, to apply the long-established norms of canon law to the crime of child abuse. Serious mistakes were made in responding to allegations”

“Nevertheless, it must be admitted that grave errors of judgment were made and failures of leadership occurred. All this has seriously undermined your credibility and effectiveness”

Through their failure to act, they allowed many children to be raped and be sexually abused by the pedophile priest Fr. Brendan Smith and others like him!

For anybody else in the Irish state this would be a criminal act and punishable under the criminal justice system within the State

The pope himself is also compromised as he was the Bishop in charge in his own country that turned a blind eye to abuse on boys

He too must step aside.

Only through a total revamp of the church structure can it hope to be able to enjoy the support of the people.

It is now time for the ordinary people of the church (who are the church) to decide who should become the pope and not the nominated Cardinals of pervious popes.

The time is right for to people to take back our church and decide what its future should be!

 

Copy sent to the Vatican.

God save Ireland from these Gangsters!

Ombusdman Emily O’Reilly claimed today the work of her office was being undermined by what she described as “deficits in our parliamentary and government arrangements”.

In an address to the Institute of Public Administration in Dublin today, Ms O’Reilly criticised the Government’s decision last month to vote against a proposal to have her report on a grant aid scheme for commercial fishermen referred to an Oireachtas committee.

She said the handling of the controversial Lost to Sea report illustrated how the Oireachtas was being side-lined. Ms O’Reilly published the report last December after its findings were rejected by the Department of Agriculture, only the second time this has happened since the office of ombudsman was founded in the 1980s.

“Unfortunately, the model of government set out in the Irish Constitution has become more of a fiction than a reality,” Ms O’Reilly said. “In practice the Dáil, and to a slightly lesser extent the Seanad, is controlled very firmly by the Government parties through the operation of the whip system.

“For all practical purposes, and I very much regret having to say this so bluntly, parliament in Ireland has been sidelined and is no longer in a position to hold the executive to account,” she said. “With the exception of the election of a Taoiseach, almost all decisions of importance are taken by the executive and are rubber-stamped by parliament.”

The Lost at Sea scheme was established in 2001 by then minister for the marine Frank Fahey. Under the scheme, owners of fishing boats lost at sea could apply for grant aid for replacement capacity.

The Byrne family from Donegal later complained to the ombudsman after its application was rejected, on the grounds it was made after the deadline.

Ms O’Reilly’s report criticised several aspects of the scheme, including the advertising process, which she found was not comprehensive enough. She recommended compensation of €245,000 for the Byrnes.

Ms O’Reilly said last month the Dáil and Seanad had the task of deciding who is right and wrong in her dispute with the Department of Agriculture and Fisheries.

But following a heat Dáil debate on the matter last month, the Government voted against referring the report to the Joint Oireachtas Committee on Agriculture, Fisheries and Food.

In her speech today, Ms O’Reilly claimed the Government had stopped the Oireachtas adjudicating on her dispute with the Department of Agriculture by voting “along party political lines”.

She said this illustrated “how deficits in our parliamentary and government arrangements can adversely affect” the work of her office.

Ms O’Reilly said she would have expected a parliamentary committee, following appropriate scrutiny, to reach the conclusion that her recommendation in the report that financial compensation be paid to the complainant.

She said her office “had done, in its area of responsibility, precisely what the Financial Regulator was accused of not doing, in terms of failing to serve the public interest and rooting out maladministration in the banking system”.

Ms O’Reilly said she hoped the Oireachtas may yet find a mechanism to allow the report to be dealt with “calmly and reasonably”.

In a wide-ranging speech, the Ombudsman said poor governance in a number of our key private and public institutions lies at the heart of our economic downturn.

source http://www.google.com/hostednews/ukpress/article/ALeqM5i_wcQYTrQYYRoOefflmoB6QCHtgg

see also http://breakingnews.iol.ie/news/ireland/ombudsman-blames-tds-for-economic-downturn-449298.html

and  http://www.irishtimes.com/newspaper/breaking/2010/0309/breaking38.html
 

comment

This is just the latest example of how our constitution does not meet the challenges from our own government with the self-interests now blatantly using the executive power to promote the interests of the chosen few

The political system in now was used and abused by a totally corrupt political elite and their lackeys.

The Dail is no longer listening to the voice of the Irish people.

Wrangling over the plum jobs and positions of power are the order of the day, sqandering billions down toxic Bank holes under the guise of the Con NAMA , and robbing ordinary people of their dignity in sickness

By putting them on trolleys in hallways, along hospitals corridors

Forcing the unemployed to work for nothing is programs (WPP) from discredited FAS

Allowing Bank Directors to be rewarded, who have supervised the systematic destruction of our national banking system to continue in place while the public loses their pensions and the shareholder loses 95% of their holdings!

Our political masters are so interconnected with these gangsters they have put the interests of International bond holders (NAMA)over the interests of the Irish people. We are no longer a free and independent nation our freedom has being given away and we and our children and the next generation are now financial slaves to foreign vested interests

This is treachery and it seems the constitutional rights of the of the people of Ireland are been ignored .This Dail no longer represents the people and any amount of shuffling the chairs around a corrupt cabinet will change nothing!

Traitors are still traitors it doesn’t matter where they sit

We the people want those responsible removed from their plum jobs and brought before the people’s justice. We also demand the a new government renegotiate the huge debts that were incurred by their corrupt bankers and the said Bank directors made pay from their own funds

Those responsible must not benefit in any way from their crimes.

These people at the top are the problem and until they all go Ireland hasn’t got any hope of retrieving its once cherished independence.

God save Ireland from NAMA and these Gangsters!

Forget the minimum wage and work for nothing!

Work Placement Program (WPP)

Languishing on the Dole for the last 12 months and not in receipt of any payments (because I was self-employed) I heard about this program, and thought I would go down to the local FAS office here in Wicklow Town and enquire about this possibility for myself!

As usual I was met with the usual courtesy .The FAS officer reminded me that they were always available, no appointment was necessary and we got down to business

I wanted to know if there was a possibility I could take advantage of this program.

Cheerfully she informed me I would be eligible for this program (now we are getting places I thought!)

Then out of the blue I was told that whilst I could theoretically get a placing for up to nine months in a company, I would be working without pay for those nine months.

As I am not in receipt of any payments from the department of social welfare or FAS itself.

I would not receive any funds from these state bodies nor would I receive any payment from the company I was working for!

So we have now reached the bottom in the Irish labour market, forget the minimum wage, with the new changes to the FAS rules at the last budget in December.

Brian Lenihian now expects the unemployed to work for nothing!

The sense of injustice is just sickening, as I have worked all my life and paid my taxes and yet I see people who have not contributed to the state collect payments!

It’s almost a crime to be Irish in Ireland now! FAS may not have any more money to pay

For the training and up skilling of the unemployed as a result of their incompetence

And questionable financial practices.

I appeal to the minster concerned to ratify this obvious abuse of the Unemployed and I call on all TD’s to demand that this practice be immediately revoked

I particularly call on the local TD’s for my area, to publicly show their support for the unemployed of Wicklow and support this petition.

Liz McManus TD liz.mcmanus@oireachtas.ie,

Joe Behan TD joe.behan@oireachtas.ie

Andrew Doyle andrew.doyle@finegael.ie

Billy Timmins billy.timmins@oireachtas.ie

Dick Roche dick.roche@oireachtas.ie


Tag Cloud