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Archive for the ‘“The-end-of-democracy”’ Category

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 .

Morgan Kelly Warning IMMINENT COLLAPSE, 2007 (Prof. UCD)

Remember this ??

OPINION: Ireland is heading for bankruptcy, which would be catastrophic for a country that trades on its reputation as a safe place to do business, writes MORGAN KELLY

WITH THE Irish Government on track to owe a quarter of a trillion euro by 2014, a prolonged and chaotic national bankruptcy is becoming inevitable. By the time the dust settles, Ireland’s last remaining asset, its reputation as a safe place from which to conduct business, will have been destroyed.

Ireland is facing economic ruin.

While most people would trace our ruin to to the bank guarantee of September 2008, the real error was in sticking with the guarantee long after it had become clear that the bank losses were insupportable. Brian Lenihan’s original decision to guarantee most of the bonds of Irish banks was a mistake, but a mistake so obvious and so ridiculous that it could easily have been reversed. The ideal time to have reversed the bank guarantee was a few months later when Patrick Honohan was appointed governor of the Central Bank and assumed de facto control of Irish economic policy.

full article at source:http://www.irishtimes.com/newspaper/opinion/2011/0507/1224296372123.html

Comment:

We have the same Bankers, and Government ministers all telling us that referendum must be passed in order to stabilize our Finances .We the people have put our thrust in them and  time after time we have been hoodwinked, bamboozled, and conned into an austerity trap that will continue for the next generation .These people are advocating we vote yes .I call on all independent minded citizens to look at the real facts and search the web for the truth..

I am calling for a NO Vote; we are simply not in a position to continue to pay corrupt bankers, politicians, and their l vested interests groups, lottery salaries and pensions .In order to continue to do this we are allowing the destruction of our communities as the funds needed to support our communities is siphoned away to pay these leaches .We must stand up and say enough is enough , these criminals must be brought to justice and these so called experts should be hounded out of all government offices and taken off the national airwaves and replaced with more of the independent voices like Morgan Kelly .

Irish bailout protects key investors

By

Howard Schneider

Friday, December 3, 2010

Fear of a broad economic meltdown prompted officials in Europe and at the International Monetary Fund to protect key investors in Ireland’s troubled banks from losses, despite intense debate about the use of public funds to bail out private companies.

As officials scrambled last week to rescue Ireland from a banking crisis that threatened to make the government itself insolvent, officials drew a firm line when it came to investors who had purchased the most secure form of bank bonds, known as “senior” debt. Senior bonds are a staple source of funding for European banks and are considered such a safe investment that they are widely held by other banks, pension funds and similar institutions. In Ireland’s case, many of those investors are in Germany and the United Kingdom.

Forcing losses on senior bondholders, it was feared, would hit Europe with the same force as the collapse of Lehman Brothers in the United States – casting doubt on an entire system and with potentially global ramifications if it threw Europe back into recession or undermined an important economy, such as Germany’s. Even with taxpayers’ money involved from around the globe, in the form of $30 billion lent to Ireland from the IMF and $60 billion from European countries, the holders of an estimated $50 billion to $60 billion in Irish senior bank bonds were assured their money would be repaid.

“The driving force behind the decision to not involve the senior unsecured debtholders was the fear of contagion to other European banks – Spanish banks, Portuguese banks, maybe even Italian. You just wanted to avoid another sort of freeze on the capital markets,” said Frank Engels, senior European economist at Barclays Capital.

The structure of the Irish rescue deal shows the uncertainties that still surround efforts to shore up the finances of the 16-nation euro zone, a currency region that includes economic giants such as Germany and weak links such as Portugal. Although vast public resources have been pledged to the effort, investors remain doubtful that countries can do what’s needed to right public finances and restore growth.

The European Central Bank moved to calm the situation Thursday, saying it would continue buying bonds of troubled European countries and lending money to banks as needed.

But the Irish bailout has focused attention on some of the central issues yet to be resolved from the financial crisis: how to protect taxpayers from shouldering future bailouts, and how to prevent a crisis in one corner of the world from inflicting damage on the global economy because of the financial links between companies and countries.

The bank and corporate bailouts in the United States also protected many investors – by some reckoning, even a broader group than in Europe. Both senior and “subordinate” creditors were largely made whole in the U.S. rescues of companies such as Citibank and AIG. Although many stockholders lost out, others gained as the bailouts helped some companies recover and the value of their shares rose.

In Europe, by contrast, the drive to punish bank owners and investors has been more forceful as governments there stepped in with trillions of dollars in state support. Stockholders in some companies were fully wiped out when the businesses were nationalized, and owners of less secure debt have, in some cases, suffered losses. Holders of less- secure debt at the Anglo Irish bank, for example, were paid 20 cents on the dollar, and many analysts expect similar writedowns at other Irish banks as the country restructures its financial industry.

But the secure senior debt represents part of a more intense entanglement that Europe needs to resolve if its financial system is to be put back on sound enough footing to support stronger economic growth. Over the years, European banks and financial institutions have invested widely in the bonds of other European countries, and in the bonds of banks in other nations – often with little regard to the underlying risks and on the assumption that each country would ultimately repay its own debts and stand behind its financial institutions.

In a booming economy, no one second-guessed whether Greece was as sound a credit risk as Germany or raised questions when Irish banks fed a local property boom with aggressive lending. As the downturn began to expose the flaws, it remained uncertain how a default in one country or company might affect others.

“You don’t necessarily know where the next domino will fall, but you know there will be a chain effect set in motion,” said Jacob Kirkegaard, a Europe specialist at the Peterson Institute for International Economics.

It has made for complex politics – German officials struggling to balance an underlying distaste for public bailouts with the fact that their banks are deeply entangled in weaker European countries; and the IMF undertaking one of its most direct-ever rescues of a specific industry – but little clarity.

Ultimately, European officials say they want to make clear to investors that those who buy European government or bank bonds may well suffer losses. That is likely to lead to higher interest rates for weaker countries or companies but also a more careful assessment of how banks and nations are run. At Germany’s urging, such a provision may become part of Europe’s debt markets in 2013.

source http://www.washingtonpost.com/wp-dyn/content/article/2010/12/02/AR2010120206087.html

TD’s unite to give themselves a pay rise

in case you missed this

By John Drennan

Sunday November 07 2010

As the country faces economic meltdown, TDs and senators are planning to improve their already plush terms and conditions.

An official estimate of the money required to run the Dail in 2011 ‘sneaked’ through the Dail last Thursday reveals that the recession stops at the gates of Leinster House.

Did you Know?

In a touching scene, deputies across all parties suspended hostilities and agreed to the estimates without a single objection.

The estimates reveal that the cost of a Dail which serves fewer people than the population of cities such as greater Manchester, will in 2011 come to €112,983,000 — which represents a drop of just €1.2m (or 1 per cent) on last year’s spending.

But expenditure on the perks and services enjoyed by our TDs and senators will actually increase in certain areas next year.

The cost of salaries for TDs, senators and secretarial assistants will increase, while salaries of staff like those in catering and behind the Dail bar will decrease.

The estimates for 2011 reveal that there will be an increase in the postal and telecommunications service, which allows TDs and senators to send out promotional literature to their constituents.

The budget for delegates to ‘other parliamentary assemblies‘ has increased by 50 per cent and the ‘grant in aid’ for ‘inter-parliamentary activities’ has also increased by a whopping 40 per cent.

Even this, however, is dwarfed by the increase in the budget for allowances in respect of former members of the houses of the Oireachtas, which has been increased from €49,000 to €149,000.

At a time when pensioners fear losing entitlements such as free travel, the estimates also contain an increase of the ‘grant in aid’ to parliamentary pensioners from from €10,084,000 to €10,562,000, indicating that Dail and Seanad pension recipients will be unique within the country in actually securing an increase next year. The estimates also reveal that there will be a substantial increase in the Budget for televising Dail and Seanad proceedings, which provides TDs and Senators with much-desired coverage.

Though some minimalistic cuts are revealed in the anticipated expenses of TDs and senators, one source noted that “when the increases are taken in the round, TDs and senators will not be losing a penny in salaries and expenses next year”.

– John Drennan

Sunday Independent

Comment

Here we have a perfect example of our public representatives sucking us dry  these blood suckers will still have a neck to come calling in the next few months to our doors our homes and tell us how hard things are going to get and they are the people to make the hard choices on our behalf  and we should vote them back into the Dail .

 Do not vote in any of the existing TD’s ever again  give them their P45 ASAP

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

spreads tell a story

CDS spreads  

Mr Lenihan, these figures tell the Irish People the real story the spreads cannot be dismissed and you are going to have to come clean on the true nature of the Banks derivatives time bomb

No more account gimmickry! No More drip, drip losses!

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Is it time to let AIB go?

Allied Irish Banks' crest

Image via Wikipedia

Is it time to let AIB go?

namawinelake | November 2, 2010 at 11:51 am | Categories: Irish economy, NAMA | URL: http://wp.me/pNlCf-Kw

It sounds like the kind of decision a family around the death bed of a loved one faces. Though perhaps the comparison isn’t in the best taste, the reality is that the venerable 185-year old bank is facing insolvency and it is only the dogmatic government strategy of maintaining a duopoly of “Irish” banks not to mention over €10bn of public funds and significant ECB funds that is keeping the bank afloat. This entry examines the status of AIB and the cost of keeping it alive.

Firstly for our international friends, AIB is Allied Irish Banks PLC – note the plural “Banks”. It has nothing to do with the biggest failure in Irish corporate history, Anglo Irish Bank which is referred to domestically simply as “Anglo”. AIB was conceived in 1825 with the opening of a bank called Provincial Bank and over the next century and a half merged with other domestic banks to give us the Allied Irish Banks that we know today. Alongside Bank of Ireland it is seen as the rock of Irish banking.

During the property boom in the 2000s the bank was a late participant in the mania but there is evidence that once it arrived at the party it wasted no time in trying to catch up with the existing party-goers. The Minister for Finance estimates that the bank’s remaining NAMA loans are worth 40c in the euro (including long term economic value).

Its most recent set of accounts for the first six months of 2010 show that the bank had assets of €169bn, liabilities of €160bn and capital of €9bn. So it is a huge business in an Irish context but clearly solvent by reference to these results. Unfortunately the results don’t reflect the true condition of the loan assets. The cumulative provision for losses on NAMA loans in the interim results was 26% – that is, the loans were worth 74c in the euro. The most recent ministerial estimate is 40c in the euro. This should result in a further loss to AIB of €5.5bn. But NAMA loans form a small part of AIB’s total loanbook and the company will have some €81bn of non-NAMA loans (plus €4.5bn of €5-20m formerly NAMA loans) once NAMA has absorbed the poison. The cumulative provision on these loans in June 2010 was just €3bn (note 22 on page 83). Given that these loans include commercial property and business lending in a state which has suffered the greatest contraction in GDP amongst developed countries in modern times, I would suggest that provision is utter fantasy.

Like some shady cash-in-hand sole trader, AIB maintain a second set of books under the auspices of the Financial Regulator who in March this year set out the capital requirements for AIB and other banks (the Prudential Capital Assessment Review). In September using this second set of books, the Regulator announced that AIB needed raise €10.4bn by the end of this year. AIB’s strategy was to dispose of some assets and then to raise additional equity underwritten by the State. There is a detailed entry on these capital raising efforts here but in summary the bank disposed of its Polish operation (still subject to approvals) which yielded €2.5bn capital from the €3.1bn sale price and yesterday AIB held an EGM in which shareholders approved the sale of the bank’s stake in US bank M&T which should add €0.9bn to the capital coffers. The bank announced yesterday that it was placing the sale of the UK operation on hold (though there appears to be some back-pedalling on these comments this morning). Unless there is some dynamic between the UK sale and capital that means that the bank still needs €7bn in new capital in the next 60 days. And there is only sucker with that level of available funding that is willing to invest in what is likely to be an insolvent bank, and that’s the government who seem intent on placing just under one half of our National Pension Reserve Fund (that’s the €3.5bn invested in preference shares last year and the €7bn now needed as a proportion of the €24bn funds in the NPRF) in one basket (case) – AIB.

The government strategy seems chauvinistic (“we need a duopoly of Irish banks”), knee-jerked, immoral (not a word you’ll often see on here but taking money from the pension fund to prop up an insolvent bank is flagitious when there are other options to protect a functioning banking system), recklessly risky (one half of the pension fund is “invested” in one company in one sector). AIB should be taken into 100% state ownership immediately, the State should assess the value of any shareholdings in AIB (I expect they are worth nothing), negotiate with the €4bn+ of junior bondholders the company had at June 2010 and assess if senior bondholders might make a contribution to the insolvent bank. Only then should the State assess the systemic importance of AIB and should probably seek a buyer for the rump of that company. Even if the state is left with only one Irish bank so what? We have a Financial Regulator with 520 staff that should be able to regulate a restricted market to combat uncompetitive practices and when the Irish economy recovers other banks may see prospects here.

If on the other hand, we maintain the pretence that AIB is a viable bank then €7bn will need be found in the next 60 days. At the very best we are set to lose €1.8bn if we continue with the madness of the NPRF underwriting a share issue at €0.50 per share when the shares are presently trading at €0.35. With the healthiest Irish bank, Bank of Ireland, having to borrow 3-year funds at 5.875% last week (excluding costs) in a market where mortgages and commercial lending is still available at 3%, the prospects for profitability at AIB are slim in the context of the NPRF’s investment strategy which allows it invest in any market across the globe.

It is time to say our goodbyes and pull the plug.

source http://namawinelake.wordpress.com/2010/11/02/is-it-time-to-let-aib-go/

Comment:

Unfortunately this government is hell bent on holding on to this once trophy bank along with the top notch gangsters and X Politicians at the helm who will not vote themselves out of this sought after gig

Since the Minister of Finance himself says that the still remaindering loans are only worth 40c in the euro this alone tells me that the bank is gone beyond repair, as every one of his pronouncements on figures have been totally out.  I expect that you wouldn’t even get 10 cent on the euro The cost is irrelevant as the down trodden taxpayers are going to pay up.This Bank is dead and powering billions into it is tantamount to treason.

Shut this toxic toilet down now and save us the poor taxpayers a little bit of pain!

Thomas

Residents movement for political change

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