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Posts tagged ‘Aer Lingus’

Today Ireland sold €600m of state assets…

By Namawinelake 

It is comedic, bordering on farcical, that this country will agonise over the disposal of the 25% stake in Aer Lingus – worth about a lousy €175m – whilst at the same time largely ignore sales of assets worth many multiples of this. Today, the British commercial property portal, CoStar.co.uk reports that AIB has sold €600m of assets in Poland. The Irish state owns 99.8% of AIB, so these disposals are our assets.

The buyer appears to be a joint venture between two non-Irish companies, Peakside Capital and Partners Group………

full article at source: http://namawinelake.wordpress.com/2012/08/23/today-ireland-sold-e600m-of-state-assets/

Comment:

Our family silver is been sold off to “Friends and “Insiders”  at knockdown prices and the Gangsters and collaborators doing this have cloaked themselves in the National Flag and so called “friend of the worker” organisations like the labour party, and the major Unions  !We are been sold out and into financial slavery .These economic terrorists  in the Dail, Banks and Unions ,will someday be made pay for this treachery!

 

The Great Irish State Assets Sell-offs 2012 (the ones that you haven’t heard anything about)

Last week’s surprise offer from Ryanair for all the shares in Aer Lingus generated many column inches in newspapers and much national discourse. The €694m valuation of Aer Lingus derived from the €1.30 a share offer, would have valued the State’s 25% stake at about €175m. And because the State’s stake in Aer Lingus is slated for disposal anyway, there has been much talk about the price. Last week, Minister for Public Expenditure and Reform, Brendan Howlin, when asked about the value of the State’s stake, referred reporters at a press conference to a reply given by his colleague Minister Noonan the previous week, when he said you don’t show your negotiating hand in advance, and have you never sold a calf at the Fair of Glen. Alongside our stake in Aer Lingus, you can also expect much discussion over the coming months with the disposal of stakes in Bord Gais Energy and parts of the ESB. All told, the plan is to raise €2-3bn in the disposal of stakes in State companies.

full article at source: http://namawinelake.wordpress.com/2012/07/22/the-great-irish-state-assets-sell-offs-2012-the-ones-that-you-havent-heard-anything-about/

Hit the Streets! European Day of Action

The people from the Enough! Campaign
have sent us this notice of the up-coming demonstration against the cuts
and austerity measures the IMF and ECB are forcing on to the Irish Public. If
you can manage it please do come out and support this effort. As always we
encourage you to bring your Children after all this is on their behalf.

Saturday, October 15 · 1:00pm – 5:00pm  from Parnell Square Dublin

The IMF-EU-ECB (Troika) are back in Ireland on October 15th.Their austerity polices are causing immense suffering and are making the economic crises worse.Meanwhile bondholders and super wealthy are getting off scot-free. This time they are demanding we sell up to 5 Billion worth of state assets. We are selling the family silver to pay for zombie banks.

 They want to cut public sector pay again and they want to further dismantle… protections for low paid workers. They plan to slash social welfare,education,special needs assistants and close hospitals A&Es. They also plan to close social housing,introduce a hosehold tax and water tax.

ESB, Board Gais, Coillte, Aer Lingus are all all on the auction block. State enterprises like the ESB are what transformed Ireland from a third world country to a modern economy. Putting these vital public assets in private hands is disastrous.

The Eircom privatization set Ireland back years on broadband. Rail privatization in Britan led to more rail disastrous. due to cutbacks in signalling.The same will happen here with electricity ,power and water. Private companies are only interested in making profits not in running a good public service. Selling the ESB off will just transfer the social wealth into private hands.

 In fact the ESB shows what proper state investment can achieve. The ESB transformed Ireland through it’s electrification scheme. It delivered high quality jobs and cheap electricity. In the fact of mass unemployment and immigration we should be investing in state companies to create jobs.

 This has been the IMF’s Policies for decades. They load a country with more debt than what they already have,and then demand the sell off  of state assets in order to pay them back, knowing full well that the country has to much debt and when that country defaults they demand more privatization, this can be their water,hospitals,prison and even school systems. Africa has has been devastated by these policies ,life expectancy of the population has declined and in the end the countries have ended up owing just as much as when they started.

Ireland’s debt is odious. Illegitimate debt. It is the debt of the bankers and private speculators. Let them pay their own debt! FG and Labour have completely reneged on their election promises to burn the bondholders.

 We the tax payers,have to cover the bank’s debts but there is no similar bail out for homeowners in mortgage arrears or workers who have lost their jobs or workers who have lost their jobs. If we do not stop them this country will be thrown back to the 1920s.

 But they can be stopped. Mass protest can force the government and the IMF to back down. Three years ago the pensioners forced the government to back down.If we all stand together we can push them back.

link to facebook : https://www.facebook.com/home.php#!/event.php?eid=160108907409461

We are not been showen the full deal

via Flickr”]The powerful European Central Bank [ E C B ] i...

Yesterday the Minister for Finance published a statement and a set of documents which set out in some detail parts of the agreement reached over the past couple of weeks with the IMF and various parties from within the EU. I say “some parts” because it seems a secret side letter dealing with the banks is not being published at present. It seems bizarre that the documents were published only after statements on the agreement in the Oireachtas where Opposition parties were forced to comment on documents unseen. Why weren’t the documents published on Monday last before the matter was dealt with in the Oireachtas? For interest, the PDF consolidated document was created at 1.51pm yesterday. And I am still at a loss as to why the letters at the top of the consolidated document are dated “[] December”.
It was of course predictable that Opposition parties might attack the bailout plan in the Oireachtas on Tuesday. And it must be said that the Taoiseach gave a robust defence in which he pointed out that 5.8% was less than the rates practically available to Ireland at the moment, that the State was a half year away from running out of the cash to fund day-to-day spending (including pensions, social welfare and public sector pay), that Greece was now seeking the same bailout terms as Ireland and that we need a functioning banking system. He even managed to get a few laughs when he responded to Sinn Fein’s speech and remarked at how ironic it was that just as Sinn Fein were coming round to the idea of the State that they still weren’t aware that the State needed to be funded (unfair yet funny nonetheless). But he deployed at least three tactics in dealing with the onslaught from the Opposition which are worth examining:
(a) He didn’t reveal all of the terms of the deal. In particular we don’t know what has been agreed with the ECB from whom Irish banks appear to have €90bn+ of emergency liquidity assistance. He didn’t reveal why the banks need further capitalisation at this stage. He deployed misdirection as far as I was concerned to try to focus the bailout on “Garda and nurses salaries” instead of what it is really about : the banks. The interest rates are just now becoming known though they are not included in the document set published yesterday.
(b) He challenged the Opposition to produce a better alternative to the unpublished agreement. In principle this was a fair tactic because it is very easy to knock a solution to a difficult crisis without proposing an alternative. It would have been fairer though if the Opposition knew what deal was being proposed.
(c) He specifically challenged the notion that has gained mainstream traction in the State supporting “burning bondholders” and default. The Taoiseach claimed that the Opposition regarded these options as “cost-free”. Again a fair challenge but it would have been fairer if he didn’t use the extreme of claiming that supporters of default say it is cost-free, a more accurate assessment is that they said it would cost less than the present course.
So having studied the consolidated document published yesterday, is there an alternative and would default cost less than the proposed agreement? Before starting it needs to be acknowledged that we do not have comprehensive facts on what has been agreed with the IMF/EU and in particular we do not know what is proposed in detail with the banks, including the European Central Bank.
An alternative
Firstly I should say that I don’t see fiscal balancing, getting our revenues to equal our costs (excluding the cost of the bank bailout) to be an epic challenge. Nor do the politicians who believe we can achieve near equilibrium in 4-6 years. And frankly if those fuckers (that’s what our Taoiseach called them in the Oireachtas when he didn’t realise his microphone was on) in our competition quangos got their act together then we could see a re-basing of costs in the economy going forward (so if food, electricity, gas, broadband, phones, mobiles, education, medical and other professional services, clothing, consumer goods for examples) are all cut by 25-50% then frankly the fiscal adjustment would be a lot less challenging than many think – yes, there would be challenges in dealing with legacy debt, particularly mortgage debt, but that is a banking matter and will be dealt with below.
Despite the international perception that the Irish got drunk on a credit binge during the boom years, we did do some things right. We established a €25bn rainy day fund called the National Pension Reserve Fund – most countries fund pensions from current tax but we decided to set up a special pot which frankly can be used for any expenditure (and as we see in the current proposal, it is to be used to bail out the banks). We have also borrowed so that we have a €25bn cash balance on hand in addition to our pension reserve. These are our strategic cash assets and their use/loss should be very carefully considered because they provide us with freedom to manoeuvre today.
Ireland also has many State-owned companies and interests which would have been privatised decades ago in other countries. The State owns a major stake in Aer Lingus. The State owns the electricity and gas generation and most distribution companies. The State owns the public transport companies. These are likely to be disposed of under the current IMF/EU plan.

Comment:

This is part of a much bigger article at source and is well worth a read http://namawinelake.wordpress.com/author/namawinelake/

Just one point, we are again experiencing a “spin” version of a very different reality that this plan/bailout entails. The real interest payment when you take into account the plunder of our nation pension fund is in fact 7.3% .Draconian is the word I would use here, Then by Cowen and lenihan’s own admittance, up to a few days ago we (Ireland) did not need this bailout, and then yesterday Lenihan tell the Dail members that failure to pass the budget will result in State issued cheques will bounce! So which is it are we broke or we just doing the EU a favour and if so why are we paying this disastrous interest payment.

Cowen and lenihan are again ignoring reality the market has priced in a default and we should hold on to our own funds while we still have them.

Trying to borrower yourself out of debts can only work for a short time but only if you have an hedge like the Americans have i.e. a reserve currency for example!  

All this plan is going to do for us is to deplete all of our own funds first and then the loss of our assets and all for the private gambling debts of Cowens and lenihans pals.

This budget should not be passed we can get a much better deal if we have the right people  at the table any idiot knows that !

Exposing the golden circle

 

A network of 39 individuals held powerful positions in 33 of 40 top public organisations and

Private Irish businesses in three of the critical Celtic Tiger years (2005-2007), and held more

Than 93 directorships between them in these companies during this period; as well as an

Average of ten directorships each in other companies.

Focused on the years 2005-2007, the research shows that each of the 39 members of this

‘Director Network’ held multiple directorships on at least two boards across 33 of the 40

companies concerned.


More than a quarter (eleven) of the 39 members of the Director Network were particularly

well-connected. They had ten or more links, via these multiple directorships, to other

members of this Network and/or sat on three, four or even five boards of the top 40 companies

simultaneously.

In addition to holding multiple directorships, a significant proportion of the Director Network

held very senior full-time positions, either as CEOs or executive directors or equivalent

positions.

Over half of the members of the Director Network held board positions in at least one of

Ireland’s four largest financial institutions: Anglo Irish Bank, AIB, Bank of Ireland and Irish

Life and Permanent. The three most tightly-interwoven of all 40 boards were all financial

Institutions.

Full PFD report a must read! Map of Golden Circle

 by 

Paula Clancy, Nat O’Connor & Kevin Dillon

 

 

http://www.tascnet.ie

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