“countries about to go bankrupt should draw on the private wealth of their citizens”

in what is sure to be met with cries of derision across the European Union, in line with what the IMF had previously recommended (and we had previously warned as inevitable), the Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help. As Reuters reports, the Bundesbank states, “(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required.” However, they note that they will not support an implementation of a recurrent wealth tax in Germany, saying it would harm growth. We await the refutation (or Draghi’s jawbone solution to this line in the sand.)

Via Reuters,

Germany’s Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help.

The Bundesbank’s tough stance comes after years of euro zone crisis that saw five government bailouts. There have also bond market interventions by the European Central Bank in, for example, Italy where households’ average net wealth is higher than in Germany.

“(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government’s obligations before solidarity of other states is required,” the Bundesbank said in its monthly report.

It warned that such a levy carried significant risks and its implementation would not be easy, adding it should only be considered in absolute exceptional cases, for example to avert a looming sovereign insolvency……..

full article at source: http://www.zerohedge.com/news/2014-01-27/bundesbanks-stunner-broke-eurozone-nations-first-bail-your-rich-citizens

Comment:

Citizens of Ireland, get ready to have your bank account raided by Mr. Noonan and his gangster’s pals in the Irish Government! They are about to come and steal your money under the guise of saving your bank from bankruptcy: Welcome to Bail-ins!

Get you money out of these Zombie Banks before it’s too late!

Let’s talk about tax.

By David Mc Williams

On Friday, both the Financial Times and the New York Times carried banner pieces criticising how Ireland is being used and, more to the point, is allowing itself to be used as part of a large tax avoidance scheme. Opinion is shifting against Ireland’s corporate tax system. And we are talking about the Financial Times and the New York Times – hardly the Worker’s Hammer or Militant.

Added to this, we have reports that the Irish corporate tax system might be a sticking point in the on-going German coalition talks as the left-leaning Social Democrats is demanding tax harmonisation in return for access to future EU bank bailout funds. Right across the political spectrum – left to right – momentum is moving against the way in which Ireland taxes its foreign corporations.

Not that long ago, at the G20 in Enniskillen, the world’s head honchos said that they would act together to level the playing field for corporation tax to prevent companies abusing tax shelters…………………

full article at source: http://www.davidmcwilliams.ie/2013/10/14/lets-talk-about-tax

Comment:

By Thomás Aengus O Cléirigh

The  Irish government’s attempt to re-invent the toxic banks as “Pillar community friendly banks” is just a farce. The Banks latest advertisement that floods our TV screens is insulting and an attempt to dumb down the citizens of Ireland. These toxic corrupt dens should be closed down and the directors should be doing jail time. But there is a more sinister problem here on our door step and it is in the IFSC in Dublin.

Did you know that there is approximately 1.4 trillion Euros on deposit and under Management in the various Fund management companies in the IFSC? Now I myself have two bank accounts one in Bank of Ireland and one at Allied Irish Bank and I estimate I am paying about 2.5% in costs every year (taxes) for the privilege of having these two bank accounts. I suspect that everybody else in Ireland is paying the same through the dirt tax and penal bank charges, but what taxes are the super rich paying to hide the billions in the ISFC off shore tax haven? “Nothing”. Not a single penny, No Taxes!

Remember every euro the government gives away to these billionaires they squeeze out of our health service, our educational system and our community services. Want to know why your taxes are going up in the next budget? Easy the puppet government is giving tax concessions to the likes of all these multinational corporations. Remember that when you get your water charges, your property tax etc you are paying Google’s and Apple’s taxes for them!and dont get me started on the corrupt tax avoidance scams down at Europe’s largest hot money centre the IFSC

What a great bunch of suckers we really are!  Time to get these leaches to pay their proper taxes!

Related articles

• SDP places Irish corporate tax rate at centre of coalition talks (irishtimes.com)

Public Appeal Aimee Foley and her Mom

By Thomás Aengus O Cléirigh

This Minister is a puppet in the hands of hidden money men! These faceless unelected money men are the true rulers’ of Ireland now. We are all financial slaves and we the ordinary people are nothing more to the sell-outs ruling our country now. Billions have been lost in bank bailouts and I belive 10 billion more  is now needed again to keep the corrupt and bankrupt Banks of Allied Irish Bank and Bank of Ireland afloat. The Government hasn’t got these funds and so I expect they will do a Cyprus job on the unsuspecting depositors of these Banks before March next year!

Pouring billions down black holes in the corrupt banks and giving billions in tax breaks to corporations like Google and Apple and a whole load of Hot Money institutions down at the IFSC in Dublin docklands is the only game in town .  Recent figures from the central bank show that 2.75trillion Euros was  sloshing around in “managed funds “ down there and not one red cent was being paid to the Irish state in taxes for providing a safe haven for such hot funds.! Another name for this is “money laundering”! At the same time, we the ordinary people will have to endure another smash and grab from the government in the next budget on the health services to pay the interest on gambling debts from the gangsters in the banks and the hidden corrupt banks in the IFSC Money laundering centre. Headed by John Burton Chairman of IFSC Ireland and former Taoiseach!

It is appalling that a Mother and Daughter have to adapt measures such as this to call on the Minister to provide  the necessary services to give this woman a chance for life.

The funds have been stolen to bail out the minister’s real masters “ The faceless moneymen” and our country will continue to be sucked dry until the people of Ireland wake up and turf these puppets and liars out of the Dial and put in real people committed to providing community services and health services for all our people!

Best of luck Aimee.

AIB ‘will not repay €3.5bn cash it owes’ to the State

Sent in to me this morning:

Thomas,
The total hypocracy is unbelievable …… 3.5 billion being wiped off in exchange for worthless shares while thousands of families are being forced out of business and homes …….

AIB ‘will not repay €3.5bn cash it owes’ to the State

Pension Reserve Fund likely to convert the debt into more shares, says Goodbody

In a note to investors, Eamonn Hughes of Goodbody said he thinks  AIB’s €3.5bn of “preference shares”, which are held by the National  Pension Reserve Fund on behalf of the State, will convert to equity in  the bank. A decision on how and when that will happen will be made  before May 2014, he said.

Despite the name, preference shares are a type of debt owed by banks to investors.

In the case of AIB, the debt is part of the €20.7bn taxpayer-financed bailout of the bank.

The National Pension Reserve Fund is supposed to be paid interest of 8pc  per year on the investment; however, to date, the interest has been paid in shares, not cash.

Goodbody said it expects the entire €3.5bn  to convert into equity because of a punitive clause that will trigger a  25pc “step up”, or increase in the amount owed, if the debt has not been repaid by May next year.

INSTRUMENT

That looks unlikely, according to Goodbody, and its “base-case” scenario is that the instrument will convert into AIB shares.

Converting the preference shares into equity means that instead of being owed €3.5bn by the bank, the State’s hope of recovering the investment rests  on the value of the lender itself rising dramatically.

It would not mean the State has to put any fresh money into the bank, however.

The National Pension Reserve Fund bought preference shares in AIB and Bank of Ireland in 2009 as part of the bank bailout.

Bank of Ireland is likely to raise €700m to €1bn in order to finance paying off its €1.8bn of preference shares, Goodbody said.

However, Eamonn Hughes does not believe AIB will be able to tackle its preference shares before the “step up”.

Goodbody first outlined its view on the capital needs of the banks including AIB in a note that was circulated to clients in May, but the note has never been published.

Its view was reiterated yesterday after  rating agency Fitch said it thinks AIB and Bank of Ireland could  potentially require more capital when the lenders financial strength is  assessed in so-called “stress tests” next year.

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• AIB ‘will not repay €3.5bn cash it owes’ to the State (independent.ie)
• Fears of further cash injections for AIB and BoI after warnings (independent.ie)
• AIB finance head quits amid pay-cap warning (independent.ie)
• Ballyhea protesters launch bank-debt writedown proposals (namawinelake.wordpress.com)
• Debt forgiveness by state-banks to billionaires and merchant princes is secret, says Minister Noonan (namawinelake.wordpress.com)
• AIB And ‘Fraud Of The Highest Order’ (thepressnet.com)
• Bank rescue fund deal unlikely this year, says Kenny (irishtimes.com)
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Ireland the next “Bailout “A LA Cyprus on the way !

By Thomás O Cléirigh

As I write this I am hearing on the Irish radio that the finance minster is in Talks to formalise the “Cyprus Bank bail in” system for a European wide execution .If you are an Irish depositor get your money out now as these crooks will be taking a hefty slice of you hard earned money to contribute to the next phase of the Irish Bank bailout madness!

The public are been kept in the dark as to the real ramifications of this so called new fiscal measures, now been formalized to secure the European banking system from total collapse. Make no mistake we the citizens are been set up once again for a massive fall and we will have to foot the bill that is sure to come by the autumn. Allied Irish Bank is Bankrupt and the only way for this toxic corrupt zombie bank to survive will be the wholesale robbery of its customers A LA Cyprus!  I just checked again on the RTE website to hear once again the news podcast but the item is no longer to be found!

The public are been kept in the dark!

See also: http://thepressnet.com/2013/05/13/if-i-provide-proof-that-the-entire-irish-banking-system-is-a-sham/

http://youtu.be/7gwCdgmTttU

Austerity demonstration in Dublin to-day

By Thomás O Cléirigh

Campaign against the Irish Poll taxes :
Thousands turned out to-day in Dublin to protest against the imposed taxes on the Irish people on behalf of the Troika. These unelected gangsters have bought and paid the local politicians and Ireland has now a puppet Government carrying out the Dictates of Berlin.
The Irish people are now the cash cow that the bondholders are squeezing dry with the help of the collaborators in Leinster House and the top Union Bosses who are just as bad and the traitors Noonan and Kenny not to mention Gilmore. This is just the start !

Debt Options… yes you have options!

The following post was sent in to us from awakenlongfort  blog  

link here: http://awakenlongford.wordpress.com/2012/10/31/debt-options-yes-you-have-options/

Today I filed suit against my Bank – Ulster Bank in the High Court in Dublin.

THE IRISH PEOPLE HAVE HAD ENOUGH.

WITH THE SUPPORT OF OUR CONSTITUTION WE HAVE OPTIONS.

I AM SUING ULSTER BANK FOR €1,000,000.00 FOR STRESS AND THE THE DEEDS OF MY HOME BACK.

YOU TOO COULD DO THE SAME AND STOP THIS WAR AGAINST THE ORDINARY MAN.

CONTACT ME DIRECTLY AND I WILL EXPLAIN WHAT I HAVE DONE AND YOU CAN MAKE UP YOUR OWN MIND OR CONTACT DEBTOPTIONS DIRECT ON THE FACEBOOK PAGE http://www.facebook.com/pages/Debtoptions/211736418893790?fref=ts

YOU DO NOT HAVE TO SIMPLY ACCEPT THE STATUS QUO – YOU HAVE OPTIONS!

PLEASE SHARE THIS POST WITH YOUR FRIENDS AND FAMILY EVEN THE ONES YOU BELIEVE ARE OK, YOU WILL BE SURPRISED HOW MANY ARE NOT!

Comment:

May I take this opportunity to congratulate you on your brave action? For far too long we the ordinary people have allowed these crooks to suck us dry .The Banks are nothing more than a den of thieves as the record of the board of directors from my bank Allied Irish Bank shows us. They have managed to enslave our entire nation as a result of their mind-boggling greed and criminal negligence .After 4 years of hell and penal interests’ rates these blood suckers have destroyed so many families. This outright abuse of the ordinary people of Ireland must be brought to a halt now!These criminials must be brought to the people’s justice If we cannot get justice in this Be-NAMA-republic!

Fair play Sir, and I hope this action will be just the start as we the people must stand up for our own rights as our corrupt government are in cahoots with the toxic Banks and their criminal buddies in Europe.

Best Wishes from Germany

Thomás O Cléirigh

Occupy Dame Street Protest Inside the AIB IFSC “Hot money center “

The Occupy Dame Street group protested against the payment of €1.5 billion to AIB senior bondholders today inside the AIB building in  Dublin’s IFSC this afternoon. The ‘occupation’ of the building was announced by members of Occupy Dame Street on their Twitter account, and one protesters also posted the photo above showing signs and placards placed inside the building.The protesters are speaking out against payment of €1.5 billion of public funds to senior bondholders of AIB, which took place today. The funds are effectively financed by taxpayers money and will be used to cover unsecured debts.

Comment:

I made this video over 3 years ago and not one corrupt banker or politician has gone to jail but almost 7,000 people have been jailed because of un paid fines.

Get up off you keens Ireland and fight back!  It’s Time to make the gangsters in the Dail and in the Banks pay for their crimes against the people of Ireland. There is obviously one law for the elite and another law for the ordinary decent people .It’s time for change real change!

Related articles

• Ireland: Occupy Dame Street Responds to Austerity & Bail-Outs With Bank Occupation (occupywallst.org)
• Old media failure in Ireland as €1.5bn is paid by the State to bondholders in a single day (namawinelake.wordpress.com)
• Just another day in the Irish economy as €1.5bn is paid over by State-owned bank to unsecured, unguaranteed bondholders (thepressnet.com)
• Pre-occupied with Post-Occupy: Protesting in Ireland (moonunderwater.org)
• Occupy Dame Street evicted – last photographs of the encampment (namawinelake.wordpress.com)

Post-Christmas spinning classes start early for NAMA

By Namawinelake

You would have thought this would be a quiet week for news reporting at NAMA, but it seems the Irish Independent has discovered a few nuggets which seem to cast NAMA in an uncharacteristically benign light. But stick the nuggets under a microscope and they start to look just a leeettle suspicious.

Yesterday the Independent reported that NAMA had “tipped-off” the Revenue Commissioners (Irish tax authorities) about “possible tax evasion” by “dozens” of the 850-odd developers whose loans NAMA is managing. Dig a little deeper and you will see that NAMA was doing no more than its duty in notifying suspicious transactions or assets to the Revenue; some or indeed many, of these suspicions might previously have been notified to the Revenue by the original banks – NAMA is not saying and the Independent doesn’t include such detail.

full article at source:http://namawinelake.wordpress.com/2011/12/28/post-christmas-spinning-classes-start-early-for-nama/

Comment:

This state agency is nothing more than a gravy train for the insiders and political fixers who are milking this cow for all its worth and the taxpayers of the country are been sucked dry!We the citizens are been screwed and the government are fanning the flames  of revolt!

The Minister for Finance, Mr Michael Noonan TD responds

Department of Finance                   Office of the Minister

UpperMerrion Street,                      http://www.irlgov.ie/finance

Dublin Ireland.Our Ref: 11/0035/MF 29 September 2011

Dear Mr Clarke

The Minister for Finance, Mr Michael Noonan TD, has asked me to thank you for your e-mail of 13 September regarding the media reports about the High Court case between the Dalys and NAMA, which seemed to suggest that NAMA was cutting a sweetheart deal in this case.  While the facts set out hereunder may or may not assuage your concerns in this matter, it is important to explain these facts to set some context at the very least.

The first point is that NAMA can only operate in accordance with the law in general and the provisions of the National Asset Management Act 2009 in particular. Section 211 of the NAMA Act was included specifically to deal with cases where assets were being transferred into the names of relatives in an attempt to hinder NAMA. This section providesthat in certain circumstances the High Court may, upon application by NAMA or a NAMA group entity, declare disposals of assets of debtors and guarantorsetc. to be void if the Court is satisfied that (i) the effect of that disposal is prejudicial to the acquisition by NAMA or a NAMA group entity of one or more bank assets and (ii) it is just and equitable to do so.

The second point is that Mr Frank Daly, the Chairman of NAMA has stated that as the agency is charged with maximizing the commercial return to the taxpayer, i.e., making the highest amount it can on the loans it is handling, it is regularly faced with difficult choices to make between working with a developer on his loans or foreclosing through the appointment of a receiver. The option selected by NAMA is whichever is likely to generate the higher return for the taxpayer. That is the basis for engaging with a borrower. It is certainly not corruption. This particular case was one where the borrower was resisting the attempts of NAMA (and also AIB) to appoint a receiver after attempts to reach a working agreement with the borrower had failed.

The third point is that to date NAMA has secured the reversal of a significant number of asset transfers as part of its business plan agreements with debtors. The Minister understands from NAMA that only a minority of debtors engaged in asset transfers to spouses, relatives or other parties but, in cases where it did occur, the reversal of such transfers is a key requirement imposed by NAMA before it can agree to a debtor’s business plan. Failure by a debtor to accept this requirement is likely to lead to enforcement action.

The final point is that the media reports have glossed over the fact that this was afailed attempt by the Dalys to prevent the appointment of receivers to their assets by NAMA and by AIB. They sought a High Court injunction against the appointment of the receivers and the Court refused their application. NAMA has confirmed that it is now examining all options for the repayment of the Daly loans and that any proposals made prior to the time of the appointment of receivers to the properties have been taken off the table.

Yours sincerely

Sean Kinsella

Private Secretary to the Minister for Finance

Comment:

 

 

Dear Mr. Sean Kinsella,

May I ask you to pass on to the minister my thanks for your prompt and indebt response?

Best wishes

Thomas Clarke

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