What is truth?

Posts tagged ‘Central Bank and Financial Services Authority of Ireland’

ECB refuses to hand over November 2010 threat letter sent to Brian Lenihan

By Namawinelake

The story of Ireland’s bailout in November 2010 has been partly told in dribs and drabs. Governor of the Central Bank of Ireland, Patrick Honohan said that the Minister for Finance in November 2010, the late Brian Lenihan was “crestfallen” when he learned from the ECB that Ireland couldn’t default even on the unguaranteed debts of the banks. The Governor went on to say that Minister Lenihan was “offered no room” for negotiation on the matter. And in April 2011, Dan O’Brien in a BBC Radio 4 programme referred to a letter sent by the former ECB president, Jean-Claude Trichet on Friday 19th November to Minister Lenihan which set out the ECB position

full article at source:  http://namawinelake.wordpress.com/2012/01/09/ecb-refuses-to-hand-over-november-2010-threat-letter-sent-to-brian-lenihan/

Central Bank not printing punts, just euro

The Central Bank of Ireland has said it is not printing Irish punts and is only printing euro at the moment.

The bank said it would not comment on what it called “speculation” in today’s Wall Street Journal that it is evaluating whether or not it needs to secure additional access to printing presses in case it has to print new bank notes to support a “reborn” currency.

The US newspaper quotes “people familiar with the matter” and says other central banks have started to weigh contingency plans to prepare for the possibility that countries leave the eurozone or the eurozone breaks up entirely.

On RTÉ’s Morning Ireland, Seven Investment Management analyst Justin Urquhart Stewart said talk of Ireland printing punts was coming from a number of sources.

He said because the banking crisis in Ireland had already been managed, Ireland could be better off and more cost effective outside the euro.

Comment:

I don’t know about you but I do not believe a single word that this corrupt state body says!

They have shown that they can’t even do simple addition and I am sure they are lying now. With the immanent collapse of the euro you can be sure there boys are printing as fast as they can!

Paddy Honohan, the Irish Central Bank and Justice for the Irish People

                                                                           By

Christopher M. Quigley B.Sc., M.M.II., M.A.

Paddy Honohan, Governor of the Irish Central Bank, shamed himself when he
gave testimony to the Oireachtas Finance committee today.
When asked about debt forgiveness for struggling Irish citizens he retorted that it was the job of the Irish
banks to get back as much capital as possible and not “grant any gifts”. How dare he say such a thing.This is the very same person who had no problem with the following:

35 Billion in capital being GIFTED to NAMA developers on the 3rd of August 2011.30 Billion being GIFTED to Anglo Irish Bondholders through a 10 year promissory note.

17 Billion being GIFTED to the Irish Banking fraternity  to create a so called “core pillar banking system”.

All the above GIFTS are being bankrolled on the good faith and credit of the hapless Irish citizens.Irish consumers were motivated over ten years to enter into a lending boom overseen by an incompetent regulatory framework  under the command of the very self same Irish Central Bank which Paddy Honohan proudly and arrogantly currently presides over.When will the Irish people get JUSTICE from this heartless self serving mandarin?Paddy Honohan destroyed the negotiating position of Brian Lenihan and the Irish State with his mis-timed statements during the course of IMF/EU bailout crisis. For this he should have been made resign. Now he is exercising the same kind of treason on the average Irish debt consumer. Under his watch he wants blood extracted from Irish homes instead of compassion being granted.The Irish people deserve better, they need a break. They need fairness. What is good for the developer goose is good for the hard working gander.Irish citizen’s taxes will be used to bail out the banking mess for decades to come. Many of these citizens are in financial hell. Under the leadership of Enda Kenny and Eamon Gilmore the very least the new Irish government should do is to stand down this Central Banking Governor and insist that debt leniency be granted to families struggling to maintain homes and hearths. Justice and fairness are not a GIFT they are a right.

 

 

Ireland Should Consider Joining the Sterling Area or the Dollar.

By Christopher M. Quigley B.Sc., M.M.I.I., M.A.

 “On Thursday 18th
November 2010 The IMF arrived in the Emerald Isle. What a sad sad
day that was  for the proud people of Ireland. Following 300 years of armed struggle.

the then resident Fianna Fail government replaced English masters with the Continental variety. However the method of usurpation this time was not guns and bullets and starvation but economic and financial prowess. To the victor will go the spoils.”

 The above was written at the end of 2010. It is now nearly 5 months on  and the crisis which brought the IMF to Ireland shows no signs of abating. As we speak the full
extent of the problem has not been fully comprehended.  As mentioned previously there are now in effect 7 levels to Ireland’s financial fiasco: insolvent property development lending; unsustainable annual government deficits; sovereign debt credit rating collapse;
insolvent consumer debt lending; insolvent mortgage debt lending; “off balance sheet: mark to market” derivative debt; 140 billion short-term ECB/ Irish Central Bank lending
facility to national banks which cannot be secured long term.

All the above “problems” need a solution but instead of a comprehensive resolution being implemented each element is being “handled” in a shoddy, short-term manner. Accordingly, not surprisingly, the Euro continues to lurch towards implosion and we are still only half way through recognising the totality of the crisis, never mind solving it. As more and more countries become affected the options open to the mandarins at the ECB/IMF are fewer and fewer. Eventually it must be recognised that the only way to
resolutely end the banking crisis is for each country to find a way to restore
growth. When the implications of the austerity cul-de-sac is fully understood
it will finally be accepted that the only real option left will be currency
devaluation. This measure would save the tourist industries in Spain, Greece
and Portugal and return competitiveness to Irish manufacturing, tourism and
agriculture.

Thus Ireland needs to take action similar to that taken by Argentina in 2002. In that year the former South America tiger faithfully managed to “humble” American banks and dollar bondholders. She de-coupled her currency from a disastrous one-to-one parity with the Dollar and so saved her economy and the social contract with her citizens. In addition she
forced American mortgage holders to accept “pari-pasu” payment in the new
devalued currency rather than in old dollars. Thus Argentinean homeowners did
not suffer the fate currently being experienced by Latvians and Lithuanians
where hard Euro mortgages must be repaid in sinking national currencies.

Ireland needs to get support from her Euro zone partners which will enable her to significantly cut her debt exposure to private bank bondholders. If this action is not allowed Ireland should let it be known that she will consider joining the Sterling Area or possibly merging with the Dollar. This course of action may seem extreme but the simple fact is that the economic picture is so grave that it is only through such decisive and
courageous measures that the disintegrating Irish financial structure can be
salvaged. (It should be remembered that when Eamon de Valera, the former Irish
Prime Minister, was consolidating the finances of the fledgling Irish nation
one of the options explored by the think tank he set up was for Ireland to use
the American Dollar rather than the British Pound). The Irish have nothing left
to lose.  Ireland will not be able to negotiate with strength if she does not have options on the table.

Threatening to leave the Euro, or even the Euro zone completely, is a very strong
bargaining chip. But the threat will have to be credible to be of benefit. If it is not backed up with planning, organisation, critical review and cost-benefit analysis it will have no leveraging value. In other words the Irish government will have to mean it. Thus forthwith the new coalition executive, under Prime Minister Enda Kenny, should set up a task force to explore all aspects of the respective Sterling and Dollar strategies. Ireland
is in a difficult place and it is time for creative thinking. The European
association has all but destroyed Ireland. The Irish nation must realise that
we now owe Brussels nothing for it failed to regulate the availability of
European Central Bank credit as was mandated under the Maastricht treaty. The
ECB and the European Commission have thus proved themselves to be
strategically, administratively and politically incompetent.

Why is it important that Ireland explore these devaluation options? Well the main reason is that through simple devaluation we can restore competitiveness to our economy without applying crippling ECB/IMF deflationary “austerity measures.” Of course to prevent inflation and its concomitant problems undermining future growth of the nation, real enterprise with real wealth benefits must be promoted. The civil service mentality of pay without production must be finally put to rest. Economic survival demands it. The joust
with European socialism must cease forthwith as it has brought us to the brink
of national collapse.

Without strong renegotiation of our way of doing business with the Europeans Ireland will be left saddled with a debt burden that is utterly unsustainable. Without meaningful national initiative the country will be left by the European elite to slowly but surely rot in economic and social stagnation, living on hopes and prayers and dreams and sound-bites
emanating from a media structure bought and sold for by bond technocrats in
Paris, Frankfurt and Strasbourg.

How much additional state funding will Anglo need?

By Namawinelake

Alan Dukes, the chairman of Anglo Irish Bank (“Anglo”) has gone very quiet of late. It seems only yesterday that the former finance minister and former leader of the Fine Gael party couldn’t contain himself with proclaiming his projections of Irish banks generally needing an additional €50bn of capital to cover losses and to provide a normalised banking service; this at a time when governor of the Central Bank of Ireland (CBI), Patrick Honohan was claiming €10bn was the more likely sum. That was only back in February of this year, so we shouldn’t have forgotten it all just yet. Back in February, Alan’s estimate was that Anglo should be okay with the €29-34bn estimated in late 2010 which was a relief because only a few months earlier there had been talk of losses of nearly €40bn. And subsequently the claim from Anglo’s CEO, Mike Aynsley in April 2011 was that the zombie Anglo wouldn’t need more than the €29.3bn already provided. But is that still the case?

full article at source here: http://namawinelake.wordpress.com/2011/07/19/how-much-additional-state-funding-will-anglo-need/

WHY ISN’T THIS GUY the TAOISEACH of IRELAND?

From Irish Central comes this column from Christopher M. Quigley, who calls himself a Dublin-based financial expert and writer.  He calls for Ireland to drop the euro and adopt either the dollar or the British Pound Sterling:

“On Thursday 18th  November 2010 The IMF arrived in the Emerald Isle. What a sad sad day that was  for the proud people of Ireland. Following 300 years of armed struggle the then resident Fianna Fail government replaced English masters with the Continental variety. However the method of usurpation this time was not guns and bullets and starvation but economic and financial prowess. To the victor will go the spoils.”

The above was written at the end of 2010. It is now nearly five months on and the crisis which brought the IMF to Ireland shows no signs of abating. As we speak the full extent of the problem has not been fully comprehended.

As mentioned previously there are now in effect seven levels to Ireland’s financial fiasco: insolvent property development lending; unsustainable annual government deficits; sovereign debt credit rating collapse; insolvent consumer debt lending; insolvent mortgage debt lending; “off balance sheet: mark to market” derivative debt; 140 billion short-term ECB/ Irish Central Bank lending facility to national banks which cannot be secured long term.

All the above “problems” need a solution but instead of a comprehensive resolution being implemented each element is being “handled” in a shoddy, short-term manner.

Accordingly, not surprisingly, the Euro continues to lurch towards implosion and we are still only half way through recognising the totality of the crisis, never mind solving it.

As more and more countries become affected the options open to the mandarins at the ECB/IMF are fewer and fewer. Eventually it must be recognised that the only way to resolutely end the banking crisis is for each country to find a way to restore growth.

When the implications of the austerity cul-de-sac is fully understood it will finally be accepted that the only real option left will be currency devaluation. This measure would save the tourist industries in Spain, Greece and Portugal and return competitiveness to Irish manufacturing, tourism and agriculture.

Thus Ireland needs to take action similar to that taken by Argentina in 2002. In that year the former South America tiger faithfully managed to “humble” American banks and dollar bondholders.

She de-coupled her currency from a disastrous one-to-one parity with the Dollar and so saved her economy and the social contract with her citizens.

In addition she forced American mortgage holders to accept “pari-pasu” payment in the new devalued currency rather than in old dollars. Thus Argentinean homeowners did not suffer the fate currently being experienced by Latvians and Lithuanians where hard Euro mortgages must be repaid in sinking national currencies.

Ireland needs to get support from her Euro zone partners which will enable her to significantly cut her debt exposure to private bank bondholders. If this action is not allowed Ireland should let it be known that she will consider joining the Sterling Area or possibly merging with the dollar

(It should be remembered that when Eamon de Valera, the former Irish Prime Minister, was consolidating the finances of the fledgling Irish nation one of the options explored by the think tank he set up was for Ireland to use the American Dollar rather than the British Pound).

The actor who played Snape in the various Harry Potter movies is the same one who played de Valera in the movie Michael CollinsAlan Rickman was deliciously evil in both roles!  Former Irish PM de Valera is not my hero; Collins was the man who brought political freedom to Ireland but at a terrible price – terror in Irish politics.

But I digress – Quigley makes these bold suggestions:

Thus forthwith the new coalition executive, under Prime Minister Enda Kenny, should set up a task force to explore all aspects of the respective Sterling and Dollar strategies. Ireland is in a difficult place and it is time for creative thinking. The European association has all but destroyed Ireland.  *  *  *  Of course to prevent inflation and its concomitant problems undermining future growth of the nation, real enterprise with real wealth benefits must be promoted. The civil service mentality of pay without production must be finally put to rest. Economic survival demands it. The joust with European socialism must cease forthwith as it has brought us to the brink of national collapse.

Quigley sounds like a cross between Gov. Walker and Nigel Farage!  He needs to consider forming a new political movement in Ireland:  Ireland for the Irish.  His nation calls on him in its time of need.  He could be a Michael Collins for today – except it can be completely peaceful and democratic!  It can be done peacefully.  Form that new political movement.  (Another digression:  Ireland is special to me:  One of my earliest ancestors I can document [great, great grandfather] was Dr. Joel Lycurgus Flanagan.  He or some ancestor of his came from the Emerald Isle is search of a better life.)

Source:

http://www.varight.com/news/why-isnt-this-guy-the-taoiseach-of-ireland/

and By

CHRISTOPHER M. QUIGLEY

“Houston (EU) We have a problem”

I see in the Irish Times today that the Central Bank‘s level of emergency liquidity provided to Irish banks last month, was €53.7 billion While the bank does not disclose the exact figure for the amount of emergency liquidity it provides, the vast bulk of the category of “other assets” refers to emergency liquidity funds. While at the same time the ECB is still supporting the Irish banks to the tune of €102.3 billion. So If the EU is slowly withdrawing its support for Irish banks and the Irish Central Banks is taking up the slack I have a question (1) Where did the Irish central bank get this €53.7 billion from? Have they discovered a hidden vault full of Euros somewhere in the Central bank vaults or are they printing this money. If they are doing so, it must be with the approval of the EU. With the national debt now standing at € 101,441,549,888 billion and we are expecting to have a budget defecate at the end of the year of 20,000,000,000 on top of that ,let’s just do a top up here €53.7 +€102.3 +€ 101.4 +€ 20.00 = €277,400,000,000:Billion Now let’s say that the banks will not need any more money and NAMA is not going to lose its shirt and we will somehow balance the budget next year (somehow through divine intervention) at the current market interest rates of 5.6% ,the interest alone will cost us 15,534,000,000,Billion a year. Now with an income of 35,000,000,000 billion in total revenues I would say “Houston we have a problem”! The current government are just not facing up to reality. Our current government expenditure is running at 54,000,000,000 and after paying the interest on existing loans we will have a budget defecate of approximately 38.5 billion. Now how is that not going to end up with us having to default???

Has there been a change of tone at the IMF?

by namawinelake 

There have been a number of statements from the IMF this week which suggest an apparent change in tone towards Ireland’s financial difficulties, now that former managing director and, by the bye, French presidential candidate, Dominique Strauss-Kahn (DSK) has departed the IMF to reconcile himself with the consequences of what took place in his New York hotel room only a week ago. DSK has been replaced on an interim basis by John Lipsky, the American economist with an earlier career with global investment banks. The IMF yesterday announced a recruitment process for DSK’s permanent replacement and say they hope the new appointee will be in place by the end of June 2011; according to the media, frontrunners include the current French finance minister, Christine Lagarde but other names in the frame include former UK prime minister, Gordon Brown as well as non-Europeans like India’s Montek Singh Ahluwalia. Tradition has been for a European to hold the top job at the IMF whilst an American holds top post at the World Bank but that seems as appropriate today as the ban on theUK monarch marrying a Catholic.
This week saw a raft of statements from the IMF that directly dealt with Irelandor which certainly pertain to our difficulties. On Tuesday, the IMF announced that it had agreed to release the next tranche of bailout funding which we had requested to be brought forward. That Tuesday statement by the IMF was quite upbeat about the efforts already made by our country to confront our difficulties. I was impressed by what appeared to me to be the IMF sticking its head above the parapets and suggesting that a medium-term ECB facility for our banks was necessary in order that our banks could return to the market for funding. This seems new and potentially creates a rift between the IMF and EU approach to Ireland. We still don’t know exactly what happened the week of the stress test and bank restructuring announcements at the end of March 2011 but it seems that we were desperately seeking a commitment from the ECB for a medium term facility then; remember the ECB is presently providing some €80bn of short-term liquidity funding to our domestic banks and is additionally authorising our national Central Bank of Ireland to provide €70bn of emergency liquidity assistance to our domestic banks. This short term financing is undermining our banking system and as Greece is finding out in quite graphic detail, being in hock to a lender that can pull the plug in seven days is reckless for a nation. But back in March 2011, the ECB unceremoniously dashed any hopes of a medium term facility with its statements in response to the 31st March restructuring announcements. Well, thank God at last that the IMF is making it plain that a medium-term facility is necessary.
But there’s more. Yesterday, the IMF released its first and second review staff report for Ireland and held a telephone press conference to respond to questions. And what a difference in tone! Back in March 2011 when the press asked the IMF about burning bondholders, the questioner was accused by the IMF of asking a “have you stopped beating your wife” loaded question and the question went unanswered. Yesterday the following exchange took place
Press: And you seem to be implying that you also understand or believe this and that without burden sharing from bondholders, be they bank bondholders or people involved in the bank bailout or whatever, without thatIreland’s prospects are very grim.
Ajai Chopra: Second, European partners need to make clear that for countries currently with programs there will be the right amount of financing on the right terms and for the right duration to foster success. In other words, the countries cannot do it alone and putting a disproportionate burden of the cost of adjustment on the country may not be economically or politically feasible. The resulting uncertainty affects not only these countries but through the high spreads and lack of market access it increases the threat of spillovers and creates downside risks to the broader euro area. Hence, these costs need to be shared including through additional financing if necessary.
I thought this was ground-breaking and signaled as clearly as possible that the IMF was now taking a position, regardless of whether or not it was at odds with the EU. And for good measure, the IMF was clear that “an increase in the corporate income tax is not a part of the EU/IMF supported program because we did not see such a tax increase as consistent with the overall goals of the program in restoring growth.”
The interim IMF boss was also speaking this week and his speech to the IMF Annual Meeting of the Bretton Woods Committee is also relevant to our circumstances when John Lipsky said “Turning toEurope, several peripheral euro area countries today remain in critical situations. And there is no easy solution. Without any doubt, the primary responsibility for restoring their economic health lies with the peripheral countries themselves. Difficult and demanding measures will be required in order to avoid an even more serious crisis and to restore economic health. At the same time, there are compelling reasons for their European neighbors and the global community—operating through the IMF—to support these countries’ reform efforts. The only viable option forEurope today is a solution that is comprehensive and consistent—and that is also cooperative and shared. Such a solution inevitably will include: (i) strengthening area-wide crisis management frameworks; (ii) accelerating financial sector repair; (iii) improving fiscal and macroeconomic coordination; and (iv) promoting high-quality growth.”
Sadly the IMF is the junior creditor in our bailout having a maximum commitment of €22.5bn compared to the maximum of €45bn being advanced by the EU. But securing IMF support for a degree of burden-sharing, for a medium term ECB facility and the maintenance of our corporation tax rate (and by implication its base) should bolster our efforts to emerge from the financial crisis and repay our sovereign debts and share in the repayment of our bank debts. It always struck me that our negotiating team last November didn’t recognize differences in the stances of the various parties and consequently didn’t even begin to exploit those differences. It was also striking that the IMF was hitherto at pains to avoid the perception of any rift or difference of opinion with the EU; the last week has reversed this perception and it is to be hoped that our current negotiators are capable of recognising the changes and developing a strategy which might exploit those differences and deliver a bailout which is sustainable.

source: http://wp.me/pNlCf-1qt

Comment:

The lunacy of Government treasury management

 by Dr. Constantin Gurdgiev
 
 
 Namawinelake blog has an excellent post on the lunacy of Government treasury management exposed by the CBofI’s latest accounts –
 read it here.

On April 7, 1775, Samuel Johnson made his famous pronouncement: “Patriotism is the last refuge of the scoundrel”. This statement caught the chord with many other illustrious thinkers. Ambrose Bierce‘s The Devils Dictionary: “In Dr. Johnson’s famous dictionary patriotism is defined as the last resort of a scoundrel. …I beg to submit that it is the first.” In 1926, H. L. Mencken added that patriotism “…is the first, last, and middle range of fools.”

Whether one can separate a scoundrel from a fool or the first refuge from the last, in recent years we have seen Government officials who have exhibited all four attributes of false ‘patriotism’.

No doubt, the decision by the Irish Minister for Finance to instruct NTMA to deposit €10.6 billion of state money with the Irish banks were not supposed to be amongst one of them. However, motivated by a ‘patriotic’ desire to provide a temporary support for the zombie institutions, artificially increasing their deposits base, this was a significant mistake from the risk management point of view.

Irish banks are experiencing a severe liquidity crisis, as the latest figures from the CBofI clearly show (Table A.2, column E). Lending to Euro area credit institutions has risen from 30 April 2010 levels of €81.25 billion to the peak of €136.44 billion by the end of October 2010 and now stands at a still hefty €106.13 billion (April 29, 2011), down €8.37 billion on the end of March. That’s folks – our banks debts to the ECB. As far as banks debts to the CBofI itself are concerned, these have declined by some €12.64 billion to €54.15 billion March to April 2011. Chart below plots combined ECB and CBofI ‘assets’ that are loans to the Irish banks.
So the banks are still under immense pressure on the liquidity front.

As far as their solvency is concerned, BalckRock advisers estimated back in March 2011 the through-cycle expected losses in excess of €40 billion for just 4 out of 6 Irish ‘banks’. Although these relate to ‘potential’ losses, the likelihood of these occurring is high enough for the CBofI to provision for €24 billion of these.

Either way, Irish banks are not really the counterparties that can be deemed safe.

There is an added component to this transaction – under the deposits guarantee, the Irish Exchequer holds simultaneously a liability (a Guarantee) and the asset (the deposit) when Mr Noonan approved the transaction. Before that, the Exchequer only had an asset. In effect, balance-sheet risk of this transaction was to reduce the risk-adjusted value of the asset it had.

Lastly, the entire undertaking smacks of the Minister directly interfering in the ordinary operations of NTMA which is supposed to be independent of exactly such interference.

So whether Minister’s ‘patriotism’ of supporting Irish banks was the first or the last resort or the first and the last range, the outcome of his decision to prop up banks balance sheets with artificial short-term deposits was an example of a risky move that has cost NTMA its independence and reputation. The move achieved preciously little other than destroy risk-adjusted value of Government assets. Not exactly a winning combo…

New Central Bank of Ireland figures show no slow-down in deposit flight

April 29, 2011

 by namawinelake

Figures released by the Central Bank of Ireland (CBI) this morning for the month of March 2011 show that the flight of deposits from Irish banks shows no sign of slowing down. From an Irish perspective, possibly the most significant figure to watch is the total of private sector deposits in the six State-guaranteed financial institutions (AIB, Anglo, Bank of Ireland, EBS, Irish Life and Permanent and INBS). The total which represents businesses and households fell to €106.3bn in March 2011 from €108.6bn in February 2011 and is now down €23bn from a year ago, €11bn since the IMF/EU bailout in November 2010 and €2.3bn down over the course of just one month. The CBI and ECB continue to provide substitute funding for Irish banks which replaces this flight of deposits and Irish banks continue to provide extensive State-backed guarantees on deposits. It remains to be seen if the pace of decline in deposits slowed after the bank restructuring announcements made after close of business on 31st March, 2011 – Minister Noonan indicated the early signs were encouraging but since then our sovereign bond yields have sky-rocketed again.

So, looking at the deposit figures produced by the CBI. First up is the consolidated picture for all banks operating in Ireland including those based in the IFSC which do not service the domestic economy.

Next up are the 20 banks which do service the domestic economy and include local subsidiaries of foreign banks like Danske, KBC and Rabobank. There is a list of all banks operating in Ireland here together with a note of the 20 that service the domestic economy.

And lastly the six State-guaranteed financial institutions (AIB, Anglo, Bank of Ireland, EBS, Irish Life and Permanent and INBS)

(1) Monetary Financial Institutions (MFIs) refers to credit institutions, as defined in Community Law, money market funds, and other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs, and, for their own account (at least in economic terms), to grant credits and/or to make investments in securities. Since January 2009, credit institutions include Credit Unions as regulated by the Registrar of Credit Unions. Under ESA 95, the Eurosystem (including the Central Bank ofIreland) and other non-euro area national central banks are included in the MFI institutional sector. In the tables presented here, however, central banks are not included in the loans and deposits series with respect to MFI counterparties.

(2) NR Euro are Non-Resident European depositors

(3) NR Row are Non-Resident Rest of World depositors (ie outsideEurope)

source:http://namawinelake.wordpress.com/2011/04/29/new-central-bank-of-ireland-figures-show-no-slow-down-in-deposit-flight/

comment:

Just a few weeks ago Mr. Noonan reassured the public that “The total amount of deposits withdrawn from the pillar banks has been very significantly reduced”. And “the net deposit position of the Pillar Banks has improved significantly” So what’s new he was lying and I expect he will continue to lie to us over the next few years. This is what you get when you try to build so called Pillar Bank on the rotten foundations of corrupt and toxic banks in the first place!

Shut these toxic black holes down now!

Tag Cloud