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Posts tagged ‘Central Bank of Ireland’

This twit should try living here in this BA-NAMA- Republic!

Jörg Asmussen

ECB executive board member Jorg Asmussen has said there are “pending risks” for Ireland as it prepares to exit the EU-IMF bailout programme.

Speaking ahead of a meeting of euro zone finance ministers in Luxembourg the senior ECB figure said it will be up to Ireland to decide whether to request a precautionary credit line to help its exit from the programme.

However, there were pending risks, he said, specifically in the banking sector and in terms of its deficit, which is still “very high” compared to the European average.

He said  while Ireland, as well as the other programme countries, will be discussed at this evening’s meeting, no decisions will be taken.

The Government has indicated that it may not need to use a precautionary credit line when it exits the bailout at the end of the year.

However, a decision on whether Ireland needs support will take into account the results of balance sheet assessments of Irish banks that are currently being undertaken by the Irish Central Bank and will be submitted to euro zone authorities by the end of the month.

full article at source: http://www.irishtimes.com/business/economy/ireland/ecb-says-ireland-faces-banking-deficit-risks-ahead-of-bailout-exit-1.1560285



By Thomás Aengus O Cléirigh

This twit should try living here in this BA-NAMA- Republic! Try getting a mortgage, try getting to a GP that hasn’t his hand out every turn you make in his surgery, School: Free education is just a myth!.Car: Taxed to the hilt: 650 for an ordinary family saloon tax for the privilege of driving down the road! That is if you can stay out of the clutches of the privatized speed money traps cropping up all over the country! Jobs: What Jobs???The Banks are bankrupt and the constant attempts of the vested interests to talk up the property market are just pathetic! Our Gombeen politicians and puppets are doing a great job and we the gullible taxpayers are slowly been sucked dry.

Ireland is a disaster , just because we are not causing mayhem in the streets yet, doesn’t mean everything is rosy in this particular cabbage patch! This spoofer should try living on the Dole!

The autocrats’ are desperate to hold up Ireland as a success story and how Austerity works!

“Bullshit” our country has been raped and plundered and we will ,as a result of this imposed austerity,  be financial debt slave for the next 60 years, to the very gangsters who caused the financial meltdown in the first place. OH Yep! 3600 citizens have gone to Jail for not paying their TV licence over the past 3 years and not one corrupt Politician or Banker has had the pleasure. Yep, Ireland is a success for the faceless moneymen and their political puppets that have successfully placed there private gambling debts on to an entire nation.

These crimes will not go un punished and our people will take back our country and its resources!

This Eurocrat should not make any plans to come to Ireland on holidays, He and his hidden bosses are walking on Ice!

Mountain Moral Monday Aug 5, 2013

We need the people of Ireland to wake up and fight the en-slavers  the puppets of the Troika and the faceless money men who are at this moment continuing to steal our nations natural resources ,imposing tolls on our already paid for roads and the poisoning of our water supplies with florid , the destruction of our community services  (health and education) and care  for our elderly .Our society  is been pitted against itself in order that these faceless gangsters keep control over  every one of us and out country!

We the people are been brainwashed into believing we are responsible for the debts of gamblers we are also been brainwashed into believing we are worthless .Our self worth is been ripped out of us and we are isolated and categorised into little boxes and the control systems are everywhere .just drive down any street and count all the cameras .When did we allow ourselves to be monitored 24/7 by the state and the police??? So we are been monitored by gangsters are you happy with this???

Take back your own self-worth defend your rights guaranteed in the Irish constitution .make no mistake we need to protect our rights each and every day!

People of Ireland wake up and take back your lives ,smash your TV’s and stop accepting the lies  and crumbs from the puppets in the Dáil! These self-serving leaches who are helping criminals suck us dry!

Is Mise

Thomás Aengus O Cléirigh

Shadow banking in ireland

By Brian Godfrey and Brian Golden

The shadow banking sector played a significant part in the financial crisis

between 2007 and 2009, which highlighted the role of shadow banks as

financial intermediaries in terms of credit, risk transfer, maturity and liquidity

transformation, and funding with bank deposit characteristics. Consequently,

the sector has become a focus of attention in terms of proposed reforms to

ensure heightened global financial stability. This paper examines the question of

measuring shadow banking in Ireland by looking at the behaviour of individual

entities, using the definition of the Financial Stability Board (FSB).


see link :http://www.irishleftreview.org/2012/10/12/dr-conor-mccabe-ireland-shadow-banking-system-dublin-18th-oct-7pm/

This is made possible using granular money market, investment fund and financial vehicle

corporation data reported by each entity to the Central Bank of Ireland. The

paper will provide a framework for analysing shadow banking behaviour using

granular data, deriving preliminary estimates of the extent of shadow banking

activity within various financial sub-sectors and identifying data gaps that need

to be filled.

full article in PDF here: measuring shadow banking in ireland using granular data

AIB And ‘Fraud Of The Highest Order’


This bank [AIB], which is still trading in the US/Ireland and is still accepting deposits and making loans, appears to have some pretty fishy underpinnings.

So begins a an alarming if somewhat baffling blog post by Trading analyst Reggie Middleton posted on Monday night.

In which he claims AIB is falsifying it’s true value through the misuse of one word.

And may be the next bank to be “Cyprus’d”.

Vincent Lebraun explains:

The trouble with this high-level fraud is that it’s so “out-there” that people won’t be able to understand how serious this is.

In the charge document registered with the Irish Company Registration Office, it says that it is in respect of “all present and future liabilities whatsoever” of AIB.

And the charge itself is over “eligible securities”.

However, in AIB’s 2008 annual accounts and the files to the U.S. Securities & Exchange Commission, document 20F (page 223 – 2), it states that the charge was placed in favour of the Central Bank and Financial Services Authority of Ireland over all of AIB’s ‘right, title, interest and benefit present and future in and to certain segregated securities.’

Using the description ‘certain segregated securities’ is completely different to the description all ‘eligible securities.’ This is fraud of the highest order, and it’s so simple (yet so complicated) that they were hoping no-one would notice.

And we don’t have to take this guy’s word for it: he has both documents posted on his site (although he initially posted an Anglo document but has since rectified it and posted the AIB one)…


article source: http://www.broadsheet.ie/2013/04/03/aib-and-fraud-of-the-highest-order/


You have been warned get you money out to-day!

How do you Solve the majority of Ireland’s Problems?

 The Sovereign Irish people issue their own currency interest free.

An Understanding of Banking and a solution.

Several thousand years ago money as such did not exist, barter was the only means of doing business, this was a haphazard way of doing business, if one party did not have what the other wanted a trade did not take place. Moving on someone came up with the plan to use a valued metal such as gold as a means of exchange. This was a better means of doing business and trade began to flourish over time. There were however two problems, gold was heavy if carried in any kind of amount and there was a problem with robbery. So the goldsmith who minted the coins offered to store them in his safe for security and issue receipts in lieu of them. This system was successful beyond the goldsmiths wildest dreams. The gold in the goldsmith’s safe was hardly ever moved save for some 10 % which typically moved year in and out. It occurred to the goldsmith that he could issue receipts not backed by gold and he would be paid back principal and interest and no one would be the wiser, he was not too greedy at first but through the years and human nature being what it is his successors began to ‘loan’ ever growing amounts of receipts not backed by anything. Time went by and the goldsmith’s business became banking and the receipts became currency, the amount of gold backing the currency became less and less and so we are faced with the situation today where most paper based currency are not backed by gold. This is termed a fiat currency.

When a person wants to get a mortgage for a house for example they must comply with a bank’s requirements of being able to pay the loan back etc. The person signs the mortgage documents this brings the loan into existence by being willing to work for 20 to 30 years of labour to pay back the money which is given value by their labour. This ‘money’ was printed off by the central bank it is backed by nothing but the labour of the people who will
make the repayments.

Banks are also ‘allowed’ to practice fractional reserve banking which means they will be loaned ‘money’ by a central bank, this money will be used for mortgages etc. The bank is typically allowed to multiply this money by a factor of 9 times if the fractional reserve is 9:1, this may be at 20:1 now.Currently we are now faced with what is a depression and banks are seeking to take control of houses. A person may ask a bank for an invoice for the
amount of ‘money’ the bank lost through the loan not being paid back, but of course the bank was not at a loss at all as the money was printed off.

Playing devil’s advocate for a moment it might be argued that the customer
got the loan to buy the house, they paid the house owner for the house, took
possession of it and surely there is a duty to pay the loan or vacate the
house. On the surface that would appear to be the case but as mentioned the
Central Bank produced the money from nothing so there was no loss to the
bank therefore they cannot reclaim the house.

Another important point about the central banks of the world is that 95 %
are privately owned contrary to popular opinion, the Irish central bank act
was passed in 1942 while Sean T O’ Kelly was minister for finance. The bill
was passed when only a few members of the Dail were present. The setting up of the Federal Reserve – the US central bank happened in 1913 when there were only a few members of congress present – it was Christmas time. So basically the money is produced out of thin air and ‘loaned’ to people and the people’s labour is what gives it value, these loans are repaid to the central bank – principal plus interest. As mentioned 95 % of the central banks of the world are hybrids having the outward appearance of being public entities but are actually privately owned. Usually the person at the top of the pyramid at the central bank knows of the scam, he needs to in order to fulfill the deception. The owners of the central banks are the international banksters the Rothchilds, the Rockefellers, Kuhn & Loeb, Lazard brothers the Warburgs, the Oppenheimers etc.
The interest payment on the loans given by the central banks are paid for
by the people’s income tax.Because all currency (principal) is loaned by the Central Bank and must be repaid principal plus interest there is always a shortfall. This leads to
business closures and inflation.So to sumarise – A private company masquerading as the Central Bank of Ireland prints and ‘lends’ a piece of paper not backed by anything eg with € 50 written on it and is paid back €50  plus interest made into real money by the Irish people’s labour.

The €50 is deleted / burned / extinguished and the interest is paid to the international banksters ie the people’s income tax.This system is fraudulent and is approaching collapse. A new system is called for which would let the Irish banks and bondholders take the loss and for the Sovereign Irish people to issue their own currency, this could be done without the charge of interest.
A typical mortgage of €150,000 would be repaid as € 150,000 plus a nominal processing fee. There would be no inflation and no interest (no usury) with this new system. By gaining control of the monetary system the sovereign and lawful people of Ireland can get control of other areas of influence which have for many years been under the control of an evil and maniacal cabal such as the political, media, pharmaceutical, judicial, energy & military/industrial complex. All these groups operate on a pyramidal structure  which the people at the top control.
Apparently a fund does exist for the new monetary system although I cannot  confirm its existence. The Collateral Accounts (OITC) are the gold & silver that will fund the new world currencies when the current one fails which is looking ever more likely as each day passes.


http://irishliberty.wordpress.com/2009/08/16/fractional-reserve-ban Dail proceedings regarding setting up the central bank in Ireland.

The Money Masters video by Bill Still

The Creature from Jekyll Island book by G Edward Griffin

Blank of Ireland ebook by Darrell O Dea

Public talks given by Jim Corr on the Late Late Show etc.

Interview between David Sale of the OITC and Rayelan Allan discussing the
Collateral Accounts on rumourmillnews.com on 7th , 12th April and 10th May 2011. 9 hours of interviews in all, suggest sign up for 1 month and
download interviews. This is a nuts and bolts explanation of the Collateral

Aaron Russo’s – From Freedom to Fascism –  video

Confessions of an Economic Hitman video – John Perkins


http://foolscrow.wordpress.com/ Gabriel Donahue’s blog.
http://freemanireland.ning.com/ Tir na Saor, Kev Flanagan’s site


Brian of the family Whelan                                                        Feb 2012

Gene Kerrigan: For both sides, the kicks keep coming.


AIB (Photo credit: Wikipedia)

By Gene Kerrigan

A QUESTION. Have the citizens of this befuddled little nation become so used to bowing the knee that there’s nothing they won’t let these people get away with? So far, an impartial observer might answer, yeah, probably.

Right now, Michael Noonan‘s Department of Buggering Up the Economy seems determined to see just how much humiliation they can heap on to us. It might be that one evening, having drunk a few bottles of Chateau Arrogant with their lobster dinner, the minister’s bright-spark advisers came up with an idea.


“Suppose,” one Knight of Austerity murmurs, “suppose we brought back bonuses for bankers?”

A shiver runs through everyone in the room.

“I’m talking big, big bonuses,” the Knight says.

“Too soon,” says one deputy assistant under-secretary. “Far too soon.”

Now, I’m just speculating here. For all I know, it was Chateau Shameless they’d been drinking. But I’ve no doubt a conversation of this sort took place. How else do we explain this Irish Independent headline from last week? ‘Michael Noonan clears way for bank bosses to get bonuses’.

The headline was over the byline of Laura Noonan, who doesn’t make things up. She quotes from, and therefore has access to, new guidelines okayed by the minister. These will “pave the way” for “incentive arrangements” at AIB, Permanent TSB and at The Dead Bank Formerly Known as Anglo.


full article at source: http://www.independent.ie/opinion/columnists/gene-kerrigan/gene-kerrigan-for-both-sides-the-kicks-keep-coming-3074220.html

A handy stick to beat us with (thepressnet.com)


Banana Republic status comes a step closer with Anglo promissory note deal


By mamawinelake

Ireland has a mature parliamentary democracy, it has an independent media, we don’t depend on a single commodity like bananas for our wealth, we are judged internationally to be a relatively honest and corruption-free country. Events last week have undermined these perceptions, namely the publication of the Mahon report on political corruption in zoning and planning, but the past 24 hours has been even more damning with a major financial transaction involving billions of euro in a country with a GDP of €160bn getting a few minutes in the national parliament, confined to a statement which brooked no subsequent questioning and where phone-calls to the Department of Finance apparently went unanswered. And politicians have now gone on holidays for three weeks. Never mind, we can fall back on our “independent media” to analyse what happened yesterday and here are the headlines from our main national media outlets today:

“Deal puts off Anglo cash payment”

“Noonan: €3.1bn deal on Anglo a ‘one-off’”

“Noonan seals deal on €3.1bn Anglo debt repayment

full article at source: http://namawinelake.wordpress.com/2012/03/30/banana-republic-status-comes-a-step-closer-with-anglo-promissory-note-deal/

Restructuring the Irish promissory notes

I came across this excellent  article (explanation) on just exactly what Irish Jig; Michael Noonan is dancing to with regards to the restructuring of the promissory notes due for cash repayment.

By soberlook.com

In 2010 the Irish government bailed out (recapitalized) the Irish banks with 30bn euros. The government could not easily raise these funds in the market so it used promissory notes (PNs) instead of cash (sort of what California did when they paid salaries with IOUs during their “budget issues” in 09). These PNs are set up to pay a set amount over the next 20 years.
The promissory notes were used  as collateral with the Central Bank of Ireland to obtain central bank emergency financing called ELA. That collateral did not qualify for LTRO, leaving ELA balances outstanding. Since then the banks were “restructured” creating the Irish Bank Resolution Corporation (IBRC) – the “bad bank” to hold all the wonderful real estate loans and properties. Now IBRC owes the Central Bank of Ireland money under the ELA.
This year about EUR 3.1bn of PNs was due (on March 31st), but the Irish government was in no position to pay that in cash. Instead the goal has been to kick the can down the road  – as far as it can roll. The Finance Minister Michael Noonan has been trying for a while to restructure the PNs by swapping them into long-term government bonds. His negotiations with the EU/ECB have yielded only a partial result. He was able to roll just the 3.1bn due this year, but it required a fairly messy transaction. The issue is that the ELA financing is meant to be a temporary measure and the ECB wants it paid down asap.

full article at source; http://soberlook.com/2012/04/restructuring-irish-promissory-notes.html


This private bank debt was foisted on to the shoulders of the Irish citizens by corrupt politicians who were duped into a panic action by the superior corrupt bankers .This debt is not Irish national debt but private commercial bank debts incurred by the banks who went on a gambling spree with the help of their it turn equally corrupt backers (private bondholders)These Bondholders should have had to pay the consequences for their bad investments but as you can see in the article the ECB would not allow the Irish Government  make the bondholders pay for their own gambling losses they instead forced the Irish Government to socialize the private commercial losses by placing these massive losses on to the shoulders of the Irish taxpayers and citizens.

As a result the citizens of Ireland are now struggling to make ends meet ,hundreds of thousands of jobs have been lost ,1350 are leaving  the country every week, 450,000 are been denied the right to work ,the resulting austerity measures dictated from Europe are pauperizing the vast majority of the population and our corrupt politicians have abandoned their sworn duty to uphold the interests of their own people in favour of their own enrichment and the interests of the vested interests who are backing them .The people of Iceland showed what true democracy is as they refused to be blackmailed and bullied into paying private corrupt bankers debts. At least they had the balls to stand up and say now we will not pay.

Where are the real patriots of Ireland who will stand up and say enough, we will not go into the night and disappear as an independent nation!

We were once a proud Celtic nation and I for one will once again take on the trappings of our Celtic past and don the traditional ancient Irish dress” the Kilt “as my way of showing defiance and independence! I will now ware this form of dress as often as I can to remind people who we were and who we are.

The English knew the way to subjugate a people was to rob them of their language and culture, we are born free men and I will not accept imposed financial slavery from a corrupt political system that has become an instrument of dictatorship by a select political élite. Join me wear the Irish Kilt show you independence.

Governor Patrick Honohan before the Oireachtas

By Namawinelake

Aliens appear to have been at work in Ireland in the past fortnight. Deputy Peter Mathews seemingly disappeared off the face of the earth shortly after his 6.30am dawn carpeting last Thursday week by An Taoiseach Enda Kenny, after Peter had, the previous evening, tabled a proposal at an Oireachtas committee meeting to summon governor of the Central Bank of Ireland, Professor Patrick Honohan before that committee to give an account of the work underway to reduce the cost of the Anglo promissory notes. So Peter was probably given a stern warning by Enda and told to stay away from the media. Maybe. But where is the Minister for Finance Michael Noonan who last Wednesday night barged into the Dail where Private Members’ Business was taking place, where against protocol, the Minister gave a brief statement on the Anglo promissory note negotiations and left. He turned up again on Friday morning when he told the media he was “confident” of a deal “over the weekend”.

full article at source: http://namawinelake.wordpress.com/

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

Lastweek, on “black Thursday” the Irishgovernment in essence finally nationalized Allied Irish Bank. In response to the horrific national financial picturepainted by Mr. Brian Lenihan, Ireland’s finance minister, Peter Sutherland, former Irish attorney general, hit the media road. Mr.Sutherland’s mantra was similar to that previously presented by his acolyte Mr.Honohan (head of the Irish Central Bank). This mantra stated that though the figures were lamentable they were “manageable.”Now I have had a great deal of respect for Mr. Sutherland but as current events unfold I must respectively question hisjudgment. He points out that Ireland is not in “desperate” shape. He points outthat: “Ireland has funding up to 2011 and has 24 billion Euros in its Sovereign Wealth Fund.”  Thus, in his estimation,Ireland will not go broke until 2013, at least. According to his policy it is“OK” for the government to continue to fully guarantee, and pay as they falldue, “retail” banking bonds. It is my argument that these bonds should have been negotiated down in September of 2008 when the Irish bank guarantee wasfirst issued ( See article: “ A Bank Guarantee Too Far”). Should we adopt the course advised by Mr. Sutherland it is quite conceivable that Ireland will go completely bankrupt around 2013-2014, with no practical strategy for recoveryon offer.

This gruesome fact has even been acknowledged, publically, by nonother than Mr. Bill Clinton former President of the United States of America.

The former attorney general’s approach flies in the face of alternative prudentcouncil and public opinion. This council takes the view similar to that of aged grandparents who have saved all their lives and wish to present a legacy totheir grandchildren. These grandparents want these savings fostered, cherishedand grown. However, Mr. Sutherland wants to treat this treasure as if he were as a spoilt teenager. He seeks to squander it immediately and gamble this resource away on reckless bailing out of bondholders who lent money on risky land deals.Public opinion and international experts have pointed out that these sovereignwealth funds are the base through which Ireland could build its future. These funds could be used to set up a new, free and unencumbered National Irish Commercial Bank. This bank would get Irish credit and Irish commerce moving again. And the maths of this strategy makes sense. Under the new Basle banking agreement banks may lend up to 33 times their unencumbered cash base. This means that thesovereign wealth fund could be used to create credit in the amount of 24Billion multiplied by 33, which equals 792 billion. Almost a trillion Euros.This is the productive legacy the grandparents want for their savings. Not the squandering of hard saved assets wasted on transient speculators. These assets are Ireland’s Phoenix resource. The sovereign wealth fund is a pension fund not a teenage holiday stipend.

If Peter Sutherland’s views continue to be adopted as policy by the Department ofFinance, Ireland without its sovereign wealth fund intact, will be broke and vulnerable. In its inevitable bankruptcy Ireland’s “family silver” will eventually be put on the auction block by the IMF and theECB. Irish banks, airports, power plants, power grids, sea ports, roads, airspace, semi-states, media assets, railways, forests, lakes, water, remaining mineral rights, all will be up for grabs. The only folk with money or credit to fundsuch acquisitions will be the friends, associates and financial alumnae of Mr.Sutherland who, as you may know, is the non-executive chairman of Goldman Sachs International, one of the biggest “vulture” banks in the world.


_________________________________ Christopher M. Quigley B.Sc., M.M.I.I., M.A. QuigleyCompany@gmail.com



An excellent piece of work But I would go further Mr Peter Southerland is nothing more than a carpetbagger and a Goldman Sachs insider . see  http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405 “we need Mr Southerlands imput in the irish financial disaster  like we need the plague”!

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