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Posts tagged ‘Department of Finance’

Brian Lenihan was coerced into accepting the Troika deal

 

sent into us to day

Thomas,
This  information just released shows that Brian Lenihan was coerced into accepting the Troika deal……. he did not know what he was doing … there was no script….. The letter mentioned is attached ……

Irish Times, Dublin, 24th. October 2012.

The Department of Finance has released a letter written in November  2010 by the late minister for finance Brian Lenihan in which he  requested financial assistance for Ireland from the EU-ECB-IMF  troika.

In the letter, Mr Lenihan formally applied on behalf of the Irish  authorities for financial assistance “in the context of a joint EU-IMF  programme”.

A copy of Mr Lenihan’s letter was released to journalist Gavin Sheridan of thestory.ie following a freedom of information request to the Department of Finance.

“The external assistance sought is made under the terms of the European  Financial Stabilisation Mechanism, the European Financial Stability  Facility and the IMF assistance programme,” Mr Lenihan wrote in the  letter, dated November 21st, 2010.

“I welcome the statement by the Eurogroup and Ecofin ministers which concurred with the EU Commission  and the ECB that providing assistance to Ireland is warranted to  safeguard financial stability in the EU and in the euro area.

“The Irish authorities will co-operate fully in the preparation of the joint EU-IMF programme of assistance to the Irish State that will now be  required to be developed,” Mr Lenihan wrote.

The Irish Times revealed last month that three letters from the then president of the European Central Bank Jean-Claude Trichet to  Mr Lenihan culminated in an insistence that Ireland should apply for a  bailout or risk the country’s banks being cut off from access to  support.

Mr Trichet made it clear to Mr Lenihan the governing  council of the ECB was becoming fearful that the whole European banking  system was being put at risk by the drain on its resources coming from  the Irish banks.

letter-from-then-minister-for-finance-brian

 

Today Germany is celebrating its unification

Today Germany is celebrating its unification and we are enjoying a public holiday. Most Germans will be surprised to learn that their government in Berlin is currently engaged in the dismantling of various European states through insistence of forcing catastrophic austerity measures on smaller countries like Greece and Ireland .The politicians in each of these countries are solely to blame for the financial collapse through their mishandling of their economies and their outright criminal negligence and corruption!   Berlin has bribed the very incompetent politicians and their advisers to carry out their final solution on the various countries. Below we have an example of one such Irish politician who in spite of Ireland bankruptcy he still enjoys his lottery salary of 250,000:00Euros and perks (see Below)

*Perhaps someone should ask our €250,000* a year Minister for Finance why the cost of running the country is over budget and why this Government is choosing to damage the domestic economy by pulling back on capital expenditure.

* comprising €169,275 ministerial salary plus pension payments for former terms in office which last week’s Department of Finance accounts – incidentally now removed from the Department’s website – revealed were €55,000 in 2011 for Michael Noonan and “ML Noonan”. Plus €12,000 unvouched public representation allowance. Plus dual abode allowance including €6,500 unvouched for property maintenance plus a mileage allowance of up to €1.14 per mile plus 15% unvouched service charge allowance on hotel bills plus daily subsistence allowance of €72.66 when staying in an hotel plus €750 every 18 months to buy a mobile phone plus free parking, gym, language lessons, tax advice. Plus generous pension and termination payments

*Source: http://namawinelake.wordpress.com/2012/10/03/evidence-that-government-is-cutting-2012-capital-programme-to-meet-budget-targets/

As I have said before these Public servants in the Dail are only looking after themselves and to hell with the rest of us .The salaries and perks been paid to Noonan and the rest of the misfits in Government is outright scandalous and totally immoral, the state the country is in! These Greedy Leaches are a cancer that needs to be cut out, less the nation goes under! We cannot afford the keep rewarding treachery by the very people who are supposed to representing the will of the people! These gangsters are sucking us dry and we must take severe action and I am not talking about endless talk of change. These leaches have infested our tools of democracy and it longer functions as it is supposed to, we need to start all over again! But first we need to take action to rid ourselves of this vermin who are out for themselves and their insider buddies!

Wake up Ireland .Who will rid us of these gangsters??? Democracy is dead and the Gombeens and stroke politicians have total controlee over our so called free society as they dance in the never-ending musical char’s political farce that our political system has become!

It’s Time for real change and this can only mean one thing Revolt against the troika dictatorship and its political puppets who have forsaken our own culture and people .They have taken the thirty pieces of silver each and every one of them. The time has come to stand up for Ireland and her children!

Political pensions: The costs

Logo of the Oireachtas of Ireland

Logo of the Oireachtas of Ireland (Photo credit: Wikipedia)

Political pensions and lump sums for former TDs, Ministers and Senators have cost nearly €2 million every single month over the past year and a half.

An estimated €32.7 million has been spent by the Oireachtas and Department of Finance since January 2011 on pensions for former politicians. The cost includes more than €9.5 million paid in lump sums to the record number of public representatives who retired after the last election. A further €1.5 million was paid out in termination lump sums with another €3.24 million given out in ‘termination payments’.

In total, once-off payments came to €14.35 million with a further €12.68 million paid on actual ongoing pension payments. A detailed breakdown of expenditure, which was first obtained by the Irish Mail on Sunday, shows that €371,234 has been paid out by the Oireachtas every single week since January 2011.

Around €5.2 million has been paid out during the same period in Ministerial pensions with a further €515,540 paid out in ‘severance’ payments. When the Department of Finance payments are taken into account, the weekly cost to the taxpayer has been €449,757 over the past seventeen months

full article at source:http://thestory.ie/2012/06/21/political-pensions-the-costs/

The Bank bailout(Private bondholders) is illegal under Bunreacht Na hEireann, the Irish Constitution

The current government are guilty of treason and the pervious gangsters from the former government are also guilty of treason .They have betrayed the Irish people and the republic in favor of their pals ,the faceless bondholders who are now sucking the lifeblood out of every Irish family. The drastic cuts in public services especially the health and education is a massive crime in itself. Hundreds of people have committed suicide in the last 4 years and this blood in on their hands. Ahern and his cronies along with the Fianna Fail parliamentary party should be in Jail no pensions should be paid to any of the former Ministers.

No government minister ,no top civil servant from the Department of Finance or the Financial regulatory department , should be receiving any pensions  they should all be in Jail .All current top government pensions should be brought down to that of the ordinary citizens pension full stop .As for the former Bank directors none of them should be in receipt of any pension from the toxic banks and their property should be sold off to help pay compensation to the hapless pensioners who placed their thrust in these gangsters in the first place. All bank directors are as far as I am concerned are labial for the devastation we are now stuck in.

This Bailout is a bailout of Deutsche Bank and we the people of Ireland have been hoodwinked, bamboozled, and suckered into taking on the private commercial gambling debts of these gangsters with the help of our corrupt politicians who are in it for what they can get for themselves. After 4 years not one of these Gangsters are in Jail!  I say again these bank debts are private commercial debts and have nothing to do with the Irish People and we are not responsible for the discharge of these debts. The new household charge is been forced on to the shoulders of every family to help pay the interest on the billions of this private commercial debt and has nothing to do with patriotic duty .The gutless politicians using this praise are the mouthpieces of the new absentee landlords in Berlin. This is odious debt! This bailout is illegal. The state has no right to force me or my family into financial slavery and it must be opposed in every way possible. Wake up Ireland and say no we will not become financial slaves!

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/

THE CENTRAL Bank has sharply lowered its economic growth forecast for 2012

By STEPHEN COLLINS, Political Editor Irish Times

THE CENTRAL Bank has sharply lowered its economic growth forecast for 2012, citing slowing export growth and weak consumer spending. However the Bank says its lower growth forecast should not affect the Government’s budgetary arithmetic for the year.

Despite the renewed weakening of the economy since the middle of last year, tax revenues for January met budgetary targets, according to figures released yesterday by the Department of Finance.

Taoiseach Enda Kenny refused to accept the Government’s more optimistic budget forecasts were out of line with the Central Bank and said the real priority was creating jobs.

Full article at source: http://www.irishtimes.com/newspaper/frontpage/2012/0203/1224311178039.html#.TyuSp2Bs5sk.blogger

Comment:

There are no surprises here for followers of this blog as I have repeatedly stated that the central banks economic forecasts along with the government’s forecasts were the stuff of fantasy .How can you take out of the economy 3.5 billion each year for the last 4 years and expect the economy to grow? The latest governments attempt to convince the people of Ireland that signing up to this new EU treaty which will legally oblige the government to continue to take out of the Irish economy  (at best )up to 4 –possible 6 Billion( If no growth in the economy) Euros every year for the next ten years is just plain madness! We are currently running a deficit of -120 Billion and this new treaty obliges us to bring this down to -60 Billion. Things are bad now what do you think the country is going to be like when we have to continue take out amount of money from the economy? Without a massive injection of billions into the re-training of the unemployed, education and infrastructure we are just going to squeeze every last drop of wealth out of anybody that has anything in this country!

Any Fool can see this country is condemned to another generation of depression .One hundred and fifty thousand people have left the country and with at least 1000 leaving every week, four hundred and fifty thousand on the dole and at least 145,000 on short term FAS job creation (training schemes) not to mention the 65,000 X self employed that are not even registered in these official numbers who do not get the time of day  from the social services we haven’t even begun to see the shit hit the fan yet! As usual we have politicians pontificate on matters they haven’t got a clue tells the rest of us we have no choice! These well healed gangsters spouting from the Dail chambers where they continue to prance around waffling as the ordinary folk drown in financial swamps created by their bosom buddies “German  Bankers”and their Irish agents in the Corrupt Irish Banks .

I am one of the emigrants who returned to Ireland for a few weeks and the first thing when you come off the plane in Dublin airport as you walk along what seems to be endless walkways in the new terminal ,was an enormous photograph of Jerry Adams along with what one must assume are celebrities of Irish society. Fifty feet further down the corridor you are met with an enormous poster from corporate Allied Irish Bank finance welcoming you to Ireland. (One of the Banks that have caused the financial meltdown of the country) Is this some joker’s idea of taking the piss??? Yes I thought I am back in Gombeen land!  I won’t be staying any longer that I have too! If I was not depressed before I am now !and I am only five minutes in the country What it must be like for the countless ordinary people who have no choice but to stay and get fleeced by the incompetent politicians  who have sold them out to the leaches in Europe. As I get the bus to town I noticed the price of petrol and I am shell shocked at the prices. How in God’s name can anyone get to work or afford to live outside the city what about the countless thousands who live in the so called satellite towns commuting to Dublin every day why are they not out on the streets demonstrating against the price of petrol?????

Oil has come down from 146 $ a barrel to 97 $ a barrel. When it was 149$ a barrel we were paying 1.36 Euro per ltr   now the price per barrel is 97$ how come we are now paying 1.58 Euro per Ltr  so why are we still paying way over the all time high prices ?Because we are all docile and putting up with been screwed .

Wake up Ireland and kick ass

latest from Ronan lyons

A little over a year ago, I wrote about the “eight things on Ireland’s to-do list” when it came to Government finances. It outlined three taxation measures and five expenditure measures that would help a Government get the deficit back to manageable levels by 2015, while facing an interest rate above 5% on a growing national debt.

The three main tax measures will be familiar with to long-standing readers of the blog: increasing the amount of income tax the typical earner pays, introducing a Universal Social Charge, and bringing in a sustainable annual property tax. These were designed to bring total Exchequer revenues up from €51bn to about €58bn by 2015.

The job for expenditure was an even bigger one: to go from total spending of almost €70bn in 2010 to about €60bn. The reason that this job is so tricky is because €45bn of the €55bn in current expenditure in 2010 was spending on healthcare, education or social welfare, areas many members of the public most want to see protected.

Low hanging fruit

One of the eight things I had was reducing capital spending slowly over the period to a sustainable level of €4.6bn. This would save almost €2bn of the €10bn needed. Already, though, the estimate of capital spending for 2011 is €4.6bn. This means that in three short years, capital spending has been halved. Aside from those work on these projects, whose livelihoods we should not discount, the people who benefit from capital projects are “future us”: you, me and our children, using better roads, rail, or broadband, for example. Compared to the public servants that the Government has to work with every day, though, “future us” is a very easy target. The easy cuts have been made.

If the same scale of cuts had been made in health, education and social welfare, the government would have saved €20bn! Instead, spending in those three areas this year will be €2bn higher than in 2008, largely due to more people needing social welfare. The depressing conclusion is that, three tough Budgets later, all the “low-hanging fruit” has been picked, leaving just the more painful cuts needed to close the deficit.

Clearly, though, it isn’t as easy to cut spending in health, education and social welfare. That’s because the bulk of all this money goes directly into someone else’s pocket as income. What these departments need is a combination of natural attrition of staff and productivity-driven growth that delivers savings each year every year for five years of the order of 5%. This is on a completely different scale to what the Croke Park Agreement has currently planned. It is estimated that its efficiency measures in education would save 0.5%, one tenth of the savings needed in a single year.

Slash and burn?

Worryingly, there isn’t the first indication yet that the new Government has a grasp on the scale of transformation in public spending needed. Earlier this month, the Department of Finance published its briefing note to the new Minister – complete with blacked out paragraphs right out of Hollywood. It included yet more easy targets: there are plans to further cut capital spending to just €3.6bn. Amazingly, though, where one might have expected cuts of the order of €4bn in health and education over the next five years, there are cuts of less than €300m! Spending in education is actually projected to increase slightly. Given that, it’s almost surreal to see Ruairi Quinn, Minister for Education, come out today and say that cuts in education will not be ’slash and burn’

Ireland’s government finances, by major area (€m), 2008-2014

A comparison of 2008, 2011 and where we might be in 2014, both my own thoughts [RL] and those gleaned from the Department of Finance report [DOF], is in the graph above. Income is on the left, spending is on the right. The Department of Finance do not include projections in relation to taxation – but we can at least back out some round numbers, the shaded purple numbers on the left, based on the total for spending and the ceiling on the deficit.

Looking to Budget 2012

There are three things that worry me about the Department of Finance’s numbers.

  • The first – as mentioned above – is that they are still going for the easy options, cutting capital spending and increasing spending on education.
  • The second is that to compensate they are, even if only implicitly, planning for greater tax increases on a private sector already credit starved and hard-pressed with unemployment and negative equity.
  • Lastly, the only way the numbers tally as they do is because they are counting on social welfare expenditure to fall by almost €3bn. I had estimated a fall in welfare payments of €1.2bn, based on a 2% economic growth rate. What growth rates are they using?

Budget 2012 will be the first proper opportunity the new Government has to stamp its authority on the direction its finances take over the next few years. It must seize that opportunity and put in place realistic targets.

Last week, I appeared on Eamon Dunphy’s radio show. Someone texted into the show and referred to myself and others as public sector “bashers”. This came as a surprise to me. I want well-funded public services that deliver an excellent social return on the investment taxpayers make. Nor am I a public-sector-worker basher. I want those who work in services that are publicly provided to be well-paid. But we won’t be able to do these things if we can’t prove to ourselves and others that the Government is able to spend in accordance with the money it earns. And there is no indication yet that the new Government is aware of the size of the challenge.

full article source: http://www.ronanlyons.com/2011/04/26/%e2%80%9cslash-and-burn%e2%80%9d-anything-but-the-need-for-realism-in-budget-2012/

Comment:

 With the introduction of  the Universal Social Charge,( you’re suggestion)  the bringing in an annual property tax not to mention the proposed water charges, the new proposed toll on National roads, the selling of state assets, the ever increasing billions to bail out the toxic banks, and the constant increase in petrol prices  ,I’m sure a few more taxes on the average worker is just what the country needs right now ,Never mind the lottery salaries the TD’s get and the pensions and perks the last 120 gangsters got when they  left the Dail. What about the immoral and ** unjustified massive salaries of the top people in the various guanos .Until the government cuts these massive salaries down to the European norms at least, they are risking open revolt. With reference to your appearance on MR. Dunphy’s show I can only say you appear to be totally out of touch with the struggle ordinary people are trying to cope with and I believe it won’t take much more for the people to bring about civil unrest the likes Europe hasn’t seen yet if this government continue to look after the insiders and well connected .I am sure if I had you salary I wouldn’t mind paying more taxes .Have you noticed that the majority of so called experts that come on these shows  are in fact been paid bloated salaries out of the public purse.

PDF on  Top Public servents pay

I hope to God the IMF will force the government to cut these extravagant salaries and quick and then let’s see them call for more taxes!  

** http://thepressnet.com/2011/04/24/we-need-an-easer-rising-today/

U2 and “Tax Havens”

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Dublin, Ireland. a protest outside the Department of Finance, nothing unusual there, only this time it was to do with Ireland’s most successful band. This protest saw members of the Debt and Development Coalition Ireland (DDCI) gathering Bono may campaign for a better deal for the world’s poor, but his band are taking advantage of the same tax avoidance schemes that rob impoverished countries of billions. outside the Merrion Street offices to voice their concern over U2’s tax avoidance. The coalition contains charitable organisations such as Trocaire and Oxfam (the world’s largest charity organisation) and they had clearly swallowed enough of Bono’s double standards. Nessa Ni Chasaide of Debt and Development Coalition Ireland said, “Bono may campaign for a better deal for the world’s poor, but his band are taking advantage of the same tax avoidance schemes that rob impoverished countries of billions.”

For more follow link to source: http://www.makebonopaytax.com/

 

Tax avoidance and tax havens like the IFSC are helping individuals and companies to avoid taxation through loopholes in the law or even employ illegal tax evasion methods :

Governments need tax revenues for investments in public goods and services like infrastructure, education, health care and a social safety net. These investments are of great important for national welfare, a good enabling environment for the private sector and for economic development in general. It is important that all individuals and firms, who are benefiting from these public services, contribute to this by paying a fair share in taxes. 

Some companies nonetheless use aggressive methods to avoid taxation through loopholes in the law or even employ illegal tax evasion. The scope of worldwide tax evasion is enormous. In the book “Capitalism’s Achilles Heel”, Richard Baker, one of the most renowned American experts on the field of tax evasion and money laundering, calculates that every year US$ 200 billion of corporate revenues depart from developing countries without proper taxes being paid.
 
It has been estimated that more than half of all world trade is going through tax havens to avoid taxation. Tax havens play an important role in the worldwide problem of tax avoidance and evasion. They undermine development in other countries, including developing countries, in four ways:

  • Secret bank accounts and offshore trusts in tax havens provide wealthy elites and companies with the means to escape their tax obligations. The big international banks and accountancy firms lend a hand by providing trust and tax planning services in tax havens;
  • Multinationals’ ability to substantially lower their tax burden by routing capital flows through mailbox companies in tax havens provides them with unfair competitive advantages vis-à-vis their – often smaller – competitors in developing countries;
  • Banking secrecy and offshore trusts offered by financial institutions in tax havens make it possible to launder the proceeds of political corruption, illicit arms deals, and other crimes;
  • Tax havens have contributed to the rising incidence of financial crisis that can destroy livelihoods in poor countries. Tax havens have contributed to the rising incidence of financial crisis that can destroy livelihoods in poor countries.

Tax avoidance is a worldwide problem that needs to be addressed. Both governments and multinationals should take action to counter this problem. There is also an important task for civil society organisations to stimulate public discussion around tax avoidance and tax havens.

Source   http://www.taxjustice.nl/?nid=63000

BOI has paid staff €66 million in bonuses since the introduction of the bank guarantee

BANK OF IRELAND has paid staff €66 million in bonuses since the introduction of the bank guarantee – and plans to spend a further €21 million on bonuses and commission payments in the coming year.

The figures were disclosed in a Department of Finance report after an investigation was launched to examine bonus payments made by the bank since September 2008. While the bank had repeatedly insisted that no performance-related bonuses had been paid to senior management during this period, the report found that:

  • Senior executives in Bank of Ireland were paid previously contracted bonuses amounting to €4.3 million during that time
  • BoI is due to pay contractual bonuses of €0.6 million to senior executive team members in 2011 and a further €0.2 million in 2012
  • The Bank has advised that payments of up to €11 million – for up to 250 staff – may be payable in 2011 under certain bonuses categories

The report, conducted by the Arthur Cox legal firm at the Minister for Finance’s request, found that the €66 million spent on bonuses was broken down as follows:

  • €0.979 million – spent on discretionary bonus payments. These include payments made in businesses which have been closed down, sold or are for sale/wind down
  • €30.792 million – spent on a range of contractual payments (guaranteed bonuses, contractual guarantees, Cash LTIP’s and deferred bonuses)
  • €11.359 million – spent on retention payments
  • €23.244 million – spent on commission type payments

The report confirms that misleading information was provided to the department by the bank – and that this information was subsequently relied upon by the Minister for Finance in his replies to Dáil questions about bank bonuses.

Both the department and the Minister for Finance have said they are “dissatisfied” with the bank’s approach to the question of bonuses, saying that the report had unveiled a “catalogue of errors”.

It also stated that BoI’s definition of what exactly constituted a performance related bonus is “at odds” with a normal interpretation. The department said that “such restrictive and uncommon interpretations are misleading and are inappropriate from a bank in receipt of taxpayer support.”

Bank of Ireland will be forced to pay €2 million to the exchequer for providing misleading information to the minister.

Read the full report on payment of bonuses in Bank of Ireland >

  

Comment:

The bottom line here is yet again, the Bank of Ireland senior management have lied and are guilty of lying to the department of finance and the Dail somebody must lose their jobs and be brought before the courts on fraud charges all bonus must be taken back and no further bonus of any kind ,contractual or not, must be paid out!

“Heads must roll”  

NAMA report and accounts for Q3, 2010 – is there a political reason for the delay in their publication?

By namawinelake

Money and Banking Statistics: December 2010
Well one thing is for sure, the period between NAMA delivering its quarterly report and accounts to the Department of Finance and the DoF publishing said documents is growing larger with the passage of each quarter as illustrated below:
 
QuarterCovering period toDelivered to DoFPublished
131st March, 201030th June, 201013th July, 2010
230th June, 201030th Sept, 20102nd November, 2010
330th Sept, 201031st Dec, 2010Still waiting………

 
There was a detailed entry on here at the start of January, 2011 examining the likely features of the Q3, 2010 report and accounts. From an incumbent party political viewpoint, the sensitive issue with these accounts will be the fact that NAMA has lost some €2bn+ since its incorporation. How? NAMA purchased loans by reference to a valuation date of 30th November, 2009 and although some markets have improved since then, the home market where the assets underpinning two thirds of NAMA’s loans are located has tanked. Also NAMA paid a Long Term Economic Value of an average of 10% above the value of the asset. Now it is true that 5% of NAMA consideration for loans is in the form of subordinated debt which will only be honoured if NAMA breaks even and it is also true that the NAMA Act provides for a levy on the banks proportionate to the value of loans absorbed (so Anglo and INBS will need cough up more than 50% of any ultimate loss which is of course ridiculous but practically speaking it is also ridiculous for AIB and EBS which are effectively State-owned, Bank of Ireland faces a challenging future). Taking all of this into account
 
So it may be the case that the Department of Finance (prop: Brian Lenihan, minister) may try to delay the publication of the accounts which remember are already four months out of date as they relate to the quarter ending 30th September, 2010. And remember also, the role of the DoF is not to change the accounts so arguably they should be generally published simultaneously with their delivery to the DoF. And even if the accounts are published, they are unlikely to show a loss because NAMA is unlikely to revalue tens of billions of euros of loans each quarter. But I think it will be perfectly reasonable to ask NAMA for a ballpark of the loss in value of the loans compared with their acquisition value (the answer should be €2bn +).

source:http://wp.me/pNlCf-11i

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