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Posts tagged ‘International Financial Services Centre’

Welcome to TAX haven Ireland for the rich and Austerity hell for the ordinary Joe!

By Thomás Aengus O Cléirigh


Welcome to TAX haven Ireland for the rich and Austerity hell for the ordinary Joe!

Welcome to TAX haven Ireland, where the hard presses ordinary PAYE taxpayers have to subsidise the world’s largest corporations, the world’s largest hot money centre holding 2.7 trillion euro’s in hidden bank accounts and where not one red cent tax is been charged by our sell-out politicians who are in bed with the very crooks who are hiding their hot money down at the IFSC in Dublin.

So we the Irish have our Natural Gas stolen from us , our Oil reserves stolen from us and we nearly had our Forests stolen from us and now I hear we are about to lose the countries Gas company to vultures and pals from corrupt politicians who were voted in to office to protect our nations interest ! Instead we find these corrupt gangsters are helping hidden moneymen steal our national treasures!.

As long as the ordinary workers of this country are forced to take the burden of bailing out gangsters in our banks, corrupt corporation, and implementing policy from unelected special advisors who all have their own self interests at heart we the people are going to be bled dry. The brightest and best are leaving the country in droves and the gombeen politicians are feathering their own nests while our people are crushed under ever increasing taxes and austerity measures designed to beat down any notion of an Independent people!We have become a nation of financial debt servers !

Our political elite are all in good spirits as the latest polls are indicating the crooks running our country have little to fear of the people rising up, we are it seems a complying bunch!. With the world’s largest companies paying little or no tax, we the ordinary people are going to have to pay for all the shortcomings! For every euro these corporate leeches do not pay tax Ordinary Joe has to do without community services , a dismantled health service and diminishes educational  prospects for our children. How long are we the ordinary people going to stay on our knees and allow this Austerity hell continue? While the privileged suck our country and its natural resources dry??

2013-09-12 13.05.24

How long are we going to allow Merkel tell us when we can build a hospital or when and where we build our schools or when we die?

Where are the fighting Irish?? , wake up and see reality!!

So we the people of Ireland are paying the taxes these multinational corporations should be paying?

By Thomás O Cléirigh


So we the people of Ireland are paying the taxes these multinational corporations should be paying? As usual the Government are backing the rich and are threatening the downtrodden taxpayers of Ireland with the revenue commissioners .They have resorted to blackmail  and are trying to  hoodwink the citizens of Ireland ! This tax (Property tax= Irish Poll tax) is helping large multinational corporations to evade their taxes.

The tax haven (IFSC) in the Dublin docklands


helps gangsters and dictators and human trafficking to steal from their own nations. This tax helps to keep open the largest money laundering operations and tax avoidance scams in the EU! At the last count there was over two trillion Euros in “managed funds” swirling around in that haven for hot money! How much of this money is drug money from the Mexican cartels or money from Human migrant slave trade or prostitution??

One thing is for sure this money has blood all over it and any government minster here in Ireland that allows this to continue is equally guilty of the horrendous murders that are occurring all around the world each and every day! Kenny and Noonan are swimming in blood at this stage!

untitled Mexico-beheadings

But I say not in my name or in my children’s name! I do not support the tax avoidance of hot money and we the people of Ireland must stand up and demand an end to our country been used by murders and gangsters from around the world. Kenny and Noonan should tax these rich gangsters before they come looking to steal my few cents for a so called property tax! I will not pay this property tax.


I will defend my right to my home with whatever means from these puppets of the troika, Berlin and the IMF.

No desks. No staff. No tax. Ireland’s shadow banks

By  Carl O’Brien, Caelainn Barr

So many companies are listed in the marble-tiled, plant-filled foyer that there are no brass plates or printed guides. Instead, it takes a computer to search through them all. This is 5 Harbourmaster Place, a Celtic Tiger-era chrome-and-glass building at the edge of the International Financial Services Centre, in Dublin.

It might not look big enough to house them all, but this modest-sized building is home to about 250 companies. One is Orpington Structured Finance I. It has gross assets of €1.7 billion, which would make it one of the most valuable firms in Ireland. Except it has no employees. It has no buildings or machinery. Nor does it pay any tax.


It is one of hundreds of so-called financial-vehicle corporations, which are companies set up to house or trade in securitised investments, in other words to package and resell loans.

It’s part of a much wider area of financial activity known as shadow banking, a term coined five years ago when the US economist Paul McCulley defined the area as the “whole alphabet soup of levered-up non-bank investment conduits, vehicles and structures”.

The term spread almost as fast as the financial crisis, and regulators and governments have been mobilising ever since to try to map this largely uncharted world.

It’s big business: the total value of assets in the Republic’s shadow-banking sector, at €1.7 trillion, is almost 11 times the State’s gross national product, which is the total value of all products and services produced in a single year.


Supporters of low taxes and multinational-friendly policies say these companies help create much-needed jobs in a country with 14 per cent unemployment and stagnant growth. The wider IFSC employs an estimated 32,000 people, for example, and contributes about €1 billion in corporation tax. Of those employees, about 1,000 work in companies linked to the securitisation industry. If Ireland weren’t courting this kind of business, the argument goes, it would end up in rival jurisdictions, such as the UK or the Netherlands…………………………………..

Full article at source: http://www.irishtimes.com/business/sectors/financial-services/no-desks-no-staff-no-tax-ireland-s-shadow-banks-1.1388923

“make all income from the State taxable”

By Ronan lyons

This year, the Irish Government will spend €68.3 billion, in an economy where total income (GNP) is of the order of €128bn. About one sixth of this total amount spent by the Government is what is known as “non-voted”, i.e. it’s not up for discussion. This includes €5.2bn in the form of interest payments on the national debt and €3.1bn in the payment of promissory notes. It also includes our contribution to the EU budget, which is about €2bn, and a further €300m in various odds and ends (such as judges’ pay).

The remaining €57.5bn – or the vast bulk of what the Government spends – is “voted expenditure”, and as such is up for Ministerial and Budgetary discretion. Of that amount, this year just €4.7bn will be spent on capital investments, down from €8.9bn in 2008. So of the €68.3bn in total spending, almost four fifths (€52.8bn) is current voted expenditure.

Ireland’s deficit is currently €15bn and by 2015 that will need to be no more than €4bn. So the country needs about €11bn in savings, about €7bn will have to come from spending cuts, while the remaining €4bn will be from tax increases. But where can we find spending cuts of €7bn over the coming five years?

full article at source:



One cannot argue about the figures here, however I would argue that one should start at the top. Top civil servants, politicians Quangos and all the various vested interests like advisors, judges, University professors, practically all those people who constantly come on to the various talk shows and lecture us the ordinary Jo Soap’s about having to take on more austerity, more cuts while they themselves are living the high life on lottery salaries coming from the public purse. I am reminded also that on the national radio station we have talk show hosts earning more than twice the American president. We have the CEO
of the ESB earning 700,000 plus, not to mention the fact that despite the governments
clam those bank directors  salaries be capped to 500,000 per year the Bank of Ireland CEO is taking home in access of 650,000 plus extras. What about the 1.5 trillion in hot money parked in various bank accounts in the IFSC that is not subject to any tax?

Well Ronan, yes there is scope in a wide area of the social welfare
budget for savings, but instead of picking on the most vulnerable our society.
Why not first tackle the honey pots of the X politicians and top civil servants
who have after all escaped with their lofty pensions having destroyed the
country. Transparency, Simplicity and Fairness is not achieved by stamping on most vulnerable.

The best way to tackle the shortfall in government coffers is to invest in the Unemployed to get them back to work. Investing in re-education of this resource makes a lot of sense! Precisely assessing the needs of industry and amending the training schemes to suite this need. Taking the meager handout the unemployed get is only going to depress the economy still further. The various sections of society that are highlighted are also
consumers and they spend their money.

The cost of doing business in Ireland is far to expensive and the Government are mostly at fault here!

We must stand up and say no way we wont pay.

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!

With the appointment Matthew Elderfield  as the new financial regulator I doubt very much that any changes have taken place to the tax position of these massive funds. According to my information there is no and I repeat no taxes been paid on this enormous managed hot funds that are parked in the IFSC. If the Irish Government were to charge say a .5% tax on these funds (Fee if you will) for providing a safe haven for
these “Funds” the government would raise billions at a stroke .Why don’t they
do this??? Answer the banks are the bosses and the government do as they are
told and that is go elsewhere take it from the Unemployed the pensioners, and  the youth. Those people in our society who do not have the power to stand up against the vested interests .lets face it we are the easy targets .What is all this austerity for why are we willing to pay for the private debts of these banks who in turn owe these huge sums to Deutsche Bank .These debts are odious debts and as such the Irish citizen is not libel for the gambeling debts of gansters in Deutsche bank and our own Irish corrupt Banks.

We must stand up and say no way we wont pay.

New Blog posting from David Mc Williams called The future: tax the rich

David mc Williams has a new posting

By David Mc Williams

The captain of the universe, known as Captain Copycat, runs an investment fund called Copycat Partners LLP, registered in the IFSC but run out of a swanky office in St James in London.He is having a taxing week.Copycat Partners’ investment strategy is to copy what the next lad does and thus make money.When the market is going up, Captain Copycat buys assets and rides the wave. Copycat’s behaviour obviously reinforces the upward market momentum.In contrast, when the market is going down Captain Copycat sells everything aggressively, using simple gambling tools known as ‘put options’.

This in turn pushes the market down further.

full article at source here:http://www.davidmcwilliams.ie/2011/08/22/the-future-tax-the-rich?utm_source=WebsiteSubscribers&utm_campaign=9ed9ed1084-Weekly_Roundup_10_August_2011&utm_medium=email

State owns 99.8pc of AIB

AIB Bank Centre, Dublin 4, Ireland

Image via Wikipedia

By Laura Noonan and Donal O’Donovan

Saturday July 02 2011

THE State’s stake in AIB is set to rise to 99.8pc
by the end of the month, it emerged last night, as the financial markets
absorbed an unprecedented number of announcements about Ireland‘s radical
bank restructuring.

The revelations about AIB’s shareholding were revealed in a document
describing the Government’s plans to spend €5bn on new shares at 1c a piece and
pony up any extra money through a “capital contribution”.

The extra money will be the difference between AIB’s €14.8bn capital demand,
less a €1.6bn government loan and whatever money AIB is able to make from doing
deals with bondholders.

The capital contribution won’t dilute down existing shareholders, who would
have seen their collective stake fall to less than 0.01pc if the Government had
put in all the cash via new sales.

AIB also completed its merger with EBS yesterday, and revealed that the
building society’s chief executive Fergus Murphy will be joining the bank’s
newly revamped executive team while four senior AIB directors will join EBS’s

AIB and EBS will remain as separate brands and businesses, but some EBS
departments will have reporting lines into AIB, a statement confirmed. Customers
will be unaffected by the merger.

Yesterday also saw AIB get the green-light to proceed with attempts to buy
back debt from bondholders after a legal challenge by an investor was

Aurelius Capital had blocked two of AIB’s 18 debt buybacks last month, but
yesterday agreed to abandon its protest after reaching an undisclosed settlement
with the Department of Finance.

A source at AIB said it now expects to move ahead with an offer to buy back
the bonds at a steep discount using a so-called subordinated liabilities order
(SLO) sanctioned by the High Court.

The SLO gives the government sweeping powers to change the terms of AIB’s
subordinated bonds, making buyback offers at any price difficult to resist.

Yesterday’s also saw Anglo Irish
and Irish Nationwide officially merged into a new entity dubbed IBRC,
or Irish Bank Resolution Corporation, so the duo’s assets can be wound down over
the next decade.

Meanwhile, Irish Life & Permanent yesterday announced that most of its
junior bondholders have taken up an offer to sell back their debt at a discount.
The buyback of one €54m bond was not approved and remains outstanding.

– Laura Noonan and Donal O’Donovan

Irish Independent

source : http://www.independent.ie/business/irish/state-owns-998pc-of-aib-as-banks-revamped-2811522.html


All we have here is an attempt to sell the notion that we have completely new banks and all the rot has been taken care of but this is so far from the truth. What about the banks hopeless loss making derivative positions that are still been hidden. These losses run into the billions and are perhaps been kept in “off shore branch’s” in the IFSC the mother of all hot money clearing houses in the world .If you’re a despot dictator of thieving politician this is where you are most likely to be hiding your ill-gotten gains and if you’re are a drug king pin your sure to be hiding your loot here .The Mexican drug lords are sure to be hiding their drug money here as well! The upstanding Irish citizens working in the financial services in the IFSC in the “Funds management business” are
helping drug lords and despot politician from around the world hide their stolen funds and drug money.

Back to AIB .This is still a toxic pig in new clothing
nothing has changed the same gangsters are in charge and are still doing business.
Almost 3 years on not one of them is in front of a judge .But as an ordinary
citizen if you don’t pay your TV licence you will end up in an Irish Jail.

Bring these crooks to justice or else, we the people will
get justice for ourselves!


GreekWatch (Day 2 of 13) : “the situation seems desperate”

The IMF and EU teams seem to be working away quietly on their review mission in Athenswhilst the discussions about new austerity measures and privatisations get louder. There were rumours yesterday evening that the Greek prime minister was considering a referendum on new austerity measures though that seems to have been dismissed today with the claim that he is only seeking “consensus” – remember the prime minister controls 160 of the parliament’s 300 seats so “consensus” is a PR exercise, but it is one advocated by the IMF and EU. There were small-ish (by Greek standards) demonstrations on the streets yesterday evening when some 20,000 protesters across a number of cities staged peaceful protests.

Full article at source http://wp.me/pNlCf-1rh.


This morning I nearly fell out of my bed when I heard Ivan Yates and Willy Slattery Head of Ireland State Street in the IFSC take opposite sides to the problems of Irelands Debts .Judging from Mr.Slattery utterances and his categorical support for Mr. Edna Kenny’s declaration that there will be no default speaks volumes. This confirms to me that the Bondholders have indeed their feet under the cabinet table .By voting out the Last government we have unwittingly placed the spokespersons and lobbyists for the Funds industries and bond holders at the centre of power in Ireland .Just listen to this banisters blatant defence of his own interests and that of the international hot money industry in the IFSC. His claim that we now have good transparency in the Finances of the country is laughable and an outright lie. There is estimated 1.75 trillion Euros in managed funds in the IFSC and I would like to know what percentage is been paid in taxes for the secure harbour the Irish government is giving these dubious funds .after all let’s say the government gets .5% that would equate to an instant 8 750 000 000 Billion .in taxes for the hard pressed Irish Government.
Now why did Mr.Slattery not suggest his industry pay this tax??? No he wants the low paid workers and the unemployed to cough up and keep him and his cronies in business in the IFSC.As for Mr. Yates at least he understands that we simply cannot pay these debts as we simply do not have the earnings capacity .
Listen hear to the Breakfast show


Is the IFSC in Dublin hiding Gadhafi’s seceret billions ???

With billions stolen from the Libyan people by Gadhafi and his cronies one has to ask are any of these Billions on deposit in the IFSC and if so why is the Irish Government doing nothing about this? There is approximately 1.78 Trillion Euros on deposit in the IFSC and there is every chance that stolen money from Libya, is hidden away in “safe accounts” there! This is a oppertunity for the Irish Government to step forward and show the world that it will not allow despots from around the world to use the IFSC to help them steal their own people’s wealth by depositing them in fraudulent hot money accounts in the IFSC in Dublin.

At the very least the new Irish Government should investigate the possibility of such funds been held on behalf of Gadhafi and his henchmen and  these funds should be frozen and at some point in the future should be handed back to the  Libyan people .

Support  the call to the Irish Government for an immediate investigation into the various banks and fund managers operating out of the IFSC  to find out that they are not holding any stolen  funds from any of the ousted despots of north Africa .

Ireland’s Derivative Losses In IFSC Banks:




Nicholas Shaxson in his recent book “Treasure Islands: Tax Havens And The Men Who Stole The World” points out that Ireland’s very own IFSC is one of the largest recipient of money fleeing from high tax authorities around the world. Since its inception the IFSC has grown to be almost as big as the Camen Islands in terms of funds stashed. According to the latest figures from the Irish Central Statistics Office there is approximately 1.85 Trillion Euros “managed” there. (That is “Trillion” with a capital “T”. A trillion is a thousand billion. A billion is a thousand million.)


The main reason why these funds are attracted to this location is due to low taxes and minimal oversight by the Irish Central Bank. The European Central Bank does not want to be too involved because the problem is so vast and “technically” domestic located banks are the responsibility of “domestic” regulators.


Why is this issue of critical importance to the Irish taxpayer and the attempts by the recently elected Dail to finally “lance the boil” of the Irish financial crisis? Well folks you will be pleased to know the main Irish banks all have branches in the IFSC. Thus it is fair to assume that a fair proportion of the 1.85 trillion parked there is in “our” banks. Over the last number of years hedge funds have managed a large proportion of these deposits and as a result have experienced significant “mark to market” derivative losses. Are the Irish taxpayers going to be saddled with these losses as part of the disastrous Farmleigh bank guarantee? Will these IFSC branches be fully audited as part of the current EU stress test? Why has Paddy Honohan, Governor of the Irish Central Bank, not formally answered queries regarding this potential time bomb? Will he finally categorically state that the Irish taxpayer’s neither guarantee will nor apply to IFSC based banks?


Now is the time for Ireland’s new Government to force the banking fraternity to  come clean. Until the worst case scenario is disclosed the true healing process will never commence then and only then will redemption is possible for Ireland’s crippled banking system. This transparency is fundamental to Ireland’s banking industry surviving this crisis because until credit starts flowing again the economy will continue to descend into a deflationary death spiral. Credit availability will be reliant on credibility. Credibility must be earned through honesty, truth and professional ethics. The green jersey strategy was an unmitigated disaster. www.thepressnet.com

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