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Posts tagged ‘Irish Central Bank’

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

“We should take heed, because we are next.”

Friday  February 18 2011

source:

 David McWilliams

No wonder the Greeks are upset. Yesterday, the IMF and the EU were busy trying to limit the damage following their mission to Greece. One auditor, also the EC representative, Servaas Deroose, encouraged the Greeks to “sell beaches” to pay back the IMF/EU loan.

We should take heed, because we are next.

What would you be prepared to sell to pay back the IMF/EU deal, which is designed to bail out bank gamblers who punted on Anglo? The Aran Islands? Dogs Bay or maybe a big slice of Achill? The Rock of Cashel — that’d make a few quid.

Mr Deroose has revealed something about the thinking behind the IMF/EU loan and the sequence of events in Greece and Ireland as the EU Commission sees it. Bad enough to have a citizen of the most fiscally incontinent country in Europe — Belgium — lecture us on government excess, worse to have him indicate that the fire sale of state assets is the endgame.

So let’s get things straight: the Irish citizen is being asked to take on the debts of the European banks and pay for this by selling our assets for half nothing to the same banks so that we can bail them out. We take on debts without a discount and sell assets without a premium. At the moment these loans that we are being asked to pay are trading at a deep, deep discount because the “assets” they were supposed to back have collapsed in value. Yet we are being asked to pay for these loans at par.

At the same time, our crucial and profitable state utilities — like the ESB — will be sold at a discount because the buyers will know that the sellers are screwed.

This is what is going on. An organised heist, which will play out in front of our eyes and reward the very investment banks that blew their own and their clients’ money on the promises of David Drumm and the like. Meanwhile, our politicians argue over the rate of interest, begging for crumbs when they should be fighting for us.

Someone has to stop this because the words of the EU Commission in Greece are directed at us too.

Is there anything we can do?

Yes there is. Whatever you might think of some senior European politicians, they are democrats. They are bonded together by the vision of Jean Monet and Schuman — the founders of the EU. Central to this vision was the notion of forgiveness. When I studied at the College of Europe in Bruges, this message was articulated again and again. Europe was a family of nations and once you were in the family, the family treated you as an equal and no matter what your previous behaviour, there was always a chance of redemption.

This allowed Germany to recover after the War and it is the same attitude which is allowing Serbia, a country which orchestrated genocide in Bosnia less than two decades ago, to seek EU membership.

In short, there are many more democrats in European politics than there are central bankers.

There are many more elected politicians with a broad European view informed by history than there are unelected central bankers with a narrow monetary view.

We need to bring this battle to generous European politicians and wrestle the details out of the mean fingers of bureaucrats and central bankers who were never elected and have no mandate.

But how?

You put it to the people. The new government should put to a referendum the question of making any further payments from the citizens to the bank creditors. This would give the new government a clear democratic mandate with which to negotiate. There is no democrat in Europe who would oppose the will of the people and it would get straight to the point where the political economy bulldozes the financial economy. It would also give the Government huge authority on the biggest issue facing us all.

But can it be done?

Yes, article 27 of the Constitution governs the circumstances where a decision which is of “such national importance that the will of the people thereon ought to be ascertained”. Article 27 has never been used for this purpose but there is provision in the Constitution for a referendum on something which is simply so important that the people should be able to vote on it.

So it can be done, but is it now too late?

No, it is not too late for two reasons. The first is that if we do not stop paying out money to the bondholders, we will default on everything — sovereign debt and all — eventually. This would be a disaster for every Irish person. The second reason is that the situation is getting worse.

Behind our back, the Irish banks keep issuing government- backed paper in our name and this is happening on a daily basis, welding us ever tighter to the delinquent banks. This has to stop.

Since the last week of January, Irish banks have issued €18.35bn worth of government guaranteed debt. So the reliance of Irish banks on government guaranteed debt has risen from €16billion in mid-January to about €34billion today.

This debt is being issued to allow the banks to either (a) unwind their positions with the Irish Central Bank‘s Emergency Liquidity Assistance (basically the printing of money by the CBI) or (b) boost their funding position ahead of the bank stress test that is currently being carried out by the Central Bank.

Of course, all of this bank stress-testing is missing the point. The stress test that is now needed is a stress test on the State. Instead of believing the politicians that the State will be able to pay €100bn to the banks and everything will be fine, we should test the numbers and see if that is actually possible.

But, of course, that test will not be carried out. Because a stress test of the Irish State would show the one thing that no politician is willing to admit — that the State is currently insolvent, and the Government guaranteeing another €18billion of debt only serves to make that problem worse.

One way to put a stop to this madness is by holding a referendum. If ever there was an issue of such national significance, this is it. The time for a popular plebiscite has come.

http://www.davidmcwilliams.ie

– David McWilliams

Irish Independent

Comment:

I wholeheartedly agree with this assessment and reaffirm to the people of Wicklow, that I am standing in this election on the basis that the current so called bailout is nothing more than a bailout for reckless lending of German and British banks to equally reckless Irish banks like Anglo Irish Bank The Irish people should not be libel for the gambling debts of these financial institutions. I believe the outgoing Government are guilty of dereliction of their Duty and it is an affront to the Irish people that these same incompetent people should walk away now with lottery pensions.

The Political parties that now hope to gain power are all proposing to continue with this madness and it is now up to the independents to force the new government to see sense. But this will only happen if voters vote enough independents into the Dail in the first place.

I can look myself in the eye and say I did my bit can you ?

Irish Central Bank liquidity jump from €34bn in October to €44.67bn in November

Irish Central Bank.Posted on December 10, 2010 by admin

The November financial statement of the Irish Central Bank has just been published (Xcel)

Following on from previous work elsewhere, I went straight to the ‘other assets’ section to see how much ‘exceptional liquidity’ the central bank is giving to Irish banks (outside of ECB operations)

The amount of this funding has jumped by €10bn in the month of November to €44.674bn.

click to enlarge

Note also, that the reliance of Irish banks on ECB liquidity has jumped by €6.4bn in November.

The first place that made mention of the exceptional liquidity assistance provided by the Central Bank was Anglo Irish bank’s 2009 annual report. That document said that the Central Bank was providing a ‘special masterloan repurchase agreement’ facility to that bank to allow repos of NAMA promissory notes.

Two things seem apparent from the recent jump:

Firstly, banks other than Anglo are now accessing this facility – Total loans from Anglo destined for NAMA were €20bn

Secondly, the ECB is NOT accepting NAMA promissory notes as collateral for repo operations. If it was, there would be no need for this facility from the Irish central bank. Presumably, the fact that NAMA is paying with promissory notes (basically an IOU) rather than government guaranteed bonds means they are not repo-able.

So, what does all this mean?

Well, the first broad point is that the amount of liquidity – both ECB and ‘exceptional’ – being provided to the Irish banking system has reached utterly unsustainable levels. At a combined total of €181.110bn, current ‘extend and pretend’ policies must be close to their limit.

The only question remaining is how the central banks involved intend to unwind their positions. According to Mario Draghi, head of the Italian CB, there are ‘concrete proposals’ in the works to deal with the position the central banks find themselves in – see Fiancial Times interview (H/T Peter Thal Larsen )

I hope the ECB has a plan to deal with the Irish central banks position. Because if there is a loss realised on the €44.7bn of ‘exceptional liquidity’ and the ECB doesn’t help, it will be up to the shareholder of the central bank to cover the loss, and that shareholder – The Irish Minister for Finance – is under a bit of pressure for money himself at the moment…

source: http://blog.cornerturned.com/?p=53

comment:

This situation only exposes again the lies and utter hopeless nature of the financial mess , Cowen and lenihan have forced the Irish nation into .I am convinced that we will default and  their attempt to apiece senior bondholders (Deutsche Bank etc) will only hold the flood back for so long !

Ireland Ink cannot hope to meet all these commitments and with the latest madness that is budget 2011 they have put the final nail in place on the coffin that is now the Irish economy
its time to face reality and Default shift these gangsters along with the Central Bank chances out and get people with a good dose of realism into running the country !
machholz 

Mr. Governor of the Irish Central Bank Please Answer the Question:

Mr. Governor of the Irish Central Bank Please Answer the Question:

Excerpt:
Asked if the banks were “hiding” another batch of massive losses, Prof Honohan said
today in the Irish Independent “there was no indication of that.”

Dear Ladies and Gentlemen of Ireland note how Paddy Honohan, lead negotiator with the IMF/ECB
team, does not say “no there is no problem” he said there is “no indication”. He does not wish to
perjure himself.

When is someone in the media going to ask the direct question “ Mr. Honohan can you please explain
why if Irish Financial Institutions have a .755 trillion derivative position as per the current CSO report,
why have no losses been disclosed when every other bank on the planet, since the collapse of Lehman
Brothers, have made massive provisions against “off balance sheet” liabilities.”

Sorry for sticking with this issue folks but I think it should be put to bed before we sign this agreement
and draw down the one thing saving us from utter ruin, the Sovereign Pension Fund.

Thanks’ to the gang of 3 .(snap, crackle and pop )

The Irish Debt Clock ticks on inexorably Sunday.11.04.2010

Thanks’ to the gang of 3 .(snap, crackle and pop )

(Cowen, Lenihan & Gormley)

The Republic of Ireland’s national debt is at unsustainable levels and rising thanks due to the incompetence of these economic terrorists and Traitors

€ 79,658,801,354

The FINANCE DUBLIN Irish Government Debt Clock was set at midnight on June 30th 2009, when it was €65.278 billion.

Update March 30th 2010: The NAMA bailout in context

The size of the NAMA bailout, even at the highest estimate made of its funding appetite to date, and reflecting, as it rightly should have done, a conservative haircut of 47 p.c. on loans acquired, still dwarfs the impact on Ireland’s national debt of the underlying imbalance between state tax revenues, and public expenditures. The total cost of NAMA, at its worst, put at something north of €30 billion, was guesstimated by the Minister for Finance to be recoupable within 10 years by the Exchequer in his statement to be found at the below link. This estimate was backed as reasonable by the Governor of the Irish Central Bank, Patrick Honohan on Irish television on the night of the NAMA announcement on March 30th.

Statements on the bailout fromOp-Ed in the March 2010 issue of Finance Dublin: ‘Evidence-based Economics’
NAMA



By contrast, the Irish debt clock, reflecting no element of NAMA in it at all, had risen by €14 billion in just the nine months since the debt clock was set, on June 30th at €65.2 billion. By the end of March it has risen to €79.2 billion. The package put together by the Irish Finance Minister on NAMA shows that the money may be at least recoupable in a period of, perhaps, ten years. The daily deficit spending by the Irish Exchequer deficit is NOT recoupable. Given that the underlying deficit spending of the Government dwarfs the size of the NAMA bailout, a puzzle exists: why did Mr Cowen arrange pay talks with the ‘social partners’ lasting until 3 a.m. on the morning of March 30th at Croke Park, with a deadline of announcing a deal whereby there would be no further public sector pay cuts until 2014, – potentially the most momentous economic decision for the Irish economy in a decade – on a day when 1) the NAMA deal was announced, and 2) the largest domestic insurer was placed in administration? These two events transpired to push reportage on the pay deal down the news schedules on Irish state television and other media outlets. Evidence-based Economics can help put these issues in context. For more on this click here (from the Op-Ed in the March 2010 issue of Finance Dublin):

As
I have stated over and over again this bunch of economic terrorists in the Current Irish Government are not to be trusted and we the people are the only ones that are able to kick them out as the current opposition do not seem to be up to the job and seem to be quite happy to let the musical chairs game carry on for another two years

We the people cannot wait that long, we might not have a republic then!
source link http://www.financedublin.com/debtclock.php

To Mr. Brian Cowen T.D.

An Open Letter

 To

Mr. Brian Cowen T.D.

Taoiseach of the Republic of Ireland.

 

22nd. February 2010

 

 

 Dear Taoiseach,

 This open letter is being written in a spirit of goodwill and should in no way be interpreted in a totally pejorative manner.

 I realise that following in the footsteps of your father and entering the realm of public service involved dedication and sacrifice on your behalf. Accordingly, I do appreciative the time and energy you have devoted to your office. However, Taoiseach, given the situation that we, as a people, now find ourselves in, I am compelled to write openly to you.

 1.         Please do something substantial. Please show new leadership. The country is crying out for it. There is no sense of emergency emanating from you or from the Dail.  You appear to have no sense of crisis, whereas there is a sense of crisis in the hearts and in the minds of the Irish people. Most people that I speak to realise that this is not a standard downturn for our economy. This time, with all due respect, it really is “different” and based on your performance heretofore, I do not believe you really “get it.”

 2.         Please bring a sense of morality back to Irish politics. In the Dail, failure and corruption have become acceptable. In other countries such failure leads directly to resignation. The fate of our children now demands such resignations from ministers who fail us and belittle the trust that has been placed in them by the Irish electorate. Mediocrity is no standard in today’s world.

 3.         The feeling among folk in Dublin and the counties, borders on anger and despair. The essence of this feeling is not being accurately recorded in the media and is not reflected in the actions issuing from your government.

 4.         The NAMA option will not bring credit back to Irish banks as it will be used to pay off bondholders, subtly. Since NAMA was introduced into legislation the truth about property valuations around Ireland has been finally revealed and it is now perfectly obvious that we, as a people, have overpaid for these distressed assets. Accordingly, the level of interest, maintenance and administration costs NAMA will have to pay will probably mean this misconceived institution will go into default. Taoiseach, this calls into question the independence and veracity of the advice you have received. You need new independent councillors around you, who are not beholden to the Central Bank and its international financiers.

 5.         Unless credit starts flowing again unemployment and its constituent costs economic: psychological and social, will shackle Irish men and Irish women for decades.

            What is required is a State Commercial Bank to be made available to back private business development, whose main purpose would be the successful employment of Irish residents. The essence of State power is its ability to create true wealth- generating credit. This credit should be used to support full employment, not generate asset bubbles for the benefit of a golden few.

           In humility, examples of the areas of the economy that could be focused on are set out below. There are many others, but one must start somewhere:

 A.         Intensive Market Agriculture:

As in most European urban centers, every farm surrounding the major cities in Ireland should be motivated and supported to efficiently supply those cities with meats, poultry, vegetables, grains and dairy products. Currently, much farm land is idle and inefficient due to common agricultural policies that are now redundant.

           B.         Natural Resource Development:

To enable our natural resources to be developed for the benefit of our people the contentious contracts, signed by Ray Burke et al, should be renegotiated.

           C.         Fish Processing:

            To enable fishing to be developed for the benefit of our people, the disastrous treaty          allowing for the usurpation of our waters by Brussels must be renegotiated.

           D.         Countrywide Fibre Optic Broadband Rollout:       

            We live in a web-based world. The web is “modern electricity.” Fibre optic     connections must be brought to every home. This will grant all home dwellers the    potential to go into business for themselves. It will also open up to them a new world   of information and opportunity. It will give them freedom, whereas current        government policy has imprisoned them within a “third-world” technological           

            infrastructure.

       E.         Web Based Educational Institutions:

        We have a reputation for excellence in education. Through fiber optic-broadband    connectivity and vision we can provide this education to the world. Our academic         institutions should be on the cutting edge of scientific and engineering development.

Promoting a synergy between government, academia and business is one strategy to ensure that Irish citizens gain potential access to high value industry.

 F.         Next Generation Pharma Drug Development:      

Our current exports are powered by chemical-pharmacology. Within the next 5-7 years most of the patents protecting this industry will expire. When they go “generic” this industry will commence relocating to low cost centers across the world. We need to plan for this eventuality and adopt measures to support and attract next generation providers.

 G.         Hi-Tech International Health Care:

Irish nurses and doctors are renowned the world over. We can tap this human resource to become one of the world’s best “transnational” health care locations of choice. Ireland, being a low cost airline center, enjoys a magnificent strategic advantage in this area.

 H.         Liberated Tourism:

To enable tourism to be sustained and developed, a more enlightened policy concerning hotels, restaurants and bars must be promoted. This policy should be based on proportionality, not altruistic idealism. High landing charges that are currently crippling the industry must be revoked.

 6.         To enable these initiatives to be taken, Taoiseach, you must have the courage to start from a new page. The profligate waste of money over the past decade has been a national disaster and entities such as FAS, the HSE, shadow regional health boards, local and city councils, and other superfluous and mal-functioning entities must be reorganised or abolished. Government must become fit for international executive purpose. I would suggest that if you cannot make the necessary changes through your own party, you must, in the spirit of national survival, propose a structure of national government. The times demand no less, Mr. Cowen, and the country will respect you if you show courageous leadership.

 7.         The current situation within the country of high T.D. payments, ministerial payments, unmarried mother payments, residential subsidy payments, immigration payments, top civil service payments, garda payments, social welfare payments, health care worker payments, drug cost payments, doctor and consultant payments, associate contractor payments, RTE “prima donna” payments and commercial lease payments (to mention but a few) bear no comparison to actual Irish business reality. Entrepreneurs, small businesses, service professionals, farmers, retail outlet managers, salesmen, plumbers, technicians, architects, builders, tilers, carpenters, mortgage providers, drivers and craftsmen et al are all suffering. Business has collapsed and costs have soared. The payments being paid out of the exchequer with no supporting “income” is bankrupting this country and is placing a legacy of crushing debt on our shoulders and on the shoulders of our children. Little is being done to correct this imbalance. Time is of the essence.

 8.         This republic was created on a concept of freedom, following over four hundred years of oppression. It is morally wrong to forget history, Mr. Cowen. The land act and the land commission gave Irish property back to Irish people, “free and clear.” Due to corruption and incompetence in your government, it is wrong for you to now ask the Irish people to lose this hard-won freedom by accepting property tax. Property tax is a lien. It means you do not own the asset, but are in effect a mere leaseholder. Please cut expenditures and leave this Irish right sacrosanct.

 9.         It is also morally wrong for you as a government to attack the minimum wage, when many government officials and affiliated government contractors make in excess of 100,000 Euro per annum. This government policy will destroy the centre of the Republic. This center is made up of average working folk who have to get up at 7 A.M., commute, pay for parking, pay for lunches, re-commute and arrive back at home at 8 P.M., exhausted. These working folk are grateful for their jobs, but they are scared. They are scared for themselves and they are scared for their children. They are tired Mr. Cowan, tired of rhetoric without moral action. Tired of no honour among the political elite. Tired of shameful egocentric mendacity. Yet, it is the actions of these folk and it is their efforts that give the Irish currency value and substance. It is real work that grants money value. This is economics 101. Your government needs to realise this truth, fast. Through its subsidies to non-work and unproductive administration, this government is quickly making it farcical and almost uneconomical to consider work a reasonable option. Thus the corroding issue is not the minimum wage, but excessive public expenditure. Start at the top, Mr. Cowen.

 10.       Taoiseach, a country is not just an economy, it is a community. Increasingly, the Nation is being polarised into those who work for, and are associated with, the government and those who are not. This is not a healthy place to lead our country. Moral justice matters, not just for those politically affiliated, but for all.

 11.       One initiative that would greatly assist commerce is the abolition of “upward-only” rent reviews. Some moves have been made in this area but they must be applied retrospectively, otherwise they are meaningless. This simple action would be a great support to the retail trade, which employs ten of thousands of citizens. It makes perfect sense to allow for this adjustment, given the collapse in trade and commercial real estate valuations. Property owners must realise it is better to have some rent, than no rent at all. Tax initiatives could be introduced to soften the blow to affected parties.

12.       The effective collapse of FAS due to corruption and profligate spending, has left our apprentices, our youth, our unemployed and our “return-to-work” elderly stranded. As a matter of urgency, a new structure must be devised to assist them in their apprenticeships and up-skilling. Many retired tradesmen and teachers would gladly assist in this regard, in this time of crisis. All that is required is leadership and management. FAS should be wound up and the money saved reallocated towards this initiative.

 13.       In the interest of equality, all public representatives should use the health services available to the general populace.

 14.       Formerly self-employed entrepreneurs who now find themselves out of work should have access to full unemployment benefits, provided, of course, that they are fully tax compliant.

            15.       Mr. Cowen, on many occasions I have heard you state that the country just needs to get through this “bad patch” and everything will be “back on track.” This is erroneous thinking. Those boom times will never come back. We must reinvest in and reinvent ourselves. Why do I say the tiger years will never return? I say it because they were based on a series of events that were highly unusual, never to be repeated. On the back of these events public payments exploded and now they must be brought back to reflect a new world zeitgeist. Not to accept this reality will only prolong profligate spending. Through your words and deeds you actively promote this delusion.

  What were the circumstances that fuelled our boom:

  1. A.     Ireland’s entry into the Euro allowed Irish banks access to unparalleled pools of cheap credit.
  2. B.      Ireland had a low cost base then.
  3. C.      Ireland had an unusually well educated workforce.
  4. D.     The integration of Europe brought many foreign companies to Ireland.
  5. E.      A most favourable corporate tax structure for international transfer pricing

was introduced.

  1. F.       Wage rates rose at unprecedented levels due to job growth and a new liberal taxation policy.
  2. G.     The “originate to distribute” banking model increased banking liquidity to unprecedented levels.
  3. H.     “Social Partnership” brought industrial peace after many decades of instability.
  4. I.        The Northern Ireland “troubles” were finally resolved and the country had true peace which had eluded it for over four decades. These troubles had artificially repressed the country financially. The arrival of peace engendered a new positive attitude and an economic explosion.

 Unfortunately, this boom is now gone Taoiseach. Its main constituent factors, outlined above, were a “once-off” and have now been discounted in economic terms. What we now face is a highly competitive, low cost, low credit, web-interconnected, transnational and level-taxation-based business environment. We must grow up and move on. It is time for fresh ideas and insightful action. It is time for leadership, courage and vision. It is time for affective sound bites to be replaced by effective strategic and tactical practicality.

 Are you up to the challenge, Taoiseach? If not, in all honesty, you should call an immediate general election and allow a new team to take charge and start making the tough decisions required. If you fail to do so, and insist that this current government run its natural course, it will be 100 billion Euros too late and the “patient,” our State, may then be too anaemic through bankruptcy, unemployment, emigration and structural collapse to be resuscitated.

 Please realise, Taoiseach, this time it is very very different!

 Sincerely,

 ———————————————

Christopher M. Quigley,

B.Sc., M.M.I.I., M.A.

Bray, Co. Wicklow.

You have a Neck! Mr.O Connell


Shareholders who lost their life savings in the Irish banking collapse shoulder blame for their own financial ruin, the country’s Central Bank has said.

Tom O’Connell, assistant director general of the Central Bank and Financial Services Authority of Ireland, claimed investors got what was coming to them for not keeping bank chiefs in check.

Mr O’Connell you are definitely not firing on all six cylinders whatever you are smoking is not doing you any good and if I were an international investor I would be heading for the Hills when I hear you talking like this!

This is like the Captain of the Titanic blaming the passengers for the ships sinking!

I bought allied Irish share early this year (at approx .35 cents each about 100)

I did this to be able to go to the AIB EGM and AGM

I clearly saw with my own eyes all of the ordinary shareholders present calling for the resignations of the entire board and I took some video footage as well

The entire room was full of people (Ordinary share holders calling for the ousting of the entire board of Directors including the Government nominated ones as well,

Did this happen? NO why? Because the chairman of the board had all the time proxies of all the large instatustions backing him and his board and there was nothing any of the ordinary shareholders could do about it we were told to get put up or shut up.

Your comments trying to shift the blame on to the ordinary shareholders is nothing more than an attempt to hide the incompetence of the department you are currently chairing

You know full well that ordinary shareholders have no say what so ever in decisions taken at any AGM or for that matter EGM they are only staged to give to the ordinary shareholders the illusion that they have something to say. Nothing More!

The senior figure in Ireland’s banking watchdog admitted it did not shout loud enough about reckless lending to property developers during the bubble, but insisted ordinary shareholders were also responsible.”If the banks don’t reform adequately, it’s the shareholders who should be there to discipline them,” he said. “If they don’t do that, they take a hit, and they have taken a massive hit here.”

I think it is beholding on you Mister O’Connell to resign from your overpaid job and try to live on the dole for a while that might bring you back to reality!

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