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Posts tagged ‘IRISH TIMES’

Tip of the Day Get you money out now from AIB and Bank of Ireland!

European Central Bank president Mario Draghi has raised concerns about the health of Irish banks, urging “decisive” action on issues revealed by a recent balance-sheet assessments before European stress tests next year.

Addressing the European Parliament, Mr Draghi said while the balance-sheet assessments of the Irish banks had identified no capital shortfall, there were needs for adjustments for provisions and risk-weighted assets.

“This should be addressed before the SSM assessment,” he said in a response to a question from Irish MEP Gay Mitchell.

Under the original terms of Ireland’s EU-IMF rescue, Ireland was obliged to undergo a full health check of its banks before the end of the programme.
Stress tests However, this was downgraded to a “balance-sheet assessment” after Dublin argued it should not be treated differently from other countries in next year’s Europe-wide stress tests.

Mr Draghi emphasised yesterday that the balance-sheet assessments by the Irish Central Bank were “not forward-looking” and fall short of the “stringent” stress tests that would be required next year.

Ireland’s three main banks – Bank of Ireland, AIB and Permanent TSB – informed the market last month the Central Bank tests had been completed and that no capital requirements had been required.

However, the full results of the tests were not published.
Commercial loans Bank of Ireland revealed that the Central Bank had concluded that it should take an additional €1.3 billion in provisioning against its mortgage and commercial loans, while Permanent TSB chief executive Jeremy Masding told The Irish Times that the bank would be taking extra provisions for bad loans following the reviews. AIB has yet to comment on whether provisions are needed.

Mr Draghi also said the ECB had “a more cautious assessment” of Ireland’s budget for 2014 even if targets were likely to be met. However, he noted that the deficit-to-GDP ratio, which has been credibly set at 4.8 per cent, overperforms relative to the requirement of 5.1 per cent set out in the European Commission’s excessive deficit procedure.

source: http://www.irishtimes.com/business/sectors/financial-services/draghi-expresses-concern-about-health-of-irish-banks-1.1629952

see also related news: http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan




The hidden and off the books derivatives losses by the Irish banks are now becoming so large that even Draghi and his associates are heading for cover ! Once the Irish banks are forced to acknowledge these losses we can expect a cascade effect throughout Europe and all this will land at the door of Deutsche Bank with its $72.8 Trillion derivatives exposures. Still Draghi knows with 156 billion on deposit in Irish banks they can plunder at least 35% of this FREE Cash from the Gullible Irish depositors!

Tip of the Day Get you money out now from AIB and Bank of Ireland!

Archbishop appeals for food to alleviate hunger in Dublin – Social Affairs & News from Ireland & Abroad | The Irish Times – Thu, Nov 14, 2013

There are children in Dublin schools so hungry they cannot learn while some university students “don’t have decent nourishment” either, the Catholic Archbishop of Dublin Diarmuid Martin has said.

It was “not exaggeration to say… the demand of people for simple wholesome food for themselves and their children is not being met” in Dublin, he said. He was “talking about large numbers of people”.

“Despite our current economic situation Ireland is still a very wealthy country and one of the temptations of the wealthy is not to see the extent of the poverty that’s there. It’s not bad will, it’s a sort of a natural mechanism that’s in people,” he said.

Archbishop Martin was speaking in Dublin’s Pro Catherdal at a Mass marking the feast of St Laurence O’Toole, where he launched his first appeal for food since becoming Archbishop of Dublin in 2004.

Archbishop appeals for food to alleviate hunger in Dublin – Social Affairs & News from Ireland & Abroad | The Irish Times – Thu, Nov 14, 2013.



By Thomás Aengus O Cléirigh

This is one of the effects of the imposed Austerity our puppet government is carrying out on behalf of faceless bondholders we the people have bailed out. These same over bolted politicians are living millionaire lifestyles as children go hungry! What kind of democracy is this when the “servants of the people” are paid salaries in one year most of our people will never earn in a lifetime ,When a small corrupt group of people hold the rest of us to ransom and continue to suck our country dry!

WE need to take back our country and have direct democracy for our people!

Homeless man alive when put into waste-crushing truck – Crime & Law News from Ireland & Abroad | The Irish Times – Sat, Aug 24, 2013

Gardaí believe a man found dead in a pile of rubbish at a waste disposal facility in Dublin yesterday was homeless and sleeping in an industrial-sized bin when its contents were collected, crushed and dumped.

He is believed to have been alive when tipped into the lorry along with the contents of the bin. Sources said he was crushed to death in the back of the vehicle by the machinery that compresses rubbish in refuse trucks.

Staff working for the waste company involved only became aware of the man’s body in the refuse when the collection truck was emptied at the recycling and refuse facility in Walkinstown, west Dublin, yesterday morning.

The facility on Ballymount Road in Dublin 24 is owned

Homeless man alive when put into waste-crushing truck – Crime & Law News from Ireland & Abroad | The Irish Times – Sat, Aug 24, 2013.


By Thomás Aengus O Cléirigh


This is an extremely sad story as a man homeless living is a dustbin, abandoned by the state, yes our politicians are on holidays and couldn’t give a toss ,having taken away the necessary funds to keep essential social services up and running they have instead plundered these funds to pay off interest on gambling debts of their pals  and abandoned the most vulnerable in our society to fend for themselves in our trash bins!

Yes our Ministers are living palatial surroundings and our old and young vulnerable citizens are been fleeced of their dignity and a right to a roof over their heads ,forced to fend for themselves on the hostile streets as they fill up with ever-increasing hoards of homeless !

The puppets of the Troika can now say job well done! “A lot done and a lot more to do” (remember that one?)

Roll on the “awakening” when those who have sold out the Irish people will reap their just rewards!

Religious won’t compensate Magdalene survivors

Orders will assist government to assemble records and care for former residents still in their care, but won’t pay

The 4 religious orders responsible for running the Magdalene Laundries have told the government they won’t contribute to the fund set-up to compensate survivors.

The Irish Times reports that the Mercy Sisters, the Sisters of Our Lady of Charity, the Sisters of Charity, and the Good Shepherd Sisters have told the Justice Minister they will not pay into the fund, which could cost up to €58 million.

However, it’s believed the orders will assist the government in assembling records and they’ll continue to look after former residents who remain in their care.

Minister Alan Shatter is due to brief his Cabinet colleagues on the issue this morning.

Chief-Executive of Barnardos, Fergus Finlay, says the government should insist that the orders pay compensation:………………………

full article at source: http://www.newstalk.ie/reader/47.301/11586/-/

**In memory of a dear friend Kathleen Keegan .RIP.**

THE fight against the property tax is heading to the High Court — after campaigners served legal papers on the State


The Attack The Tax group is claiming the new levy is UNLAWFUL.

It says the charge is in breach of the Constitution and has likened its  challenge to a “people’s class action” which is being brought over the  controversial charge.

The group has lodged legal papers against Taoiseach Enda Kenny, his  ministers, the Revenue, Ireland and the Attorney General, along with all the  local councils in the country. It claims thousands have already signed up as  shareholders, and are appealing for everyone angry with the tax to join.

All shareholders enjoy “legal privilege” so Revenue will not be able to get  them to pay up, the group says.

They claim the tax is “unlawful and is contrary to the provisions of the  Constitution of Ireland and international law”.

The legal papers further claim that “coercion, economic duress, deception and  fraud” were used to get consent for the property charge.

A spokeswoman for Revenue said: “The case will be vigorously defended. The  Local Property Tax is provided for in legislation and people are required by law  to pay the charge.”

Just over half of the 1.6million households liable have paid with two weeks  left to pay

Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/ireland/4931184/Court-action-Tax-is-against-consitution.html#ixzz2TdRdE465

IBRC executive to earn over €500,000

Bell Addresses Fine Gael Ard Fheis

Bell Addresses Fine Gael Ard Fheis (Photo credit: DUP Photos)

Another senior executive will join the former Anglo Irish Bank on Monday on an annual pay package of more than €500,000 in a deal that has been signed off by the Minister for Finance Michael Noonan.

He will be the seventh executive at the bank on a total package of more than €500,000 a year. Kevin Blake joins State-owned Irish Bank Resolution Corporation as chief risk officer and will sit on the bank’s executive committee.

The bank confirmed Mr Blake would be paid in line with the other senior executives at the bank, who are paid total remuneration packages of more than €500,000.

The Irish Times revealed earlier this week the names and pay of the bank’s five highest-paid executives – each on total remuneration of more than €500,000 – who report to chief executive Mike Aynsley at IBRC.

The Minister disclosed to Fianna Fáil TD Michael McGrath in a reply to a Dáil question that six executives were……………………………..

full article at source:http://www.irishtimes.com/newspaper/finance/2012/1110/1224326409819.html

Brian Lenihan was coerced into accepting the Troika deal


sent into us to day

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.



NAMA :The corruption continues

for your attention…. Irish Times Today ….. The corruption continues …….

The National Asset Management Agency has confirmed that a company owned by partners of a UK investment firm have bought a 17 per cent stake in the agency’s holding company.

NAMAIL was established as an investment holding company to facilitate the participation of private investors in the project. The stake, whcih was bought by partners of Walbrook Capital, was previously held by Irish Life.

“The decision to invest in NAMAIL followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation,” said Michael Keeley, senior partner of Walbrook Capital, in the statement.
The transaction has already been approved by the boards of Nama and NAMAIL.
The European Union’s statistics office Eurostat said today the sale of a stake in Nama by Irish Life meant the agency could be classified as a special purpose entityoutside the general gov
ernment sector.


Irish Taxpayers are been shafted once again by well placed “insiders” and in the know .This Government has once again allowed outsiders to rape the taxpayers of this country.

Bend over “Paddy” your about to get another present from the collaborators in this Government.


The ECB extortion letters to Brian Lenihan in October/November 2010

By Namawinelake

Today, the Irish Times publishes two feature articles on letters it claims “to have seen” – here and here. It has been established that there are definitely three letters from Jean-Claude to Brian on 15th October 2010, on 4th November 2010 and 19th November 2010. There remains a mystery over the existence of a letter on 11th or 12th November 2010 – Minister Lenihan alluded to it

The letters are threatening in that they tied the continuation of the ECB continuing to provide liquidity funding, to Ireland seeking a bailout programme. In other words “apply for a bailout with close scrutiny of your finances and actions, or we will withhold cash and your banking system and economy will collapse” This is outrageous.

Full article at source :http://namawinelake.wordpress.com/2012/09/01/leaked-at-last-the-ecb-extortion-letters-to-brian-lenihan-in-octobernovember-2010/

Nama appeals ruling on freedom of information

The Irish Times reports today on the stuff that happened in the High Court yesterday (though references to Freedom of Information are confusing, the case is not concerned with the FOI Act, but is about access to information generally).

full article at source: http://thestory.ie/

The case will get underway again this morning but I wanted to make a couple of observations on what happened yesterday.

First, Brian Murray SC (representing NAMA) repeatedly emphasised that if my and the Commissioner’s reading of the legislation was correct, it would have (in suitably dark tones) bring “a whole swathe” of bodies under the Access to Information on the Environment (AIE) regime. He even listed bodies “like the Central Bank” which could be subject to such onerous requests. (The Central Bank is in fact already under the AIE regime), or, horror of horrors, bodies in the semi-State sector (CIE, Bord Gais and the ESB are already in fact covered by the AIE regime) or even the DPP (which may fall under the judicial bodies exemption), but even if it did, imagine a public body like the DPP having to answer AIE requests? Terrible stuff.

Much of the argument centered on what “includes” or “ambiguous” means and how the legislation should be interpreted. Niamh Hyland, for the Commissioner, used mine and Fred’s logical construction that public authority means X and includes Y, where X is the list of bodies in a) to c) and Y is the list of bodies in (i) to (vii) and that the legislation should be interpreted as the Commissioner outlined in her decision.

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