What is truth?

Posts tagged ‘John Corrigan’

Close shaves are called for

By Shane Ross:

MINISTER for Health James Reilly has one. NTMA boss John Corrigan has one

A Mercedes?

Union boss David Begg has one. Pensions supremo Brendan Kennedy has one.

A chateau on the Loire?

Siptu chief Jack O’Connor has one.

You’ve guessed it.

Bushy beards were once the preserve of the bourgeois brethren of the revolution. Today they are sprouting in the ranks of the chief executives of the semi-states. The super quangos are beginning to demand that no one worthy of the top job reveals the colour of his chin……………….

full article at source: http://www.independent.ie/opinion/columnists/shane-ross/shane-ross-close-shaves-are-called-for-3276633.html

God forbid, chinless wonders could soon become de rigueur in the private sector.

Last week were you startled to see yet another man with a beard on the platform, presenting the results of a report into fees and charges in the pensions industry?

Curb your enthusiasms?

by

So, the NTMA have issued a (welcome) note that Ireland is to resume auctions of T-bills. The note states that “on Thursday 5 July 2012. The NTMA will offer €500 million of Treasury Bills with a three-month maturity in its first such auction since September 2010.”

The details of the auction on 5 July are as follows:
• Auction size: €500 million.
• Maturity: 15 October 2012.
• Auction opens: 9:30 a.m.
• Auction closes: 10:30 a.m.
• Settlement date: 9 July 2012.
This is potentially (pending results of sale, namely yield, volume and percentage allocation to non-captive banks and funds) a minor positive for Ireland. Minor, because

  • Bills are NOT bonds – bills are short-term instruments, traditionally under 12 months maturity (bonds are over 1 year maturity).
  • Bills issued currently fall to mature within the period of existent EFSF funding programme, so in effect there will always be funds to cover these, short of a catastrophic collapse of the euro during the duration of the bills.
  • Issuance of bills has nothing to do in terms of signaling the state of public finances health or economic conditions health of the issuer, as both Greece (see here) and Portugal (here) have issued these during their tenure in the rescue programmes.
  • Portugal issuance (linked above

Some observations on NTMA & NAMA statements to the Oireachtas Committee

Oireachtas

Image via Wikipedia

Dr.Constantin Gurdgiev has posted a superb article on the statements issued by
NAMA and the NTMA to the Oireachtas committee last week I would highly
recommend that everybody  take the time and read it in full at source.

By Dr.Constantin Gurdgiev

 I was going over the statements issued by NTMA and NAMA to the Oireachtas
Committee last week and was struck by some rather interesting
bits…

Let’s start with the Statement by John Corrigan, Chief Executive
NTMA, to the Joint Committee on Finance, Public Expenditure and Reform, 9
September 2011:

“The banking stress tests carried out by the Central Bank
in the first quarter of 2011 quantified the additional capital support required
by the banking sector at €24 billion. The NTMA Banking Unit has worked very hard
to minimise the amount of this additional capital to be provided by the
taxpayer. Through initiatives like burden sharing with the junior bondholders
and the sourcing of private capital for Bank of Ireland, the net amount of this
capital provided by the State is now expected to be around €16.5 billion. The
savings generated can be redirected to funding the day-to-day operation of the
country.”
Can Mr Corrigan explain this: as of August 1, 2011, the State
has injected (under PCAR/PLAR allocations) €17.292bn (here)
according to DofF note. That €792mln difference is not exactly a
pittance…
Oh, and while we are on the issue of being accurate –
PCAR/PLAR capital allocations are designed to deliver capital & liquidity
cushions for the period 2011-2013. Not a trivial issue, mind you, especially
since Mr Corrigan repeatedly relies on PCAR/PLAR recapitalization exercise as a
definitive (aka permanent) line in the sand on banking crisis.
Now, as to the “savings can be redirected to funding the day-to-day operation of the
country” – that is pure rhetoric, sir, isn’t it? Mr Corrigan himself shows that it is.

Please read full article at source here: http://trueeconomics.blogspot.com/

Governor of Central Bank of Ireland claims Lenihan was “crestfallen” by EU stance on bondholders

 
By namawinelake 

This subject has been covered on the irisheconomy.ie website. This entry adds the transcript of the programme to highlight the precise words spoken by the governor. Also part 2 of “Burning the bondholders” will now be published tomorrow]
The under-rated Vincent Browne broadcast a special edition of his week-night programme on Friday night last as a memoriam to former Minister for Finance, Brian Lenihan who died earlier on Friday after a 2-year battle with cancer. In the “pole” seat, that is the one nearest Vincent was Patrick Honohan, the governor of the Central Bank ofIreland. Other guests included Minister Joan Burton and journalist Fionnan Sheahan. Vincent started off gently discussing Brian Lenihan with the guests in the stall seats. And then about 17 minutes in he got to Governor Honohan. And Vincent gently probed the governor for his memories of his dealings with the-Minister Lenihan. And for about four minutes, Vincent tenderised the governor. And having covered the tittle-tattle about how nice Governor Honohan’s office was, we had the following:
read full article at Source: http://namawinelake.wordpress.com/author/namawinelake/

Comment:

Here in Ireland we are reluctant to speak ill of the dead .and so with reluctance I say this.

Mr.Lenihan RIP, has for the last few day been canonized by his well placed pals in Irish society .Of course politicians from all sides are falling over themselves in praising this man presumably expecting to gain some brownie points .The airwaves are stuffed with praise for this man and it is becoming nauseating to say the least .I became sick last Friday when the Live line went into overdrive and one would have thought they were talking about Mahatma Gandhi or mother Theresa

Speaking of Gandhi may I take this opportunity in reminding everybody of one of his quotes?

“There is no God higher that truth” Now this been the case I am compelled to try and bring the truth back into the light of day.

Our country is the poorer because of the incompetence of Mr. Brian Lenihan. This man is responsible for the many, many years of austerity that is now been forced on to the shoulders of ordinary decent people because this man sold his country out the international bondholders, gangsters and gamblers. Mr .Lenihan chose to save his pals in the building industry and the corrupt bankers rather that stand up to them and make them responsible for their own gambling debts. Mr.Lenihan became dethatched from the ordinary people of Ireland and he became aloof and drunk with the effect of absolute power, His membership of a very select group of individuals (The Golden Circle) caused him to turn his back on the people of Ireland as he chased applause and honours from forging shores. His mind-boggling incompetence along with his former crew members has cost this nation, our independence and sovereignty and in other times he along with the other members of the previous government would have faced charges of treason and would have been shot!

Ironically he was accused of economic treason not so long ago by members of the current government and these same people are now enthusiastly  carrying out the same measures as Lenihan and his band of misfits came up with 

So I guess Lenihan wasn’t the only economic terrorist we had or have now. The central bank governor hasn’t exactly been the sharpest tool in the drawer  either!

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