What is truth?

Posts tagged ‘Newstalk’

Ruairi Quinn and his Galway holiday home mileage claims

The mystery of Ruairi Quinn’s unusually high mileage has finally been solved, as he was claiming for trips to and from his holiday home.

Mr Quinn, when interviewed on RTE and Newstalk last month, explained that the reason the claims were so high was because officials used the car and not all official travel was marked in his diary.

The background to this story is here and here and his diary entries and expense claims can be found in previous posts on thestory.ie here and here.

Copies of expense claims submitted by his driver now show that the main reason his mileage was so high in July and August was because he was claiming for trips to and from Roundstone, Co Galway where he has a holiday home.

In total, there were 12 claims either to and from Galway, many of them listed as Roundstone.

In many of the cases, the car would travel to Galway to collect him and bring him to events.

On a couple of occasions, it appears as if Mr Quinn was simply driven to Roundstone with no official business listed for those days.

Mr Quinn also made a claim for mileage (while his driver claimed subsistence) for the Labour Party think-tank in Tullow, Co Carlow last year

full article at source: http://thestory.ie/2012/04/02/ruairi-quinn-and-his-galway-holiday-home-mileage-claims/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+thestory%2FQSEJ+%28The+Story%29

Dunphy critical of O’Brien on final show

NEWSTALK PRESENTER Eamon Dunphy has accused station owner Denis O’Brien of despising journalism.

During his last programme yesterday morning, Mr Dunphy said on air that producers and younger reporters in Newstalk were being “intimidated and blackguarded” and his life was being made “impossible”.

His departure means the O’Brien company Communicorp, which owns Newstalk and Today FM, has lost its two most high-profile weekend presenters following the announcement earlier this month that Sam Smyth will no longer be presenting the Sunday Supplement show.

Communicorp difficulties have been accentuated by the announcement this week that Today FM chief executive Willie O’Reilly is leaving to join RTÉ as commercial director.

Mr O’Reilly has said his move is unrelated to his recent decision to drop presenter Sam Smyth from the radio station’s schedule.

full article here :http://www.irishtimes.com/newspaper/ireland/2011/1031/1224306806555.html?via=mr

Comment:

Here we have a glimpse of the powers of the man who has the lion’s
share of Irish media in his top pocket. Mr Eamon Dunphy’s pronouncements a bit
late coming and I for one am not impresses and not convinced that Eamon is suddenly
concerned about the lack of real competition in the Irish radio media. Eamon is an old hand in this game  and I have heard rumours that severe salary cuts were been demanded by the management of the station .Never the less it is high time that questions about Mr Denis O Brien’s control over this vital media are asked and  must be asked and indeed changes must be made it is not healthy for democracy to have one man have such control over this vital media. One thought I have why doesn’t Eamon set up his own radio station he could do worse. With the advent of World Wide Web, a web based radio station can be set up in a few minutes and I can see coming down the track new radios that can pick up such stations from your device in your
kitchen very soon !

McGuinness would not be good for Ireland says FG Minister Hogan!

The Environment Minister Phil Hogan says while it is open for anyone to contest the election the Sinn Fein candidate has too much baggage.

Martin McGuinness hit out yesterday at what he called the “West Brit” elements in the media and political parties that are trying to damage his campaign for the Aras.

see link to interview on Newstalk:http://www.newstalk.ie/2011/news/1fg-minister-mcguinness-would-not-be-good-for-ireland50/

Comment:

What an Idiot you have just secured Mr.mc Guinness election or at least given him a boost , as most of the people of Ireland are disgusted with Fine Gael and labour for reneging on their promises of not putting more billions into the banks .Mr. Hogan you promised change in Irish politics and you have delivered more of the same Smuck!
Personally, I will be voting for Dustin the Turkey as none of the candidates
come up to the standards of the ordinary Joe Soap!

This morning I was listening to the Eamon Dumpy show on Newstalk

This morning I was listening to the Eamon Dumpy show on Newstalk (Sunday Show)

Listen here:Newstalk radio show

I have promised myself not to buy Sunday newspapers because I am always upset that there is nothing in them .We always seem to have the same self-serving so called celebrity journalists and mouthpieces of the political élite spouting off or touting the latest government kites !.We do not have any real objective ,investigative journalism in this
country and we are only fed tripe from the well placed insiders who never stop
telling the rest of us we are not been taxed enough and things are not as bad
as they could be!

In any case I want to highlight this morning’s program because Dr. Constantin Gurdgiev managed again to spell out the utter dire folly of the current government’s efforts to continue with the previous government’s policies of appeasement to the ECB.

Morgan Kelly’s article last week was in some measure covered too.

The latest example was only last week when Nicolas Sarkozy and German chancellor Angela Merkel barely down from the podium demanding changes to our constitution and announcing a pan European corporation tax that would seriously damage the Irish economic competitiveness (so we have be told ) our finance minster Michael Noonan shot out on to the world stage and declared his total support for the these  two chancres!

Jesus its embarrassing how far this guy has crawled up the rear end of these two self-serving politicians (Merkel&Sarkozy)

I warned that the markets would not be fooled by their half baked ideas and
sure enough the markets promptly tanked the rest of the week in response. The plunder of our national pension fund is almost complete and what did the 25 billion achieve?  Nothing! It all went into a black hole and we don’t have anything to show for it!

The gob-sh***s who advocated we should put it into the banks have now disappeared or on long summer holidays .While the ordinary Joe soaps struggle to hold on to their sanity the ruling class are preparing us for the next round of Austerity Measures  and we hear of the latest broken promises from our political gangsters and con artists who fraudulently won their way into the Dail.

Anyway I must say I felt better havening listened to this program as I agree with Constantin  Gurdgiev assessment of our current economic crises. (part an end of tap spells it out the way I see it and I have been saying for the last three years)

We do not own the Banks the ECB does and let them take them by giving them the equity and then we should wash our hands of them period!

Why can’t we have the likes of  Gurdgiev as a minster ? Someone who has b**** enough to
tell the ECB to go and get stuffed?

“vested interests conspired to panic the country”

Sunday January 09 2011

WHATEVER about the real weather situation facing the country, last Friday at around about lunchtime, a very dense fog surrounding the country’s economy began to lift when Central Bank Governor Patrick Honohan said three very important things about Ireland’s €85bn bailout by the EU and IMF.

And if my interpretation is correct, his remarks confirm three things: tax hikes and welfare cuts in the recent Budget were unnecessary, a policy of cutting public pay and privatisation was preferable and more desirable but that vested interests conspired to panic the country into accepting the former so they could escape the latter.

Honohan’s first message — that our debt is manageable — suggests that, as argued in this column on several occasions, the panic induced by the Government, panic designed to force us to accept immediate tax hikes, was overdone.

“To use a word whose relevance and appositeness is more evident now than it was six months ago, they do not consider the debt position to be other than manageable,” the learned professor said. In other words, six months ago they (financial markets) considered us a basket case but now they think we are OK.

Honohan’s second point also confirms a prediction made in this column on several occasions in the past few weeks, namely that once taxpayers and welfare dependents had been made to cough up, an “improved” situation would be invoked to let social partners off the hook.

Well, four weeks after the Budget — and, hey presto! None other than Patrick Honohan is telling us that the memorandum of understanding imposed on us by the EU and the IMF is now up for negotiation.

Of course, it was not up for negotiation when we needed to increase taxes and cut welfare. But with an angry nation now demanding that costs be cut in the public sector as well, and with Fine Gael and Labour about to enter coalition, a mechanism has been found to pursue the line of least resistance.

Once again, privileged public sector interests will be protected by a renegotiation of the bailout. But only after, of course, you and I have forked out more taxes to fund overpay and waste in the public sector.

Professor Honohan is not, I hasten to add, the cause of this cynicism. He is a mere professional doing his job, conveying decisions made by others. But it must be said that it’s hard to take the fact that Central Bank staff earn multiples of the amounts earned by people of comparable ability and qualifications in the private sector.

Also hard to take is the fact that, despite their singular failure to guarantee the stability of our financial system (up until 2008 the Central Bank was telling us that everything was hunky dory), there has been a lack of any serious replacement of staff in the institution. Given the financial carnage they inflicted, the turnover in commercial banks has been far less than warranted.

Professor Honohan also said that if a new government wished to substitute alternative measures which were “both economically efficient and of equal fiscal effect”, it would receive a sympathetic hearing.

Now consider one of the key terms of the original bailout. Specifically the one that said that if by the third quarter of 2011 the public pay bill was not being reduced with sufficient speed, that the Croke Park deal would become toast. But do not underestimate the lengths to which the public service will go to defend its own interests.

Once taxpayers were fleeced and welfare dependents attacked, mountains have been moved to ensure that the public sector is let off the hook. There will be no cuts made to reduce what are far and away the highest wage levels in Europe.

Honohan’s professorial academic peers in universities will earn salaries that start at €108,000 a year, nearly twice what their counterparts on mainland Europe earn. And the Taoiseach and ministers will earn more than their counterparts in Britain, Italy and Spain, countries at least 10 times the size of Ireland.

The get-out clause of all get-out clauses has been found and invoked.

The good governor said he did not agree with a decision under the bailout deal to immediately earmark €10bn for the banks. He said that instead of borrowing to shore up bank capital, Ireland should instead have taken out a form of insurance against the banks experiencing any further damaging reductions in their capital. Here, he is absolutely correct. Just like the economy itself, financial regulation in Ireland has gone from one extreme to the other. In good times, the capital ratio — the amount banks had to keep for a rainy day — was too low. Now, at 12 per cent, it is too high. It would have been better to have some system of paying an annual fee to insure against any future bank run or similar event.

In an aside, in telling us why this alternative approach was not possible to implement at the time, Honohan was charmingly academic and innocently, but devastatingly, accurate about how economic policy is now being framed. “In particular, the financing provided is not structured to itself reduce the tail risks — that would have been beyond the current scope of the funds,” he said. Tail risks is right. Once again, the public sector tail is wagging the proverbial dog that is the Irish economy. And with a future centre- left coalition now having been presented with an excuse to let their friends in the public sector off the hook, the situation will only get worse.

Marc Coleman presents “Coleman at Large” each Tuesday and Wednesday on Newstalk 106-108fm from 10pm and is chairperson of the National Forum http://www.nationalforum.ie

source: Sunday Independent

Lenihan knew the amount of distressed loans in Irish banks could total €158bn

One of the leading architects of the National Asset Management Agency has revealed he told the Government the amount of distressed loans in Irish banks could total  €158bn.

Speaking to NewsTalk radio this morning, economist Peter Bacon said he included the €158bn figure in his report to Minister for Finance Brian Lenihan last March.

Subsequently, Lenihan said the bad debt figure would be less than €90bn. He said this in the April budget in 2009. Bacon believes the Government, although they had discussed the figure with him, did not want to start at the €158bn figure as it was thought “too big”.

Bacon had been hired as a government advisor at the time to evaluate the size of the bank’s potentially toxic property and land loans.

Bacon then suggested the government buy loans from the banks at discounted prices. He said that the taxpayer would suffer but at least they would know and understand how big the problem was.

He told Government that NAMA would only work if the projection of the extent of impairment is accurate in the first place.

Have a good look this shower they have destroyed our country and are a bunch of liars!

They have betrayed the thrust of the people and do not have a mandate to stay in office they are guilty of criminal misconduct and have committed treason:

Remember their faces!   

How much more of this are we to put with? Now we learn that the Government lied to us the public about the set up of NAMA We now need to have the Garda investigate this and prosecutions must now follow.

So it is safe to assume the Greens also knew and they did nothing about this fraud on the Irish people

This is shocking and heads must roll for this we have  lost billions because of the lies of Cowen and lenihan and the entire cabinet !

see http://www.rte.ie/news/2010/1126/economy_bailout.html

Government Plan is A Victory for Vested Interests, Says New Centre-Right Think Tank.

This was sent in this evening to us

InboxX
 Reply |

Marc Coleman ,
Government Plan Is A Victory For Vested Interests,
Says New Centre-Right Think Tank.
Wednesday, 24 November 2010
 
The National Forum – a new centre right think tank – today described the Government’s economic plan as a victory for vested interests and a threat to economic growth.
The plan, unveiled this afternoon, achieves savings of €15n through measures including €2.8bn in social welfare cuts and over €4bn in higher taxes. But it cuts the public pay bill by just €1.2bn and does so through job cuts.
In an updated plan of its own to be published on Friday, the National Forum calls for €2.75bn to be cut by finishing the McCarthy report, including means testing welfare, a further €2 bn from a seven year programme of phased privatisation and a further €1bn by benchmarking public pay with EU norms. It also calls on bondholders to contribute €4.5bn towards the cost of Ireland’s fiscal adjustment. The National Forum plan achieves further savings from tax reforms that rebalance the tax base without increasing the net tax burden. The National Forum is calling for the Croke Park deal – supported by the three largest parties in the Dail – to be scrapped so that public pay and pensions can be brought into line with EU norms (see annex below for details)
“Where the government’s plan raises taxes on low income workers, the National Forum believes high levels of public pay and pensions should be reduced instead. Where the government cuts the minimum wage and welfare benefits, the National Forum believes welfare benefits should be means tested to ensure only genuinely needy people receive them. Where the government inflicts a property tax, the National Forum believes the government should first drastically reduce the number of local authorities. And where the government cuts the minimum wage by 11% we believe instead it should cut the cost of living and raised alternative funds by privatising semi states. But as ever level the weak are penalised to protect powerful interests” Marc Coleman said this evening.
The National Forum also condemned the plan as an attack on marriage “It is bad enough that tax individualisation already discriminates against men and women who opt to stay in the family home as child minders. But on page 102 of this plan it is proposed to worsen even more the tax burden on married couples compared to single taxpayers” said Forum member David Quinn.
The National Forum says the plan is unfair because it lets the public sector off the hook at the expense of the private sector and the young. The National Forum’s says that its proposals – benchmarking high public pay, means testing benefits, cutting waste and privatisation – are less damaging to growth and demand than cutting jobs, taxing low wage workers and cutting welfare rates.
“As patriots, we hope this budget convinces international markets that our debt situation is now under control. And we urge everyone to keep a sense of hope about the future of Ireland. But as citizens, we regard this plan as having more to do with vested interests than the national interest” Mr. Coleman said.         
 
ENDS 
 
 
 
ANNEX SUMMARY OF NATIONAL FORUM PLAN TO SAVE €13 bn by 2013 before raising taxes or cutting welfare payments. Details are in Annex I.A of updated National Forum Plan:
 
·         2011: 2,750 million by implementing the McCarthy measures[1]
·         2011:  620 million by benchmarking public pay over €35.5k to EU norms
·         2011: 1,500 million from fair reform of income tax system
·         2011:  950 million from means testing or abolition of University fees
·         2011: 380 million from cuts in public pension incomes over €35k p.a.   
·         2011: Offset by 325 million on extra spending on areas of social need in 2011
·         2012: 4,500 million from haircuts to senior debt holders of government owned banks to fund National Pensions Reserve Fund
·         2012: 350 million in tax buoyancy from tax reforms
·         2012: …Offset by 91 million on extra spending:
·         2012: 2,100 million from a programme privatisation of semi state companies between 2013 and 2020
·         2013: 800 million from local taxation when local authorities have been reformed
 
 Marc Coleman, BA M Econ Sci ASP MBA
Economics Editor, Newstalk 106-108fm
Presenter “Coleman at Large”, Newstalk 106-108fm (Tuesdays & Wednesdays 10pm-midnight) http://www.newstalk.ie/programmes/all/coleman-at-large/
Economics columnist with The Sunday Independent
www.marccoleman.ie
marcpcoleman@gmail.com, mcoleman@newstalk.ie

Bare-Faced Lies comming from the Goverement!

The cover of Irish electronic Passports as of ...

Image via Wikipedia

http://www.bloomberg.com/video/64569080/

It is a demonstration of lack of creditability in our own politicians when we have to resort to scouring the internet to get to the truth about our countries financial position.

We are being openly lied to, yes bare-faced lies, Lenihan and Cowen are living in a fantasy world of their own and the bunker mentality is obvious to see by all !It is akin to the last days of Hitler in the bunker in Berlin  Cowen and lenihan will not hear of talk of surrender to the Europeans

They have betrayed our people and have brought us down the road of destruction and they should be brought up on charges of economic terrorism

Lenihan and Cowen are in denial and we the people are paying the price for having absolute incompetent people in Government .This government has destroyed the good name of Ireland and they are no better than the mafia.

The country has been driven into the ground and the lies coming from Cowen and lenihan are an Insult to the people of Ireland. The Bailout is coming and no amount of spin is going to change that fact

Whatever Cowen and lenihan eventually call it ,we will be depending on the kindness of strangers and as far as I am concerned the government are a bunch of traitors !

On Newstalk radio program this morning Lenihan conceded that the IMF were on their way and will be here in Ireland tomorrow along with the EU and god knows who else to “see the books” meanwhile In a blow to Ireland, LCH Clearnet Ltd. raised the margin requirement for Irish bond trading to 30 percent of net positions, making it more expensive to buy Irish securities.

This Minster is totally incompetent and should be removed along with the rest of the political vultures infesting the Dail

Irish Bonds are now junk along with the Bank shares and Irish bonds slipped for a second day yesterday , pushing the 10-year yield up 5 basis points to 8.51 percent. The extra yield over German bunds rose 6 basis points to 567 basis points. The Dublin consultations with the ECB, European Commission and IMF tomorrow will “see if the state is able to cover the needs of the banking sector,” Belgian Finance Minister Didier Reynders told reporters today. “If that’s not the case, there will probably have to be a European intervention.”All of this is political waffle and in the end it all means that we are going to have to be bailed out !

listen to Morning Ireland  http://www.rte.ie/news/player.html

They have sold us out !

Dunphy show on Newstalk

If you have the time follow link and listen to the Dunphy show on Newstalk Riveting stuff

http://media.newstalk.ie/listenback/32893/sunday/1/popup

Lies and dam Lies from Brian Lenihan!

Quotes from Brian Lenihan since the bank guarantee:

Source http://www.thestory.ie


photo Machholz

On Breakfast with Newstalk, April 26 2010.

First of all, that’s the position in 2009, Eurostat hasn’t decided it yet, that’s our assesment of how they will decide it, we’ll still argue the toss with them. We have to deal with 2010 yet, but let’s assume that you’re right for a minute and that all the €8bn has to be added on in 2010. Let’s assume that. We won’t be borrowing the money, we’ll be borrowing the money over a period of ten or fifteen years. We’ll actually be up fronting – in accountancy terms – the figure, but we will not in fact be borrowing… – April 26 2010.

Also on Breakfast with Newstalk

Now that I’m the shareholder in Irish Nationwide I will clearly ensure that whatever money is owed by Mr Fingleton is paid by Mr Fingleton. – April 26 2010.

Also on Breakfast with Newstalk

BL: No, no, listen, listen. This not good for the country , and it’s inaccurate. If next year we’re obliged to include the €8bn, the €8bn will not actually be borrowed next year the device of the promissory note means we borrow…

Ivan Yates: No, I know the promissory note is over ten years. You’re missing the point…

BL: No you’re missing the point! This is an accounting device! This is not real borrowing! What the markets look at is real borrowing. Not accountancy devices… – April 26 2010.

Speaking to media…

“The decisive and bold steps we have taken are not popular; and the honest and full disclosure by the Government and its agencies of the appalling mess we have uncovered within our banks has shocked the nation,” Mr Lenihan told the Dail.  “But I do believe that there is recognition among the citizens that the measures we have taken are necessary. And I believe the work of NAMA in cleaning up the banks’ balance sheets and forcing them and their borrowers to face up to their losses is winning the respect of the public.” – April 21 2010,  Irish Independent

“One of the good things about the steep discount, averaging 47 per cent, is that the residential property market will now be stabilised at a realistic level… You can now buy in confidence that the price is realistic.” – April 4 2010, Irish Independent

[Submitted by CO’D]:

The Financial Regulator has advised that all the financial institutions in Ireland will continue to be subject to normal ongoing  regulatory requirements. This very important initiative by the Government is designed to safeguard the Irish financial system and to remedy a serious disturbance in the economy caused by the recent turmoil in the international financial markets. As far as the question of ‘moral hazard’ is concerned, it will be a priority for the Government to ensure that the highest regulatory standards and standards of corporate governance apply in all of the institutions concerned including in relation to lending practices to safeguard the interests of taxpayers against any risk of financial loss. – Department of Finance statement, September 30 2008

[Submitted by CO’D]: During Dáil debate on credit institutions and financial support,

Olivia Mitchell (FG): We need to see the terms and conditions to know what will happen with regard to these people. Is there any requirement for the banks to restructure their loans? Will they be allowed to make a massive number of repossessions and have fire sales, driving house prices down further and sending the economy into even deeper recession? Has the Government any plan to deal with this?

Brian Lenihan: This is the plan.

Olivia Mitchell: […] However, we need a return to the banks of old — to the image we had of them as being dull, staid, boring, cautious and careful. We no longer have that image. What is the Government’s plan to create the conditions that will ensure this happens? What will happen to restore confidence in the banking system? If we do not restore confidence in the banking system, what the Minister is doing now——. I do not know what the Minister is laughing at.

Brian Lenihan: I am not laughing. I am allowed to smile. – October 1 2008

[Submitted by DC]: As reported by Simon Carswell in The Irish Times…

MINISTER FOR Finance Brian Lenihan has said the bank guarantee scheme was “a necessary first step” and “the cheapest bailout in the world so far”.

Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” – October 24 2008

Irish Times…

“We are not rushing into the banks without knowing precisely what the position is in those banks” – Nov 20 2008

During the Stabilisation of Public Finances debate, Dáil Eireann

In the context of any capitalisation the due diligence exercise will yield further information to enable us to do a far more precise identification of risk before we formulate policy on it. I would be reluctant to commit the taxpayer on any issue connected with risk without a full and definitive assessment of the risk in the institutions themselves and we must await this assessment. – Feb 5 2009

Following the publication of Anglo Irish Bank’s 2009 results. Minister Lenihan said he welcomed the increased scrutiny of Anglo as an opportunity to bring openness to the bank…

“which will ultimately allow us to draw a line under past activities”. “It is an opportunity for Anglo to employ a fully transparent approach to addressing the inappropriate activities that took place at the bank and provide comprehensive details to all stakeholders who deal with Anglo and who deal with Irish financial institutions generally.” – Irish Independent, Feb 21 2009

When challenged as to why he was not nationalising banks (at this time the State had already nationalised Anglo Irish Bank and taken a 25 per cent stake in Bank of Ireland and AIB).

“I do really want to scotch the idea that there are huge risks to the taxpayer in the valuation process because we are not nationalising these institutions.” – Irish Times,
May 18 2009

Nama Bill, Dáil Eireann.

NAMA will ensure that credit flows again to viable businesses and households by cleansing the balance sheets of Irish banks. This is essential for economic recovery and the generation of employment. It will ensure that we avoid the Japanese outcome of zombie banks that are just ticking over and not making a vibrant contribution to economic growth. – Sept 16 2009

Nama Bill, Dáil Eireann.

I am not prepared to contemplate the establishment of an entity that has no responsibility or accountability to this House. – Sept 16 2009

Nama Bill, Dáil Eireann

Nothing in the NAMA legislation will result in more repossessions of family homes. – October 14 2009

On the nationalisation of Anglo, during a debate on banking regulation in the Dáil

This decisive step was taken to safeguard the interest of the depositors of Anglo Irish Bank and the stability of the economy. I want to assure the House that this decisive step was taken to ensure the new nationalised bank will collect all debts due from persons who owe moneys to the institution. – Feb 18 2009

In response to written question from Kathleen Lynch

Taking account of the advice received the Government has proceeded with a comprehensive recapitalisation of Ireland’s two main banks and with the nationalisation of Anglo Irish Bank. The Government is also in discussions with the other covered institutions, Irish Life & Permanent, Educational Building Society and Irish National Building Society concerning their respective positions. – Feb 18 2009

In response to a written question from Arthur Morgan

The recapitalised banks have reconfirmed their commitment to an extensive credit package which will help to increase lending capacity to small and medium enterprises by 10% and to provide an additional 30% capacity for lending to first time buyers in 2009. The credit package also provides for a €100m environmental and clean energy innovation fund to be established by each bank. All the steps that I have outlined have been taken by the Government to ensure that the public interest is secured so that the financial system in Ireland meets the everyday financial needs of individuals, businesses and the overall economy. – March 26 2009

Written answer to Arthur Morgan

Our approach will facilitate a sustained flow of credit on a commercial basis to individuals, households and businesses in the real economy. – July 8 2009

When questioned on the delays in implementing Nama legislation on Morning Ireland

“We can’t have a lawyers’ bonanza and that is another good reason why we have to get this right.” – May 18 2009

Kicker; written answer to Joan Burton

Arthur Cox solicitors have been engaged by my Department since September 2008 to provide advice in relation to general banking matters including the Bank Guarantee scheme, the nationalisation of Anglo Irish Bank and the recapitalisation of AIB, Bank of Ireland and Anglo Irish Bank. The company was paid €1,628,024 in 2008 and €2,254,263 has been paid to date in 2009. The sum of €5.4 million has been allocated for legal advice for 2009 and an estimate of €3 million has been set aside for legal advice in 2010.

PriceWaterhouseCoopers was retained by the Financial Regulator in late 2008 to assist the Financial Regulator with a review of the financial and capital positions of Irish banks and to enable the Financial Regulator to advise the Government on what action needed to be taken. The work undertaken involved an initial high level assessment of the capital and liquidity levels of the institutions, stress testing of the institution’s loan portfolios over a three year period, and review the valuation of properties held as collateral against the main property loans.

The total fees paid by the Financial Regulator to the company in respect of the work was €3.8 million, which has been completed. In addition, the Financial Regulator has paid €0.84 million to Jones Lang La Salle for financial and property consultancy services in relation to the Bank Guarantee Scheme.

The National Treasury Management Agency paid a total of €7.3 million to Merrill Lynch for investment banking advice up to 30 June 2009. Following a competitive tender process in July, Rothschild have now been awarded the contract for investment banking advice. The NTMA has also retained an economist however the terms of his contract with the NTMA were agreed on a confidential basis. In addition, following a competitive tender process, the NTMA engaged HSBC and Arthur Cox to provide advice in relation to NAMA. – Sept 22 2009


NOTE: I’ve gone through the Dáil record and archives of the Times and Indo, but haven’t listened to radio or TV interviews. If anyone has a bit of time to go back and listen to a Morning Ireland/Prime Time/The Last Word/Whatever interview… t’would be useful.

* a word members of our Government like to use when scripting excuses for the negative outcomes that result from badly implemented policy or regulation. Usually follows “unforeseen”.

Tag Cloud