What is truth?

Posts tagged ‘Sunday Independent’

The Anglo Tapes

By The Story

Myself and Tom Lyons wrote yesterday in the Sunday Independent about new revelations from The Anglo Tapes, new audio of which is available over on Independent.ie.

This follows on from the trojan work of Paul Williams, Fionnan Sheahan, Dearbhail McDonald and Donal O’Donovan in the Irish Independent last week.

full article at source:http://thestory.ie/2013/07/01/the-anglo-tapes/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+thestory%2FQSEJ+%28The+Story%29

Comment :

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It is indeed to the thanks of the likes of Paul Williams and others that we the people even get to hear the likes of these tapes .Thank you to all who made this possible!

With regards to the X Directors and some serving directors (including the so called “public” placed leaches by the government) of the various toxic Banks, I believe all of these should be banned immediately from holding any public office and criminal charges should be brought against all of them. The charges would be of gross misconduct, negligence, and conspiracy to defraud the citizens of Ireland. All expenses should be investigated by an outside source such as Scotland Yard and some other police force but definitely not the Irish police as I believe they are too close to the various suspects!

Where are the tapes of Allied Irish Bank? This bank is worse than Anglo Irish and they got just as much money from the taxpayers so why are the X Directors not been brought before the courts?

The Bank of Ireland and the other credit institutions have criminal charges to answer for too, five years on not one of the responsible have been brought before the courts, indeed they have been rewarded with fat pensions and in some cases  some have received new employment on the boards of public companies, why??   Why was nothing done about these tapes 5 years ago why are they now suddenly brought out to the media, what are the loans outstanding of Mr. Kenny, Noonan, and Gilmore? For that matter what about all of the TD,s and the private pal advisors of the minsters ?? let’s have all the top civil servants in the department of Finance have their  bank loans investigated as well! There is dirt and muck everywhere and we are been fed these tapes ( a few crums)  because they are hiding a much bigger scandal.Heads must roll now!

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Thomás O Cléirigh

(Sunday Morning) 18th September 2011

(The Emanon Dunphy talk show sunday  18th on Newstalk)

The radio is full of comments on the latest polls on presidential race candidates. To be honest I can’t get excited about this election as the candidates do not come anywhere
near the calibre I believe in necessary for the office .All of the declared candidates
seem to be established politicians looking for a niece pasture to retire too .I am not at all impressed by Martin Mc Guinness entry into the race and I am just as impresses with the renter of Mr. David Norris .I would prefer to have an ordinary Joe soap picked by a national lottery type of system from the PRSI numbers of the citizens of Ireland .I would also expect that all politicians in receipt of state funding should be  exempt from this
lottery .Anyway I can only dream on and inevitability one of the insiders will
get in.Then we have the All Ireland Football final to-day well I have only one thing to say Up Kerry! I am sorry to say I haven’t the slightest interest in what happens in Croke park to-day I have no and I mean no interest is Football and I can extend this disinterest to all sports.Back to the Emanon Dumphy talk show this morning which has turned out to be a great show if you are interested in the financial status of our country and Europe. The panel was Dan O Brine, Peter Browne, Neil O Dowd, Dr. Constantine Gurdgiev. This was the second part of the show (2ndhour) do take the time and listen to the show.

Link http://media.newstalk.ie/listenback/popup
(18th September 2011 2nd hour segment)

Ireland in crisis: One in four have a part-time job only

By Lisa O Carroll

The Irish domestic economy shows no sign of growth; some 300,000 people have seen their income drop by 50%  and 25% have a part-time job only. How can the country ever recover?

Even Ireland‘s August bank holiday weekend doesn’t provide respite from the grim reality of being in an IMF programme.

Despite the recent success in getting a revised bailout package in Europe, life is hard for “the coping classes” and it’s going to get a whole lot worse.

As economist and government adviser Colm McCarthy said in his Sunday Independent column the EU concession on the interest rate may be the first break to have come Ireland’s way “but the overall value of these measures is minor and the situation has changed from impossible to somewhere between hopeless and desperate”.

Although the new EU deal was greeted with relief, there is no relief from the bank debts that the public must now shoulder and the continued threat of a default by Greece will undermine Ireland’s ability to return to the markets no matter how close to the IMF targets the country is.

The markets are showing some renewed confidence in Ireland but they are still pricing in a default scenario – the interest rate/yield on bonds has dropped from a high of nearly 19% two weeks ago to around 11% last week but that’s still nowhere near the 6% they need to be for Ireland to return to the markets and finally swap public bank debt with private debt.

McCarthy’s solution is one of showmanship – bring the budget forward from December to October and demonstrate as soon as possible to international markets that the country is facing up to its responsibilities. This, he says, will remove uncertainly and any vestige of a link between Ireland’s economy and Greece’s.

Another economist, Philip Lane, suggests the government grasp the nettle and take €4.4bn out of the economy instead of the proposed €3.6bn (£3.15bn) (although finance minister Michael Noonan has indicated it will be around €4bn).

Whichever way you look at it, the taxpayer is going to be crucified again with more taxes and spending cuts. Gross national product, the value of all goods and services excluding those made by multinationals who repatriate their profits, is still on the floor. The Central Bank recently lowered its economic forecast for the year, saying it would decline by about 0.3% in 2011. It also downgraded the GDP forecast slightly to 0.8%.

So Ireland has no reason to be complacent – it’s barely a quarter way through the IMF/EU programme.

Last week when it emerged that the Bank of Ireland had miraculously found a group of investors to take a 35% stake in the bank, there were demands from various quarters that the €1bn saved should be spend saving hospitals etc. This shows a bit of fanciful thinking on the part of the public – the €1bn doesn’t go back into the pot, it just means €1bn less on the national credit card which is already maxed out.

Tax controversy

Stephen Collins of the Irish Times found the reaction to the news that a property tax would be introduced next year equally depressing. A saving in Europe or a saving in a banking bailout bill doesn’t change things.

“The level of controversy generated by the modest €100 household charge is depressing. Three years after the crisis began it seems many people are still incapable of grasping the need for fundamental change to deal with the crisis facing the country and ensure that it never happens again,” he wrote on Saturday.

The most chilling statistic of all to emerge in the last seven days is that one-in-four private sector workers now only have a part-time job to keep them going.

And the gap between public sector pay and private sector pay has widened with the former going up by 3% since 2007 and he later dropping by 6%, mainly because private sector workers have had their hours cut, according to a report by economic consultants Indecon.

The report says that before tax the average public sector worker earns €871 a week while the average private sector worker earns €602 a week.

The report, the first to examine the toll the recession has taken on household income, says 300,000 people have seen their incomes plummet by about 50%.

“Individuals and families who previously had full-time reasonably paid jobs and who are now dependent exclusively on social welfare face the biggest challenge from the downturn.

“These people have been obliterated, especially where there has been a loss in jobs and where individuals had high mortgages,” Alan Gray, managing partner of Indecon told the Sunday Independent.

In this kind of scenario, it’s hard to see how Ireland will crawl out of the recession at all.

Source: http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-ocarroll/2011/aug/01/ireland-part-time-jobs

 

 

The Sunday Indo To-day

Every Sunday I promise myself not to buy the Sunday
newspapers anymore because I am never satisfied with the news and its
presentation and Spin .I don’t like the idea that I am paying the career politicians on the make and their cronies and lackeys in the print media. By buying the paper I am
somehow contributing to the lofty lifestyles of the already rich self-centred gangsters.
So I am now reduced to looking over the shoulder of my in-laws. When they are finished
with the Sunday Indo I take it home and look through it and today I am glad I
did not pay for it. It wasn’t worth it even when they seem to have passed on
the vat reduction .

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We are constantly been bombarded by pure spin!

Here is a few choice pieces of the Sunday Newspapers (Sunday business Post and Sunday Independent) you will immediately become aware that the vested interests have their spokespeople well placed to put their spin on matters concerning themselves  .It is only when you strip out all the other trip that you get to see this  obvious attempt to hoodwink the general public again .I am still amazed that they seem to have no problem in getting the space made available to them to spew out their spin !We are been constantly been bombarded by pure spin and the vested interests control all the public media in this state so bear this in mind every time you pick up any newspaper in this state.

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1916: We need an Easer Rising today

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The Sunday Independent today has practically vindicated every stance I have taken on the banking crises, the overpaid golden circle of top civil servants and the current Irish laws which protect the rich and well connected and punishes the poor. We do not have a just society in Ireland and there cannot be any justice as long as the current political class maintain their grip on the country’s wealth and the livers of power. We have only the notion of democracy in this country, we go through the motions of voting in a new government only to find out that nothing has changed .The promises made only six weeks ago are long forgotten and we are now beginning to see we have replaced one lot of gangsters with a bunch of stooges The crooks from the last government still have their cronies and lackeys in their positions and nothing is going to change.

The poor and the outsiders (85% of the Irish people) have now been made debt slaves and we don’t have one decent patriot in the Dail that will stand up and demand justice for the people of Ireland

No Sir we will have to do this ourselves just like in 1916 .Not one member of the Dail today is worthy to untie the shoe laces of those men of 1916.They must be wondering what did we die for ?

Banks will need another €25bn

Banks will need another €25bn

Stress tests on crippled lenders reveal black hole even bigger than expected !

By DANIEL McCONNELL Chief Reporter Exclusive

Sunday March 13 2011

Ireland‘s financial future has been dealt a massive blow as a further black hole of up to €25bn in the Irish banks has emerged as part of the Government’s stress testing.

Senior government sources have confirmed to this newspaper that the stress-testing process will show that the state of the banks’ balance sheets is “considerably worse” than previously thought.

It has emerged that on top of the €10bn capitalisation deferred by former Finance Minister Brian Lenihan last month, losses at the banks mean that a further injection of between €15bn and €25bn could now be needed.

The results of the rigorous stress-testing process, designed to restore confidence in the banking system, are to be presented to new Finance Minister Michael Noonan next week.

News that Ireland will need substantially more money from the IMF/EU to address the crisis in the banks is a blow to Taoiseach Enda Kenny‘s hopes to get a better deal at the EU summit later this month.

Before entering government, both Fine Gael and Labour committed to putting the deferred €10bn into the banks, but it is now clear the amount needed will be at least double that.

“The additional amount is certainly higher than €10bn but is lower than the huge figures being spoken about in Europe. But inevitably it does mean further pain for the taxpayer,” a senior government source told this newspaper.

The position is so serious that at least one of the main banks cannot source funding on the international capital markets and is relying on the Central Bank of Ireland and the European Central Bank for funding.

Under the terms of last November’s €85bn IMF/EU deal, €35bn of that was allocated for capitalisation of the banks. The initial €10bn was due to go in last month but was deferred because Mr Lenihan said he “had no mandate” to carry out that transfer. The remaining €25bn was kept as a contingency fund to be used only as a last resort.

However, given the deeper level of losses on the balance sheets of the banks as revealed by the stress testing, it now seems the entirety of that contingency fund could be used up to fill the ever-increasing hole in the Irish banks.

Writing today in the Sunday Independent, UCD economist Colm McCarthy said the plan under the IMF/EU deal to recapitalise the banks could not be financed within the resources available.

“The programme (for government) does mention the need to cap the exchequer cost of the bank rescue, which is a roundabout way of acknowledging that additional financing in some form will be needed,” he said.

Given the €150bn-plus line of funding given by the ECB to Ireland to date, any need for further capital will severely damage Taoiseach Enda Kenny’s position to obtain more favourable terms in terms of the bailout at the EU summit in two weeks’ time.

By drawing down on the additional funds, Ireland’s debt burden will also increase to above 120 per cent of GDP, which is incredibly high.

Senior government sources said this weekend that while the stress testing was not complete, early estimates were that the state of the banks was once again worse than feared.

“The hope was that this stress-testing process would not show any further losses. Unfortunately, that is not the case, there is worse still to come,” the source said.

The gravity of the news means there are growing fears that Anglo Irish Bank chairman Alan Dukes‘s prediction that a further €40bn — on top of the €10bn set aside — could be needed to meet the banks’ needs may not be far off.

Two weeks ago, Central Bank governor Patrick Honohan said he would be “very disappointed” if the entire contingency fund would be needed, as it now appears.

Mr Lenihan said the figures being talked about appear speculative but his deferral of the capitalisation at the end of February would enable the new Government to boost the banks’ balance sheets in one go, once stress testing was complete.

– DANIEL McCONNELL Chief Reporter Exclusive

 

Comment:
So after our third stress test the Government now finds out what?No surprises here as Allen Dukes said on the Vincent Browne a few weeks ago we will be needing at least 40 odd billion just for the unrealized losses from the banks that was still to be announced in the coming months (see video clip )
http://www.tv3.ie/videos.php?video=32269&locID=1.65.169
The Banks are still hiding their derivative losses of approx 100 billion in the IFSC ,when are we going to get the whole picture? after stress test 6 ??????? I suspect that Allied Irish Bank is now finished and Bank of Ireland will more than likely now be fully nationalized if not shut down
there is a case now for a new National commercial bank and let the rest just go  the Taxpayers of this country just cannot keep powering billions into these Toxic Banks. They are finished !

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