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The Saker
A bird's eye view of the vineyard

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Human Rights in Ireland
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Lockdown Skeptics

The Daily Sceptic

offsite link Keir Starmer to be Investigated by Police Over ?Beergate? Fri May 06, 2022 17:00 | Will Jones
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The post Keir Starmer to be Investigated by Police Over ‘Beergate’ appeared first on The Daily Sceptic.

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The post The Toxic Perfectionism Young People Have Learned From Social Media and Covid Conformity appeared first on The Daily Sceptic.

offsite link WHO?s Dubious Model that Claims the Real Pandemic Death Toll is 15 Million ? and 5 Million of Them A... Fri May 06, 2022 07:00 | Will Jones
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The post News Round-Up appeared first on The Daily Sceptic.

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Promissory Notes: Negotiating or Play-Acting?

category national | eu | opinion/analysis author Wednesday April 04, 2012 18:51author by O.O´C. - People´s Movementauthor email post at people dot ieauthor address 25 Shanowen Crescent, Dublin 9author phone 087230830 Report this post to the editors

What other country in Europe is sticking 20 percent of its GDP on its national debt to support a completely bust bank? And how did we get into this position?

In a move clearly aimed at trying to upstage and divert attention from an extremely embarasing Sinn Féin private members’ motion on the ESM Treaty, the Minister for Finance, Michael Noonan, told the Dáil on 21 March that the Government is
“now negotiating with the EU authorities, and principaly with the ECB, on the basis that the €3.06 bilion cash instalment due from the Minister to IBRC [Irish Bank Resolution Corporation] on 31 March 2012 under the terms of the IBRC promisory note could be settled by the delivery of a long-term Irish government bond. The details of the arrangement have still to be worked out.”
www.DaveWalshPhoto.com
www.DaveWalshPhoto.com

What other country in Europe is sticking 20 percent of its GDP on its national debt to support a completely bust bank? And how did we get into this position?

The loan losses in the Irish banks following the financial collapse in 2008 were calculated in March 2011 at €75 billion. In the twelve months since then it has become increasingly apparent that mortgage loan losses will get progressively worse. Evidence is mounting that the total loan losses in Ireland could rise towards €10 billion.
The guarantee in September 2008 to six Irish financial institutions, and the subsequent €31 billion in IOUs given to Anglo-Irish Bank, were the starting-point on this road to modern financial servitude.

Anglo-Irish took these promissory notes, or IOUs, and lodged them with the Central Bank of Ireland. The Central Bank effectively created €31 billion, which was given to Anglo-Irish by a procces known as “exceptional liquidity assistance.”

The money given to Anglo-Irish was not borowed from the European Central Bank, nor was it created by the European Central Bank. It was created by the Central Bank of Ireland, as the creation of money is decentralised in the eurozone.

The Irish Nationwide Building Society later came into the scheme when, from 1 July 2011, its assets and liabilities were transfered to Anglo-Irish in a merger ordered by the courts that created the Irish Bank Resolution Corporation.

So as a one-off, money was created and pumped into the Irish banks to keep them solvent. Normally when banks collapse, their investors do not get all their money back. After 2008, as payments to bond- holders fell due, neither the banks nor the state had the resources to pay them. That is where the ECB stepped in. It lent approximately €135 billion to Irish banks to enable them to repay the bond-holders, with interest, and also to replace lost deposits.

That repayment schedule for this ECB-dictated madness is punishing:

€3.1billion every year until 2023, with smaller annual outlays due until 2031.

€3.1 billion is about three times the size of Ireland’s austerity measures this year and represents about 2 percent of GDP. To do this it must borrow the money, and pay interest on it, raise taxes, and cut spending. This will destroy any hope of economic recovery.

The Government is afraid to rock the boat too vigorously in these negotiations, because of a belief that the billions of “unprecedented” lending to Irish banks will be placed at risk if the promissory notes are not repaid and that they cannot be reneged on, or indeed disowned by a country that has already shouldered such debt to bail out banks and non-Irish financial institutions.

The country is fighting for its very survival, and the Government needs to negotiate accordingly. The terms of the deal should have more to do with asserting national sovereign rights than trying to look good for the forthcoming referendum.

Related Link: http://www.IrishReferendum.Org
author by O.O´C.publication date Thu Apr 05, 2012 19:47author address author phone Report this post to the editors

Please do also consider linking to and commenting on our site - we also have RSS feeds and email updates if you want to sign up for them on the site. All the best to you.

Related Link: http://www.IrishReferendum.Org
author by Francis Xavier.publication date Thu Apr 05, 2012 11:27author address author phone Report this post to the editors

Noonan has compounded the problem by issuing a bond for €3.06bn. He has converted private debt to sovereign debt, thus taking it out of the frame for future negotiations. What a disaster and a scam of the highest order. The debt situation has actually been made worse, not better.
We are sinking more and more and it is crystal clear that DISASTER looms. There's a stockmarket bubble forming.
The BIG CRASH is 6 months away, at most!!!

author by pd fanpublication date Thu Apr 05, 2012 10:58author address author phone Report this post to the editors

don't forget Tom Parlon.

par.jpg

author by Tpublication date Wed Apr 04, 2012 23:41author address author phone Report this post to the editors

Over at Constantin Gurdgiev's blog he has analyzed what Noonan's latest deal on promissory notes for 3.1 billion euro has done and shows that it has no advantages and will actually cost more.

He outlines 16 points on it and in point 13 says:

The positive factor of so-called 'more flexible fiscal buffer' is a red herring, in my view. The idea is that we are 'saving' cash allocation of €3.06bn this year, making it 'available' for borrowing in 2013. This is rather stretching the reality - the 'cushion' has been pre-provided to us by the Troika deal and is specific to the Promissory Notes. There is no indication that it can be used for any other purposes. Even if it were to be used for any other purpose, it would be an addition to the bond issued, so our debt will increase by the amount we use from the 'cushion'. Furthermore, the deal runs out in 2013 and thereafter no 'cushion' is available. So on the net, we have just paid 400mln increase in debt, plus 90mln in deficit to buy ourselves an 'insurance' policy that should we need 3bn in 2013, we will be able to ask for it from the kindness of the EU and have it for no longer than a year. That's pretty damn expensive insurance policy.


You can find the full text at the link below.

Meanwhile as one commentator to his blog says about the deal:

Because of the general discontent around the household tax, and their impending ard fheis, Fine Gael had to be seen to produce a result for the people. The ECB refused to play ball so Noonan's very expensive fudge was cooked up.

It is astounding that the government are willing to accrue further debt, many multiples of the revenue they hope to get from the household tax, just to save face.

Related Link: http://trueeconomics.blogspot.com/2012/03/2932012-promissory-note-deal-2012.html
 
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