Upcoming Events

National | EU

no events match your query!

New Events

National

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link Turkey Doesn’t Want to Ally Itself to ... Tue May 17, 2022 21:37 | Dave DeCamp

offsite link Russia’s Loss at Kharkov Highlights Cr... Tue May 17, 2022 02:15 | Anti-Empire

offsite link Strelkov: Russian Mil Can Not Replace Ru... Mon May 16, 2022 22:08 | Igor Strelkov

offsite link Russian Army Is Attempting to Fight a Ma... Mon May 16, 2022 18:09 | Michael Kofman

offsite link Russia Holds Over 1700 Documented Ukrain... Sun May 15, 2022 22:53 | Anti-Empire

Anti-Empire >>

Human Rights in Ireland
A Blog About Human Rights

offsite link UN human rights chief calls for priority action ahead of climate summit Sat Oct 30, 2021 17:18 | Human Rights

offsite link 5 Year Anniversary Of Kem Ley?s Death Sun Jul 11, 2021 12:34 | Human Rights

offsite link Poor Living Conditions for Migrants in Southern Italy Mon Jan 18, 2021 10:14 | Human Rights

offsite link Right to Water Mon Aug 03, 2020 19:13 | Human Rights

offsite link Human Rights Fri Mar 20, 2020 16:33 | Human Rights

Human Rights in Ireland >>

Lockdown Skeptics

The Daily Sceptic

offsite link Nick Hudson Coming to London ? Get Tickets Now Tue May 17, 2022 18:00 | Will Jones
Nick Hudson of PANDA is coming to London on Thursday May 26th to deliver ?The Quest for Open Science?, after which he will be interviewed by Jeffrey Peel from the New Era and take questions from the audience.
The post Nick Hudson Coming to London ? Get Tickets Now appeared first on The Daily Sceptic.

offsite link Don?t Panic Mr Monkeypox! Social Distancing Returns Due to New Viral Panic Tue May 17, 2022 16:53 | Toby Young
At least one medical practice in West London has reintroduced social distancing to reduce the risk of patients contracting Monkeypox. This, in spite of the fact that there are only nine cases so far in the U.K.
The post Don’t Panic Mr Monkeypox! Social Distancing Returns Due to New Viral Panic appeared first on The Daily Sceptic.

offsite link Are All Britain?s Current Woes Traceable to a Group of Entitled ?Tory Toffs? at Oxford in the 1980s? Tue May 17, 2022 13:00 | Toby Young
Simon Kuper's book about how a small group of 'Tory Toffs' who were at Oxford in the 1980s masterminded the Brexit project to reclaim their aristocratic birthright is highly entertaining, but not convincing.
The post Are All Britain’s Current Woes Traceable to a Group of Entitled ‘Tory Toffs’ at Oxford in the 1980s? appeared first on The Daily Sceptic.

offsite link Forget Science ? Climate Now Has a Central Role in The Culture Wars Tue May 17, 2022 11:26 | Chris Morrison
You might think that if you debunk patently silly extreme weather claims, the entire fear agenda will go away. Think again. Climate change is now firmly embedded in the culture wars surrounding race, identity and gender.
The post Forget Science ? Climate Now Has a Central Role in The Culture Wars appeared first on The Daily Sceptic.

offsite link Would the U.S. Side With Ukraine?s Far-Right Against Zelensky? Tue May 17, 2022 10:10 | Noah Carl
Why didn't the US back Zelensky? The New York Times wrote earlier this year that his government could be overthrown by far-right groups if he ?agrees to a peace deal that in their minds gives too much to Moscow?.
The post Would the U.S. Side With Ukraine?s Far-Right Against Zelensky? appeared first on The Daily Sceptic.

Lockdown Skeptics >>

Voltaire Network
Voltaire, international edition

offsite link Pope receives Azov Regiment wives Tue May 17, 2022 21:12 | en

offsite link Pentagon redeploys troops in Somalia Tue May 17, 2022 20:08 | en

offsite link Greece sides against Russia Tue May 17, 2022 19:56 | en

offsite link London to introduce life imprisonment for espionage Tue May 17, 2022 18:16 | en

offsite link The meaning of war in the 21st century, by Thierry Meyssan Tue May 17, 2022 10:00 | en

Voltaire Network >>

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

 #   Title   Author   Date 
   Constantin Gurdgiev says Noonan's deal is not just bad but costs more     T    Wed Apr 04, 2012 23:41 
   Parlon     pd fan    Thu Apr 05, 2012 10:58 
   Alchemy.     Francis Xavier.    Thu Apr 05, 2012 11:27 
   Thank you for your insightful comments     O.O´C.    Thu Apr 05, 2012 19:47 


 
© 2001-2022 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy