Posts Tagged ‘ Bailout ’

News in Brief- Irish Emigrants Blamed For STD Influx In NZ

irishAlan Shatter is in trouble this week for apparently offending ‘old’ prostitutes. Honestly, the man has experienced anti-semitic hatred and cruel personal jibes recently and then he goes and calls prostitutes working in Ireland ‘old’. Actually, the story is not quite as clear-cut as tabloid headlines would have us believe, SHOCK and AWE. He wasn’t calling all prostitutes old, just some.

Our international reputation isn’t doing so well either after an article in the New York Times has caused uproar, depicting life in post-Tiger Ireland. According to the piece produced by Liz Alderman, there’s a man in Shankill in Dublin who shoots and BBQ’s pigeons to survive. The story has met widespread disapproval from locals and councillors of Shankill alike; Fine Gael TD Mary Mitchell O’Connor said she rejects the description of the town and the main subject of the article, who used to own boats and a five-bedroom house and now resorts to pigeon shooting on the street to survive. NIB isn’t sure, perhaps Shankill is the social equivalent of Mordor, I mean American’s don’t normally exaggerate do they? Continue reading

News in Brief – IMF Here To Stay As Anti-Semites Attack Shatter

Sugar_Hill_posters

Our Troika days may be numbered but the IMF won’t be leaving just yet, according to the Mission Chief (a misleadingly exciting title if ever there was one). Nope, officers of the IMF could be here well into 2015 to make sure we don’t be bold with our budget again. It’s reported they’ve all developed a taste for the Guinness and can’t remember the way home, that’s the official line anyway, reality is they want to keep their eyes on Enda et. al. to make sure we’re still paying back every bit of bailout we owe. The Mission Chief (seriously, sounds like an astronaut or something) has said we could still be settling our debts up to 2023 but for now, he’ll only be checking in for sixth monthly visits. Byyeeee!

There’s been some particularly troubling protesting going on in West Limerick after a selection of anti-Semitic posters were put up across Sugar Hill Bridge. The posters, that appeared overnight, largely carry the sentiment that Alan Shatter is some kind of cartoon Jewish villain that’s trying to turn our country into Palestine. Whilst this kind of attitude is not acceptable in contemporary society, points are awarded for imagination, what Shatter’s faith has to do on his role in government is undefinable. Laughable really, like the poster that uniquely referred to the Protection of Life During Pregnancy Bill and called Enda Kenny, Enda Herod. Honestly lads, he’s a big enough head already without thinking he’s a king! Continue reading

Consumer Spending Peaks Since Bailout

consumer-spending1The willingness of the Irish consumer to spend money is at its highest level in three years, regardless of the fact that over 50% of people polled believe their disposable income will have lessened by next year.

A survey done by Behaviour and Attitudes revealed that 55% of people think their wages will decrease by next year, and that the Irish economy will continue to worsen; just 12% said they believe the economy will be better in 2014. Yet surprisingly, consumer confidence has risen, to its highest level since before the 2010 bailout. B&A director Luke Reaper said of the report, “this leads us to believe that Irish consumers, while still viewing the economy negatively, are beginning to weather the storm”. Continue reading

Fingers – The Man Behind The Money

Fingers full final cover

What happens when one of Ireland’s most powerful bankers doles out huge sums of money, in the form of unsecured loans, to a golden circle of developers and politicians, eventually running into billions and causing Irish Nationwide building society to collapse in its own filth? You give him €1 million in bonus money, an €11,500 watch and send him smiling out the door, of course.

Continue reading

Disgraced Anglo Chief To Face Trial

Sean Fitzpatrick former CEO of Anglo Irish BankFormer Anglo Irish Bank chief Seán FitzPatrick is to face trial on 12 charges in connection with alleged financial irregularities at the toxic bank.

The disgraced 64 year old banker is accused of making false, misleading or deceptive statements in relation to at least €139 million worth of loans to the company’s auditors, Ernst and Young, over a six-year period.

Fitzpatrick stepped down in December 2008 as Anglo was subsequently nationalised and re-branded the Irish Bank Resolution Corporation (IBRC) . The collapse of the once prominent bank hit Irish taxpayers hard in the pocket, with €30 billion required to bailout the bank.

Greystones native FitzPatrick was remanded on continuing bail to appear before Dublin Circuit Criminal Court in three weeks time.

It is alleged that bankrupt businessman FitzPatrick did not inform the auditors about loans to himself and others that he had authorised, or about an arrangement between Anglo and Irish Nationwide Building Society whereby the latter loaned him money.Detective Inspector Ray Kavanagh of the Garda Bureau of Fraud Investigation served one of the 12 volumes of the book of evidence on Mr FitzPatrick this morning.

The remaining 11 volumes are to be handed to FitzPatrick’s solicitor.

 

“Nothing To Fear” – Kenny on Potential Fiscal Referendum

Taoiseach Enda Kenny has today said that there is “nothing to fear from a referendum” on the proposed eurozone fiscal treaty.

Mr Kenny made the comments ahead of a summit of EU leaders in Brussels at which the wording of such a document will be agreed. Irish government officials are said to be hopeful that the final text will enable the treaty to be implemented without the holding of a national referendum.

Mr Kenny said, “I’ve made this perfectly clear: that when the text is finalised, I will ask the Attorney General formally to present the government with the Attorney General’s response as to whether the agreed text – as finalised by the politicians – is in compliance with our constitution. If it is in compliance with Bunreacht na hÉireann, there is no need for a referendum. If it’s not, there will be a referendum.”

Speaking on RTÉ’s Morning Ireland radio programme today, Minister of State for European Affairs Lucinda Creighton said she was hopeful the core of the draft treaty would remain unchanged. She also acknowledged that it would be difficult for Ireland to remain in the eurozone if voters rejected the treaty, saying “I think it would make it almost impossible for us to continue as part of the currency union because being part of a currency union means you have to abide by the rules.” On the same programme, Sinn Féin spokesperson on Foreign Affairs and Trade Pádraig Mac Lochlainn accused the government of “running away from debate” by not holding a referendum.

A Belgium-wide general strike is currently underway to coincide with the political summit in Brussels. The work stoppage was organised by trade unions in protest at the plans of the newly-formed government to cut €11 billion in public spending and to raise the country’s retirement age. AFP reports that no public transport is available and blockades are present on many of the country’s roads, forcing the Belgian government to arrange access for the arriving EU leaders through a military airport.

Dutch prime minister Mark Rutte told assembled reporters in Brussels that he hoped the conference would capacitate Greece, Portugal and Ireland to become less reliant on EU funding and to return to the open borrowing markets.

Germany recently confirmed it is seeking to have an EU-appointed “budget commissioner” sent to Greece with powers to override its government’s budget policy if necessary. Any other bailout-recipient country, including Ireland, that consistently miss repayment targets could face a similar fate.

UPDATE:
Twenty five of the twenty seven EU states have consented to a eurozone fiscal stability treaty, with Britain and the Czech Republic refusing to sign the proposed intergovernmental document.

Fianna Fáil leader Micheál Martin has become the latest opposition politician to voice his reservations about the treaty, describing it as “too limited to solve the crisis”.

The treaty will be formally signed at the next EU summit in early March and ratified by 1 January, 2013.

If the Attorney General decides the treaty does not breach the Constitution and a referendum is not required to implement it, a legal challenge from opposition parties is likely. The United Left Alliance today described not holding a referendum as “utterly undemocratic”.

Senior Economist Warns Ireland “Should Be Praying” for Second Bailout

The head of Economics at Dublin City University today claimed that a second bailout in inevitable for Ireland and insisted we “should be praying” that the European Union, International Monetary Fund and European Central Bank would be willing to facilitate it.

Professor Tony Foley made the comments when speaking on RTÉ’s Morning Ireland radio programme. He said such an offer would be preferable to the Government’s current proposal of borrowing approximately €12 billion on international financial markets next year as this would invariably lead to crippling interest rates as the country attempts to repay its massive debt – estimated to reach €206 billion by 2015.

Professor Foley’s comments come less than 24 hours after Citigroup economist Willem Buiter stated that Ireland should negotiate a ‘standby’ second bailout in the event we are unable to return to the markets.

European Commissioner Olli Rehn’s spokesman, Amadeu Altafaj, has labelled such speculation as unhelpful given that the first programme was delivering and that Ireland had enjoyed positive growth and banking sector reform in 2011.

In another blow to the Irish economy, a new Goodbody Stockbrokers report has predicted further protracted growth in 2012 and claimed Ireland will not achieve the 3% of gross domestic product deficit target by 2015.

Goodbody chief economist Dermot O’Leary said he expects the country’s GDP ratio to rise to 124% in 2014 and has revised down GDP growth estimates to 0.7% for this year from 1.2%.  GNP, excluding multinationals, and domestic demand will fall by 0.8% and 2.6% respectively.

Officials from the EU, IMF and ECB are in Dublin today, undertaking their fifth review of the €67.5bn loan programme. The talks are being headed by the IMF’s Ajai Chopra. The troika will review figures for 2011 and establish targets for the Government and the economy over the coming months.

Mr Chopra said, “A restructuring of the circa €30 billion in promissory notes (in relation to Anglo) provides an opportunity to reduce debt to a more sustainable level without the difficulties that Greece is currently experiencing with private sector involvement.” He added, “Another important issue is the speed at which the banking system is deleveraging.”

An Taoiseach Enda Kenny will meet British Prime Minister David Cameron in Downing Street on Thursday to discuss the ongoing debt crisis.