A slight misunderstanding here. Ongoing EC supervision of national fiscal policies arises from the Stability and Growth Pact. It's based on the EU treaty on the functioning on the European Union and has nothing to do with Ireland's bailout.One cost of that bailout CONTINUING is the rubber stamping of national budget by the EU COMMISSION. e..g. If it does not approve say restoration of teacher pay; extension of pyrite scheme, tenancy legislation then may not happen One thing for sure spends out of public funds require discussion between govt and commission.
And who were the big loan defaulters?
The developers who were simply unable to manage their own financial affairs
Developer who were paid in full for uncompleted contract and letter of undertaking to furnish folio showing man co as owner of land agreed to be sold To man co in compliance with a condition of the pp that will never be furnished AND left works outstanding costs of which being bourne by Joe Soap as owner and member of man co payings charge for works responsibility of a developer who will never do them.
One cost of that bailout CONTINUING is the rubber stamping of national budget by the EU COMMISSION. e..g. If it does not approve say restoration of teacher pay; extension of pyrite scheme, tenancy legislation then may not happen One thing for sure spends out of public funds require discussion between govt and commission.
Another is banks as a charge on public funds and the role of ECB on the bank side.
That was deal between M Noonan an EU but NO DAIL APPROVAL.
M Martin is now calling on Taoiseach to lay before the dail the deal between govt and commission on the manning of the border in the wake of a no deal Brexit as 'the dail is entitled to know'
If the Taoiseach share the opinion of Kenny and Noonan that the govt has authority to make such a deal without dail approval he may have his work cut out for him. The deal in the opinion of ex-director of world trade organization will require Ireland to obtain 'emergency AID '. ?
The Credit Institutions Financial Support Act 08 passed by FF give the min fr finance power to pledge public fund for banks WITHOUT DAIL APPROVAL but is silent on power to share control of public fund with eu commission for the money to pay for bank and public bills without laying deal before dail under art 29 5 2 of constitution. But that is what M Noonan did when he signed Memo of Understanding with IMF and EU. No TD objected .
Ms May has put the deal her govt made with eu before parliament who has spoken. Lest see if our govt put the deal it makes with commission on the cost of Brexit to dail.
And who were the big loan defaulters?
The developers who were simply unable to manage their own financial affairs
Developer who were paid in full for uncompleted contract and letter of undertaking to furnish folio showing man co as owner of land agreed to be sold To man co in compliance with a condition of the pp that will never be furnished AND left works outstanding costs of which being bourne by Joe Soap as owner and member of man co payings charge for works responsibility of a developer who will never do them.
with no
One cost of that bailout CONTINUING is the rubber stamping of national budget by the EU COMMISSION. e..g. If it does not approve say restoration of teacher pay; extension of pyrite scheme, tenancy legislation then may not happen One thing for sure spends out of public funds require discussion between govt and commission.
Another is banks as a charge on public funds and the role of ECB on the bank side.
That was deal between M Noonan an EU but NO DAIL APPROVAL.
M Martin is now calling on Taoiseach to lay before the dail the deal between govt and commission on the manning of the border in the wake of a no deal Brexit as 'the dail is entitled to know'
If the Taoiseach share the opinion of Kenny and Noonan that the govt has authority to make such a deal without dail approval he may have his work cut out for him. The deal in the opinion of ex-director of world trade organization will require Ireland to obtain 'emergency AID '. ?
The Credit Institutions Financial Support Act 08 passed by FF give the min fr finance power to pledge public fund for banks WITHOUT DAIL APPROVAL but is silent on power to share control of public fund with eu commission for the money to pay for bank and public bills without laying deal before dail under art 29 5 2 of constitution. But that is what M Noonan did when he signed Memo of Understanding with IMF and EU. No TD objected .
Ms May has put the deal her govt made with eu before parliament who has spoken. Lest see if our govt put the deal it make with commission on cost of brexit to dail.
A slight misunderstanding here. Ongoing EC supervision of national fiscal policies arises from the Stability and Growth Pact. It's based on the EU treaty on the functioning on the European Union and has nothing to do with Ireland's bailout.
A slight misunderstanding here. Ongoing EC supervision of national fiscal policies arises from the Stability and Growth Pact. It's based on the EU treaty on the functioning on the European Union and has nothing to do with Ireland's bailout.
The deal made was for bondholders but also shareholder of named banks.
In Cyprus they hit depositors (to a certain extent) as in many cases they were foreign residents chasing high yields and these are politically easier to burn.Hmm, it would have been interesting. Did it happen to a certain extent in Cyprus?
In 2008 the Irish Banks had considerable deposit books outside Ireland, particularly in the UK.The deposit base of the Irish banking sector almost entirely votes in Ireland
What were that as a proportion of overall deposits?In 2008 the Irish Banks had considerable deposit books outside Ireland, particularly in the UK.
Since we're talking about voters; In terms of 'retail' deposits, Anglo for example probably had a bigger book in UK than Ireland.What were that as a proportion of overall deposits?
Sure, but if we had burned depositors in the same way we burned shareholders what proportion of those depositors would have been Irish and what proportion would have been from the UK?Since we're talking about voters; In terms of 'retail' deposits, Anglo for example probably had a bigger book in UK than Ireland.
For all the banks their commercial / money market deposits came from all over the world.
If we talk about Anglo, which would have been first, just over 50% would have been UK.Sure, but if we had burned depositors in the same way we burned shareholders what proportion of those depositors would have been Irish and what proportion would have been from the UK?
If we talk about Anglo, which would have been first, just over 50% would have been UK.
It's completely different with the others as every current account would have been caught up if there was no threshold.
If a rule had been run over the books, and anything over say 50k per person burned, then the impact would have been moved more to UK.
Don't forget Bank of Scotland Ireland where the Scottish bankers lent vast sums of money to a lot of Irish people. This was an UK government problem too.However burning UK depositors could also have prompted tit-for-tat behaviour by the UK government. Ulster Bank (Ireland) was bailed out by RBS which was bailed out by the UK taxpayer.
The same UK that gave us a 3.2 billion GBP bilateral loan at the same time as the EU bail-out package?If we talk about Anglo, which would have been first, just over 50% would have been UK. If a rule had been run over the books, and anything over say 50k per person burned, then the impact would have been moved more to UK.
Yes, the same one.The same UK that gave us a 3.2 billion GBP bilateral loan at the same time as the EU bail-out package?
No idea. It's my understanding that the main interest here was in providing support to Irish banks to ensure they did not default on debts owed to Royal Bank of Scotland and the Lloyds Banking Group. On deposits, we must not forget that the UK guaranteed 100% of all deposits including Irish deposits with the Northern Rock in 2007.If we extend your point though, was the loan more than the amount of UK deposits that were bailed out.
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