The Jig Is Up: Irish Central Bank Governor

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The Jig Is Up: Irish Central Bank Governor

Post by klr » Thu Nov 18, 2010 10:35 am

It's in the Irish Times, so it must be true (... and I heard it on the radio live as well :ddpan:). Time for the government to 'fess up ...

http://www.irishtimes.com/newspaper/bre ... king1.html
Honohan expects State to take large EU/IMF loan

Central Bank governor Patrick Honohan has said he expected the Government will have to accept a multibillion euro loan as EU and IMF negotiators arrive in Dublin today for talks.

The Government is expected to battle to prevent any increase in the €6 billion adjustment proposed for the 2011 budget and the €15 billion target in the four-year plan during today’s discussions.

Speaking this morning, Prof Honohan said he expected the Government to accept a loan of tens of billions of euro. "It's my expectation that that is what is definitely likely to happen. That's why the large technical teams are sitting down discussing these matters," he told RTÉ's Morning Ireland.

"I think this is the way forward. Market conditions have not allowed us to go ahead without seeking the support of our international collaborators," he said.

"I don't see it as something that is really worrisome or should lead to a huge change of direction because as we know, the fiscal discussions about €6 billion cuts, all of that is part and parcel of what an IMF team would ask for, would suggest if they came in, in the absence of any such discussions," he said."I'm not saying they'll rubberstamp, but I think that they will not find all that much to disagree with."

Mr Honohan said he expected the loan, which was not a bailout as it has to be paid back, would be used to show Ireland had “sufficient firepower to deal with any concerns of the markets”. He also understood the money would be borrowed at a rate in the region of 5 per cent.

Also speaking this morning, Minister for Communications Eamon Ryan said: “We may need help from our international European colleagues . . . I don’t have a problem with that, and I don't have a problem recognising the scale of the problem . . . what we need to do is get the terms and conditions right."

Mr Ryan also said the Government would publish its four-year fiscal plan around the middle of next week and added that teams from the IMF, the ECB and the EU would see that the position of the Irish banks were strong. "Our banks are solid and I believe that that will be shown to be the case."

The Minister conceded it was a bad day for Ireland. "Without doubt, no one would want to be in this space, but we just have to work our way out of it," he said on Morning Ireland.

As pressure builds from Europe for an immediate application for external aid, Dublin is campaigning to minimise any funding it draws down in a bid to ensure the terms are not too onerous. Negotiators on the other side are keen to determine the exact scale of the funding requirement for the banks.

Although the Government sought at first to draw a distinction between any emergency aid for the banks and for the State, there is a reluctant acceptance now that any funding for the banks will have to be drawn by the State. The Government will try to limit the size of the drawdown and the scale of outside involvement in wider economic management.

French economy minister Christine Lagarde this morning said the euro zone was not at risk of breaking up in spite of jitters over the creditworthiness of its member Ireland.

"No, there is no risk of [the EU] breaking up," she said on France Inter radio. Ms Lagarde added Britain could participate in aid for Ireland despite not being a member of the euro zone, possibly in the form of a bilateral loan.

In the Dáil yesterday, Taoiseach Brian Cowen said the Government will “seek to protect our essential national interests and to ensure that the outcome is such that the country’s sovereignty and sovereign debt is not unduly imposed upon with a burden it cannot bear”.

A senior source said last night the Government believes any agreement to accept aid at this point would weaken its hand as the precise terms of an aid plan are being hammered out in the coming days. A further priority is to preserve the 12.5 per cent corporate tax rate, which is a central element of the four-year plan.

But pressure on that front is already emerging, even though Minister for Finance Brian Lenihan insists no change is in prospect. His Austrian counterpart Josef Proell said yesterday “there needs to be talks with the Government about this issue” whenever external aid takes effect.
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Re: The Jig Is Up: Irish Central Bank Governor

Post by Clinton Huxley » Thu Nov 18, 2010 10:56 am

That corporate tax rate is going to be a contentious issue. I know a fair few previously UK headquartered companies have moved to Ireland to take advantage of it, resulting in lowered tax receipts for Blighty
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Re: The Jig Is Up: Irish Central Bank Governor

Post by Feck » Thu Nov 18, 2010 10:58 am

Go ask the Church for it .
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Re: The Jig Is Up: Irish Central Bank Governor

Post by klr » Thu Nov 18, 2010 11:01 am

Clinton Huxley wrote:That corporate tax rate is going to be a contentious issue. I know a fair few previously UK headquartered companies have moved to Ireland to take advantage of it, resulting in lowered tax receipts for Blighty
TBH, I don't know if we're benefiting over much from that side of it either. I know someone (CES?) had a threat a couple of weeks ago about the scams that revolve around multinationals paying as little tax as possible.

But the low rate still brings in a lot of employment on the ground, and if we lose that advantage in the near future, then we can kiss any hope of a recovery goodbye. It seems strange to want to force a condition on someone that will help ensure that they can't pay back the loan you're giving them. :dunno:
Feck wrote:Go ask the Church for it .
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Re: The Jig Is Up: Irish Central Bank Governor

Post by Rum » Thu Nov 18, 2010 11:06 am

My mortgage was 'sold' to an Irish bank a couple of years ago by the provider it was with then - it was some sort of merger. I just hope....

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Re: The Jig Is Up: Irish Central Bank Governor

Post by klr » Thu Nov 18, 2010 11:08 am

Rum wrote:My mortgage was 'sold' to an Irish bank a couple of years ago by the provider it was with then - it was some sort of merger. I just hope....
Don't we all. :ddpan:

I'm on the other side of the fence, as I'm one of the few people around with substantial savings. I opted out of the madness that was the property rat-race. So I'm worried too, but for different reasons ... :levi:
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Re: The Jig Is Up: Irish Central Bank Governor

Post by Don't Panic » Thu Nov 18, 2010 11:41 am

klr wrote:
Rum wrote:My mortgage was 'sold' to an Irish bank a couple of years ago by the provider it was with then - it was some sort of merger. I just hope....
Don't we all. :ddpan:

I'm on the other side of the fence, as I'm one of the few people around with substantial savings. I opted out of the madness that was the property rat-race. So I'm worried too, but for different reasons ... :levi:
Please tell me that you have enough sense to have those savings in a state guaranteed account instead of with the banks?
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Re: The Jig Is Up: Irish Central Bank Governor

Post by klr » Thu Nov 18, 2010 11:42 am

Don't Panic wrote:
klr wrote:
Rum wrote:My mortgage was 'sold' to an Irish bank a couple of years ago by the provider it was with then - it was some sort of merger. I just hope....
Don't we all. :ddpan:

I'm on the other side of the fence, as I'm one of the few people around with substantial savings. I opted out of the madness that was the property rat-race. So I'm worried too, but for different reasons ... :levi:
Please tell me that you have enough sense to have those savings in a state guaranteed account instead of with the banks?
It's practically the same thing right now ...
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It's not up to us to choose which laws we want to obey. If it were, I'd kill everyone who looked at me cock-eyed! - Rex Banner

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Re: The Jig Is Up: Irish Central Bank Governor

Post by Clinton Huxley » Thu Nov 18, 2010 11:43 am

International creditors will accept payment in Guinness. How many pints does £7 Billion buy?
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Re: The Jig Is Up: Irish Central Bank Governor

Post by Rum » Thu Nov 18, 2010 11:45 am

Clinton Huxley wrote:International creditors will accept payment in Guinness. How many pints does £7 Billion buy?
The way things are going about one and a half. :(

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Re: The Jig Is Up: Irish Central Bank Governor

Post by Clinton Huxley » Thu Nov 18, 2010 11:46 am

Rum wrote:
Clinton Huxley wrote:International creditors will accept payment in Guinness. How many pints does £7 Billion buy?
The way things are going about one and a half. :(
I still want my drop!
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AND MERRY XMAS TO ONE AND All!

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Re: The Jig Is Up: Irish Central Bank Governor

Post by Rum » Thu Nov 18, 2010 11:48 am

Clinton Huxley wrote:
Rum wrote:
Clinton Huxley wrote:International creditors will accept payment in Guinness. How many pints does £7 Billion buy?
The way things are going about one and a half. :(
I still want my drop!
Might have to revert to the non-cultivated variety if things carry on like this.

Does wild Guinness still grow in Ireland? :ask:

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Re: The Jig Is Up: Irish Central Bank Governor

Post by Clinton Huxley » Thu Nov 18, 2010 11:49 am

I hear they have specially trained wolf-hounds that can detect the Guinness Truffles up to 2 feet underground.
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I shall wear the bottoms of my trousers rolled"

AND MERRY XMAS TO ONE AND All!

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Re: The Jig Is Up: Irish Central Bank Governor

Post by Don't Panic » Thu Nov 18, 2010 11:50 am

klr wrote:
Don't Panic wrote:
klr wrote:
Rum wrote:My mortgage was 'sold' to an Irish bank a couple of years ago by the provider it was with then - it was some sort of merger. I just hope....
Don't we all. :ddpan:

I'm on the other side of the fence, as I'm one of the few people around with substantial savings. I opted out of the madness that was the property rat-race. So I'm worried too, but for different reasons ... :levi:
Please tell me that you have enough sense to have those savings in a state guaranteed account instead of with the banks?
It's practically the same thing right now ...
Not quite though.
Gawd wrote:»
And those Zumwalts are already useless, they can be taken out with an ICBM.
The world is a thing of utter inordinate complexity and richness and strangeness that is absolutely awesome. I mean the idea that such complexity can arise not only out of such simplicity, but probably absolutely out of nothing, is the most fabulous extraordinary idea. And once you get some kind of inkling of how that might have happened, it's just wonderful. And . . . the opportunity to spend 70 or 80 years of your life in such a universe is time well spent as far as I am concerned.
D.N.A.

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Re: The Jig Is Up: Irish Central Bank Governor

Post by klr » Mon Nov 22, 2010 10:29 am

I think it's time for an appropriate musical interlude ...


Not any more we won't ... :levi:





But at least they're not rioting yet. Panic on the streets of Dublin? Not just yet ...

God has no place within these walls, just like facts have no place within organized religion. - Superintendent Chalmers

It's not up to us to choose which laws we want to obey. If it were, I'd kill everyone who looked at me cock-eyed! - Rex Banner

The Bluebird of Happiness long absent from his life, Ned is visited by the Chicken of Depression. - Gary Larson

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