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  1. #1911
    Watcher2 Watcher2 is offline

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    Quote Originally Posted by shiel View Post
    Overspending on the public service provision seemed to be a bigger financial issue than the mess in the banks.
    that would be the austerity i suppose.
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  2. #1912
    shiel shiel is offline

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    Quote Originally Posted by Watcher2 View Post
    that would be the austerity i suppose.
    Well government expenditure tripled and bank lending tripled in the period before 2009.

    That might have something to do with the situation in 2010 when government spent 103bn and took in 53 bn a near world record deficit relative to the size of the economy.

    The resultant cut backs were the cause of the austerity.

    But the people whose decisions caused the austerity and the people who praised them are still unchallenged when they are complaining about the results.
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  3. #1913
    Analyzer Analyzer is offline
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    Quote Originally Posted by Darren J. Prior View Post
    I just read this new article from Chris Johns in The Irish Times. In it he says:

    "Our most recent financial meltdown was the result of a failure of bank regulation. It didn’t happen because of budgetary mistakes. Yes, things may not have been quite so bad if successive finance ministers had run a tighter ship. But different spending and taxation decisions would not have prevented the Irish banks borrowing all those billions from UK, German and French banks. And then going bust. The banks would still have had to be bailed out on any plausible alternative path for fiscal policy. Yes, the economy overheated - but only because the banks borrowed way too much money to enable way too many houses to be built."


    Isn't he wrong? Most of the debt we incurred was because of budget mistakes and not the bank bailout. The near collapse of the banking system in Ireland caused us to take on a lot of debt but most of the damage done was from mismanagement from Charlie McCreevy and Brian Cowen as Ministers for Finance.

    https://www.irishtimes.com/business/...-one-1.3336544
    2017 -The ISIS Times blames the banks.

    In 2006 The ISIS Times were
    - producing puff articles on the same banks
    - producing puff articles on the property market
    - demanding that the institutional state commit to enlarged largesse and control over the economy.

    The ISIS Times is a hypocrisy on paper.

    Everything that they advocate causes economic imbalance and deprivation. Phuck The ISIS Times.
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  4. #1914
    hammer hammer is offline
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    Irish 10-year bonds set to carry interest rate below 1%

    What recovery ?

    IMFF at 15%+ in 2011
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  5. #1915
    SamsonS SamsonS is offline

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    https://www.rte.ie/news/business/201...-10-year-bond/

    So, 4bn , yield of .943%. Last year that was 1.156%, and in 2014, 3.54%.

    That demand, 14b, bodes well for later in the year.
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  6. #1916
    clearmurk clearmurk is offline
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    Quote Originally Posted by SamsonS View Post
    https://www.rte.ie/news/business/201...-10-year-bond/

    So, 4bn , yield of .943%. Last year that was 1.156%, and in 2014, 3.54%.

    That demand, 14b, bodes well for later in the year.
    So these interest rates that are going up - the supposed reason the Anglo bonds are being redeemed at huge cost - when is that momentous event due to happen now?
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  7. #1917
    SamsonS SamsonS is offline

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    Well talking about the FRN's, and based on what happened in 2017, gotta expect at least a further 4b in 2018 to be cancelled.

    Below is the C and AG take on it from earlier this year -

    http://www.audgen.gov.ie/documents/a...n/Chapter3.pdf


    3.17 The net impact of the disposal by the Central Bank of government bonds on the Exchequer is the same whether the bonds are redeemed by the NTMA using funds borrowed at market rates, or the Bank sells the bonds on the open market. The consequent effective cost of servicing the debt that is related to the disposals is the same. 
    If the bonds are redeemed by the NTMA using borrowed funds, any premium paid by the NTMA on redemption returns to the State, either as part of the Central Bank dividend or retained by the Bank in its reserves.1 The NTMA will then pay interest to an external party on the funds it has used to redeem the bonds. 
    If the bonds are sold to a third party, the Central Bank will realise a gain. In these circumstances, the NTMA continues to pay interest on the bonds, to the purchaser, at the same rate that would have been paid to the Central Bank prior to disposal. This higher rate of interest is offset for the State by the Central Bank's gain on disposal.
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  8. #1918
    Odyessus Odyessus is offline

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    Quote Originally Posted by shiel View Post
    Overspending on the public service provision seemed to be a bigger financial issue than the mess in the banks.
    Finally! After several years of this being constantly pointed out to you, the penny has finally dropped.
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  9. #1919
    clearmurk clearmurk is offline
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    Quote Originally Posted by SamsonS View Post
    Well talking about the FRN's, and based on what happened in 2017, gotta expect at least a further 4b in 2018 to be cancelled.

    Below is the C and AG take on it from earlier this year -

    http://www.audgen.gov.ie/documents/a...n/Chapter3.pdf


    3.17 The net impact of the disposal by the Central Bank of government bonds on the Exchequer is the same whether the bonds are redeemed by the NTMA using funds borrowed at market rates, or the Bank sells the bonds on the open market. The consequent effective cost of servicing the debt that is related to the disposals is the same. 
    If the bonds are redeemed by the NTMA using borrowed funds, any premium paid by the NTMA on redemption returns to the State, either as part of the Central Bank dividend or retained by the Bank in its reserves.1 The NTMA will then pay interest to an external party on the funds it has used to redeem the bonds. 
    If the bonds are sold to a third party, the Central Bank will realise a gain. In these circumstances, the NTMA continues to pay interest on the bonds, to the purchaser, at the same rate that would have been paid to the Central Bank prior to disposal. This higher rate of interest is offset for the State by the Central Bank's gain on disposal.
    It is really shocking that they don't seem to appreciate the concept of the time value of money - and the impact of inflation on real payment costs.
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  10. #1920
    Vincent Clarke Vincent Clarke is offline

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    Should be called the national savings clock .
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