Pension Reserve Fund

[pjoz]

Yes,point taken we are lead to believe the banks will pay this back and stump up dividends.

We have already discovered that the dividends wont be forthcoming,kinda the whole point to the thread being started really. How many honestly believe they will be in a position to repay this side of nationalisation?

This has been an incredibly expensive way to try and shore up the banking sector.Ploughing multiples of what they are worth into them and only securing warrants on 25%. JP Morgan predict AIB and BOI will need a further 17 billion in recapitalisation. There expertise is trusted by FF enough to allow them manage currency investment for NPRF. I suppose we discount this analysis because it doesnt sit right with FF now?

In budgets 2009 and 2010 when the working people of this state were forced to endure savage cuts and in expectatation of further to 2014, FF looked after their friends in the banks by jeopardising the future pensions of Irish citizens and ensuring an unfair burden will be placed on their children by pillaging the NPRF. The investments in the banks were funded by €4 billion from the Fund’s own resources and by €3 billion from a frontloading of the Exchequer contributions to the Fund for 2009 and 2010.

So when savage cuts were implemented in these budgets 3 billion went directly to the banks.

[pjoz]

Anybody get around to reading the section on the NPRF yet in the C & AG report?while legislation was enacted to justify FF/Green actions here,what has been done is morally unjust and outside the legal limits of the funds remit when established...talk about cooking the books?...some choice quotes from the report...."While there is still uncertainty about the final outcome, the Commission had no evidence that the directed investment, in that bank, is impaired"....Really?Anybody believe that the investment in AIB is not impaired?...."The value of the NPRF stood at €22.3 billion at 31 December 2009 (2008: €16.1 billion) composed of discretionary investments with a market value of €15.3 billion and directed investments of €7 billion which were valued at cost under a direction of the Minister."

[Barnacle]

Anybody get around to reading the section on the NPRF yet in the C & AG report?while legislation was enacted to justify FF/Green actions here,what has been done is morally unjust and outside the legal limits of the funds remit when established...talk about cooking the books?...some choice quotes from the report...."While there is still uncertainty about the final outcome, the Commission had no evidence that the directed investment, in that bank, is impaired"....Really?Anybody believe that the investment in AIB is not impaired?...."The value of the NPRF stood at €22.3 billion at 31 December 2009 (2008: €16.1 billion) composed of discretionary investments with a market value of €15.3 billion and directed investments of €7 billion which were valued at cost under a direction of the Minister."

I cannot believe that they did not get the evidence, its not rocket science. And to state a value of cost price is totally misleading.

They also transferred 15 funded schemes in the NPRF, basically converting them from funded to unfunded schemes. Thankfully the fund was there but it was not set up for this and the pockets of the beneficiaries are being pilfered by the Government.

[adrem]

anybody get around to reading the section on the nprf yet in the c & ag report?while legislation was enacted to justify ff/green actions here,what has been done is morally unjust and outside the legal limits of the funds remit when established...talk about cooking the books?...some choice quotes from the report...."while there is still uncertainty about the final outcome, the commission had no evidence that the directed investment, in that bank, is impaired"....really?anybody believe that the investment in aib is not impaired?...."the value of the nprf stood at €22.3 billion at 31 december 2009 (2008: €16.1 billion) composed of discretionary investments with a market value of €15.3 billion and directed investments of €7 billion which were valued at cost under a direction of the minister."

dftt

[pjoz]

This country is really in a very sad state of affairs.Nine months ago when I questioned here FF actions in raiding this fund very few took notice,in fact most response's to my questioning were negative,accussing me of trolling. I wonder do those posters still stand over those remarks. Its an absolute shame that people so unquestioningly accepted the FF line over the last decade.People in SF who have consistently warned of the dangers Ireland faced,long before the last GE and for their troubles were derided as cranks in the mainstream media. I hope future generations learn from this debacle and are more questioning of our political masters and more open to critical analyse

[dustin]

This country is really in a very sad state of affairs.Nine months ago when I questioned here FF actions in raiding this fund very few took notice,in fact most response's to my questioning were negative,accussing me of trolling. I wonder do those posters still stand over those remarks. Its an absolute shame that people so unquestioningly accepted the FF line over the last decade.People in SF who have consistently warned of the dangers Ireland faced,long before the last GE and for their troubles were derided as cranks in the mainstream media. I hope future generations learn from this debacle and are more questioning of our political masters and more open to critical analyse

This money was raided before today?

[pjoz]

This money was raided before today?

Of course.Months back FF raided it.Not only has the prosperity of future generations been jeopardised by FF but so also has the standard of living of future pensioners of this state. FF are still peddling lies today just as they have for the past number of years.Contrary to what the two Brians will have you believe there is another way.Its time for the Irish people to wake up to that

[richie268]

The money is on the way part loan ,some of the money will appear to be free most likely bank recap money will be written off in the future for the reason: We pay extra interest on the main part of the loan.
The imf deals with broken sovereign states not banks.
The Irish are been walked up the garden path!
Everybodys happy.