Follow @PoliticsIE
 
 
 
Page 1 of 15 1234511 ... LastLast
Results 1 to 10 of 142

Thread: DOF secretly paid off 7.9BN Anglo debt on last day of guarantee

  1. #1
    Politics.ie Member
    Join Date
    May 2007
    Posts
    418
    Mentioned
    0 Post(s)

    Default DOF secretly paid off 7.9BN Anglo debt on last day of guarantee

    From Constantin Gurdgiev's Twitterfeed:
    It has been confirmed by FR office - Anglo redeemed 7.9bn of bonds on Sept 30 via ECB borrowing. Behind our backs! This is our debt now!
    ...
    Anglo redemptions were not disclosed by Gov/Pub Officials until after immense pressure from 3 independent analysts, led by Banker Mathews!
    ...
    Gov approved this transaction while Min Lenihan stood in front of the nation talking ab bailout costs!
    ...
    And media's failure to uncover this is shameful. Numerous journos were tipped off, but failed to deliver.
    ...
    Media are running with 15bn in cuts 'Appocallypse' while Gov piling on 8bn of fresh debt on our shoulders overnight!
    ...
    Only mechanism to change thisnow is to restructure all quasi-Gov (Nama) & banks debts. They boxed us into a corner
    This equates to around half of Anglo's senior debt, which is now sovereign debt. Why did the government pay this off on 30 September? What interest rate did we get from the ECB for the 7.9 BN we had to borrow to convert this debt to sovereign debt?

    EDIT:-------------------

    I just saw Constantin Gurdgiev's disclaimer:

    Note of caution - despite claims in the blogosphere, I have never said DofF paid off Anglo bondholders. Anglo paid its bondholders
    He's right, he said that Anglo paid it off and that the government approved it.

    Gurdgiev is my primary reference here although the headline isn't attributed to him. So on examination of what he said, I think my thread title could be construed as a mistaken interpretation of his words.

    As the headline was my interpretation of the sequence of Gurdgiev posts above, and that interpretation is most likely mistaken, the "DOF" in the title should be replaced with "Anglo".

    (It could also perhaps be replaced with The Exchequer or The State. Where the DOF ends and Anglo starts is probably debatable. But let's leave that for now.)

    In summary the implication that the title is a literal interpretation of Gurdgiev's words is unfair on Gurdgiev.

    Other than Gurdgiev, there have been rumours on the Pin and namawinelake that some or all senior debt has been paid by Anglo/the Central Bank/the ECB. I don't know how true these rumours are, but I have mentioned them here:

    http://www.politics.ie/economy/14131...ml#post3112895

    The Journal carried the story earlier along with quotes from the DOF which indicate that it's an Anglo-only transaction. I posted a section of this article here:
    http://www.politics.ie/economy/14131...ml#post3112895

    However, I now think that the whole thing was the payment of guaranteed Anglo bonds, as I posted when that possibility was highlighted:
    http://www.politics.ie/economy/14131...ml#post3112805
    Last edited by bokonon; 28th October 2010 at 02:00 AM.

  2. #2
    Politics.ie Member OceanFrog's Avatar
    Join Date
    Feb 2009
    Posts
    845
    Mentioned
    0 Post(s)

    Default

    I am literally stunned by this news.

  3. #3
    Politics.ie Member Clanrickard's Avatar
    Join Date
    Apr 2008
    Location
    Last outpost of freedom
    Posts
    31,846
    Mentioned
    0 Post(s)

    Default

    This is incredible. What is worse is that he says several journos were tipped off.

  4. #4
    Politics.ie Member 'orebel's Avatar
    Join Date
    Nov 2009
    Location
    In corrigible
    Posts
    20,272
    Mentioned
    2 Post(s)

    Default

    Jesus wept.
    "It is important therefore that I clarify to the House that in the first instance there are significant monies within Anglo-Irish to take the strain of loan losses arising over the next three or four years, before State support is engaged." Brian Lenihan 15/01/09

  5. #5
    Politics.ie Member
    Join Date
    Mar 2010
    Posts
    15,125
    Mentioned
    0 Post(s)

    Default

    We live in a dictatorship. When are people going to realise this? I wonder what else is being done behind our backs. Putting the country first. Its just lie after lie after lie....

    ....exhale...

  6. #6
    Ex Member
    Join Date
    Sep 2008
    Location
    Around the Corner everyone has turned
    Posts
    3,586
    Mentioned
    0 Post(s)

    Default

    Where did the money come from?

    Pension fund or the cash we needed for the January - April period?

    No wonder the state needs to save 15 Billion and thats why they want to frontload the cuts, its to pay for the Anglo debt. It all becomes clear now.

  7. #7
    Politics.ie Member firefly123's Avatar
    Join Date
    Dec 2009
    Posts
    26,815
    Mentioned
    0 Post(s)

    Default

    Wow. This information alone would topple most western democratic governments. Shameful corrupt behaviour that the media refused to expose? Those journos in the know should be named and never let put pen to paper again except to write about Leitrim junior b football( no offence to Leitrim)

  8. #8
    Politics.ie Member ocoonassa's Avatar
    Join Date
    Oct 2010
    Posts
    6,131
    Mentioned
    0 Post(s)

    Default

    "And media's failure to uncover this is shameful. Numerous journos were tipped off, but failed to deliver."
    Outrageous, how dare anybody suggest this, we all know full well that the consolidated media in Ireland is owned and run by the people for the people. It is the very bedrock of our flourishing democracy.

  9. #9
    Politics.ie Member
    Join Date
    Jan 2008
    Location
    Dublin
    Posts
    1,818
    Mentioned
    0 Post(s)

    Default

    Lenihan has put his signature on so many bailouts he probably has a stamp at this stage.
    Although all senior bondholders in the bank guarantee are now considered to be sovereign all but in name by the extended guarantee it is amazing he felt there was no need to debate this prior to doing it.

    What a minister for finance ah!

  10. #10
    Politics.ie Member ManOfReason's Avatar
    Join Date
    May 2007
    Posts
    4,321
    Mentioned
    0 Post(s)

    Default

    Lenihan again shows his contempt for the right of the Irish people to know how their future is been squandered. The country is being run by Goldman Sacks et al via their co-conspirators in Brussels who beckon Lenihan to heel anytime there are new instructions on how, once again, the Irish Taxpayer must be financially raped for the benefit of idiot bondholders.
    Clicking an ad a day keeps Politics.ie in business.

Page 1 of 15 1234511 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •