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Thread: Ireland In Secret ECB Pact: Here Is How the New Anglo Deal Will Work

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    Default Ireland In Secret ECB Pact: Here Is How the New Anglo Deal Will Work

    So we know that the new deal to pay for the Anglo Irish Bank debt is illegal as well. but here are the details about how the ECB will try to bend its own rules to absorb the Anglo Irish Bank debt. Yes it's complicated and illegal as well but they like it because its not as transparent and obvious breach of the rules as the promissory notes

    Here it goes: Ireland will via its central bank push the Anglo Irish Bank debt to other European central banks that have "free capacity" like the German Bundesbank. Now we know why Weidmann didn't like that little Anglo Irish package they shoved up his ar$e.

    To avoid breaching the ECB rules, the [Irish] Central Bank will be allowed to borrow unused capacity from its counterparts in the 17-member currency union ... the extra capacity would be provided by the Eurosystem as a whole .. The procedure is permitted under the confidential Agreement on Net Financial Assets, or ANFA.

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    Politics.ie Member Dublin 4's Avatar
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    Politics.ie Member seabhcan's Avatar
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    Can anyone explain the downside - to Ireland and to the ECB - of the anglo deal being declared illegal?

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by Dublin 4 View Post
    Grillo looks like a Latin-version of Noel "deal or no deal" Edmonds
    Politics.ie moderators should moderate instead.
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    Politics.ie Member Howya's Avatar
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    The ECB have been bending the rules all over the place, so no real suprise. My view is that as long as Ireland is picking up the tab for the bank bailout then the ECB will use smoke and mirrors to keep it that way. Anything but share the cost.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by Howya View Post
    The ECB have been bending the rules all over the place, so no real suprise. My view is that as long as Ireland is picking up the tab for the bank bailout then the ECB will use smoke and mirrors to keep it that way. Anything but share the cost.
    And this government will continue to use the ECB's stance as an ongoing excuse.
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    Politics.ie Member Howya's Avatar
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    Quote Originally Posted by seabhcan View Post
    Can anyone explain the downside - to Ireland and to the ECB - of the anglo deal being declared illegal?
    If you believe Noonan and co that the savings from the PN deal will be 1bn then if the PN deal is overturned then those savings will be lost.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Quote Originally Posted by seabhcan View Post
    Can anyone explain the downside - to Ireland and to the ECB - of the anglo deal being declared illegal?
    what goes up must come down. if Ireland doesn't behave the ECB will sell off Seanie's leftovers rather quickly.
    Last edited by YouKnowWhatIMeanLike; 19th March 2013 at 05:08 PM.

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    Politics.ie Member
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    It's such a secret it's on P.ie.

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    Politics.ie Member LamportsEdge's Avatar
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    I guess it is a bit like the 'loans to directors' being shifted off the books of one bank at year end and transferred to another bank's books only to be transferred back once the auditors have gone out the door....

    One wonders whether the German taxpayer will be happy with the Bundesbank's spare debt capacity being loaned out to the PIIGs?

    I suspect not. Then again they may not be told directly.
    Whenever understanding exists, accepting or rejecting is unnecessary. (Fundamentals of a Gnostic Education).

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