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Thread: SF Economically Illiterate ? Not according to the Government Parties....

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    Politics.ie Member emulator's Avatar
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    Default SF Economically Illiterate ? Not according to the Government Parties....

    It seems the Government Parties and their many advisors are taking advice from a source that will come as a surprise to many on here.

    First it was the increase in the USC for those on €100k+ and now they have seen the light and are planning to implement another SF policy of providing a stimulus package to help kick-start the economy.

    However, the Government's advisors aren't merely sitting around reading SF documents.... no, they have truly earned their money and come up with a new name for it.

    A Strategic Investment Fund !

    This is the SF document and the IT article about it from October 2012 :

    Sinn Féin publishes job creation plan - Irish News, World News & More | The Irish Times - Thu, Oct 11, 2012

    The plan would be paid for by €5.8 billion in discretionary funding from the National Pension Reserve Fund, €3 billion of incentivised investment from the private pension sector and more than €1.5 billion from the European Investment Bank.
    http://www.sinnfein.ie/files/2012/SF-Jobs-Doc-web.pdf

    This is an RTE piece from today saying the Cabinet are to discuss a €6bn strategic investment fund (stimulus) next week and mentions using the National Pension Reserve Fund :

    Cabinet to consider

    It's comforting to see that FG and Labour aren't to big to recognise good solid economic policies when they see them.... even if they are SF economic policies.


    Do posters think the Government are to be commended for adopting SF economic policies or should they, and their advisors, be condemned for not coming up with their own.... while calling SF "economic illiterates" ?

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    Quote Originally Posted by emulator View Post
    It seems the Government Parties and their many advisors are taking advice from a source that will come as a surprise to many on here.

    First it was the increase in the USC for those on €100k+ and now they have seen the light and are planning to implement another SF policy of providing a stimulus package to help kick-start the economy.

    However, the Government's advisors aren't merely sitting around reading SF documents.... no, they have truly earned their money and come up with a new name for it.

    A Strategic Investment Fund !

    This is the SF document and the IT article about it from October 2012 :

    Sinn Féin publishes job creation plan - Irish News, World News & More | The Irish Times - Thu, Oct 11, 2012



    http://www.sinnfein.ie/files/2012/SF-Jobs-Doc-web.pdf

    This is an RTE piece from today saying the Cabinet are to discuss a €6bn strategic investment fund (stimulus) next week and mentions using the National Pension Reserve Fund :

    Cabinet to consider

    It's comforting to see that FG and Labour aren't to big to recognise good solid economic policies when they see them.... even if they are SF economic policies.


    Do posters think the Government are to be commended for adopting SF economic policies or should they, and their advisors, be condemned for not coming up with their own.... while calling SF "economic illiterates" ?
    They may alternatively have picked up the Labour Manifesto from 2011, which suggest a strategic investment bank, and a 10% USC for paye income over 100k.

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    Politics.ie Member Sync's Avatar
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    Michael Noonan, June 2012 in response to a specific question from Mattie McGrath on the SIF and how it would utilise the NPRF.

    The purpose of the Strategic Investment Fund (SIF) is to channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy. I am informed by the National Treasury Management Agency, as Manager of the NPRF, that the NPRF announced in November 2011 a commitment of €250 million to a new Irish infrastructure investment fund which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects. The Irish Infrastructure Fund was established in 2011 by Irish Life Investment Managers, with AMP Capital appointed as the fund’s discretionary investment manager and the NPRF as a cornerstone investor. The Fund will seek up to €1 billion from Irish and international investors and has already secured €300 million from the NPRF and other Irish institutional investors. Marketing of the Fund, which is potentially a source of significant new capital for investment in infrastructure projects in Ireland, to potential investors both in Ireland and globally commenced in the first quarter of 2012. The Agency has confirmed that AMP Capital announced on 18 June 2012 the first investment by the Irish Infrastructure Fund following its acquisition of a majority stake in a portfolio of wind farms from Viridian Group. The NPRF’s commitment to the Irish Infrastructure Fund is part of the development of the Strategic Investment Fund, which will comprise a number of funds focused on sectors of strategic importance to the Irish economy including infrastructure, financing for SMEs and venture capital. The NPRF, as a commercial and cornerstone minority investor in these funds, will act as a catalyst for attracting third-party investors, thereby increasing the size of the overall investment in the Irish economy
    Strategic Investment Fund: 26 Jun 2012: Written answers (KildareStreet.com)

    So yeah, this has been something that's been around for more than a little while. The SIF title is nabbed from the UK who have something similar.
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Politics.ie Member emulator's Avatar
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    Quote Originally Posted by Didimus View Post
    They may alternatively have picked up the Labour Manifesto from 2011, which suggest a strategic investment bank, and a 10% USC for paye income over 100k.
    Maybe they did.... do you have a link to the manifesto ?

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    Quote Originally Posted by emulator View Post
    Maybe they did.... do you have a link to the manifesto ?
    http://www.labour.ie/download/pdf/la...festo_2011.pdf

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    Politics.ie Member friendlyfire's Avatar
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    Don't Emulator, both FG and Labour supporters will be foaming at the mouth when they see that they are stealing a SF jobs policy.But in my own view this is good that the coalition is maybe coming to the conclusion that austerity is destroying the State, and are now changing direction and about time!
    Stupidity is far more fascinating than intelligence, after all intelligence has it's limits.

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    They're all Keynesians, the lot of em,

    They're all wrong,

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    Politics.ie Member emulator's Avatar
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    Quote Originally Posted by Sync View Post
    Michael Noonan, June 2012 in response to a specific question from Mattie McGrath on the SIF and how it would utilise the NPRF.



    Strategic Investment Fund: 26 Jun 2012: Written answers (KildareStreet.com)

    So yeah, this has been something that's been around for more than a little while. The SIF title is nabbed from the UK who have something similar.
    That only covers €250 million of investment from the NPRF and looks more like an investment vehicle for investor's benefit rather than anything else. What they are talking about now is €6bn from the NPRF. When the SF document came out it was broadly slated on here and by the Government. Now, once the Government are thinking of adopting it.... it's a good economic policy.

    You can't fail to see the humour in the Government on the one hand calling SF economically illiterate, and on the other, adopting their policies.

    Well, I say humour.... it's tragic actually.

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    The Stategic Investment Fund was in the Programme for Government as well as in the Labour Party manifesto.
    “I would rather be exposed to the inconveniences attending too much liberty, than those attending too small a degree of it." - Thomas Jefferson (yeah, I'm aware of the irony)

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    Politics.ie Member emulator's Avatar
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    If you are a Labour party member I feel for you.... that makes for embarrassing reading and I would encourage everyone here to read it just to see how far Labour have fallen....

    That manifesto only mentions setting up an Investment Bank with €2bn from the NPRF. And another €500mn jobs fund.... whatever that is.

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