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Archive for January, 2013

Pay their Pensions in AIB Shares

WHICH of our noble financial hierarchy recently said: “Our position therefore is that there is no need for further recapitalisation”?

Financial regulator Paddy Neary? Fallen AIB chief Eugene Sheehy? Sean FitzPatrick?

Yes, indeed. They all asserted such nonsense, but back in 2008.

Patrick Neary’s famous quote was a paraphrase of today’s Government line: “I believe,” declared the unloved regulator, “the Irish banks are adequately, more than adequately, capitalised. . .”

Paddy Neary is alive and well in the corridors of power. So who echoed the same nonsense more recently?

Public Accounts Committee (NTA) Jan 24 2013

Euro Area Loan Facility (Amendment) Bill 2013

Ministers give Mob a Morphine Fix

THE scene: The annual cabinet New Year’s lunch in Government Buildings on Merrion Street, Dublin 2.

Michael Noonan: Terrible year, great lunch. Another brandy, Brendan? What’s planned for 2013?

Brendan Howlin: No brandy thanks — pass the morphine, Michael.

Michael: Morphine? Are you hallucinating, Howlin?

Brendan: Oh, I never told you. I had it stored, gallons of it, in the vaults here in Merrion Street. A little item of expenditure which I slipped past the mandarins. Our secret weapon for 2013.

Michael: Morphine? Why morphine?