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…was under no obligation to do so, but he himself decided that Ireland’s credibility in global markets merited payment of the Anglo bonds in full. Enda’s commitment to pay the bondholders will do nothing but harm to our long-term prospects of returning to the markets. Goodbody Stockbrokers issued another word of warning to the Taoiseach last Thursday. While conceding that the bond swap was a “positive development”, it added “we should not be… 3
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Want to Invest in ‘Pillar’ banks? Trust me, Wait.
…mberg News carried out a survey of six analysts’ predictions. The average forecast was that BoI would steer a middle course, providing a token amount, an extra €470m ‘to appease the regulator’, making a mid-term loan impairment loss of €1.8m. Anything less than this will augur badly for Irish banks, signalling that the Central Bank’s writ still runs little further than its Dame Street headquarters.‘Appeasing the… 3
Read moreDebate Of My Broadband Bill 2008
…or. He probably does not have that much political capital left to push the broadband agenda. It is rather like education in the sense that its value cannot be measured in pounds, shillings and pence. It has to be measured in terms of its long-term benefit to industry and the economy as a whole. The Minister needs to tackle certain other areas as a matter of urgency. He needs to deal with Eircom, which is the dominant player in this field. He… 3
Read moreEducation Heads The Hit List
…of a distant relative. But the next line in the same speech is a porkie. “My Government is implementing new strategies which devote substantial resources to Research and Development and Innovation.” Innovation? Research and Development activities? Ahem. God forbid that the Chinese rumble the Budget numbers. Page 25 of the Budget Book would need a bit of explaining. Research and Development is cut by 15 per cent. The Strategic… 3
Read moreBroadband and the Banks
…recklessly and irresponsibly to people who are now in misery. The banks set themselves extremely undemanding, short-term targets which depend on them lending to people who cannot afford to pay them back. They get their short-term performance bonuses while the debtors are unable to repay what they owe. It is a disgracefully structured system which is a particular shame here in Ireland . It is worse here than it is anywhere else that I can think… 3
Read moreEnda Settles for Satellite Status
…20;fiscal union” (not the more polite “fiscal discipline”) as the price for rescuing Europe. The weaker countries are squealing for the ECB to flood the market with liquidity to save the currency. The short-term fixers are in direct conflict with the long- term advocates of austerity. Enda is squatting under the radar in the short-term fixers’ corner, positioning himself to join the stampede towards the hardline German… 3
Read moreElderly teed up for Budget sting
…use this archive’s findings to make current Budget decisions?The archive points out that elderly people did better in the 2004 to 2011 period. It is right. From a very low base they did improve their lot (in percentage terms ) during the boom years. The state pension rose faster than most other incomes, lifting it to €230 a week. Of course, most other incomes remained much higher than those earned by the over-65s. In 2011, the average… 2
Read moreLethal Threat of Continuity BOI
…ares would be cheap at 10¢. Quite the opposite is happening. The bank is circling the wagons. Take a look at the podium when you enter the O’Reilly Hall. Behold the happy faces of the undertakers. Scan the top table in search of change. There he will be, governor Pat Molloy, a man who began his career in Bank of Ireland 52 years ago, who retired and was called back. The 72-year-old Pat is standing for re-election. Beside him will be Richie… 2
Read moreCharlie is still our darling
…omy. Charlie gave a short sermon on debt, a mortal sin during his time in Finance. On Monday, in Dublin’s five-star Merrion Hotel, he specifically singled out Ireland as a key offender in the headlong rush of nations determined to sort out their economies by increasing their debt. Across the road in Government Buildings, Brian Cowen and Brian Lenihan must have shuddered. Charlie was not being helpful. “People,” he thundered… 2
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