So, Cyprus said NO! and sent the EU/ECB back to the drawing-board.
To what? First of all the cost applied only to those who had bank deposits and even then, only to those who had deposits greater than €20,000. Up to a limit of €100,000 they would have had 6.75% of their savings grabbed from them, a maximum of €6,750. Unless Cyprus is one hell of a wealthy society, I'd reckon that's the vast majority of Cypriots covered right there. They rejected that proposal, and in no uncertain terms - they were right to do so. If they want savers to take a hit let it be those who can most afford it, the big savers.
Here in Ireland, and when the €5.6bn NAMA 'contribution' is taken into account, we've already sunk €69.7bn into our banks - that works out at €15,200 per capita. Not per bank deposit, per capita, €15,200 for every man, woman and child in the country, many multiples of what was being proposed in Cyprus.
Here in Ireland also, we've had all private pension funds raided by the government, an annual 'levy' impose.
Where is the media exposure of what has happened here? Where is the forensic investigation of what Minister Michael Noonan has recently done, transposing €31bn of very challengeable Promissory Notes to rock-solid sovereign bonds that will make debt slaves of generations? The then Irish government was forced into guaranteeing the issuing of €31bn to Anglo, Irish Nationwide, and EBS at a time when those banks were already well past the point of no return. Of what benefit was that to the Irish people?
This sellout has now been accepted as a fait accompli by the majority of the Irish media, Noonan lauded for doing a deal that simply takes the pressure off him and off his cabinet colleagues for the few remaining years they have in government, at which point they ride off into the sunset with their fat pensions, leaving behind 40 years of debt, with balloon payments at the end.
Cyprus said NO! to far less. It's time for 'Ireland says NO!'.
In Ballyhea and then in Charleville,for over two years we've been campaigning for the lifting of the bank debt burden off our shoulders. Next Tuesday, as part of that campaign, we go to Brussels to meet Sharon Bowles, chairperson of ECON, the only body to which the ECB is answerable. Even if we continue to work in a media vacuum at home we are determined to expose the ECB for what they did in Ireland, we are determined to right the wrong that has been done to us.
Today, March 20th, and again without a word of publicity, Irish Life & Permanent paid an unsecured bond of €10,000,000. Below, the updated tables.