Tuesday 20 December 2011

The Dirty Dozen w/e Dec 25th 2011

Christmas week, and the generosity of our government - on our behalf - knows no bounds. Have a look at what's coming down the track; if there's a need for anyone to add anything, then we really are finished.

Monday 12 December 2011

The Dirty Dozen w/e Dec 18th 2011

At what stage do we start to make the connection between the fact that EBS has such a high mortgage interest rate and its need to pay back its fast-maturing bank bonds? Five bonds for an aggregate of €51m on Dec 16th alone (details below), any wonder they're gouging already under-pressure Irish homeowners?

At what stage do we start to make the connection that with €55bn in bonds maturing over the next four years, the Irish banks are in no position to lend money to ANYONE in this economy now, or at any time in the forseeable future? And where do ye think that €55bn will come from - from bank profits? Even in the best of times that scale of profiteering would have been pretty ambitious, but now? So, ye think we're gone past 'injecting' funds into the banks?

At what stage do we make the connection between the billions the ECB is loaning to our Central Bank and the billions our banks are paying out on those failed bonds?

At what stage do we start to question the logic of taking on a €72bn debt, which with interest will easily surpass the €100bn mark, JUST TO ALLOW US make those short-term borrowings from that same ECB?

We were going to struggle anyway to make ends meet on our annual budget but the bank bond debt burden is crushing us. When will we zone in on the very specific questions above, and STAY on those questions until we get the relief that is long overdue?

Monday 5 December 2011

The Dirty Dozen w/e Dec 11th 2011

And so it begins; no, I'm not talking about the details of another austerity Budget as presented by our puppet government but as dictated by our troika masters, grim as that may be, I'm talking about another month of shame, the December Dirty Dozen, the 12 days pre-Christmas when another €770m is siphoned from us to be paid to bondholders whose failed bets we are being mandated to 'honour'.

Neither Noonan nor Howlin will mention the €43m being paid by Bank of Ireland today, the €24m by Anglo on Wed week, the five individual bonds totaling €52m by EBS on Fri week, all senior unsecured bonds, but all will be paid. Honour?