Monday 6 February 2012

The Dirty Dozen w/e Feb 12th 2012

All I'm showing here are the next 12 bonds that will be paid out by the Irish banks; the complete list would simply swamp people, over 300 bonds yet to be paid, totalling €55bn for the years 2012/13/14/15. Again I ask - from where will this money come?

Those banks do have many of our billions still in their coffers, and the easy money they're going to make from the ECB's 'Longer Term Refinancing Operation' con-job will also help their balance sheet (banks across Europe get money from the ECB at 1%, with which they purchase various government bonds paying 6% - and who do you think is going to foot THAT bank-profit bill?), as will the extra they get from refusing to pass on the ECB base lending rate cuts, but €55bn in four years? They'll be back to us, begging bowls out yet again.

Next bond up is €20m today, Monday, unsecured, from EBS; that will be paid without a single remark from any of our media, as was another €20m unsecured bond from Anglo on Friday last, even as pressure is put on every government department to find savings of a million here, a million there. Is it just too much hard work for our media generals to try and understand what's happening?

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