Thursday 25 July 2013

THE DIRTY DOZEN w/e July 28th 2013

Apologies, hectic times still on the work front, at the height of a fantastic hurling season (so far!); hectic times also on the bank-debt front, a meeting with Patrick Honahan (Governor of the Central Bank of Ireland) followed by a meeting with the ECB Troika reps in Ireland. You won't have read or heard of either of those meetings on any of our mainstream media - kind of surprising even from a news colour point of view, David gets to meet Goliath kind of thing, never mind the actual news value of what emerged.

Anyway, to the bonds. You'll notice that on Tuesday last Irish Life & Permanent - which we now own - paid an unsecured bond of $6,000,000, over €4,000,000. Small potatoes relative to what we're paying on an annual basis (those tables are also below), but I wonder what effect it would have had in the following case:

Not that this is going to have too much impact on our rapidly increasing debt:

Tuesday 9 July 2013

THE DIRTY DOZEN w/e July 14th 2013

It's been a few weeks since this blog was updated, hectic times in the All-Ireland hurling championship, the day-job taking precedence. However, time, tide and now Irish bank bond payments wait for no man, the haemorrhaging continues unabated.

In the week that's in it though, the continued leaking of the Anglo tapes, a bit of advice to all so outraged by the damage to our national reputation, in Germany especially. You see Germany - especially - has gained hand-over-fist since this whole crisis began.

When the reduced interest rates they're paying on their bonds is added to the income their banks are gaining from the influx of deposits, the Germany economy has already benefited to the tune of well over €100bn.

Add in what the German banks got directly from the so-called 'Greek' bailout (Greek-default-watch website: 'Foreign creditors received back €59.9 billion in maturing debt and they received a (likely) majority of the €37.9 billion spent on interest. In all, therefore, almost half the funds provided by the European  governments went back to pay foreign (largely European) investors' - the 'largely European' surely includes quite a few German institutions!); throw in the additional billions we've donated from our total bank bailout (to date) of €69.7bn, and well, you know, dear old Angela and her constituents aren't doing half badly from all of this.

Ireland? Well, we don't have that €69.7bn anymore and we've left our kids and grandkids a legacy of debt but aren't we restoring our reputation? By the way, that link is to a short video which explains in crystal clear fashion the 'deal' done by Michael Noonan when he transformed the Promissory Notes to Sovereign Bonds. Watch this clip, then decide for yourself if it was indeed a great deal.

Meanwhile, back at the banks, €50,000,000 unsecured bond will be paid today, another €15,000,000 likewise in the next couple of weeks. Drip, drip, drip, the life-blood drained from our economy...