Tag: Promissory Notes
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An Irish Solution to the Greek ELA problem?
In 2010 Anglo Irish Bank needed 30b in cash, to pay deposits and bonds. The Irish government hadnt got that on hand. In fact, it was out of any sort of then acceptable collateral. So, it wrote an IOU to Anglo, saying “we’re good for this”. They then took this to the Central Bank of…
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Politicians – Misled or Misleading on Anglo.
We don’t have to pay a cent to the Anglo junior debtholders but we probably will. Below I walk through why the Government are either misled or misleading and opine on how we can avoid payment. We have a legal template, which could be tabled. FF should continue to drink its tall glass of STFU on…
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Does An Irish Solution loom for European Banks (one way or the other) ?
This is a version of my column in the Irish Examiner of 25 Jan 2014 .Europe’s banks are broken. Very broken. We have always suspected that, but recent evidence in indications suggest that nearly six after the crisis first began to manifest itself seriously they are still grossly impaired. The drive towards meaningful banking union…
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Anglo deal doesn’t quite cut it
This is a extended version of a column published in The Irish Examiner 9 February 2013 So now we know – its Frankfurts way, all the way. One can only wonder what was going through the minds of the labour party ministers as they signed off the deal that irrevocably linked the Anglo debt to…
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Labour Senator calls for election if PN paid
@JohnGilroyTeam: i think that there will have to be a general election if promissory notes are to be paid John Gilroy is the labour spokesperson in the Senate on finance. Throughout the last two years he has been one of the few people in politics who has engaged openly on social media. Most of his…
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What options now on Anglo Debt?
To recap..A Reuters report yesterday, still unmodified, notes that the ECB has rejected the proposal made by the government on dealing with the Anglo Promissory notes. Ireland's national broadcaster NASA report which says that the ECB have denied this. However that latter states that baldly and gives no detail. The proposal was that the government…
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Hall v Ireland (even though Ireland is on his side)
The essence of democracy is under question in the case taken by David Hall against the minster for finance which starts in the high court Tuesday January. 22nd. Hall is challenging the legality of the wretched Anglo promissory note . He is saying as I understand it that the constitution requires that all expenditure be…
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Are ministers deceiving themselves or deceiving us on the Anglo Promissory Notes?
The idea of a meme is that its a concept, a psychological or cultural trait, that propagates Like anything that propegates it can only do so if it is allowed to. Thus we have seen grow up the meme that Ireland did not pay the 3.1b which was due in March 2012 on the Anglo Irish…
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The Banking Union: what’s in it for Ireland?
This is an expanded version of an OpEd in the Irish Examiner published 15 December 2012 The new banking union proposals that are now emerging from the wreckage of the European economy are to be given a (very) cautious welcome. Without going the whole Naomi Klein “shock doctrine” route, its very clear that once again…