Brian M. Lucey

Tag: Promissory Notes

  • Ireland should give one (1) cheer for the Greek debt deal.

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    brianmlucey
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    So, once again (what is it now, the fourth time?) we have a greek debt deal. Great. Except, its not. The essence of this deal (which has delayed funds since may..) is a maturity extension and a rate reduction on existing and new Greek debt. This will reduce the present value of greek debt and make…

  • A question I have posed on the ECB and the Anglo Prom notes to which there seems no answer…

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    brianmlucey
    in

    I have long advocated that the Irish Government should walk from the wretched promissory notes which were given to cover the losses at Anglo/INBS , and on which we are now as a state paying €3.1b per annum (or about 5 weeks tax take).  I have written about the mechanics of these odious scraps here. …

  • IBEC and IBRC and the IMF

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    brianmlucey
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    This is a version of a column published in the Irish Examiner It must be dangerous to be a bird in Dublin these days. The government that promised transparency has instead adopted a kite-flying approach. The kites pop up, and like modern day Benjamin Franklins the government minister hangs on as it drifts into the…

  • The Quantum Mechanics of Irish Debt

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    brianmlucey
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    This is an extended version of a column published in the irish examiner. The Irish government find themselves on the horns of a dilemma. They, quite properly, seek a write down, from somebody, anybody, of a large part of the banking debt, which has accumulated. At the same time they wish to convince the markets…

  • Tell us, Jean-Claude.. About that letter?

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    brianmlucey
    in

    The Public Accounts Committee of the Irish parliament is unique in its committees in that it has the power to compel witnesses to attend. They can sit there and say nothing but at least they must attend. As has been widely presumed, the committee is, it appears, to hold hearings into That Night, when the government decided to…

  • Euro deal saves Ireland? Maybe…

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    brianmlucey
    in

    It’s not clear that it does. I’m not sure it’s a seismic (Enda Kenny) or massive (Eamonn Gilmore) deal. And it happened because of Spanish and Italian pressure. So far as we can see at present there are three parts to this. The Spanish banks will be recapped directly from the EFSF and later the…

  • Holding my Nose and voting Yes

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    brianmlucey
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    This is an expanded and linked verison of a column published in the Irish Examiner Saturday 12 may 2012. http://www.irishexaminer.com/business/a-reluctant-yes-voter-for-vital-access-to-funds-193627.html I have decided, very reluctantly, to vote yes in the upcoming referendum on the fiscal compact. I have previous expressed many many doubts, most of which have remained unanswered. The compact is bad economics, it…

  • The Fiscal Compact and Ireland

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    brianmlucey
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    I was asked to address the Oireachtas Subcommittee on European Affairs on the issue of the Fiscal Compact, and did so this morning (18 May 2012). Below is the briefing note which I forwarded to the members. We were asked to be succinct and to talk for 5 minutes prior to questioning, hence the rather…

  • What if Ireland Defaults?

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    brianmlucey
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    Well, if you want to know the answer to that question you will have to buy my new book, which contains a bunch of essays. Contributors include: Nobel Laureate Joseph Stiglitz Constantin Gurdgiev, Megan Greene, Seamus Coffey and  Stephen Kinsella Peter Mathews TD Senator Sean Barrett businessman and political activist Declan Ganley politics lecturer and…

  • The €31b question : answered

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    brianmlucey
    in

    And the results are in :                         76% of people DO NOT think there will be a meaningful deal on the Prom Notes, 17% DO and 8% dont know what a PromNote is. These may include members of the oireachtas….