Cash outflows of €20bn in crisis years 2010/11 unexplained

[BoyRacer]

Cash outflows of €20bn in crisis years 2010/11 remain unexplained - → finfacts.ie/irishfinancenews … 8749.shtml

Philip Lane, Whately professor of political economy at Trinity College Dublin, wrote Thursday that the CSO’s Balance of Payments (BoP) detail for 2014 (see Table 1) “shows little progress in recovering/identifying the cumulative €20bn (approximately) in “net errors and omissions” (a proxy for unrecorded financial outflows) during 2010-2011.”
In 2010 there was an unexplained outflow of €8.3bn and this rose to €11.7bn in 2011. In 2014 there was a minor difference of -€180m while a -€2.9bn in 2012 was followed by a +3.4bn in 2013.

there is more

Maybe the Eur Wedge On De Edge thread that started in 2010 offers a clue.

[Luan]

Wasn’t this about the time Evilal was making regular trips to Germany to stash his ill/good gotten gains

[Coles2]

@Luan

Wasn’t this about the time Evilal was making regular trips to Germany to stash his ill/good gotten gains

That lunatic. I’m glad he doesn’t post here anymore!

[Sidewinder]

Our old friend Section 10 of the Anglo Nationalisation bill, perchance?

[yoganmahew]

@Sidewinder

Our old friend Section 10 of the Anglo Nationalisation bill, perchance?

I think there was a lot of ‘hot’ deposit money in Anglo and others. Not hot, maybe, in the illegal sense, just hot in the sense that it had not ties to Ireland and was purely looking for yield. As domestic deposits didn’t really leave the country, this is the bundle of deposits that the ECB ELA and the bailout covered (though the pain would have been spread equally with domstic depositors in the event of a haircut).

My belief is that this is also the unsustainable deposit flow into Ireland that fuelled the bubble - the deposit flow that I believe the ECB should have been monitoring and doing something about.