Central Bank Annual Report 2010 . A Comedy of Numbers

centralbank.ie/data/AnnRepFi … Report.PDF

Must figure out what this is , It is not Exceptional Liquidity but Exceptional Self Auto Collateralisation. The sort of gnome that audits Irish Banks will have no problem with understanding the ‘true and fair’ value of these ‘things’.

P119

So they ‘eligible’ in a narrow sense only. Mmm’kays!

LorcanRK also has more on this:
blog.cornerturned.com/2011/05/30 … k-comfort/

One interesting feature:

Is NAMA eligible to borrow from the ICB using an MLRA? If so, would that be the source of their liquidity for offerring mortgages to commercial and residential investors? Is NAMA becoming a de-facto lending bank?

Sounds like some form of collective auto-erotic asphyxiation - I could see that useless smiling fucker Honahan biting down on a mandarin while hanging from a door jamb in his office in Dame Street.