the dumbest man in Ireland or the most duplicitous?
30 bn to come from the ECB? We don’t have to pay it back. WTF! And Alan Ahearne call FG’s proposal a magic bank? He should talk to his party colleague - at least now we know where puff the magic dragon has been hiding out.
Shades of Padraig Flynn and corporation tax perhaps…
Park 60b with ECB. Political crisis in Italy / Spain precipitates Euro crisis. Spit into hard euro / soft euro zones (or equivalent). Soft euro depreciates 40%/50%. As Italy / Spain etc have huge holdings parked with ECB. All holdings converted into soft euros (or equivalent) because they never can be payed back in hard euros and if the ECB tried to force the issue it would be the end of the EU in its current form. So Irelands 60B of parked NAMA bonds effectively become 30b in the new hard euros.
That ‘free’ 30 billion should just about cover the worst of the losses at Anglo and BOI…
A few more from Frank this morning
NAMA’s is the ECBs strategy for dealing with the banking crisis.
The Bondholders are the credit unions.
If we default on the bondholders we have to default on all the depositors.
Look what the foregin banks did to the country.
Now knowing how FF minds like his work I was thinking more along the ‘nods and winks’ and ‘whispers’ that are part and parcel of the inner workings of FF. Along the lines of the top dogs let it known down the line that a plan is afoot, ‘cant tell ye the details - hush hush and all that’ that they are going to put one over on Brussels etc etc. And knowing how great minds like Faheys work, how that inner party gossip would be presented in a public forum like a radio interview. Letting ‘da troops’ know that ‘da partie’ is still on the ball. And all delivered in Faheys usual inimitable garbled gombeen manner.
Is Frank Fahy the biggest sleeazeball in Irish politics? Yes.
Interesting to see him brought out to bat for FF though. He’s a property centric person. He will not like to see the value of his shitty flats in Galway and Moscow go down.
I’d imagine that there is some discontent in the backbenches of FF and that this middle ranker was got into the media to talk before they do. Of course he spun the ‘poor pensioner, lowly credit union will be the victim’ line.
I was listening to Frank on Morning Ireland yesterday and I had to hold Ben back from pulverizing my radio!
Listening to the discussion, and other comments emanating from politician of all hue, I get the distinct feeling that FF have decided what they will do and the opposition is acting as if they are powerless to prevent it. I wonder do the opposition really want to stop NAMA or just appear to want to stop it? It’s always so hard to tell with politicians. But it strikes me that if they REALLY did want to stop then FG/Labour could. A key aspect to this whole affair is about providing confidence – confidence to would be investors that they can put money into Irish banks and if the worst happens the Irish taxpayer will cover them. So it seems to me that FG/Lab, just have to destroy that confidence and thereby make implementing NAMA guaranteed suicide and unthinkable. So they should declare, as the next government in waiting, that they will do everything in their power when they become the government to undo this legislation, including if necessary proposing constitutional changes to retrospectively change things (hey if Berlusconi can do it!). Then regardless of what they really do, or even if they do not become the next government they will have destroyed any confidence in NAMA and it will become a pointless exercise. It’s hardball but this is what is called for!