Sources say EU, IMF and Ireland ready to sign off on bailout

[Subway1]

@FAUGH45568

Zerohedge

blended rate is 7.25% according to ZH

thats a copy paste of the p.ie post

[Maor_Uisce]

This was on p.ie

*Cardiff of DoF saying no, the 5.83% is on the €67.5bn.

You can choose to believe him, or not. My personal internal jury is still out.*

[FAUGH45568]

My take on this is the following.

1. Slow Liquidation of Ireland and all its Assets.
2. This slow liquidation will go on for years.
3. Those expecting us to default, wont happen under current Government, too many assets to cover repayments…
   when we do not meet criteria set out by our IMF/EU friends.
4. New Government only hope of default. Dont think anyone in the current politicial arena is big enough to take that on.
5. More Bailout money will be required…

Bottom line:
So its going to be a long and slow painful erosion of our standard of living over the next 3 yrs (for starters).
I think they will be able to kick this can down the road every time.

Please add anything I am missing or anything you disagree with.

[CaveCanem]

Is the ecb going to keep offering liquidity to banks? Is the contingency fund to be used to off-load bank assets at deep discounts?

[dipole]

there was a guy with Irish accent on BBC News saying it makes default very difficult as we put up our own sovereign wealth fund in the deal

Default is our plan B. Is this now not possible without surrendering whatever money we have in our NPRF???
what’s that all about then?

[FAUGH45568]

Well Sub I didnt post on P.ie and I dont read p.ie.

reading zerohedge take on it…

“Ex Domestically Sourced Pension Funds, Blended Irish Rescue Interest Rate Is 7.25%”

Add
So if it is exactly like that post then it was a fluke
Sub can you Please post link of P.ie post

[Subway1]

its quoted in the zerohedge link you provided.
i was just pointing out that zerohedge isnt saying it, they are saying p.ie said it.

i was reading it earlier but will try to find the link for you

edit//
didnt take long, its still on the front page
politics.ie/economy/144356-i … -nprf.html

[ixus]

@dipole

there was a guy with Irish accent on BBC News saying it makes default very difficult as we put up our own sovereign wealth fund in the deal

Default is our plan B. Is this now not possible without surrendering whatever money we have in our NPRF???
what’s that all about then?

The youngish lad Ross Nathan was his name I think from some London think thank. He was pretty good. Said we were just kicking the can down the road and the markets wouldn’t accept it.

[dipole]

@ixus

@dipole

there was a guy with Irish accent on BBC News saying it makes default very difficult as we put up our own sovereign wealth fund in the deal

Default is our plan B. Is this now not possible without surrendering whatever money we have in our NPRF???
what’s that all about then?

The youngish lad Ross Nathan was his name I think from some London think thank. He was pretty good. Said we were just kicking the can down the road and the markets wouldn’t accept it.

Yeah, but he made it sound like our NPRF is now in the pot and can’t be pulled back out so we can’t use that 17.5bn if we decide to default.
He made it sound like we’ve surrendered it.

[temene]

There is another press conference now on Radio1
IMF’s Chopra talking

[FAUGH45568]

Oh right get you sub, thought you meant I copied someone else’s work…

confusion sorted.

[jmc]

Interesting…

The programme provides for a recapitalisation, fundamental downsizing, restructuring and reorganisation of the banking sector. The outcome will lead to a smaller banking system more proportionate to the size of the economy,

So just how much smaller when compared with, say, Finland? Does that mean the end of BOI and AIB as separate banks? Or ideally a break up and a sell off of the fragments to foreign buyers? Hope so. The acceleration of the transfer to NAMA points that way.

merrionstreet.ie/wp-content/uploads/2010/11/Government-Statement-on-EU_IMF-programme.pdf

[FAUGH45568]

Quotes From Government Statement

This action, along with early measures to support deleveraging set out below will result in an immediate injection of €10bn of fresh capital into the banking system, above and beyond that already committed.

A Prudential Liquidity Assessment Review (PLAR) will be implemented by the Central Bank of Ireland for the domestic banks to identify deleveraging actions necessary to significantly reduce their reliance on short term funding.

Interesting to see the detail on the deleveraging actions

[FAUGH45568]

A substantial downsizing of the banking system will be achieved through early and decisive actions including:-
o
Banks will be required to run down non-core assets, securitize and or sell portfolios or divisions with credit enhancement provided by the State, if needed.
o
The NAMA Scheme will be extended to remove remaining vulnerable land and development loans from Bank of Ireland and Allied Irish Bank by end-Q1 2011
o
This process will be carried out in a carefully balanced and controlled manner with the benefit of the substantial resources available to the banks for their funding and capital needs.
o
Banks will be required to promptly and fully provide for all nonperforming assets.
o
The restructuring of Anglo Irish Bank and Irish Nationwide Building Society will be swiftly completed and submitted for EU State aid approval.

[mr_anderson]

@FAUGH45568

Quotes From Government Statement

This action, along with early measures to support deleveraging set out below will result in an immediate injection of €10bn of fresh capital into the banking system, above and beyond that already committed.

A Prudential Liquidity Assessment Review (PLAR) will be implemented by the Central Bank of Ireland for the domestic banks to identify deleveraging actions necessary to significantly reduce their reliance on short term funding.

Interesting to see the detail on the deleveraging actions

So, is now a good time to buy ?

[dipole]

rte.ie/news/2010/1128/economy2.html
between this and what the babyfaced irish economist was saying on BBC News is it a case that we are now in a worse position than yesterday in that we can’t default and the higher interest rates are being disguised by our own contribution from NPRF?
Have Biffo and Lenihan been outmanoeuvred again as they were in 2008?
We didn’t get 85Bn and we didn’t get it at a low interest rate.

[yoganmahew]

@mr_anderson

So, is now a good time to buy ?

Fill yer shoes… while you’re at it, I’ll piss in your bovril for you…

[whackojacko]

@dipole

https://www.rte.ie/news/2010/1128/economy2.html
between this and what the babyfaced irish economist was saying on BBC News is it a case that we are now in a worse position than yesterday in that we can’t default and the higher interest rates are being disguised by our own contribution from NPRF?
Have Biffo and Lenihan been outmanoeuvred again as they were in 2008?
We didn’t get 85Bn and we didn’t get it at a low interest rate.

What has changed in saying that default is no longer possible??

[FAUGH45568]

@mr_anderson

@FAUGH45568

Quotes From Government Statement

This action, along with early measures to support deleveraging set out below will result in an immediate injection of €10bn of fresh capital into the banking system, above and beyond that already committed.

A Prudential Liquidity Assessment Review (PLAR) will be implemented by the Central Bank of Ireland for the domestic banks to identify deleveraging actions necessary to significantly reduce their reliance on short term funding.

Interesting to see the detail on the deleveraging actions

So, is now a good time to buy ?

buy buy buy buy I tell you.

more important news
Wife is after texting me 5 min warning for the Live Results for X Factor…

[HouseBuyer]

What did people expect? Did people really expect the IMF and the German’s to give us a sweet deal, especially considering our gross lack of hubris with the Celtic Tiger?