The price of ELA... … bly-cheap/

While it may be cheap by other bailout standards, when you have a tracker book that is generating 2-3% before costs, it is life support. I was expecting it to be at just the marginal lending rate (1.75%).

Anyway, it feeds into the collateral being valued at “how much do you need it to be worth”. We also have the “how much can you pay for it”…

We can surely only be months away from these muppets being told to get the fuck out of the Euro and print your own toilet paper?

We effectively are out of the Euro, well the local banks are anyway. For Mr. Honohans reference the following ten companies are the major players in the commercial printing of banknotes in case he needs to ring around for some quotes. He should also note the Icelandic central bank had to find another printer after the British government pressured De LaRue to stop printing ISK.

  • Giesecke & Devrient(Germany). (printed the Zimbabwe notes during their recent hyperinflation)
  • Orell Fussli Security Print Ltd. (Switzerland),
  • Bundesdruckerei Banknote GMBH (Germany),
  • De La Rue Currency (UK),
  • Francois Charles Oberthur Fiduciaire (France),
  • Joh Enschede Banknotes (Holland),
  • South African Banknotes Company,
  • Austrian Note Printing Company (Austria)
  • Canadian Banknote Printing Company,
  • Note Printing Australia Ltd.