Board index » The IRISH PROPERTY BUBBLE » The Central Bank » IMF Watch (IRL)

Post new topic Reply to topic  [ 16 posts ]  [Go to page]   1, 2  Next
Author Message
 Post subject: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 05, 2014 7:56 am 
Offline
Nationalised
User avatar

Joined: Jul 26, 2009
Posts: 14892
Repaying Ahead of Schedule: Ireland & IMF Loans - -> http://trueeconomics.blogspot.co.uk/201 ... edule.html

Quote:
Last week Portugal's Expresso published a big article on Irish plans to repay earlier the IMF loans. The link is here: http://fesete.pt/portal/docs/pdf/Revist ... o_2014.pdf (pages 37-38)

My view on the subject in full:

1- The Irish hurry is politically engineered or they understand that the present low sovereign bond yields mood can be a short-term window of opportunity in the Euro area?

In my view, Irish Government interest in refinancing IMF loan is driven by both political and economic considerations. On political front, following heavy defeats in the European and Local elections, the ruling coalition needs to deliver new savings in Exchequer spending to allow for a reduction in austerity pressures in Budget 2015 and more crucially support increased giveaways in the Budgets in 2016 and 2017. Savings of few hundred millions of euros will help. And an ability to claim that the IMF loans have been repaid, even if only by borrowing elsewhere to fund these repayments can go well with the media and the voters tired of the Troika.

there is more


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 05, 2014 8:35 am 
Offline
Under CAB Investigation

Joined: Apr 4, 2008
Posts: 2572
Quote:
And an ability to claim that the IMF loans have been repaid, even if only by borrowing elsewhere to fund these repayments can go well with the media and the voters tired of the Troika


This is exactly how I see it

And the IMF seemed to actually want them to deliver on targets, whereas the EU/ECB didn't seem as "hardcore"

_________________
Borrowers seeking mortgages have had to resort to saving deposits, forcing many to sit by and watch house prices tumble without being able to do anything about it. Sunday Independent - June 1 2008

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 05, 2014 9:44 am 
Online
Of Systemic Importance

Joined: Sep 13, 2012
Posts: 5480
Date and numbers here:

http://www.ntma.ie/business-areas/fundi ... programme/

I've no idea how the early repayment would be distributed amongst the various components.

_________________
"It's easy to confuse what is with what ought to be, especially when what is has worked out in your favour"
Tyrion Lannister


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 05, 2014 9:48 am 
Offline
Under CAB Investigation

Joined: Apr 4, 2008
Posts: 2572
Any idea how much this would actually save per annum on interest payments

_________________
Borrowers seeking mortgages have had to resort to saving deposits, forcing many to sit by and watch house prices tumble without being able to do anything about it. Sunday Independent - June 1 2008

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 05, 2014 9:53 am 
Offline
Nationalised

Joined: Oct 29, 2007
Posts: 11790
Location: Multiverse
Renting And Proud! wrote:
Quote:
And an ability to claim that the IMF loans have been repaid, even if only by borrowing elsewhere to fund these repayments can go well with the media and the voters tired of the Troika


This is exactly how I see it

And the IMF seemed to actually want them to deliver on targets, whereas the EU/ECB didn't seem as "hardcore"


It's unfortunate that the public are not aware as to how incredulous the IMF were at the government's decision not to burn the bondholders.

When such a basic move is avoided, you know that's where the real VI's lie.


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 12, 2014 10:18 am 
Offline
Single Home Owner

Joined: Aug 15, 2014
Posts: 196
Renting And Proud! wrote:
Any idea how much this would actually save per annum on interest payments


€375 million, or two Irish Waters, is the figure being quoted, every year


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 12, 2014 10:37 am 
Offline
Neo Landlord

Joined: Feb 18, 2009
Posts: 267
i guess the game changer debt deal that they still deny will never happen is still happening...

How kind of our masters to let us save money on the bank interest on a 60B debt we should never have taken on in the 1st place.


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 12, 2014 11:27 am 
Offline
Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1867
Lest we forget.
http://www.independent.ie/opinion/colum ... 75068.html

Quote:
If it does go ahead the minister - by all accounts - will be in line for a canonisation, with economist Stephen Kinsella writing in this newspaper yesterday that "he will have sealed his place in history".

Which begs the question, has everybody lost their minds? Or is the country just suffering from a particularly acute case of amnesia.

If so, allow me to remind you of some painful facts and figures that no one in government is too eager to trumpet.

According to Eurostat, Ireland, which comprises less than 1 per cent of Europe's population, shouldered 43 per cent of the net cost of the banking crisis across all 27 EU member states - €41bn out of €96.2bn.

As a percentage of GDP, that figure amounts to a staggering 25.8 per cent for Ireland. To put that into perspective, the next highest percentage is 3.3 per cent for Latvia.

It means that the cost of the bank bailout was €8,956 for every man, woman and child in Ireland, compared to an EU average of €191.

It gets worse. The €41bn figure cited by Eurostat doesn't take into account the €20.7bn from the National Pension Reserve Fund that was used to bail out banks, because that figure wasn't added to the national debt.

In total, about €64bn was shovelled into the bloated corpses of Irish banks, around 40 per cent of GDP.


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 12, 2014 1:02 pm 
Offline
Under CAB Investigation

Joined: Feb 27, 2007
Posts: 1867
http://www.irishtimes.com/business/econ ... -1.1925774

Quote:
Ireland has won German backing to refinance part of its bailout loans, according to Minister for Public Expenditure Brendan Howlin.
...
He also said the European Central Bank was not putting pressure on Ireland to accelerate the sale of new bonds it pledged to issue in a deal struck with Frankfurt last year that reduced the burden of State-owned bank debts.

“All those we have talked to - Draghi, Dijsselbloem, Schaeuble and others - are on board. The Finnish parliament has endorsed it. The German parliament has set a date to ratify it. Nobody is against,” Mr Howlin said.


Top
 Profile  
 
 Post subject: Re: Repaying Ahead of Schedule: Ireland & IMF Loans
PostPosted: Fri Sep 12, 2014 2:43 pm 
Offline
Planning Tribunal Attendee

Joined: Mar 8, 2012
Posts: 1204
BoyRacer wrote:
Repaying Ahead of Schedule: Ireland & IMF Loans - -> http://trueeconomics.blogspot.co.uk/201 ... edule.html

Quote:
Last week Portugal's Expresso published a big article on Irish plans to repay earlier the IMF loans. The link is here: http://fesete.pt/portal/docs/pdf/Revist ... o_2014.pdf (pages 37-38)

My view on the subject in full:

1- The Irish hurry is politically engineered or they understand that the present low sovereign bond yields mood can be a short-term window of opportunity in the Euro area?

In my view, Irish Government interest in refinancing IMF loan is driven by both political and economic considerations. On political front, following heavy defeats in the European and Local elections, the ruling coalition needs to deliver new savings in Exchequer spending to allow for a reduction in austerity pressures in Budget 2015 and more crucially support increased giveaways in the Budgets in 2016 and 2017. Savings of few hundred millions of euros will help. And an ability to claim that the IMF loans have been repaid, even if only by borrowing elsewhere to fund these repayments can go well with the media and the voters tired of the Troika.

there is more


This reason the government is doing it is because it will save 400m annually on intrest payments. The http://www.rte.ie/news/business/2014/09 ... st-budget/ view about political motivations is speculative.


Last edited by bml on Fri Sep 12, 2014 2:46 pm, edited 1 time in total.

Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 16 posts ]  [Go to page]   1, 2  Next

    Board index » The IRISH PROPERTY BUBBLE » The Central Bank » IMF Watch (IRL)

Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com