Archive for November, 2010

More good news for the banks not mentioned ! »

This is a post I sent to the IrishEconomy.ie blog today. The discussion followed a recent speech by CB Governor Paddy Honohan ” When the Governor raised the matter of accounting practices, I thought he was going to tell us some good news. He said: “ I have already railed elsewhere against the backward-looking loan-loss […]

Goldman Sachs says Irish bank losses not so bad »

Why don’t they let us see the report published last week by Goldman Sachs, which says, in essence, that we have been far to negative in estimating our financial losses, at bank and national level. As a result, we are forcing the banks to raise unnecessary capital (and the shareholders to consequently take unnecessary losses). […]

Unwind NAMA and let the ECB off the hook »

This is a post I sent to IrishEconomy.ie blog today: ” To all, and especially those who recently insisted that we could keep on issuing NAMA bonds….The situation is very clear: It’s the ECB that wants a bail out!! THEY, themselves, want to be “bailed out”, of the alleged obligation on them to keep on […]

All Irish official debt now guaranteed by Germany »

It seems that Chancellor Merkel has clarified her previous suggestions that bond holders must not rely on an EU bailout for Irish and other sovereign debt by saying her proposal only commences from 2013. All existing debt will therefore be free of all but EU sovereign risk to debt holders That’s what it seems to […]

Morgan Kelly gets it wrong.. »

Prof. Morgan Kelly writes an hysterical piece in the Irish Times today saying we are all doomed. And, he offers no solution…he sees none. His main shocking prediction is that AIB will cost us as much as Anglo, mainly because it will lose a fortune on its residential mortgages, over the next few years. So, […]

Stop committing economic suicide.., as follows: »

OK, Part 1 of the Four Year National Revival plan (FYNRP) is to stop doing the things that are getting us into a deeper and deeper hole and start earning some respect from our creditors. Take NAMA. A good idea in principle when first launched, it has become a monster !. Instead of “saving” the […]

Why Ireland must pay a higher interest rate……. »

I submitted this to the IrishEcomony.ie blog today and reproduce it here for the other two readers: About these widening spreads….I suspect they are related to NAMA, which is the source of the great majority of new Irish debt. Last February I worked out approximately that, based on the preliminary NAMA Business plan, the interest […]

NAMA can’t afford to redeem its own bonds »

It seems to me to be improper for the State to guarantee the bonds being issued by NAMA-SCAMA, when the said organisation does not have the readies to redeem them at maturity and the State also is blatantly obviously unable to pony up tens of billions of euros for the same purpose if its guarantee […]

Is AIB’s sale of M&T..legal ? »

Directors of public companies have certain legal (and moral) responsibilities vis-a-vis shareholders, including duties of care and loyalty and the duty of full disclosure of pertinent facts surrounding matters on which shareholders are asked to vote. These responsibilities are particularly important at a time when the company is being taken over, which is in effect […]

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