Brian O'Doherty's Blog  

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 cashing NAMA bonds [...]

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 me. [...]

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, [...]

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 banks [...]

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 rate that [...]

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 [...]

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 [...]

I was strongly in favour of the NAMA scheme, when it was first revealed: It seemed like it could really help resolve the banks’ liquidity problem, while costing the taxpayer nothing.
Remember, the banks had extended billions in commercial and development property loans, against security which was fast-falling in value in the crashing property market. To [...]

Apologies to my readers, especially avid fans, for the time out in the last few months. There was a lot of disruption in my routine, with move of office, move of house and move of city (to Greencastle, County Donegal, lovely spot). I found it difficult to keep up to speed with the details of [...]

Í read on that good blog, www.Irish Economy.ie, that the State proposes to provide promissory notes as its capital commitment to the funding of Anglo Irish Bank. If that’s true then it means that Anglo must be planning to raise equity elsewhere in order to meet the new (still just proposed) Basel III standards [...]