Irish Time

Tuesday, March 30, 2010

HOW IRELAND WAS ROBBED


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The Irish Government incurred  $369,504.5  of debt for every Irishchild, Irishwoman and Irishman to fix its Banking fraud. Which makes you, if your Irish and everybody in Ireland a slave to the fraudsters or banks for the at least the next 50 years. Better get busy!


In his statement to the Irish parliament today, the Minister of Finance said, that winding-up Ireland's collapsed bank was not an option. He is a liar there are several other viable options. Based on figures from Anglo Irish Bank and the Department of Finance, Mr Lenihan said shutting it down could run up a bill for the Irish taxpayer, in a country of just 4 million people, anywhere from €60bn to €100bn.

He said a prompt wind-up would be followed by a fire-sale of assets with an “unnecessary loss” of €30bn and cash bills of €70bn euro to meet the cost of deposits, bondholders and the liabilities due to commitments across Europe. Mr Lenihan also vehemently rejected calls for a long-term wind-down insisting it was not in the taxpayers’ interests and would cost €60 billion to €30 billion losses from the sale of assets followed by a €30bn bill to complete the shutdown.

“Finding a long-term solution for Anglo Irish Bank is by far the biggest challenge in resolving the banking crisis. The sheer size of the bank means there are no easy or low-cost options. Winding-up the bank is not and was never a viable option. I understand why many want us to close this bank. I understand the impulse to obliterate it from the system.

But I cannot, as Minister for Finance, countenance such a course of action. The realisation of the costs involved and the wider disruption to the financial system would generate enormous instability for the State with unforeseeable but potentially long-lasting damage to the overall economy. The unavoidable reality is that the bank has incurred losses from its large-scale property lending and needs substantial further capital. Unpalatable as it is, only the taxpayer can provide that capital. It is the least worst option.”


Mr Lenihan warned of significant uncertainties over estimates and  that €10bn is needed for  re-capitalisation. Ireland's bad-bank National Assets Management Agency will take €10bn euro loans from Anglo this month paying 50% of book value. The minister also revealed that that they were trying to sell the bank as a going concern when the Irish taxpayers clear the bad assets within a target date of five to seven years.

“This is a complex process but I am confident that by the end of the summer we will have a clear plan for the future of the bank approved by the European Commission,” he said.


The scheme is a fraud to fix a previous fraud. All the main parties including Gerry Adam's compliant collaboration party with the exception of Labour are part of the lie of no alternative. Instead of pouring billions of euros into maintaining the rich and preventing the levelling of them all for gambling at high odds in unregulated derivative private funds, they should be allowed collapse and then the State should buy up their assets at rock bottom prices. With all those empty houses, there would be no one left homeless.

The huge  money wasted on saving the banks could be invested instead, in publicly owned, worker run facilities, to develop renewable energy along the west coast of Ireland. It could invested in green energy, waste recycling and organic farming. It could pay the unemployed to rebuild the Irish rail and water goods distribution systems. It could  create an industrial base on our core competencies. 

The body politic in Ireland has enslaved itself to the ideology of the unregulated market, a false god demanding obedience to edicts of privatisation, cutbacks, taxation of the poor and people of no property but non interfering with the rich or their political cronies, compliant in this instance to a mounting catastrophy. It is time Irish people woke up and got up off their sheepish Catholic knees!


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