Economy – Page 57 – Slugger O'Toole

“[Anglo Irish] bank was owed almost €12bn by just 20 customers”

Pete Baker on February 21, 2009, 9:03 pm

| Readers 9

At Irish Election both Cian and P O’Neill are looking at the auditor’s redacted report on the shenanigans at the Anglo Irish Zombie Bank. According to the Minister for Finance, Brian Lenihan, “The publication of these accounts concludes a regrettable chapter in the history of Anglo Irish Bank.” [Concludes? – Ed] Not quite yet.. The detailed RTE report picks out a few choice details The report said Anglo had about 15 customers who owed more than €500m each and that …

Getting the priorities right..

Pete Baker on February 21, 2009, 8:04 pm

| Readers 2

According to the RTÉ report, US Secretary of State, Hillary Clinton, “thanked Beijing for its continued confidence in US debt” on her first overseas visit in office. And the BBC report has additional quotes “Our pressing on those issues (human rights, Taiwan and Tibet) can’t interfere with the global economic crisis, the global climate change crisis and the security crises,” [Mrs Clinton] said. “We have to have a dialogue that leads to an understanding and co-operation on each of those.” …

Workplace 2010 terminated

Pete Baker on February 20, 2009, 6:16 pm

| Readers 54

Workplace 2010 had already run aground with the government adminstration’s handling of the scheme being described by Sir Richard Needham as “an absolutely disgraceful saga of political and civil service failure.” Today’s reported announcement by a spokesperson for the NI Department of Finance and Personnel, therefore, shouldn’t be a surprise – “Termination of Workplace 2010”. [Any word from the Minister? – Ed] Pete Baker

Fitzpatrick ejected from elite dining room of the Celtic Tiger…

Mick Fealty on February 20, 2009, 5:34 pm

| Readers 12

According to Colm Keena’s report that the Anglo Irish bank substantially deceived the financial regulator last year over the transfer of Sean Quinn’s 10% to the Golden Circle. That may explain why Sean “Seanie” Fitzpatrick, former Chairman of Anglo-Irish Bank had a lot on his mind when he was asked to leave the premises by staff at Shanahan‘s – the dining room of the Celtic Tiger – because of complaints from fellow diners last weekend! Mick FealtyMick is founding editor …

25% stake was a “serious threat to the stability of the bank”

Pete Baker on February 19, 2009, 9:29 pm

| Readers 4

I can understand the argument that the names of the individuals who helped the Quinn family unwind their 25% share-holding in Anglo Irish Bank to a more modest 15% should remain confidential – although Cian might not agree. Which would mean that they’ll only become known if legal action follows.. Meanwhile, given the Tánaiste’s assertion that neither Taoiseach Brian Cowen nor Finance Minister Brian Lenihan know the names, the Irish Times provides this intriguing background detail. In the Dáil, Minister …

“But I know Roland Burris..”

Pete Baker on February 19, 2009, 3:20 am

| Readers 3

Blagojevich is long gone and it looks like the man he put in Obama’s place might follow him – take your pick of the articles here. But, having u-turned once on Burris – “But I know Roland Burris,” Obama added. “He’s from my home state. I think he’s a fine public servant.” – will Obama do the double? And I don’t mean the “second stimulus effort” he reportedly already “has an open mind” about. The Professor has some recent links …

“growth scenario is somewhat optimistic and the consolidation measures presently lack detail.”

Pete Baker on February 19, 2009, 12:38 am

| Readers 3

Mick’s been looking at what the Irish commentators have been saying. Meanwhile, as predicted in today’s Irish Times, the European Commission today named Ireland among six states to be monitored under the “Excessive Deficit Procedure” – as their forecast budget deficits exceed the maximum 3% of GDP permissible under the EU’s Stability and Growth Pact. The BBC report gives the forecasted deficits for 5 of those 6 – Ireland: 9.5%, Spain: 5.8%, Latvia: 5%, France: 4.4%, Greece: 3.7%. The detailed …

“Behind the scenes a lot of work has been taking place..”

Pete Baker on February 18, 2009, 8:26 pm

| Readers 19

No statement yet from the DETI Minister, but the Northern Ireland deputy First Minister, Sinn Féin’s Martin McGuinness, MLA and MP for Mid Ulster, has apparently been lobbying to relocate the Hibernia Atlantic telehouse for Project Kelvin in Londonderry. [But has the polit-bureau agreed? – Ed] From BBC report. The Foyle MP Mark Durkan said “more likely than not” the telehouse will now be located in Derry. “I believe that the company, Hibernia Atlantic, is minded after all the things …

Can the Irish left get beyond ‘eating the rich’?

Mick Fealty on February 18, 2009, 8:16 pm

| Readers 12

In the Irish Times, Vincent Browne is in as trenchant a mood as he was on TV 3 last night with Senator Dan Boyle… Browne is unequivocal: the government has failed, but the solution is obvious: Produce a clear plan that requires the rich to bear the burden of the adjustments required and protect the poor, the unemployed, the sick, the vulnerable and children, with the members of the Government leading the way by taking the first and deepest hit. …

Conveying vehicles from one jurisdiction to another..

Pete Baker on February 18, 2009, 4:37 pm

| Readers 4

Ahead of a Northern Ireland Assembly adjournment debate on funding for the Lough Foyle Ferry, Stormont Live carried a short report and studio discussion with SDLP MLA Mary Bradley – you can view that below the fold. The BBC report that Assembly members called on the Department for Regional Development to help fund the cross-border ferry service when the current contract with Limavady and Donegal Councils ends in June, although Hansard records that the debate was adjourned at 7.32pm last …

Agriculture minister gaily leaves port with her bow doors wide open…

Mick Fealty on February 18, 2009, 1:52 am

| Readers 6

There is an old joke that asks: how many gears does an Italian tank have? The answer: six, but they are all in reverse. Today’s news that the Northern Irish agriculture Minister has been slapped down, very very publicly on national UK radio by an EU Commissioner’s spokesman, is likely to lead to a quick shift to whichever reverse gear gets her out of trouble fastest. Despite some heavy obfuscation on Stormont Live, it seems the Minister and her department …

“A first come, first served basis is not an acceptable way of doing this”

Pete Baker on February 17, 2009, 11:51 pm

| Readers 8

The big story of the day on Stormont Live was the confusion over the distribution of EU funds for farm modernisation which emerged after comments on World at One today by Michael Mann the spokesman for the EU’s Agriculture Commissioner – “A first come, first served basis is not an acceptable way of doing this”. Northern Ireland Agriculture Minister, Sinn Féin’s Michelle Gildernew, turned up later in the programme ostentibly to clarify the situation. In the end, after telling everyone …

A glimpse over the rim of Ireland’s financial inferno…

Mick Fealty on February 17, 2009, 9:43 pm

| Readers 55

Excellent piece in today’s Irish Times on the Irish bank deal from Morgan Kelly, who gives us a quick view of what it might look like when if the Irish state tips towards a state of state bankcrupcy [can that happen? – Ed]. Oh, yes. You don’t go to court, if the country defaults government will have to pay for nearly everthing itself on a dwindling tax take, government bondholders (ie pension funds and ordinary citizens) will all be f*&%ed, …

“one level above speculative or “junk” status..”

Pete Baker on February 17, 2009, 5:23 pm

| Readers 2

More details are emerging about Sean Fitzpatrick and the loans he received when chairman of Anglo Irish Bank. RTÉ notes the Irish Times report on the loans from Irish Nationwide while the original report adds this on debt and credit ratings The new details about Mr FitzPatrick’s loans emerged as Irish Nationwide had its debt rating – an indication of its ability to repay its borrowings – downgraded by two notches to one level above speculative or “junk” status yesterday. …

Second rating agency flags Irish default…

Mick Fealty on February 16, 2009, 9:52 pm

| Readers 3

As the UU’s tried (and failed) to get the blood of the Legislative Assembly pumping in the budget debate this morning, in the south the pain continues… “Moody’s has warned there is a more than 50% chance Ireland will lose its triple A rating within 12 to 18 months.” (yes, that Moody’s) Elena Moya notes that this means: The spread between Irish and German debt rose last week to 203 points, meaning Ireland has to pay 2% more interest than …

Fianna Fail’s distress; Labour’s opportunity?

Mick Fealty on February 16, 2009, 3:03 pm

| Readers 11

It’s no surprise that the thread arising from Thursday’s post on the Irish Times’ poll result quickly resiled to the state of the Republic’s economy and what might be done about it. As Stephen Collins noted on Saturday, Fianna Fail’s support is collapsing at the same rate as the economy.However as Noel Whelan notes, Fianna Fail misfortunes (and the Opposition party’s good fortune don’t all come down to the events of the last week: It’s not the events of recent …

Would you buy insurance from this ‘company’…

Mick Fealty on February 14, 2009, 4:44 am

| Readers 2

Fianna Fail Home is not the latest entry of a political party into the new media world of blogging (though it probably should be)… Nope, Fianna Fail is now selling ‘a specially negotiated package of insurance products‘ to its members… H/T Ciaran!! Gives a whole new twist to the term ‘honest broker’… Adds: Simon picked it up on Twitter… Well worth following… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on …

Trial hears of off-camera interview

Pete Baker on February 13, 2009, 8:27 pm

| Readers 125

At the time Mick noted that Phil Flynn, former Vice President of Sinn Fein and confidante of then Taoiseach Bertie Ahern was not included among those charged in connection with the Garda investigation which led to Ted Cunningham’s trial on money-laundering charges and he has publicly denied any involvement. He was, though, a non-executive director of Cunningham’s money-lending company Chesterton Finance. Whether he was on Cunningham’s Christmas card list isn’t clear although Cunningham has met several other high profile figures. …

Garland bail application adjourned again

Pete Baker on February 12, 2009, 6:45 pm

| Readers 3

Former Irish Workers’ Party president, and current national treasurer, Sean Garland has had his bail application adjourned again and has been told that he must “submit a convincing case by tomorrow that he would not abscond again.” It’s also reported that Judge John McMenamin has requested Garland’s “passport, banking statements and the deeds to his home” and also asked to see details of “all assets available to both Garland and his wife”. The adjournment came after the judge was told, …

Business as usual – redux

Pete Baker on February 12, 2009, 2:27 am

| Readers 3

At Irish Election, P O’Neill tries to make sense of a “bewildering account” by Irish Finance Minister, Brian Lenihan, of what the Irish Government knew about the goings on at Anglo Irish Bank and when. The key point appears to be contained in this Irish Times report Even though Mr Lenihan’s officials knew about massive ILP deposits in late October, and immediately informed the Financial Regulator, the Minister claimed he was not informed until Anglo was bailed out last month. …