Tag Archives: Anglo Irish Bank

On Burning Bondholders and Constitutional Politics

So : we know now that Ireland was indeed threatened. But a bigger issue seems to lurk , but this may be just my ignorance Continue reading

Advertisements

Will QE do the trick for Europe and Ireland?

So the ECB has, years late and trillions short, decided to act rather than to react. Having passively allowed its balance sheet, shrink By €1 trillion over the last two years it has now decided to inflated its balance sheet by €1 trillion over the next two years. One of the things that central banks are supposed to do is to ensure stability. Looking back from the end of 2016 the gyrations of the ECB balance sheet will hardly inspire. Nonetheless the proposal to engage in quantitative easing, of a sort, is welcome. But its more a constipated squeezing than real quantitative easing.  Continue reading

Hyperbolics, Banks and Elections

There is an interesting opinion piece in the Irish Times today, by Michael Noonan, the finance minister.   It is being spun as “were going to get our money back from the banks”.   This is not the first or second time of course we have heard that we are going to get the money back, and it will not be the last.  We need to take enormous caution when interpreting what politicians say, especially when they talk about banks, and especially when they talk about banks in the run-up to an election. Continue reading

Politicians – Misled or Misleading on Anglo.

anglosunWe don’t have to pay a cent to the Anglo junior debtholders but we probably will. Below I walk through why the Government are either misled or misleading and opine on how we can avoid payment. We have a legal template, which could be tabled. FF should continue to drink its tall glass of STFU on Anglo, so it is down to the opposition. Sinn Fein are busy posturing on meaningless motions on the Taoiseach, the anti-austerity-unless-its-a-party-leaders-allowance-before-logic-party is doing whatever it does, so really its down to people like Shane Ross, Stephen Donnelly, Tom Pringle and so on, the (apparently ) concerned left and right, to table this.  Continue reading

Ghosts of Anglo’s Past

If Irish water is the Omnishambles of 2014 then Anglo Irish bank is likely to be the omnishambles of the first several decades of this millennium.  Like some banking Chernobyl poorly encased in an ill designed hastily erected carapace it continues to leak its toxicity poisoning all around it.  Anglo let us not forget was brought low by its participation in, fuelling of, and entwinement with the housing market. Continue reading

A Fractal Omnishambles and the ECB

It’s little wonder that the Irish government has not pressed harder against the European central banks approach to the Irish banking crisis. The reality seems to be that both are very similar, in at least one key characteristic. Both seem unable to accept that a mistake, once made, should be acknowledged as such, and that this does not have to represent a humiliating climbdown but rather evidence of a learning organisation. Continue reading

What Ireland’s crash tells us about bankers views on Scottish Independence

The next week is going to be fascinating. I have no idea how Scotland will vote, for or against independence. I have no idea how I would vote were I there. Economically, there is probably a somewhat stronger argument for NO than YES, if you believe the politicians promises. But national self determination is not about economics alone. Ireland has seen a massive crash, from its overblown banking system. How bankers and other vested interests responded to that is very instructive for the scottish debate

Continue reading