EcoFin formally approves aid to Ireland - "sets out conditions"

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Statement from EcoFin

Council approves aid to Ireland, sets out conditions

The Council today adopted a decision providing financial assistance to Ireland and a recommendation setting out the conditions attached to the aid.

Loans amounting to EUR 22.5 billion will be granted under the European Financial Stability Mechanism (EFSM) as part of a EUR 85 billion package of financial assistance, on the basis of a programme negotiated with the Irish authorities by the Commission and the International Monetary Fund, in liaison with the European Central Bank.

The Council's recommendation takes up the conditions set in the programme , namely an overhaul of Ireland's banking system, growth-enhancing reforms and the reduction of Ireland's government deficit below 3 % of gross domestic product by 2015, extending a previous 2014 deadline.

The package, agreed by ministers at an informal meeting on 28 November in response to a request submitted by the Irish authorities on 22 November, includes:
  • EUR 10 billion to be used immediately to recapitalise Irish banks, with a EUR 25 billion contingency reserve;
  • EUR 50 billion to cover the financing needs of the Irish government's budget.

Half of the banking support measures (EUR 17.5 billion) will be financed by an Irish contribution through its treasury cash buffer and investments in Ireland's National Pension Reserve Fund. The remainder of the overall package (i.e. EUR 22.5 billion each) will be shared equally amongst: (i) the EFSM, (ii) the European Financial Stability Facility, together with bilateral loans from the United Kingdom, Denmark and Sweden , and (iii) the International Monetary Fund.

Ireland has been the subject of an excessive deficit procedure since April 2009, when the Council set out measures to reduce the deficit to below 3 % of GDP by 2013. But in response to a worsening of the economy, whilst acknowledging Ireland's compliance with its recommendations, the Council in December 2009 agreed to extend the deadline to 2014.
 


He3

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Joined
Oct 1, 2008
Messages
17,077
TIme passes, things change, words take on new meaning

POBLACHT NA H ÉIREANN
___________________________
THE PROVISIONAL GOVERNMENT
OF THE
IRISH REPUBLIC
TO THE PEOPLE OF IRELAND

IRISHMEN AND IRISHWOMEN: In the name of God and of the dead generations from which she receives her old tradition of nationhood, Ireland, through us, summons her children to her flag and strikes for her freedom.

Having organised and trained her manhood through her secret revolutionary organisation, the Irish Republican Brotherhood, and through her open military organisations, the Irish Volunteers and the Irish Citizen Army, having patiently perfected her discipline, having resolutely waited for the right moment to reveal itself, she now seizes that moment, and, supported by her exiled children in America and by gallant allies in Europe, but relying in the first on her own strength, she strikes in full confidence of victory.

We declare the right of the people of Ireland to the ownership of Ireland, and to the unfettered control of Irish destinies, to be sovereign and indefeasible. The long usurpation of that right by a foreign people and government has not extinguished the right, nor can it ever be extinguished except by the destruction of the Irish people. In every generation the Irish people have asserted their right to national freedom and sovereignty; six times during the last three hundred years they have asserted it to arms. Standing on that fundamental right and again asserting it in arms in the face of the world, we hereby proclaim the Irish Republic as a Sovereign Independent State, and we pledge our lives and the lives of our comrades-in-arms to the cause of its freedom, of its welfare, and of its exaltation among the nations.

The Irish Republic is entitled to, and hereby claims, the allegiance of every Irishman and Irishwoman. The Republic guarantees religious and civil liberty, equal rights and equal opportunities to all its citizens, and declares its resolve to pursue the happiness and prosperity of the whole nation and all of its parts, cherishing all of the children of the nation equally and oblivious of the differences carefully fostered by an alien government, which have divided a minority from the majority in the past.

Until our arms have brought the opportune moment for the establishment of a permanent National, representative of the whole people of Ireland and elected by the suffrages of all her men and women, the Provisional Government, hereby constituted, will administer the civil and military affairs of the Republic in trust for the people.

We place the cause of the Irish Republic under the protection of the Most High God. Whose blessing we invoke upon our arms, and we pray that no one who serves that cause will dishonour it by cowardice, in humanity, or rapine. In this supreme hour the Irish nation must, by its valour and discipline and by the readiness of its children to sacrifice themselves for the common good, prove itself worthy of the august destiny to which it is called.

Signed on Behalf of the Provisional Government.

Thomas J. Clarke,
Sean Mac Diarmada, Thomas MacDonagh,
P. H. Pearse, Eamonn Ceannt,
James Connolly, Joseph Plunkett

Irish Proclamation of Independence
 

The Field Marshal

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Aug 27, 2009
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43,645
Statement from EcoFin
Is there something wrong with a lending agency attaching conditions to a loan?

All this ballyhoo and guff about the IMF/EU/ECB bailout seems to forget that any lender is entitled to attach conditions to the loan.

Have the Irish become so arrogent that they now expect to be given loan money unconditionally.
 

The Field Marshal

Well-known member
Joined
Aug 27, 2009
Messages
43,645
POBLACHT NA H ÉIREANN
___________________________
THE PROVISIONAL GOVERNMENT
OF THE
IRISH REPUBLIC
TO THE PEOPLE OF IRELAND

IRISHMEN AND IRISHWOMEN: In the name of God and of the dead generations from which she receives her old tradition of nationhood, Ireland, through us, summons her children to her flag and strikes for her freedom.

Having organised and trained her manhood through her secret revolutionary organisation, the Irish Republican Brotherhood, and through her open military organisations, the Irish Volunteers and the Irish Citizen Army, having patiently perfected her discipline, having resolutely waited for the right moment to reveal itself, she now seizes that moment, and, supported by her exiled children in America and by gallant allies in Europe, but relying in the first on her own strength, she strikes in full confidence of victory.

We declare the right of the people of Ireland to the ownership of Ireland, and to the unfettered control of Irish destinies, to be sovereign and indefeasible. The long usurpation of that right by a foreign people and government has not extinguished the right, nor can it ever be extinguished except by the destruction of the Irish people. In every generation the Irish people have asserted their right to national freedom and sovereignty; six times during the last three hundred years they have asserted it to arms. Standing on that fundamental right and again asserting it in arms in the face of the world, we hereby proclaim the Irish Republic as a Sovereign Independent State, and we pledge our lives and the lives of our comrades-in-arms to the cause of its freedom, of its welfare, and of its exaltation among the nations.

The Irish Republic is entitled to, and hereby claims, the allegiance of every Irishman and Irishwoman. The Republic guarantees religious and civil liberty, equal rights and equal opportunities to all its citizens, and declares its resolve to pursue the happiness and prosperity of the whole nation and all of its parts, cherishing all of the children of the nation equally and oblivious of the differences carefully fostered by an alien government, which have divided a minority from the majority in the past.

Until our arms have brought the opportune moment for the establishment of a permanent National, representative of the whole people of Ireland and elected by the suffrages of all her men and women, the Provisional Government, hereby constituted, will administer the civil and military affairs of the Republic in trust for the people.

We place the cause of the Irish Republic under the protection of the Most High God. Whose blessing we invoke upon our arms, and we pray that no one who serves that cause will dishonour it by cowardice, in humanity, or rapine. In this supreme hour the Irish nation must, by its valour and discipline and by the readiness of its children to sacrifice themselves for the common good, prove itself worthy of the august destiny to which it is called.

Signed on Behalf of the Provisional Government.

Thomas J. Clarke,
Sean Mac Diarmada, Thomas MacDonagh,
P. H. Pearse, Eamonn Ceannt,
James Connolly, Joseph Plunkett

Irish Proclamation of Independence
Yeah,
Great you can download a copy of the proclamation, are,nt you marvellous.
Whats your point here?

The sad reality is that the current democratically elected Irish govt has got itself into a bind with overspending and now must borrow overseas to the tune of 20 billion P/a to keep its overpaid & overstaffed public sector afloat.

Downloading copies of the Easter proclamation is not going to change that fact
 
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Mitsui2

Well-known member
Joined
Nov 13, 2009
Messages
32,351
Why are paying interest rates on a loan we arent even spending on ourselves? The bank bailout part I mean.
Because our "leaders" think it's a good idea.

And you know their history of "good" ideas....
 

An Gilladaker

Well-known member
Joined
Apr 23, 2009
Messages
4,295
POBLACHT NA H ÉIREANN
___________________________
THE PROVISIONAL GOVERNMENT
OF THE
IRISH REPUBLIC
TO THE PEOPLE OF IRELAND

IRISHMEN AND IRISHWOMEN: In the name of God and of the dead generations from which she receives her old tradition of nationhood, Ireland, through us, summons her children to her flag and strikes for her freedom.

Having organised and trained her manhood through her secret revolutionary organisation, the Irish Republican Brotherhood, and through her open military organisations, the Irish Volunteers and the Irish Citizen Army, having patiently perfected her discipline, having resolutely waited for the right moment to reveal itself, she now seizes that moment, and, supported by her exiled children in America and by gallant allies in Europe, but relying in the first on her own strength, she strikes in full confidence of victory.

We declare the right of the people of Ireland to the ownership of Ireland, and to the unfettered control of Irish destinies, to be sovereign and indefeasible. The long usurpation of that right by a foreign people and government has not extinguished the right, nor can it ever be extinguished except by the destruction of the Irish people. In every generation the Irish people have asserted their right to national freedom and sovereignty; six times during the last three hundred years they have asserted it to arms. Standing on that fundamental right and again asserting it in arms in the face of the world, we hereby proclaim the Irish Republic as a Sovereign Independent State, and we pledge our lives and the lives of our comrades-in-arms to the cause of its freedom, of its welfare, and of its exaltation among the nations.

The Irish Republic is entitled to, and hereby claims, the allegiance of every Irishman and Irishwoman. The Republic guarantees religious and civil liberty, equal rights and equal opportunities to all its citizens, and declares its resolve to pursue the happiness and prosperity of the whole nation and all of its parts, cherishing all of the children of the nation equally and oblivious of the differences carefully fostered by an alien government, which have divided a minority from the majority in the past.

Until our arms have brought the opportune moment for the establishment of a permanent National, representative of the whole people of Ireland and elected by the suffrages of all her men and women, the Provisional Government, hereby constituted, will administer the civil and military affairs of the Republic in trust for the people.

We place the cause of the Irish Republic under the protection of the Most High God. Whose blessing we invoke upon our arms, and we pray that no one who serves that cause will dishonour it by cowardice, in humanity, or rapine. In this supreme hour the Irish nation must, by its valour and discipline and by the readiness of its children to sacrifice themselves for the common good, prove itself worthy of the august destiny to which it is called.

Signed on Behalf of the Provisional Government.

Thomas J. Clarke,
Sean Mac Diarmada, Thomas MacDonagh,
P. H. Pearse, Eamonn Ceannt,
James Connolly, Joseph Plunkett

Irish Proclamation of Independence
Have FF any interest in IRISHMEN AND IRISHWOMEN or do they prefer Bankers and Developers
 
Last edited:


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