Has the National Pension Reserve fund been spent on the banks already?

GreenIsGood

Well-known member
Joined
Apr 26, 2010
Messages
1,536
Bank derivatives losses brought IMF intervention?

Astonishing but garbled stuff on RTE one news....

The story seems to be that Irish banks have incurred significant losses in their derivatives books. ECB unhappy to keep funding stupidity, Irish CB had to step in recently to tune of 30Bn ..

Pat Rabitte indicated this sequence of events is what brought about IMF intervention..

Some questions:

  • which banks?
  • when were these derivatives contracts entered into?
  • what kind of derivative?
  • who was on the other side?
 


Johnny

Well-known member
Joined
Apr 29, 2004
Messages
1,215
Even government stooge Seán "These figures are broadly in line with government projections, and are largely on track given the strong possibility of recovery in the Irish economy in the very short-term" Whealan, is gobsmacked. Said he's "trying to get my position" on the issue. Just ring Merrion Street Seán - they'll draft up a response for you in jig time.

This has the potential to be a massive story.
 

TODevastated

Well-known member
Joined
Oct 9, 2009
Messages
1,332
Astonishing but garbled stuff on RTE one news....

The story seems to be that Irish banks have incurred significant losses in their derivatives books. ECB unhappy to keep funding stupidity, Irish CB had to step in recently to tune of 30Bn ..

Pat Rabitte indicated this sequence of events is what brought about IMF intervention..

Some questions:

  • which banks?
  • when were these derivatives contracts entered into?
  • what kind of derivative?
  • who was on the other side?
i) commercially sensitive
ii) commercially sensitive
iii) too complex for us mere mortals to understand
iv) the people with the winning position

this is what we will be spun based on the useless interview Curran gave on the programme-how many times did he say "I can't answer that"

i don't think we will get answers to these questions
 

spotty

Well-known member
Joined
Apr 23, 2010
Messages
364
Spotty was listening to the radio there, and Pat Rabbitte seemed to drop a bombshell.

It appears that the Government has poured the NPRF into the banks already - it's gone. Used as security to cover bank losses.

The reaction in the studio was one of absolute horror.

If this is true, it is treason, and Spotty will start building his guillotine. They appear to have spent ALL of our money. They are leaving the country with nothing.

They have to burn.
 

asset test

Well-known member
Joined
Oct 3, 2008
Messages
14,593
I put my hands up and say I don't understand the danger of such derivatives, or indeed what they are, but I'll look that up later.

What did surprise me was the absolute fear and shock I heard on the RTE one o'clock news in relation to this news. It was palpable.

Can anyone enlighten me, and others I'm sure, on here as to what this derivative mess means?

Tks.
 

Lord Wellington

Well-known member
Joined
Nov 6, 2010
Messages
983
If true and if it gets traction there will be a great unravelling.

The whole purpose of "no bank left behind" was to stop a derivatives implosion.

It would go global in 24 hours.

$1.5 Quadrillion of notional derivatives out there.

1% of that is $15,000,000,000,000.

Kaboom.
 

robut

Well-known member
Joined
Apr 6, 2008
Messages
8,729
Rabitte on RTE - NPRF, Derivatives, Pension fund, Banks

Pat rabitte on news at 1 RTE kinda dropped another bomb shell. Twitter is alive with same at the moment. Here are some tweets to explain .. kind of:

"John Curran seems totally unsure re the NPRF/Derivs books link. Rabbitt has just nuked them?"

"Rabbitte just said on RTE Radio the private banks are seizing the NPRF to use it to back up their paper assets which are baseless."

"Rabbitte has just blown the whistle on the Irish banks robbing the pension fund on RTE NEWS"

"If the banks have entered into deriviative positions which hav exposed the state then that is enormous!! Dan O' Brien on News at 1"

"Dan O#Brien sounds gobsmacked on @RTENewsAtOne re rabitts derivatives announcements. "extremely serious". Cos it was ok till now"

"Did the IMF spot these deriviatives and if so what hav they done about it? the ppl hav a right to know. "

"Brian (lucey) just got in on wot Rabitte said. Derivatives, NPRF. Cud you explain ( longer tweet ) in dummies guide .. pleeeez?"

"nprf gambling with pension fund to dig out senior bondholders. this cannot be true...can it? "


" rabbitte said the private banks have used a securitization trick to hide the scope of the debts on books without collateral."

EDIT: HEY DAVE, It seems two of us were writing up new thread at the same time. Join em up maybe? Sorry about that

Robut
 

He3

Well-known member
Joined
Oct 1, 2008
Messages
17,077
This has been mentioned here and elsewhere for a long time. It was surprising to hear it come as a surprise to Dan O Brien.

Nothing surprises us about the government Chief Whip or Whelan.
 

wee slabber

Well-known member
Joined
Jun 4, 2009
Messages
876
I heard the garbled report. As a mere mortal I don't understand the impact. Can someone explain?
 

lobby

Member
Joined
Feb 22, 2009
Messages
42
RTE also reported that the banks may have used the national pension Fund as collateral.
 

Sierra

Well-known member
Joined
Sep 26, 2007
Messages
3,483
I put my hands up and say I don't understand the danger of such derivatives, or indeed what they are, but I'll look that up later.

What did surprise me was the absolute fear and shock I heard on the RTE one o'clock news in relation to this news. It was palpable.

Can anyone enlighten me, and others I'm sure, on here as to what this derivative mess means?

Tks.
Im in the same boat to be honest.

Is this bad?
 

collina

Well-known member
Joined
Oct 8, 2006
Messages
3,409
Spotty was listening to the radio there, and Pat Rabbitte seemed to drop a bombshell.

It appears that the Government has poured the NPRF into the banks already - it's gone. Used as security to cover bank losses.

The reaction in the studio was one of absolute horror.

If this is true, it is treason, and Spotty will start building his guillotine. They appear to have spent ALL of our money. They are leaving the country with nothing.

They have to burn.
Don't know about this; the NPRF is enshrined in law, I think. Must away now to read the Act.
 

Destiny's Soldier

Well-known member
Joined
Jul 6, 2007
Messages
2,361
On the same programme Irish Times Economics editor couldn't even explain what a "Derivative" was.

He said very intelligent people create them. ....stuttered some more.

Said Euro was now in jeopardy. All this when he recently criticized David McWilliams position re leaving the Euro in his Irish Times column.

What a joke.

I remember 2 years ago on Tonight with VB either Moore McDowell or someone like him saying "the Banks were not involved Derivatives becuase if they were, we would have heard about them."

Haw Haw Haw.
 

Broke

Well-known member
Joined
Oct 1, 2010
Messages
478
Spotty was listening to the radio there, and Pat Rabbitte seemed to drop a bombshell.

It appears that the Government has poured the NPRF into the banks already - it's gone. Used as security to cover bank losses.

The reaction in the studio was one of absolute horror.

If this is true, it is treason, and Spotty will start building his guillotine. They appear to have spent ALL of our money. They are leaving the country with nothing.

They have to burn.
If that is through FF want to be remembered as the party who left us with no arse in our trouser's when they left office.
 

Cruffan

Active member
Joined
May 27, 2010
Messages
135
I put my hands up and say I don't understand the danger of such derivatives, or indeed what they are, but I'll look that up later.

What did surprise me was the absolute fear and shock I heard on the RTE one o'clock news in relation to this news. It was palpable.

Can anyone enlighten me, and others I'm sure, on here as to what this derivative mess means?

Tks.
Difficult Stuff. Even Dan O Brien shied away from explaining CDO's on RTE's This Week.

Here's how David Malone explains derivatives:

CDOs- how the banks burnt our houses down - Part One
Golem XIV - Thoughts: CDOs- how the banks burnt our houses down - Part One

CDOs - Part 2 - How the banks bet our house would burn down
Golem XIV - Thoughts: CDOs - Part 2 - How the banks bet our house would burn down
 

Destiny's Soldier

Well-known member
Joined
Jul 6, 2007
Messages
2,361
Why didn't the Govt ban derivates after the banking collapse in 2008?

Webster Tarpley on his radio show produced in the US was warning that Derivates were involved with Ireland becuase that was the reason the debts were unquantifiable.

Derivates should have been banned becuase they are a form of insurance without the necessary collateral to back them up.
 


New Threads

Popular Threads

Most Replies

Top