Lenihan on the use of the National Pension Reserve Fund

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This use of the NPRF has provoked the most bewildering criticism of all from parties who, having for years fundamentally disagreed with the very existence of the Fund, have now become its most ardent protectors. And on this point the arguments make absolutely no sense. Why would we borrow expensively to invest in our banks when we have money in a cash deposit earning a low rate of interest? And how on earth can we ask tax payers in other countries to contribute to a financial support package while we hold a sovereign wealth fund? We have a large problem with our banks which has forced us to seek this external assistance. In these circumstances, it is surely appropriate that our cash reserves should be deployed to help solve that problem.
Brian Lenihan TD, Minister for Finance
 


sport02

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Mr Lenihan doesn't seem to get the point, we don't want our piggy bank to slip into the quicksand of Irish banks.
Arrogant silly little man.
 

dresden8

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And how on earth can we ask tax payers in other countries to contribute to a financial support package while we hold a sovereign wealth fund
Lenny is off-message.

We didn't ask, they forced it on us, do you not remember that Lenny?
 

DCon

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TonyB

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It's not economics, it's politics. Ireland is a family, and the head of the household is a builder who's just lost his job. Our national debt is our mortgage. Our savings for a rainy day are in the NPRF. Spending our savings exposes us to uncertainty and the prospect of paupery should we be hit with any other major problem. People can understand this. Lenihan, like his father before him, is a patronising gombeenman.

That said, in economic terms, what price liquidity, Mr. Lenihan? What price liquidity?
 

TonyB

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Hey DC, weren't you giving out to someone about lazy OPs the other day? Something to the effect of "you can't just cut and paste a quote, you need to put some effort into it..."

Also, no reference, no link, no context...tsk tsk
 

Holy Cow

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Liar Lenihan strikes again. It was not our decision or even his decision, the IMF told him he had to use this cash. This was confirmed on Sunday even before Cowen spoke.

Also, a lot of the fund is not liquid, and liquidating it might crystalise some losses and that needs to be evaluated. I.E. If the losses are 10%, then its better to borrow.
 

Old Irish

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Excuse me Mr. Lenihan but these so called taxpayers that you couldn't dare ask to fund "our" mess is a mess that they are responsible for also. They recklessly lent their money out so they are just as responsible for this mess but we take all the hit for this. Brian Lenihan you are a muppet of note!
 

darkknight

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That's the word that jumped off the page for me also.

Lenihan treats the Irish people with complete contempt. He obviously believes he is addressing a nation of gullible idiots.
 

Cruffan

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That's the word that jumped off the page for me also.

Lenihan treats the Irish people with complete contempt. He obviously believes he is addressing a nation of gullible idiots.
He is only addressing the Fianna Fail core vote. Nobody else matters except the the guys that have funded FF and they seem to be in exile.
 

oggy

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One can only roll the eyes to high heaven at those who challenge the remarks Lenihan made on the NPRF. Truly, I despair at whats going to lead this country in coming years !
 

powderfinger

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This use of the NPRF has provoked the most bewildering criticism of all from parties who, having for years fundamentally disagreed with the very existence of the Fund, have now become its most ardent protectors. And on this point the arguments make absolutely no sense. Why would we borrow expensively to invest in our banks when we have money in a cash deposit earning a low rate of interest? And how on earth can we ask tax payers in other countries to contribute to a financial support package while we hold a sovereign wealth fund? We have a large problem with our banks which has forced us to seek this external assistance. In these circumstances, it is surely appropriate that our cash reserves should be deployed to help solve that problem.
Brian Lenihan TD, Minister for Finance
There is a €5bn cash holding in the NPRF portfolio which is deposited at the Central Bank.
The balance of the NPRF is allocated to non cash investment.
It's not clear from reading of Lenihan's bewilderment, that he is clear about this.
 

westie12

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That's the word that jumped off the page for me also.

Lenihan treats the Irish people with complete contempt. He obviously believes he is addressing a nation of gullible idiots.
Unfortunately we are, and shame on FG and Labour for not standing up for the citizens of this country. If they allow this bailout/sellout to go through, then they are no better than the treasonous B******s in FF!
 

Squire Allworthy

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This is not government money. This is money held in trust for people's pensions. First and foremost the government owes a duty of care to those whose money this actually is.
 

Doodah

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Why the Hysteria?
What's the problem?
The Government of the people is comfortably well off, have their salaries and pensions to look forward too and in any case it's someone else's problem to have to deal with the public sector wailing in a couple of months!
Relax will yiz?
Let's all get round the table and move forward, going forward!
 

Casillas

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One can only roll the eyes to high heaven at those who challenge the remarks Lenihan made on the NPRF. Truly, I despair at whats going to lead this country in coming years !
Yes, challenging the statements of political leaders is quite evil and undemocratic, isn't it?
 


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