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NWL: "Noonan refuses to answer a simple question: can ECB unilaterally unravel prom note deal?"


Dublin 4

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NWL: "Noonan refuses to answer a simple question: can ECB unilaterally unravel prom note deal?"

“Question: Last month you said that we have not heard the last word on the Irish promissory notes. So, I wonder, when will we hear the last word?

Mario Draghi: We periodically review compliance with Article 123 by all countries. If I am not mistaken, the review should happen at the end of the year, but the Governing Council will decide in complete independence when to have this review, or a review of similar situations. I do not have a date to give you now. I think there is a date when this is going to be done, and I believe it is at the end of the year, but I cannot let you know for sure .” ECB president Mario Draghi – pictured above - responding to a question at the ECB press conference in Frankfurt yesterday. Feeling reassured?


Deputy Colm Keaveney: asked the Minister for Finance further to Parliamentary Question No. 185 of 26 February 2013, if the European Central Bank has the lawful authority to direct the Central Bank of Ireland to dispose of the bonds, referred to in his reply, in accordance with a schedule different to that detailed by him in his reply; and if he will make a statement on the matter. [11797/13]

Minister for Finance, Michael Noonan: The Irish Government fully understands the need for the ECB to ensure it is operating within its mandate. As previously outlined by the Central Bank of Ireland, the bonds will be placed in the Central Bank’s trading portfolio and will be sold, provided that conditions of financial stability permit. The disposal strategy will of course maintain full compliance with the Treaty prohibition on monetary financing. The Central Bank of Ireland has undertaken that minimum of bonds to be sold in accordance with the following schedule: €0.5bn by the end of 2014, €0.5bn per annum from 2015 to 2018, €1bn per annum from 2019 to 2023 and €2bn per annum from 2024 onwards.
Noonan refuses to answer a simple question: can ECB unilaterally unravel prom note deal? | NAMA Wine Lake

This mess is still rattling on as the printers are in overdrive with our Property Tax bills enroute.

Unions are all over the place with Croke Park 2 & the Cops et al aren't lookin too happy.

After Daveo Begg's recent pronouncement are relations set to worsen between Ireland & Europe?

Will Berlo, Grillo, Golden Dawn & Co further anger Draghqueen's against Ireland or persuade him to maintain our "Poster Boy" status?

Where is Ireland heading for today - can Noonan nail down the Pro Note Deal - period?

Or

Will the Emerald Isle drop the Fake Smile???

 


ger12

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You'll suffer the same fate as Ribeye if you keep this up ;)
 

Dublin 4

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Posin questions Ger - not formin opinions :p
 

Dublin 4

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Everyone is making the rules up as they go along. Noonan wont answer because he doesn't know. Neither does the ECB.
If you don't mind please a slightly personal question seabh.

You seemed to be a lot more confident in the EU up until a few months back?

Or am I completely misreading your posts - understandable considering the amount of posters.
 

Morgellons

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You'll suffer the same fate as Ribeye if you keep this up ;)
What happened poor old Ribeye? He wasn't banned or anything?
 

SPN

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The answer to the question is that the ECB performs regular reviews of the assets held by the ICB and all other National Central Banks.

In the event that some other Country tries to pull the same scam that we pulled the ECB will most likely decide that the ICB should not have done what it done, and will request the ICB to dispose of the assets on the open market.

The ICB will be obliged to dispose of the assets in a manner which enables it to achieve face value for the assets, so it will take a very very very long time to achieve.

Most importantly, from an ECB (and common sense) perspective, nobody else will be able to pull this scam.
 

ger12

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The answer to the question is that the ECB performs regular reviews of the assets held by the ICB and all other National Central Banks.

In the event that some other Country tries to pull the same scam that we pulled the ECB will most likely decide that the ICB should not have done what it done, and will request the ICB to dispose of the assets on the open market.

The ICB will be obliged to dispose of the assets in a manner which enables it to achieve face value for the assets, so it will take a very very very long time to achieve.

Most importantly, from an ECB (and common sense) perspective, nobody else will be able to pull this scam.
We pulled a scam SPN? :shock:
 

Ribeye

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What happened poor old Ribeye? He wasn't banned or anything?
Posts deleted, and banished to the cooler for 72 hours without explanation,

I get banned more than the sectarians and the racists:)

Let's see them try to silence Wiedmann and his little gang of CredCo's:)
 

Ribeye

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We pulled a scam SPN? :shock:
Yep,

And we will soon see what happens when you try to scam the Germans,

Ribeye's life lessons,

1 - never sneak up on a lion

2 - never poke a bear with a stick

3 - never mess with the Germans over money
 

SPN

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We pulled a scam SPN? :shock:
We pulled loads of them.

We're notorious for it.

The Regulator allowed Anglo and INBS to play fast and loose with the rules of prudent banking (because they were creating jobs, creating "growth", creating tax revenues, and making the political/administative class look good in the eyes of the peasants - and lets not forget how they were also funding the property empires of so many of the same political/administrative class).

After Lehman the EU decided that member States would provide their respective banks with their capital needs. Because of the scams we had allowed them to pull, INBS managed to lose 10 times its capital and Anglo lost 8 times its capital. That created a major problem for the Irish Government which no other EU Government faced - they were being put on the hook for their own fvck ups.

The Promissory Note scam allowed us to meet our obligations regarding the recapitalisation of IBRC, and the new monetary financing scam allows us to kick the cost of all this waaaay down the road.
 

ManUnited

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The answer to the question is that the ECB performs regular reviews of the assets held by the ICB and all other National Central Banks.

In the event that some other Country tries to pull the same scam that we pulled the ECB will most likely decide that the ICB should not have done what it done, and will request the ICB to dispose of the assets on the open market.

The ICB will be obliged to dispose of the assets in a manner which enables it to achieve face value for the assets, so it will take a very very very long time to achieve.

Most importantly, from an ECB (and common sense) perspective, nobody else will be able to pull this scam.
I think they can sell them for whatever they get and the MoFin has to make up the difference. Could be wrong, look at the details of the deal.
Do you think the Irish politicians and DoF officials were smart enough to scam the ECB? I thought they were all idiots.
 

YouKnowWhatIMeanLike

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we already know that the deal is illegal under Article 123 of the EU Treaty and a form of monetary financing.

it's a sweet deal for Ireland and the Bundesbank can't do anything at the moment to undo the deal.

but of course if things go pear-shaped Ireland will be on the hook for the 30bn again. Why Sean FitzPatrick's bank got this deal is another question. I am sure all the Anglo borrowers now want a sweet deal as well. socialism for the wealthy.
 
Last edited:

Boy M5

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Posts deleted, and banished to the cooler for 72 hours without explanation,

I get banned more than the sectarians and the racists:)


Let's see them try to silence Wiedmann and his little gang of CredCo's:)
Perhaps you should apply to join the moderators and then start a "jokey" thread about cancer.
 

Ribeye

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