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Rumblings at the ECB over Ireland's unilateral move on Anglo note. Roádblock or ball of smoke?


He3

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ECB will examine promissory note deal 'further' - RTÉ News

'The European Central Bank chief Mario Draghi has said the ECB will examine the Irish swap further.

This comes after the German governing council member and Bundesbank chief Jens Weidmann said Ireland's promissory note transaction comes dangerously close to contravening a ban on the monetary financing of governments.

He said the ECB will re-examine the issue and "has to make sure that its actions are in conformity with its rules and statutes".'

It is not crystal clear but it appears the quoted remark is from Weidmann and not Draghi.

So it there trouble at the Tower or is Weidmann just impotently rattling Draghi's cage?


.........

PS does the swear filter dislike ****************************************** so much it turns the word ro****************************************** into ro*******?!

Answer - looks like it. Wow The bad word is a d block, with no spaces....
 

Socratus O' Pericles

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Run blings? Is that something to do with fast moving flashy jewellery?
 

H.R. Haldeman

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Government should release a statement saying they note that the ECB will examine the deal further.
 

Quadrangle

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I love the way there is a 'close to' when talking about breaking the rules. Surely something either breaks the rules or it doesn't. I think hanging out with the Irish has rubbed off on the ECB.
 

ger12

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He3

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Sync

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This is being discussed all afternoon on the Prom Note thread. Ribeye centre stage
I've never heard of a better reason for a new thread.

I expect the ECB to examine any deal to ensure it matches requirements. I expect the Irish govt to have ensured the deal was in fact in line with requirements. If they fail then I can see that thread on Noonan moving on getting a lot more attention.
 

YouKnowWhatIMeanLike

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Honohan did the same trick with Lenihan signing the country up for the EU/IMF deal first think about the details and reality of the deal later. Honohan is a loose gun.

 
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EUrJokingMeRight

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R.o.a.d.b.l.o.ck. is banned because its contains 'a.d.b.l.o.c.k.'

We need to sell advertising, that is the primary directive of p.ie!
 

odlum

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Weidmann is always making these noises about pretty much everything. The promissory notes have already been converted to long term bonds. The deal is already done. The only way the ECB can interfer now is by telling the central bank to sell the bonds faster in to the market. They will hardly bother. But they will keep firm on the minimum schedule to have the bonds sold in the next 10 years.
 

Mad as Fish

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So what happens if the ECB doesn't like it?
 

Mad as Fish

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Weidmann is always making these noises about pretty much everything. The promissory notes have already been converted to long term bonds. The deal is already done. The only way the ECB can interfer now is by telling the central bank to sell the bonds faster in to the market. They will hardly bother. But they will keep firm on the minimum schedule to have the bonds sold in the next 10 years.
I've no doubt the ECB has a million and one tricks up its sleeve should it wish to make life awkward for Ireland. Messin them could prove costly in the long run.
 

gombeennation

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its beginning to look like the idea behind this 'deal' was to shut down anglo - and stop a proper investigation into what actually happened there.
so - mission accomplished by the gov?
 

Furze

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Government should release a statement saying they note that the ECB will examine the deal further.
The difficulty is that a deal requires consenting parties - the ECB noted what Ireland had arranged with the ICB. Had the ICB such authority to do so ?
 

stopdoingstuff

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It's probably got more to do with internal ECB politics than anything else- just a shame that we rank so low on the pecking order that ECB politics coms first.
 

myksav

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Ya know? I can't find it in me to give a flying fuk about this shyte anymore. Too many lies, fudges and blather from Gov't/ECB/whoever, none of whom have a clue what they're doing.
 

Iphonista

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Weidmann is always making these noises about pretty much everything. The promissory notes have already been converted to long term bonds. The deal is already done. The only way the ECB can interfer now is by telling the central bank to sell the bonds faster in to the market. They will hardly bother. But they will keep firm on the minimum schedule to have the bonds sold in the next 10 years.
This post sets my mind at some ease.
 
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