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SF Economically Illiterate ? Not according to the Government Parties....


emulator

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Oct 20, 2010
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It seems the Government Parties and their many advisors are taking advice from a source that will come as a surprise to many on here.

First it was the increase in the USC for those on €100k+ and now they have seen the light and are planning to implement another SF policy of providing a stimulus package to help kick-start the economy.

However, the Government's advisors aren't merely sitting around reading SF documents.... no, they have truly earned their money and come up with a new name for it.

A Strategic Investment Fund !

This is the SF document and the IT article about it from October 2012 :

Sinn Féin publishes job creation plan - Irish News, World News & More | The Irish Times - Thu, Oct 11, 2012

The plan would be paid for by €5.8 billion in discretionary funding from the National Pension Reserve Fund, €3 billion of incentivised investment from the private pension sector and more than €1.5 billion from the European Investment Bank.
http://www.sinnfein.ie/files/2012/SF-Jobs-Doc-web.pdf

This is an RTE piece from today saying the Cabinet are to discuss a €6bn strategic investment fund (stimulus) next week and mentions using the National Pension Reserve Fund :

Cabinet to consider

It's comforting to see that FG and Labour aren't to big to recognise good solid economic policies when they see them.... even if they are SF economic policies.


Do posters think the Government are to be commended for adopting SF economic policies or should they, and their advisors, be condemned for not coming up with their own.... while calling SF "economic illiterates" ?
 

Didimus

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Joined
May 9, 2007
Messages
6,285
It seems the Government Parties and their many advisors are taking advice from a source that will come as a surprise to many on here.

First it was the increase in the USC for those on €100k+ and now they have seen the light and are planning to implement another SF policy of providing a stimulus package to help kick-start the economy.

However, the Government's advisors aren't merely sitting around reading SF documents.... no, they have truly earned their money and come up with a new name for it.

A Strategic Investment Fund !

This is the SF document and the IT article about it from October 2012 :

Sinn Féin publishes job creation plan - Irish News, World News & More | The Irish Times - Thu, Oct 11, 2012



http://www.sinnfein.ie/files/2012/SF-Jobs-Doc-web.pdf

This is an RTE piece from today saying the Cabinet are to discuss a €6bn strategic investment fund (stimulus) next week and mentions using the National Pension Reserve Fund :

Cabinet to consider

It's comforting to see that FG and Labour aren't to big to recognise good solid economic policies when they see them.... even if they are SF economic policies.


Do posters think the Government are to be commended for adopting SF economic policies or should they, and their advisors, be condemned for not coming up with their own.... while calling SF "economic illiterates" ?
They may alternatively have picked up the Labour Manifesto from 2011, which suggest a strategic investment bank, and a 10% USC for paye income over 100k.
 

Sync

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Michael Noonan, June 2012 in response to a specific question from Mattie McGrath on the SIF and how it would utilise the NPRF.

The purpose of the Strategic Investment Fund (SIF) is to channel commercial investment from the National Pensions Reserve Fund (NPRF) towards productive investment in the Irish economy. As well as money from the NPRF, the SIF will seek matching commercial investment from private investors and target investment in areas of strategic significance to the future of the Irish economy. I am informed by the National Treasury Management Agency, as Manager of the NPRF, that the NPRF announced in November 2011 a commitment of €250 million to a new Irish infrastructure investment fund which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects. The Irish Infrastructure Fund was established in 2011 by Irish Life Investment Managers, with AMP Capital appointed as the fund’s discretionary investment manager and the NPRF as a cornerstone investor. The Fund will seek up to €1 billion from Irish and international investors and has already secured €300 million from the NPRF and other Irish institutional investors. Marketing of the Fund, which is potentially a source of significant new capital for investment in infrastructure projects in Ireland, to potential investors both in Ireland and globally commenced in the first quarter of 2012. The Agency has confirmed that AMP Capital announced on 18 June 2012 the first investment by the Irish Infrastructure Fund following its acquisition of a majority stake in a portfolio of wind farms from Viridian Group. The NPRF’s commitment to the Irish Infrastructure Fund is part of the development of the Strategic Investment Fund, which will comprise a number of funds focused on sectors of strategic importance to the Irish economy including infrastructure, financing for SMEs and venture capital. The NPRF, as a commercial and cornerstone minority investor in these funds, will act as a catalyst for attracting third-party investors, thereby increasing the size of the overall investment in the Irish economy
Strategic Investment Fund: 26 Jun 2012: Written answers (KildareStreet.com)

So yeah, this has been something that's been around for more than a little while. The SIF title is nabbed from the UK who have something similar.
 

emulator

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They may alternatively have picked up the Labour Manifesto from 2011, which suggest a strategic investment bank, and a 10% USC for paye income over 100k.
Maybe they did.... do you have a link to the manifesto ?
 

friendlyfire

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Sep 8, 2011
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Don't Emulator, both FG and Labour supporters will be foaming at the mouth when they see that they are stealing a SF jobs policy.But in my own view this is good that the coalition is maybe coming to the conclusion that austerity is destroying the State, and are now changing direction and about time!
 

Ribeye

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They're all Keynesians, the lot of em,

They're all wrong,
 

emulator

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Oct 20, 2010
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Michael Noonan, June 2012 in response to a specific question from Mattie McGrath on the SIF and how it would utilise the NPRF.



Strategic Investment Fund: 26 Jun 2012: Written answers (KildareStreet.com)

So yeah, this has been something that's been around for more than a little while. The SIF title is nabbed from the UK who have something similar.
That only covers €250 million of investment from the NPRF and looks more like an investment vehicle for investor's benefit rather than anything else. What they are talking about now is €6bn from the NPRF. When the SF document came out it was broadly slated on here and by the Government. Now, once the Government are thinking of adopting it.... it's a good economic policy.

You can't fail to see the humour in the Government on the one hand calling SF economically illiterate, and on the other, adopting their policies.

Well, I say humour.... it's tragic actually.
 

Cato

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The Stategic Investment Fund was in the Programme for Government as well as in the Labour Party manifesto.
 

emulator

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Hitch 22

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It's quite simple really.

The economy has to grow or things are going to get worse.
 

Cato

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If you are a Labour party member I feel for you.... that makes for embarrassing reading and I would encourage everyone here to read it just to see how far Labour have fallen.... :shock2:

That manifesto only mentions setting up an Investment Bank with €2bn from the NPRF. And another €500mn jobs fund.... whatever that is.
The idea of an investment bank along the lines of the German KfW model would be a useful measure in aiding further economic recovery.
 

Cato

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It's quite simple really.

The economy has to grow or things are going to get worse.
Unfortunatly the last two quarters of last year saw the economy contract. It's not looking good for the first quarter of this year but we will only know the figures for that in June.
 

Didimus

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If you are a Labour party member I feel for you.... that makes for embarrassing reading and I would encourage everyone here to read it just to see how far Labour have fallen.... :shock2:

That manifesto only mentions setting up an Investment Bank with €2bn from the NPRF. And another €500mn jobs fund.... whatever that is.
It sets out an investment strategy that uses an Investment Bank to bring in resources including the NPRF.
SF's manifesto of 2011 talks about a jobs retention fund of 600m - whatever that is.
SF said that they would abolish the USC - where would they get the 4bn+ to replace it?
Or have the taken Labours suggestion made in 2011 to remove low earners, and put a 10% rate on those earning over 100,000k
 

emulator

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The Stategic Investment Fund was in the Programme for Government as well as in the Labour Party manifesto.
Again, the Labour Party Manifesto suggests setting up a Strategic Investment Bank. It's the same in the PFG....

We will establish a Strategic Investment Bank
.... that's all it says about it. It mentions setting up a jobs fund within the first 100 days.

The PFG is full of generalities and nothing more. The Labour Party Manifesto should really be taken off their site.... no wonder they are where they are.
 

MacCoise2

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Was going to start a thread on this myself along the same lines.

the PfG talked about a Strategic Investment "Bank"- not this yoke by the way and never mentioned where it would be funded from.

We saw last week the IMf's man in Ireal;nd at the time say austerity was a mistake. Slow-learners the lot of them.,...
 

emulator

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It's quite simple really.

The economy has to grow or things are going to get worse.
They are it seems slowly coming to that realisation and are trying to do something about it.... better late than never.

That's if it's not too late....
 

emulator

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The idea of an investment bank along the lines of the German KfW model would be a useful measure in aiding further economic recovery.
It would indeed, but that's not what they are talking about here. They are talking about €6bn from the NPRF being used to give the economy a much needed shot in the arm.

It's a good idea and they should've done it ages ago. If they had've taken the initiative and brought this in last year.... we might have had better growth figures for this year and next.

As it stands there's no way on Earth we'll have the 2.2% growth they have factored into their programs.... meaning they'll have to adjust the program again.

Or have CPA III :shock2:
 

CarnivalOfAction

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Or have the taken Labours suggestion made in 2011 to remove low earners, and put a 10% rate on those earning over 100,000k
How did that go then? Phat Rabbitte justified dropping the 10% rate for >100k on the basis that he "earns" . .. sorry it would discourage entrepreneurs, most of whom are self-employed. And for whom USC is . . . 10%. Shir that's what one tends to say . . .
 

shiel

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All this inter party name calling is so much ************************e.

The economic illiterates were those people who had control of our taxes and savings during the Celtic tiger period and their cheer leaders.

This country's lords and masters did not have to borrow all that money or be so reckless at that time.

Then we would not have had a property bubble, broken banks and giant overspend in the public finances.

In other words we would be solvent and the troika would not be here.

Our most powerful citizens during the Celtic tiger made the decisions which bankrupt this country.

Blaming the consequences on others and having a dog fight now is pathetic.
 
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