SFA/IBEC next up for a Digout?

powderfinger

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IBEC subsidiary the SFA is lobbying Government to underwrite business lending.They are seeking a Loan Guarantee Scheme,where the taxpayer will underwrite lending to business.
Where does this social partner believe that funds exist to generically guarantee lending to business?
Who would pick up the tab for rising bad debt levels that this type of lending would guarantee?
Surely with the number of corporate welfare schemes already established by this Government ,builder bailouts,bank guarantees and pig processor payouts, this proposal is tailor made for consignment to the 'not-a-flucking-chance-mate' response from the beleaguered Messrs. Cowen and Lenihan?

SFA/IBEC lobbyist Ms. Patricia Callan appeared with their request initially at the Joint Oireachtas Committee on Finance and the Public Service on the 16th Dec.2008.
http://www.hgvireland.com/news08a/hgv596.html
 
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markeys

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There's a good chunk of 1.5 billion there for all sorts of lending if FF wouldn't thrown it at its buddies in Anglo Irish. I'm not saying it need necessarily be used for SFA lending, but roads/bridges/public works etc is surely a better bet than anglo. Nearly everything else is unfortunately.
 

powderfinger

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There's a good chunk of 1.5 billion there for all sorts of lending if FF wouldn't thrown it at its buddies in Anglo Irish. I'm not saying it need necessarily be used for SFA lending, but roads/bridges/public works etc is surely a better bet than anglo. Nearly everything else is unfortunately.
Paddy Powers offer at 250/1 for Podge and Rodge to replace Late Late Show host P.Kenny is probably a better bet than Anglo,markeys:).
 

Big Bobo

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This is nothing more than a proposed bailout for the petit bourgeoise and the rich. Underwritten by the workers of course.
 

Factorem

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There'll be plenty of jobs for the boys out of that little scheme.

This is effectively sub-prime lending for businesses.

Reminds me of the "Home Choice Loans" scam.

Shame on these fat cats.
 

powderfinger

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SFA/IBEC spokesperson Ms.Callan is at it again this morning on Pat Kenny's radio programme.
Their latest attempt for public money is a brazen one indeed.
This time it is dressed up as Job Maintenance Grants and the amount that this wing of the Employers Trade Union is seeking for this little scheme is a nice round number.A billion euro.
Again ,delusion clouds the redundant thinking of this self-serving pressure group.
 

Pauli

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IBEC can ******************** off. No organisation, with the possible exception of the Progressive Democrats (the political wing of IBEC), has done more to undermine the rights, income and welfare of workers in the Republic of Ireland than this shower of jammy bastards.

Let them burn.
 

powderfinger

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They are still touting/lobbying for corporate welfare.Now they are re-branding their begging bowl.
Sharing the risk is the way forward say the SFA/IBEC.

]http://www.accountingnet.ie/business_finance/SFA_Comment_on_Mazars_Report.php

The Small Firms Association believes that the Report demonstrates that there is now clearly a market failure in the provision of SME lending, as the banks risk assessment criteria means that they will not be changing their current pattern of lending decisions and thus it is essential that the government intervenes directly to share this risk with the banks and thus move their risk-assessment decision. “Such credit guarantee schemes are already widely in most OECD countries”, commented Callan.
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FutureTaoiseach

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Support for Lisbon will obviously be the quid-pro-quo.
 

hiding behind a poster

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Support for Lisbon will obviously be the quid-pro-quo.
:roll: Would you ever shut up about Lisbon. It is not relevant to every thread on this site, so stop acting like it is.
 

Edo

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So does this mean that the 56 billion in sh^te that we're taking off the banks and the 7.5 Billion plus we are injecting in to capitalise them again so they could start "lending again" is just not going to work???

Well Cyp?
 

katy brock

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So does this mean that the 56 billion in sh^te that we're taking off the banks and the 7.5 Billion plus we are injecting in to capitalise them again so they could start "lending again" is just not going to work???

Well Cyp?
Hello. I'm not Cyp, but the answer is yes!
 

hammer

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The Cough didn`t know

1 how much € would be involved
2 how it would work

It is a spoof to make it look as if she is doing something.

If it is job maintenance then just reduce employers PRSI rates from 10.75% to 9% and 8.5% to 6%

Are we so blind that we cannot see the FF crap.
 

cyberianpan

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So does this mean that the 56 billion in sh^te that we're taking off the banks and the 7.5 Billion plus we are injecting in to capitalise them again so they could start "lending again" is just not going to work???

Well Cyp?
I argued against the banks lending more , see thread

13th September 2009
http://www.politics.ie/economy/101954-do-we-need-push-banks-lend-more.html
I'm no fan of zombie banks but logic tells me that we are in a contraction right now and so I'm dubious that there is a huge need for credit out there.

The government is now thinking to force the banks to lend, I fear that could cause more problems, new bubbles, more bad debt:
...


Nama certainly won't improve the banks lending capacity, fresh regulatory capital will do that. As said though... I'm very skeptical that we need any significant increase in lending just yet.

Also as I've said before ... there's a lot of businesses making dubious claims for lending... the last time we'd serious "credit crunch" was quite some time back (Q1 2008 if memory serves)

cYp
 

spidermom

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AND...heard John McGuinness on newstalk today talking about help for those in neg equity and in mortgage arrears(though I thought there was a moritorium!!)......so exactly to what end did we blow all that money handing it over to the banks??..

YES.....YES.....I Do realise we need " a functioning banking system" for the good of the economy...just appears to me that despite all the guarantees and Nama we will not have " a functioning " banking system!!!
 

katy brock

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just appears to me that despite all the guarantees and Nama we will not have " a functioning " banking system!!!
You are correct. Nobody wants to know though. Until they have to pay.
 

hammer

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All the FF spin is just BS to give them time before they have to deal with the next crisis.

What type of business should the Banks be lending to in a depression ?

Profitable export Companies
Companies where the directors have equity that can be used as security
Pawn Brokers
Supermarket Chains
€2 euro shops
State Companies
Second Hand Shops
 

cyberianpan

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AND...heard John McGuinness on newstalk today talking about help for those in neg equity and in mortgage arrears(though I thought there was a moritorium!!)......so exactly to what end did we blow all that money handing it over to the banks??..

YES.....YES.....I Do realise we need " a functioning banking system" for the good of the economy...just appears to me that despite all the guarantees and Nama we will not have " a functioning " banking system!!!
Take a look at my previous post. We will have a functioning banking system- but I'm not of the opinion that we need increased lending just yet (in fact the opposite).

Also as said there's a lot of business people crying wolf... and either 1) Falsely blaming lack of lending or 2) Looking to swindle some money in loans they'll never be able to repay.


cYp
 


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