Monthly Archives: January 2012

TheStory.ie has obtained a confidential plan submitted by Anglo Irish Bank/Irish Nationwide to the European Commission, which was put together by a working group from the Department of Finance, the NTMA, the Central Bank, Anglo and INBS.

The plan, dated January 31, 2011 was submitted to the European Commission for approval and was guided by the agreement reached between the Irish authorities, the EU, the IMF and ECB in November 2010. It outlines in detail the workout plan for the IBRC entity from now until 2020, under two headline scenarios – a base and stress scenario.

 

  • Under the the base scenario, IBRC says it could lose €3.5bn between 2011 and 2020, while under the stress scenario it could lose €8.1 billion. The bulk of these losses would be incurred in 2011/2012. It projects a loss of at least €400m between 2016 and 2020.
  • IBRC’s residential loan book will be prepared for eventual sale, probably in 2015. A 30% haircut is expected in the stress scenario leading to a loss to the taxpayer of €300 million.
  • Under a stress scenario outlined by the bank, IBRC will need an additional €3.2bn of equity capital which will be ‘drip fed’ across the plan period. The injections are required to keep an 8% total capital ratio. This drip feeding will be done in tranches of €1.7bn, €1.3bn, €0.01bn, €0.04bn and €0.2bn.
  • IBRC will be reliant on the Central Bank/ELA funding for the duration of the plan, right up to 2020. IBRC will need €36.7bn funding from the CBI/ELA by 2015 and €15.9bn by 2019 under the base case.

Anglo Irish/INBS restructuring plan 2011-2020 (The Story)

(Photocall Ireland)

UP TO 20,000 calls from concerned pensioners have been received by the Revenue Commissioners since help lines on their potential tax liabilities were established last Friday.

Letters from the Revenue were sent to 150,000 pensioners last week about their tax compliance, with 115,000 being told they will have to pay extra tax this year.

Minister for Jobs Richard Bruton admitted the move by the Revenue Commissioners to send letters to pensioners last week had created confusion.

Pensions Ombudsman Paul Kenny has said it was ‘disturbing’ that people who were not liable for any extra tax on pension income had received letters about the issue.

Senior Revenue officials are expected to be questioned at an Oireachtas Committee this week about their handling of the issue.


Pensioners Make 20,000 Calls To Revenue Over Weekend (Irish Independent)

Helplines:
Cavan, Donegal, Galway, Leitrim, Longford, Louth, Mayo, Monaghan, Offaly, Roscommon, Sligo and Westmeath call 1890-777425. Clare, Cork, Kerry and Limerick call 1890-222425. Carlow, Kildare, Kilkenny, Laois, Meath, Tipperary, Waterford, Wexford and Wicklow call 1890-444425. Dublin City and County call 1890-333425.

(Photocall Ireland)

Members of the American Dialect Society came out in record numbers to vote Friday night at the organization’s annual conference, held this year in Portland, Oregon.

“Occupy” won a runoff vote by a whopping majority, earning more votes than “FOMO” (an acronym for “Fear of Missing Out,” describing anxiety over being inundated by the information on social media) and “the 99%,” (those held to be at a financial or political disadvantage to the top moneymakers, the one-percenters).

Occupy joins previous year’s winners, “app,” “tweet,” and “bailout.”

 

Linguists Name ‘Occupy’ As 2011’s Word Of The Year (CNN)