Tag Archives: Economy

OK. Deep breath…

A report in February 2009 outlined new levels of reduced pay for bankers in exchange for the Government’s €440 billion guarantee.

But an analysis by the Irish Examiner this very morning shows 37 of 44 non-executive members on five of the banks’ boards were paid more last year than recommended in the report.

It also emerged that the banks’ chief executives, whose salaries were capped at €500,000, are receiving benefits including cars and club memberships ranging from €33,000 to €66,000.

One waffer thin mint?

Bearded, Guinness-sipping, American tourist writes about Ireland. Should I care?

He teaches at Princeton. People listen to him. He has a Nobel Prize for Economics.

Kissinger has a Nobel prize for Peace.

He predicted the world-wide recession back in December 2006.

David McDreamy saw it coming back in the 80s.

In June, Krugman asked – vis a vis Ireland’s savage cuts and Spain’s lack of same –  does austerity really impress the markets. His answer then was no.

So he’s changed his mind? Not very noble. Hur.

If by change you mean he’s more convinced than ever that our self flagellation was pointless then yes.

Oh.

He’s compared the 10-year bond yield (don’t ask) of both countries. Guess what? Spain – the biggest messer in the class – is tearing us – the hard-working, arse-puckering toady – a new one.

Meaning?

Austerity be damned

Does he have graphs to prove this? Not pretendy ones from that website?

Yes.

Is there a devastating quote from the article that will silence me and end  this conversation?

“…since austerians were claiming bond market approval as a sign of its policy success, it is worth pointing out that dutiful Ireland looks as if it’s entering a runaway debt spiral, while malingering Spain is looking considerably better.”

Ireland And Spain Revisited (Blog, New York Times)

“So am I, etc., etc.”

Random quote from Morning Ireland scribbled down by a semi-conscious listener.

Dara Calleary, above: “Well the detractors said we’d overpay for the NAMA loans.  But the discount has been up to 61% in some cases.  That’ll show ’em.”
Cathal Mac Coille: “Eh…doesn’t that mean that we end up paying more to Anglo for the resultant loan losses?”
Dara Calleary: “Ummmm…..well, yes.

A credit rating downgrade usually makes borrowing more expensive for a country, and the interest rate demanded by investors to lend to Ireland rose. By lunchtime today, the yield on Irish 10-year bonds had climbed to 5.59%, around 3.4 percentage points above the German equivalent.

Right. Thanks.

In a way you could say Ireland Inc. is now Ireland (Very) Ltd.

Oh. Thanks

Don’t mention it.

Ireland’s Borrowing Costs Rise (RTE.ie)

httpv://www.youtube.com/watch?v=RqGaKVSo-Jg

1997. Where it all began.

Financial institutions “awash” with cash and desperate to lend. A toothless Central Bank unable to stop them. A gnomic Fingers dreaming of bonuses to come. And a solemn George Lee warning of “uncharted waters”. Jaw-dropping.

(Bonus feature: The Ronan and Carrie Crowley)

Tip: Lose the whole Guantanamo Bay-look.

  • Evening Echo (Cork) 22,288 (-7.90%)
  • Evening Herald (Dublin) 67,657 (-5.00%)
  • Irish Independent 144,896 (-4.80%)
  • Irish Times 105,742 (-7.60%)
  • Irish Examiner 46,687 (-7.30%)
  • Sunday Business Post 49,637 (-14.10%)
  • Sunday Independent 265,455 (-2.50%)
  • Sunday Tribune 54,400 (-17.20%)
  • Sunday World 267,130 (-3.70%)

Irish ABCs: Big Fall Across Ireland And NI (UK Press Gazette)

But The Irish Still Love Print (Guardian, Roy Greenslade Blog, August 14

httpv://www.youtube.com/watch?v=C_S5cXbXe-4

MINISTER FOR Finance Brian Lenihan authorised significantly increased salaries for senior Anglo Irish Bank staff last year because of the “increased workload” facing the bank.

Tell that to the thousands of unemployed and people stru-

Fuckit, just call Joe.

Lenihan Authorised Significant Anglo Fee Rise (Irish Times)