Finance to Reveal Sources of Advice on Bank Guarantees

[ang]

Yet another U turn ?

The Department of Finance is to release the confidential advice it received in the run-up to its decision to introduce the bank guarantee scheme in September 2008.

The government had previously rejected repeated requests for the information to be made public, on the grounds that it would have an impact on the financial interest of the state. However, it has now rowed back on its stance and is set to hand over documentation in the coming weeks.

In a letter to the Dáil’s Public Accounts Committee, the secretary general of the Department of Finance, Kevin Cardiff, said the documents were being ‘‘assembled and checked in relation to any issues of continuing confidentiality or other legal issues with a view to getting the documents to the committee’’.

http://www.thepost.ie/news/ireland/f...ees-49719.html


Looks like some fine tuning being done before these documents become fit for public consumption.

I wonder will they reveal anything from the night of the dark shadows ?

[C. Flower]

If the HSE is anything to go by, they will feel free to make it up. An HSE rep was asked on Newstalk this morning, how come they were able to produce figures on child deaths when 75% of HSE files on children didn't have a date of birth on them. He said that "apart from what was in the files, staff have a lot of knowledge".

I don't usually use these fellers, but...

[Murra]

If the HSE is anything to go by, they will feel free to make it up. An HSE rep was asked on Newstalk this morning, how come they were able to produce figures on child deaths when 75% of HSE files on children didn't have a date of birth on them. He said that "apart from what was in the files, staff have a lot of knowledge".

I don't usually use these fellers, but...

Which they take with them to the grave

[C. Flower]

Which they take with them to the grave

Which in this case must have been taken from the top of their heads and issued to the Minister and public as fact.

[ang]

All an illusion to cover the real story.

The powers that be will never reveal anything about that fateful night.

I don't trust anybody in the DoF

[C. Flower]

All an illusion to cover the real story.

The powers that be will never reveal anything about that fateful night.

I don't trust anybody in the DoF

It's clear McWilliams was influential. He published an article recommending a Guarantee at least a week before it happened. It may have been in the air of course. Then, I would be willing to put money on it that bondholders were asked and of course asked for a Guarantee.

You saw the front page of the SBP ?- Holohan said in his report - to be published this week - that they shouldn't have been covered.

[ang]

Yes read the article on Honohon and I would agree with him that the guarantee went beyond what was needed.

Not too sure about Central Bank as we have already been told that they were not involved in the talks about the scheme though some would say this could be disputed.

I would also agree with you about the bondholders.


I'm just going to add a link to an article from DMcW book review on the night of the Ministers visit so we can all be reminded of what went on:-

Meanwhile it would be essential to make the guarantee conditional so that the minister would be in control and the banks would be working for him, not him working for the banks.

That night, it never struck me that the banks would be allowed to get away with what they did in subsequent months.

http://www.independent.ie/entertainm...r-1930001.html

Makes for some interesting reading knowing what we now know.

DMcW is also clear in the view that the banks guarantee should never be allowed to go beyond two years.

[BrendanGalway]

Looks like we are still waiting to know if there was any Record kept of that night. We are told No Civil Servant was on hand to keep notes but that seems odd to me. Wouldnt it have made sense to have a written record of the conversations in case something had to be verified or they wanted to go back over something?

This is example #1232242 of why it does not serve the Interests of the People to have information like this locked away. Even a blasted FOI, hundreds of Euro out of our pockets to find out what they do with my money, would not work. What a sham.

[ang]

I find it very hard to believe that they didn't have to submit something regarding the discussions held on that night to the EU.

We can only hope that if nothing can be found here when we have a change of government that hopefully the EU may hold something that can shine a light on events.