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Thread: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

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    Default Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    The Credit Institutions (Stabilisation) Bill 2010 - will be debated and guillotined through the Dáil today in about four hours. It gives the Minister of Finance unprecedented powers, including power to use the Pension Reserve Fund for Capital Spending (FF election fund, according to Joan Bruton). From following discussions over the last month, my understanding is that the IMF wants the Irish banks heavily recapitalised by the Irish public after which they would be sold off to private firms. John Bruton, working for the IFSC is in the Middle East promoting this idea, this week.

    Should we not be entitled to full ownership of these banks, given what we've put into them ?

    http://www.oireachtas.ie/documents/b...810/b5810d.pdf


    This document is in Adobe PDF format and can be downloaded from the link below.

    Credit Institutions (Stabilisation) Bill 2010 as initiated Bill entitled an Act to make provision, in the context of the National Recovery Plan and the EU/IMF Programme of Financial Support for Ireland, in relation to the stabilisation, and the preservation or restoration of the financial position, of certain credit institutions; to amend the Building Societies Act 1989, the Central Bank Act 1971 and the Credit Institutions (Financial Support) Act 2008 for those purposes; to amend the National Pensions Reserve Fund Act 2000 to allow the Minister for Finance to give certain directions in relation to the National Pensions Reserve Fund; to make consequential amendments to the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2004 (S.I. No 198 of 2004); and for related purposes

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    The Government has published legislation giving it sweeping powers to reform and downsize the banks.


    The Credit Institutions Stabilisation Bill - which is part of the loan deal agreed with the EU and IMF - also includes an amendment to prevent the payment of bonuses within the banks.

    It is expected to pass all stages in the Oireachtas by the end of the week.

    Meanwhile Finance Minister Brian Lenihan said the State will vigorously contest any legal action if AIB staff at the bank go to court to seek payment of their bonuses.

    Last night Minister Lenihan wrote to AIB bosses saying the Government would not fund the bank's recapitalisation if the bonuses were paid. The bank's board then rowed back on the decision.

    Fine Gael has described the Government's handling of the affair as "gross ineptitude".

    But the Minister said he is confident the Government is legally covered if any AIB staff take legal action.

    Tourism Minister Mary Hanafin meanwhile insisted the affair surrounding the bonuses is not embarrassing for Government.

    "It hasn't been embarrassing but it was an issue that really annoyed the public," Minister Hanafin said.

    "So it's good that we were able to take a decision that allowed the bank not to pay it."




    Last edited by C. Flower; 15-12-2010 at 03:07 PM.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    It wouldn't surprise me in the least to discover that Lenihan is awarding himself powers to sell off or direct the sale of national assets in the small print of this one.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by Captain Con O'Sullivan View Post
    It wouldn't surprise me in the least to discover that Lenihan is awarding himself powers to sell off or direct the sale of national assets in the small print of this one.

    Yes. On the other hand, given the discussion here and elsewhere on the bottomless pit-ness of our banks, would selling 'em off actually be a GOOD thing?? Especially if a prospective buyer was prepared to sink tons of dosh in and ramp up SME lending??

    I'd consider ESB, Bord Gais and Coillte to be well worth hanging on to, but flogging NAMA stuff and the banks is fine by me. Perhaps we could hang onto BOI..... and force 'em to offer cut price student loans to the needy or something?? Might be some advantages to keeping one state bank going. In case of emergency, like!

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by morticia View Post
    Yes. On the other hand, given the discussion here and elsewhere on the bottomless pit-ness of our banks, would selling 'em off actually be a GOOD thing?? Especially if a prospective buyer was prepared to sink tons of dosh in and ramp up SME lending??
    Prospective buyers don't want sink tons of dough into banks.

    Don't you know how that works? They will be propped up and made 'profitable' with our money and sold off for a symbolic price to a well connected friend who will then be hailed as 'daredevil investor' by the meejah. A couple of years later, when the bank is in the crapper again, daredevil sails off into the sunset on his yacht. And we will start all over again.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by TotalMayhem View Post
    Prospective buyers don't want sink tons of dough into banks.

    Don't you know how that works? They will be propped up and made 'profitable' with our money and sold off for a symbolic price to a well connected friend who will then be hailed as 'daredevil investor' by the meejah. A couple of years later, when the bank is in the crapper again, daredevil sails off into the sunset on his yacht. And we will start all over again.
    Except, on Round Two, we will know better, won't we?? Like, only guaranteeing the depositors.

    And actually, I think I could come up with a cunning plan to stymie this, were I Min For Finance......

    The thing is, where commodities, principally oil, become more expensive and scarce, fewer businesses will succeed and fewer people will remain in employment consistently enough to reliably repay a mortgage. The solution is, I'm afraid, to restrict lending more.... lend on only the major salary for a given family, and ask for proper guarantees for SMEs.

    Frankly, we need to try living with less debt and more savings... Governments, businesses and individuals.

    Smaller banks may well mean fewer problems.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    +1 TM.

    Quote Originally Posted by Goldman Sachs
    "The Government will have significantly over capitalised the banks, perhaps by tens of billions of euros,'' it said.
    Just in time to sell them off for a song. The swindle of the century. Don't pi$$ down our backs and tell us it's raining.

    Goldman Sachs plays down fears over bank losses

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    [ame="http://www.youtube.com/watch?v=jcDOslLJwp8"]YouTube - Illegal bailouts and treaty change lead to referendums - Nigel Farage[/ame]


    does anyone know what Farage is talking about when he alludes to three German professors challenging the bailout in Karlsruhe (I am quite sure this is not the correct spelling)?
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by wickedfairy View Post
    YouTube - Illegal bailouts and treaty change lead to referendums - Nigel Farage


    does anyone know what Farage is talking about when he alludes to three German professors challenging the bailout in Karlsruhe (I am quite sure this is not the correct spelling)?
    The Four Horsemen of the Acropolis

    Wilhelm Hankel ,Karl Albrecht Schachtschneider and economists Joachim Starbatty and Wilhelm Nölling
    It's against the German bailout of Greece ,that aid to Greece would trigger an inflationary policy that would undermine the German constitution's pledges to preserve private property and uphold social fairness.

    They became famous when they challenged the Euro currency in 1998, although it was unsuccessful.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by wickedfairy View Post
    does anyone know what Farage is talking about when he alludes to three German professors challenging the bailout in Karlsruhe (I am quite sure this is not the correct spelling)?
    Professors Hankel, Nölling, Schachtschneider, Strabatty are challenging the EFSF and the complaint has been admitted for decision to the German High Court (Bundesverfassungsgericht).

    3 of them also challenged the bailout of Greece in May 2010 but the complaint back then was dismissed because a decision would delay the process unecessarily.

    Hankel also challenged the introduction of the Euro in 1999 but this complaint too was dismissed.

    So the fact that their complaint received admission this time is somewhat remarkable but no reason to worry for the powers that be. Should the complaint be successful a change/amendment to the German constitution would be necessary which requires a two third majority in the German parliament. Although Ms Merkel's coalition does not have such a comfortable majority, the major opposition parties (the social democrats and the green party) are likely to vote in favour of such a motion, good Europeans they are.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    This bill has been passed in the Dail Ta - 78 Nil - 71

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Quote Originally Posted by ang View Post
    This bill has been passed in the Dail Ta - 78 Nil - 71
    ... and there are 80 TDs in the opposition (at least on paper).
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    anyone manage to find out who abstained?
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    WF, here's a profile for Professor Hankel
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    My quote of the day is Joan Burton's statement at the debate:


    "This Bill could probably teach the North Koreans a lesson in ministerial powers."

    http://debates.oireachtas.ie/dail/2010/12/15/00009.asp

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    Default Re: Credit Institutions (Stabilisation) Bill 2010 - IMF Sell-off of the Irish Banks ?

    Thanks. I think we need a separate thread on the Credit Institutions (Stabilisation Bill). If anyone would like to start one, great, otherwise I'll do it later.

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