The Irish Times 21st Dec 2011 www.irishtimes.com
An asylum seeker may not be sent back to the first EU member state he or she landed in from outside the EU if they risk being subjected to inhuman treatment there, the European Court of Justice (ECJ) has ruled.
This means five asylum seekers in Ireland who landed first in Greece from outside the EU cannot be sent back there.
Under the “Dublin II” Regulation the state in which the asylum seeker first arrived was considered responsible for dealing with their asylum application. In practice this meant Ireland could send asylum seekers back to countries along the EU’s eastern and southern borders which were most commonly the first in which they arrived.
Earlier this year the ECJ ruled Belgium was wrong to send an asylum seeker back to Greece where he had already suffered mistreatment in the asylum process, as Greece could not guarantee his human rights would not be infringed.
Following this, the court was asked by Ireland and the UK to rule on two cases where asylum seekers had arrived from Greece and resisted being sent back there on the basis that the procedures and conditions for asylum seekers are inadequate.
So it is clear that the EU is willing to tolerate individual EU countries treating asylum seekers differently, the asylum seekers using a 'ratings system' and effectively open the floodgates to countries with 'better reputations' for handling asylum cases.
As asylum seekers can raise their flag anywhere from the door of the aircraft to passport control and beyond and once a claim is made the claimant in registered into an expensive processing system.
It is perplexing that an airline permitted the asylum seekers to board an aircraft to Ireland and more perplexing that a 3rd Country must have been used as there are no direct scheduled flights between Greece and Ireland.
I regularly fly between various locations in europe (including Ireland) and when travelling into or out of the Common Travel Area (UK & Ireland), I am requested to input Passport Details at the time of check-in. Those with the requirement for a Visa would also have to present same.
It is very important that the Airlines (already responsible for verifying visas etc) are held fully responsible for checking travellers data and nationality and passport details of passengers arriving from outside the common travel area are with the Irish Authorities prior to departure of the aircraft. If a traveller does not have the correct documentation then the airline should not permit that passenger to board.
I have seen in some jurisdictions where on rare occassions Immigration Officers will meet a specific passenger at the door of the aircraft on arrival and not permit a passenger without the correct documentation to disembark, forcing the airline to return the passenger to his/her point of origin.
Picasso
Wednesday, December 21, 2011
Monday, December 19, 2011
Household Charge - Joe Higgins & Disobedience
Although Ireland has a monthly export surplus, the Government suffers from a budget deficit to the tune of €1.3BN per month. Ireland (in terms of the Public Services Costs) is living beyond its means each and every month by €288 for every man, woman and child in the country (based on a population of 4.5M) - or €1000+ for the average family of 2+2. As Ireland is currently ‘out of the Bond Markets’; and could not currently re-enter due to current approximated rates (8%-10%); the only source of this ‘monthly loan’ is the IMF-EU bailout fund.
A contractual element of the current Bailout Agreement is the introduction of a Household Charge, a fact known to Irish Politicians (and the public) since the ‘introduction’ of the Bailout Fund some three years ago.
On the eve of introduction, however, some left-wing and Independent TDs; led by Joe Higgins; have launched a ‘highly populist’ civil disobedience campaign. When one considers the contractual obligation on the Irish Government, Higgins decision to form an opposition group; to what is a ‘modest charge’ when compared to other European countries; is perplexing and entirely the wrong fight to take up at present. Ireland is currently the only EU state, apart from Malta, without a property tax and an inital annual charge of €100 could be described as modest.
Joe Higgins could alternatively remove his Socialist Parties blanket support for all economic migrants (and bogus asylum seekers) and Visa Over-stayers; many of who are simply Benefit Tourists/Scammers taking advantage of a generous welfare system with lax processes. The cost of both national and foreign national benefit fraud is costing € Billions each year - and directly costing each Irish family many hundreds (if not thousands) of euros. The cost of the initial Household Charge is actually a minor burden on Irish families when compared to the cost of benefit fraud. http://www.sundayworld.com/columnists/index.php
Civil disobedience can only be advocated in limited circumstances and then on the basis that it brings a high probability of positive change. A ‘positive change’ is not possible in this case and with a non-payment penalty of €2500, Joe Higgins & Co will likely bring severe frustration and unnecessary hardship on those who take his advice (more likely to be the poorer in our society).
There are a number of ongoing attempts to scupper the Household and other charges. In addition to the campaign commenced by some Socialist TDs, the Irish Property Owners Association has advised landlords to pass on charges to their tenants, although this is specifically banned by legislation.
In rural areas, resistance to a septic tank inspection charge (again an EU requirement) is being encouraged by prominent Fianna Fáil TDs, even though they endorsed the policy while in government. Such contempt for basic civic responsibility is unforgivable, particularly at a time of financial crisis.
Revenue from the household charge will go towards supplementing local authority costs and reducing the burden on Central Government. The charge is sufficiently low (€100) to not be overly ‘unfair’ in terms of smaller and larger homes, however a valuation based system will be introduced in two years with the likelihood that the initial €100 annual charge is maintained for the lowest value band only.
Those most impacted by the initial and subsequent valuation based system will be those already paying substantial monthly maintenance charges on private developments. However further legislation is required to ensure residents of such developments are protected from the ongoing interfering of the initial development companies in dictating which company must provide maintenance services on their development.
Picasso
A contractual element of the current Bailout Agreement is the introduction of a Household Charge, a fact known to Irish Politicians (and the public) since the ‘introduction’ of the Bailout Fund some three years ago.
On the eve of introduction, however, some left-wing and Independent TDs; led by Joe Higgins; have launched a ‘highly populist’ civil disobedience campaign. When one considers the contractual obligation on the Irish Government, Higgins decision to form an opposition group; to what is a ‘modest charge’ when compared to other European countries; is perplexing and entirely the wrong fight to take up at present. Ireland is currently the only EU state, apart from Malta, without a property tax and an inital annual charge of €100 could be described as modest.
Joe Higgins could alternatively remove his Socialist Parties blanket support for all economic migrants (and bogus asylum seekers) and Visa Over-stayers; many of who are simply Benefit Tourists/Scammers taking advantage of a generous welfare system with lax processes. The cost of both national and foreign national benefit fraud is costing € Billions each year - and directly costing each Irish family many hundreds (if not thousands) of euros. The cost of the initial Household Charge is actually a minor burden on Irish families when compared to the cost of benefit fraud. http://www.sundayworld.com/columnists/index.php
Civil disobedience can only be advocated in limited circumstances and then on the basis that it brings a high probability of positive change. A ‘positive change’ is not possible in this case and with a non-payment penalty of €2500, Joe Higgins & Co will likely bring severe frustration and unnecessary hardship on those who take his advice (more likely to be the poorer in our society).
There are a number of ongoing attempts to scupper the Household and other charges. In addition to the campaign commenced by some Socialist TDs, the Irish Property Owners Association has advised landlords to pass on charges to their tenants, although this is specifically banned by legislation.
In rural areas, resistance to a septic tank inspection charge (again an EU requirement) is being encouraged by prominent Fianna Fáil TDs, even though they endorsed the policy while in government. Such contempt for basic civic responsibility is unforgivable, particularly at a time of financial crisis.
Revenue from the household charge will go towards supplementing local authority costs and reducing the burden on Central Government. The charge is sufficiently low (€100) to not be overly ‘unfair’ in terms of smaller and larger homes, however a valuation based system will be introduced in two years with the likelihood that the initial €100 annual charge is maintained for the lowest value band only.
Those most impacted by the initial and subsequent valuation based system will be those already paying substantial monthly maintenance charges on private developments. However further legislation is required to ensure residents of such developments are protected from the ongoing interfering of the initial development companies in dictating which company must provide maintenance services on their development.
Picasso
Wednesday, December 14, 2011
GAA - understanding the value of nothing.
Has it really come to the point where the single national organisation, organised in every parish in the country, an organisation which pre-dates independence and prides itself on preserving 'community' in Ireland, has become no different than a multinational company with accountants blinded by the 'bottom line'.
Every county and club in Ireland has it's unique colours - unfortunately the GAA has shown it's true colours in this instance and when push comes to shove doesn't actually care about a healthy community, which is dependent on employment (among other things).
The GAA; more than any other organisation in Ireland; should be sourcing as many of the products and services it requires in Ireland. Everything from the food and beverages it sells, to its sports kits etc should be from Irish producers (where possible). Exclusive term deals will secure competitive prices (not necessarily the cheapest), and surely protecting the jobs within those parishes the GAA holds so dear should be a more admirable aim for such an organisation.
Picasso
As reported in The Irish Examiner http://www.examiner.ie/ 14th Dec 2011
IT’S the most Irish of sporting occasions, one of the purest cultural platforms we retain as a nation. So how come those priceless tickets for the All-Ireland hurling and football finals are printed in America? What’s worse is that tickets for other glamour GAA Championship matches are printed in Italy. Now, a leading Kerry GAA club has pleaded with Croke Park to do whatever it takes to end the anomaly and ensure that All-Ireland ticketing goes to an Irish company.
Delegates at Kerry’s annual convention have been told that tickets for the blue riband occasions in the GAA are printed in America and Italy for cost reasons. But the Dr Crokes club will bring a motion to next April’s Congress seeking to ensure the contracts are awarded to Irish companies. The motion to Monday night’s convention was overwhelmingly passed by delegates.
"I understand the tickets are printed in the USA due to a security feature but that technology is available in Ireland," argued Dr Crokes delegate John Keogh. "The tender from the Irish company should be accepted to protect jobs in the printing industry in this country, as many of those employees are members of the GAA around the country. "Every effort should be made to do this, given the economic times we live in. In this regard, we are not under any EU rules that procure the contract goes to the lowest tender."
Outgoing Kerry GAA chairman Jerome Conway insisted that officials in Croke Park have consistently attempted to broker a deal with an Irish company. "We looked into this motion when it came up and after doing some investigating, found out that the All-Ireland final tickets are printed in the USA while tickets for the rest of the championship are done in Italy. "There is one company in Ireland that can do it and every year they have been asked to tender for it. But when they have come back, the cost has always been too high. "Every year when the GAA are putting it out to tender, they are looking for this company but the same result comes back every time."
Every county and club in Ireland has it's unique colours - unfortunately the GAA has shown it's true colours in this instance and when push comes to shove doesn't actually care about a healthy community, which is dependent on employment (among other things).
The GAA; more than any other organisation in Ireland; should be sourcing as many of the products and services it requires in Ireland. Everything from the food and beverages it sells, to its sports kits etc should be from Irish producers (where possible). Exclusive term deals will secure competitive prices (not necessarily the cheapest), and surely protecting the jobs within those parishes the GAA holds so dear should be a more admirable aim for such an organisation.
Picasso
As reported in The Irish Examiner http://www.examiner.ie/ 14th Dec 2011
IT’S the most Irish of sporting occasions, one of the purest cultural platforms we retain as a nation. So how come those priceless tickets for the All-Ireland hurling and football finals are printed in America? What’s worse is that tickets for other glamour GAA Championship matches are printed in Italy. Now, a leading Kerry GAA club has pleaded with Croke Park to do whatever it takes to end the anomaly and ensure that All-Ireland ticketing goes to an Irish company.
Delegates at Kerry’s annual convention have been told that tickets for the blue riband occasions in the GAA are printed in America and Italy for cost reasons. But the Dr Crokes club will bring a motion to next April’s Congress seeking to ensure the contracts are awarded to Irish companies. The motion to Monday night’s convention was overwhelmingly passed by delegates.
"I understand the tickets are printed in the USA due to a security feature but that technology is available in Ireland," argued Dr Crokes delegate John Keogh. "The tender from the Irish company should be accepted to protect jobs in the printing industry in this country, as many of those employees are members of the GAA around the country. "Every effort should be made to do this, given the economic times we live in. In this regard, we are not under any EU rules that procure the contract goes to the lowest tender."
Outgoing Kerry GAA chairman Jerome Conway insisted that officials in Croke Park have consistently attempted to broker a deal with an Irish company. "We looked into this motion when it came up and after doing some investigating, found out that the All-Ireland final tickets are printed in the USA while tickets for the rest of the championship are done in Italy. "There is one company in Ireland that can do it and every year they have been asked to tender for it. But when they have come back, the cost has always been too high. "Every year when the GAA are putting it out to tender, they are looking for this company but the same result comes back every time."
Monday, December 12, 2011
Leaving The Eurozone
I have been a great supporter of the EU for many years as it makes perfect sense to have a common trade region, common travel area. A common currency also makes sense, however one must ask whether it is entirely necessary to have the Euro in the form of a ‘hard currency’ and not simply a common currency which is used for Contracts etc.
The primary issue with the Euro is that far greater fiscal integration will be required between the member States to have the currency function correctly, this will eventually and naturally lead to a Federal Europe which may not be in the interests of all member States.
No comparisons can be made between the USA or say Australia and EU in terms of a homogenous federal entity. Both the USA and Australia are a soup of nationalities, mixed through all their states. And although the USA has suffered a civil war, that war was fought for political principle reasons as opposed to ethnic reasons. Europe is a much different environment, with language, cultural and religious identity changing abruptly at each border – although very similar in many ways, European people are also very different and this is why I see the EU (not Eurozone) as a perfect solution to Europes’ ambitions to work more closely together, gaining the most from close cooperation, but not so close as to start dominating each other.
Our most recent experience of a Federation and ultimate ‘break-up’ was that of Yugoslavia, where the smaller States felt dominated by the largest State and ethnic group, decisions being made with the view from Belgrade only and the organs of the federation seemingly created to serve the dominant member. This became more apparent during the wars of independence when the Federal Army was used almost exclusively by the Serbian State in pursuit of its ethnic aims. Regardless of federal treaties, when one is attempting to combine what are very distinct nationalities, cultures and histories, there will be rivalries, suspicions and bad feeling.
I am not suggesting that there would be a common European Army or a violent break up of a European Federation at some future date, however the example of the organs of a Federal State serving the purposes of the dominant member is valid and Ireland must remember that it will be a minnow within any future federal block and being on the geographic periphery of Europe requires Ireland to incentivise businesses to setup in Ireland. The requirement for incentives to attract business seems to be either missed by both Germany and France (France in particular) or France is simply choosing to ignore the obvious in pursuit of its own interests. The continuous push by both France and Germany for a common corporate tax rate is wholly in their interests and would potentially destroy investment in Ireland. One must ask the rational question as to why a multinational would setup in Ireland and not in the Ruhr or Paris Region if the incentives were equal throughout the EU.
The current Merkel/Sarkozy dominance of EU decision making is not done in an effort to provide ‘strong leadership’, but done solely for reasons of national interest. Their behaviour is reminiscent of Milosovic as Serbian Leader within the Yugoslav Federation and bizarrely in a community of 27 independent states, not a single other leaders voice can be heard, there is no collective decision making, there is no dissent and even when the head of the ECB, EU Commission or EU Parliament makes a statement with suggestions/recommendations, he is ‘shot down in flames’ very publicly and quickly by either Merkel of Sarkozy. This is an omen of things to come, the return of Ireland (and many other smaller EU nations) to being subservient to powerful players within a modern empire.
The EU can work, it had developed sufficiently by the year 2000, however the requirements of a single hard currency are simply too much progress too soon and will ultimately lead to the breakup of the EU. The achievements of the EU thus far are too great to risk losing in pursuit of what is unnecessary at present.
Ireland should immediately commence planning for a withdrawal from the Eurozone and plan to reintroduce the punt pegged to the Euro (or Sterling) initially. The withdrawal of one country from the Eurozone will lead to several others following suit and perhaps we can return to the form of EU which benefits all members and not simply the largest ones.
The primary issue with the Euro is that far greater fiscal integration will be required between the member States to have the currency function correctly, this will eventually and naturally lead to a Federal Europe which may not be in the interests of all member States.
No comparisons can be made between the USA or say Australia and EU in terms of a homogenous federal entity. Both the USA and Australia are a soup of nationalities, mixed through all their states. And although the USA has suffered a civil war, that war was fought for political principle reasons as opposed to ethnic reasons. Europe is a much different environment, with language, cultural and religious identity changing abruptly at each border – although very similar in many ways, European people are also very different and this is why I see the EU (not Eurozone) as a perfect solution to Europes’ ambitions to work more closely together, gaining the most from close cooperation, but not so close as to start dominating each other.
Our most recent experience of a Federation and ultimate ‘break-up’ was that of Yugoslavia, where the smaller States felt dominated by the largest State and ethnic group, decisions being made with the view from Belgrade only and the organs of the federation seemingly created to serve the dominant member. This became more apparent during the wars of independence when the Federal Army was used almost exclusively by the Serbian State in pursuit of its ethnic aims. Regardless of federal treaties, when one is attempting to combine what are very distinct nationalities, cultures and histories, there will be rivalries, suspicions and bad feeling.
I am not suggesting that there would be a common European Army or a violent break up of a European Federation at some future date, however the example of the organs of a Federal State serving the purposes of the dominant member is valid and Ireland must remember that it will be a minnow within any future federal block and being on the geographic periphery of Europe requires Ireland to incentivise businesses to setup in Ireland. The requirement for incentives to attract business seems to be either missed by both Germany and France (France in particular) or France is simply choosing to ignore the obvious in pursuit of its own interests. The continuous push by both France and Germany for a common corporate tax rate is wholly in their interests and would potentially destroy investment in Ireland. One must ask the rational question as to why a multinational would setup in Ireland and not in the Ruhr or Paris Region if the incentives were equal throughout the EU.
The current Merkel/Sarkozy dominance of EU decision making is not done in an effort to provide ‘strong leadership’, but done solely for reasons of national interest. Their behaviour is reminiscent of Milosovic as Serbian Leader within the Yugoslav Federation and bizarrely in a community of 27 independent states, not a single other leaders voice can be heard, there is no collective decision making, there is no dissent and even when the head of the ECB, EU Commission or EU Parliament makes a statement with suggestions/recommendations, he is ‘shot down in flames’ very publicly and quickly by either Merkel of Sarkozy. This is an omen of things to come, the return of Ireland (and many other smaller EU nations) to being subservient to powerful players within a modern empire.
The EU can work, it had developed sufficiently by the year 2000, however the requirements of a single hard currency are simply too much progress too soon and will ultimately lead to the breakup of the EU. The achievements of the EU thus far are too great to risk losing in pursuit of what is unnecessary at present.
Ireland should immediately commence planning for a withdrawal from the Eurozone and plan to reintroduce the punt pegged to the Euro (or Sterling) initially. The withdrawal of one country from the Eurozone will lead to several others following suit and perhaps we can return to the form of EU which benefits all members and not simply the largest ones.
Tuesday, November 29, 2011
Quinn Playing Dirty (with Irish Taxpayer)
I've written on this subject on several occassions over the past few months and contributed my research to other political blog sites.
The Irish public seems to be absolutely unaware of 'poor old' Sean Quinns attempts to steal hundreds of millions from the Irish Taxpayer.
Quinns family companies/trusts retain some sizable property assets in Russia, Ukraine, India, Turkey and other locations and for many months the Quinn Family and its representatives have been working behind the scenes attempting to change the ownership of properties to newly setup offshore trusts before IBRC (Anglo or if you prefer 'us') can legally move on the property.
The 'attempted scam' would seem quite simple on the face of it, Fermanagh Trust Ltd transfers the property to Fermanagh Trust Inc, this is carried out discreetly and not picked up by anyone initially. The problem is that the Irish Public (through the IRBC) will be preparing to pursue Fermanagh Trust Ltd through the courts in Cyprus (where it is registered), not knowing that the ownership has been transferred to Fermanagh Trust Inc registered in Belize.
I am unaware of the miniscule details, however a couple of months ago Quinn was rumbled attempting to transfer one of his sizable assets to a Belize registered trust. News published on 5th January 2012 indicates that a British Virgin Islands Company (generally regarded as bogus companies used for tax evasion and effectively outside the law) has taken ownership of the Kiev Shopping Mall. BVI companies are normally owned by trusts which are registered in Isle of Man, Jersey or Guernsey and discovery of the complex ownership can prove difficult especially when dealing with secretive jurisdictions. No doubt the Quinns are the benificiaries of the company which is currently receiving rental income in excess of €10M per year from the shopping mall in question (remember this property should now be owned by the Irish public as part payment on the €2.5BN in outstanding loans)
The IRBC (the Irish public) is currently pursuing Quinn through Ukranian and Cypriot courts and has cases pending in Russia - this is why the IRBC has requested a stay on any changes to the ownership of the properties pending outcome of the cases. Both the Irish Government and IRBC (and myself) have doubts about the impartiality of the Ukranian Courts. Remember that opposition politicians can be effectively found guilty on the instructions of the Ukranian President and both Lawyers and Judges are open to bribes.
Quinn is now playing very dirty with the Irish Public.
Quinn says he is shocked State 'interfered' in his cases abroad
Ref: Irish Independent 29.11.2011FORMER BILLIONAIRE Seán Quinn said yesterday he was “shocked” that Government Ministers had “interfered” in court proceedings abroad where his family is trying to prevent properties worth hundreds of millions of euro being seized by the state-owned Irish Bank Resolution Corporation, formerly Anglo. Mr Quinn made the comment in a statement issued after the Commercial Court in Dublin made an unprecedented €1.7 billion summary judgment order against him in favour of the bank.
A spokesman for Taoiseach Enda Kenny confirmed last night that a case being taken in Ukraine by the bank in relation to valuable property there was “referenced” by Mr Kenny during a meeting in September with Ukrainian president Viktor Yanukovych. “It was referenced, not discussed, and with a full expression of respect for the independence of the Ukrainian judicial process,” the spokesman said.
Mr Quinn’s comment is also understood to be a reference to alleged representations by the Irish Embassy to Russia, where the Quinns also bought valuable commercial property using loans from Anglo. In October, a Russian businessman, Andrey Golishev, reportedly wrote to the Irish Ambassador in Moscow, Philip McDonagh, complaining of representations made to the Russian ministry of foreign affairs. A spokesman for the Department of Foreign Affairs was not able to comment on the matter last night.
Mr Quinn’s wife, Patricia, and the couple’s five children are involved in multi-jurisdictional disputes with the bank over properties in Ukraine, Russia, Turkey and India. The bank is trying to seize the properties which it says were given as collateral for massive loans given to the family by Anglo. However, the family is resisting the bank’s efforts, disputing the legality of the loans and the charges the bank says it has on the properties. The properties are believed to be worth in excess of €500 million.
Last week, a Dublin accountant, Robert Dix, who is involved in the efforts of the bank to seize the properties, wrote an open letter to prime minister of Ukraine Mykola Azarov, in which he said the company that legitimately owned a Kiev shopping mall worth tens of millions of euro, was in danger of being deprived of its property. The massive judgment order made against Mr Quinn yesterday followed another order made last week for €417 million, again in favour of the bank, bringing the total owed by Mr Quinn to €2.16 billion.
In the statement issued by his public relations consultant yesterday, Mr Quinn said: “Today’s action by Anglo Irish Bank in my view is totally pointless, self-serving and vindictive.” He added: “In no way does it improve the bank’s prospects of recovering money for the taxpayer.
Reported in 'The Daily Mail' Nov 29th 2011
In court Quinn's lawyer claimed that the family home in fact belongs to his children, and that he had no assets and a pension worth just €10,000. But Land Registry documents show the house was only ever registered in the name of Mr Quinn and his wife, implying that some sort of private transfer of ownership may have happened since.
There have been plenty more transfers of assets by the Quinn family, who were recently accused in court by Anglo of engaging in a 'conspiracy' to hide and redistribute their assets. His children and sons-in-laws are already facing criminal investigation in Sweden for allegedly putting assets out of the reach of Anglo Irish Bank.
Anglo has lodged formal complaints to the Company Registrations Office in Stockholm, claiming the Quinns had illegally transferred properties worth hundreds of millions out of its reach.The complaints were made under Chapter 11 of the Swedish Criminal Code, which carries prison sentences of up to six years.
Investigations have also revealed that the Quinn family have created dozens of new companies all over the world, from Cavan to Moscow and India, in a mirror structure of the original Quinn Group – with assets now moved into the new firms. Two husbands of Seán Quinn's daughters, both of whom married into the family within the past five years, have emerged as the directors of many of these firms. Unlike Mr Quinn's children, the two men never signed guarantees to Anglo loans.
In one case, a €180m Moscow office block and almost €5m in cash were moved from a Quinn company into a new firm. Seán Quinn senior and his children are being sued by Anglo for personal guarantees they made in relation to €2.8bn in loans used to buy shares in Anglo. The bank claims the transfers breach personal guarantees and described some of them in court as 'asset stripping'.
And in the latest twist, we have a new defence for a €3M loan owed by Patricia Quinn (for home decorating) - the defence is effectively "he told me to do it......"
It would be interesting to see someone try "Honest Guv....I wouldnt have robbed the bank, but my wife has expensive tastes and she wore the pants in our relationship".
Thankfully, a ruling has been made in favour of the Bank (or the public if you prefer)
www.independent.ie 16th Dec 2011
THE wife of bankrupt Sean Quinn, who was once Ireland’s richest man, has been ordered to repay a €3m loan from Anglo Irish Bank that she signed her name to, but claims she knew nothing about.Mr Justice Peter Kelly made the order at the Commercial Court today. Patricia Quinn was also ordered to pay the costs of the case taken by Irish Bank Resolution Corporation (IRBC), formerly Anglo.
She had claimed that that she only "very recently" became aware she was a customer of Anglo Irish Bank -- even though her name appears on loan documents for millions of euro of borrowings from the nationalised bank. Summing up, Justice Peter Kelly said Mrs Quinn had failed to make an arguable defense to the claim by the bank for the repayment of the loan. He added that even a glance at the documents she signed would have shown all but an illiterate person that it was some form of borrowing from the bank.
In court papers filed in the family’s separate legal action against the bank it was also revealed that her daughter Brenda became the owner of the Slieve Russell Hotel in Cavan when she was aged just three. The Quinn family claim that the hotel has been owned by Brenda since it was built in 1990 but was held in trust for her by her mother until she turned 18. They admitted that it was difficult to say when Brenda became aware of her ownership of the hotel, according to a report in today’s Irish Times. Mrs Quinn and her five children are challenging the bank’s claims that they owe €2.3bn claiming that the loans are “tainted with illegality”.
Mrs Quinn’s claims were read out in the Commercial Court, as her lawyers attempted to fight off Anglo Irish Bank's attempts to force her to repay a €3m loan she signed with her husband. Her lack of knowledge of her dealings, an ignorance she described as "embarrassing", is all the more striking since her husband famously lost more than €3bn on a disastrous punt on Anglo's shares. In court yesterday, Mrs Quinn claimed she was not liable for the loan because she never realised she had signed up for it, never received the benefit of it and never received any legal advice before signing the loan documents. But the senior lawyer acting for Anglo, Paul Gallagher, said Mrs Quinn was making "incredible" claims that she did not have to repay the loan because she was a homemaker unduly influenced by her husband.
Mrs Quinn's barrister, Bill Shipsey, said that while it may sound astonishing, his client was a housewife with no business sophistication and a claim of undue influence could be advanced in her case. Mr Justice Peter Kelly quoted Mr Bumble from Charles Dickens's novel 'Oliver Twist' and said if that was the law, then "the law is an ass". He said Mrs Quinn was advancing the "startling proposition" she was "a cat's paw" for her husband with no clue about documents she was signing and also "clueless" about being a director of many companies and a company secretary. Anglo, now known as Irish Bank Resolution Corporation (IBRC), has strongly rejected Mrs Quinn's claims that she is not responsible for the loan.
It has also argued that while she disputed the bank's description of her as a "business lady", she had been a director of 63 Quinn group companies in the Republic, 28 Quinn companies in the UK and secretary of about 10 companies. In an affidavit, Mrs Quinn said she was not a business lady, had been a homemaker for the past 36 years and had been looking after her husband since she married at the age of 21. However, Mr Gallagher referred to an affidavit in which Michael O'Sullivan, of Anglo, said Mrs Quinn displayed business knowledge during a conversation with him. Mrs Quinn has also claimed she only realised "very recently" she was a customer of Anglo. She claims that over many years she signed documents when asked to do so by her husband or his colleagues in the Quinn group, but says she was never informed about the nature or impact of the documents. "This is embarrassing to admit but it is the truth," she said in an affidavit.
IBRC was previously granted summary judgment against Mr Quinn over the €3m loan. The bank claimed it was told the loan was to go towards decorating the Quinns' home at Ballyconnell, but the court heard Mr Quinn had directed the money be paid into an account of Quinn Manufacturing Ltd.
Mrs Quinn argues she has a defence on several grounds to the bank's claim and is entitled to a full hearing. In affidavits, she said she never worked with the Quinn group of companies and was never involved in any business or financial dealings "beyond deciding upon the weekly groceries and providing for the household expenses". She only became aware of the loan and demand for repayment after this case was taken, she said. It was now clear to her, contrary to what was stated on the loan facility letter, that the funds were used for commercial purposes, she added. Mr Gallagher argued nothing said by Mrs Quinn amounted to a defence to summary judgment. A document signed in five places by Mrs Quinn on December 14, 2006, was clearly for a loan and she had signed under the words, "Borrower's Acceptance". She accepted those were her signatures. Mrs Quinn also did not deny the extent of her company directorships. If she signed documents without reading or understanding them, that was negligence on her part for which the bank was not liable.
If she was found to be not liable because she did not read the documents, that would have huge implications for contracts, he said. Mr Shipsey argued the bank had failed to address Mrs Quinn's claim she did not understand she was going to personally borrow €3m. Mr Justice Kelly noted that during another case about 25 years ago concerning the conduct of the affairs of a pub company, the late Ms Justice Mella Carroll observed the days were gone when wives could be treated akin to infants or persons of unsound mind.
- Laura Noonan and Independent.ie reporters
The Irish public seems to be absolutely unaware of 'poor old' Sean Quinns attempts to steal hundreds of millions from the Irish Taxpayer.
Quinns family companies/trusts retain some sizable property assets in Russia, Ukraine, India, Turkey and other locations and for many months the Quinn Family and its representatives have been working behind the scenes attempting to change the ownership of properties to newly setup offshore trusts before IBRC (Anglo or if you prefer 'us') can legally move on the property.
The 'attempted scam' would seem quite simple on the face of it, Fermanagh Trust Ltd transfers the property to Fermanagh Trust Inc, this is carried out discreetly and not picked up by anyone initially. The problem is that the Irish Public (through the IRBC) will be preparing to pursue Fermanagh Trust Ltd through the courts in Cyprus (where it is registered), not knowing that the ownership has been transferred to Fermanagh Trust Inc registered in Belize.
I am unaware of the miniscule details, however a couple of months ago Quinn was rumbled attempting to transfer one of his sizable assets to a Belize registered trust. News published on 5th January 2012 indicates that a British Virgin Islands Company (generally regarded as bogus companies used for tax evasion and effectively outside the law) has taken ownership of the Kiev Shopping Mall. BVI companies are normally owned by trusts which are registered in Isle of Man, Jersey or Guernsey and discovery of the complex ownership can prove difficult especially when dealing with secretive jurisdictions. No doubt the Quinns are the benificiaries of the company which is currently receiving rental income in excess of €10M per year from the shopping mall in question (remember this property should now be owned by the Irish public as part payment on the €2.5BN in outstanding loans)
The IRBC (the Irish public) is currently pursuing Quinn through Ukranian and Cypriot courts and has cases pending in Russia - this is why the IRBC has requested a stay on any changes to the ownership of the properties pending outcome of the cases. Both the Irish Government and IRBC (and myself) have doubts about the impartiality of the Ukranian Courts. Remember that opposition politicians can be effectively found guilty on the instructions of the Ukranian President and both Lawyers and Judges are open to bribes.
Quinn is now playing very dirty with the Irish Public.
Quinn says he is shocked State 'interfered' in his cases abroad
Ref: Irish Independent 29.11.2011FORMER BILLIONAIRE Seán Quinn said yesterday he was “shocked” that Government Ministers had “interfered” in court proceedings abroad where his family is trying to prevent properties worth hundreds of millions of euro being seized by the state-owned Irish Bank Resolution Corporation, formerly Anglo. Mr Quinn made the comment in a statement issued after the Commercial Court in Dublin made an unprecedented €1.7 billion summary judgment order against him in favour of the bank.
A spokesman for Taoiseach Enda Kenny confirmed last night that a case being taken in Ukraine by the bank in relation to valuable property there was “referenced” by Mr Kenny during a meeting in September with Ukrainian president Viktor Yanukovych. “It was referenced, not discussed, and with a full expression of respect for the independence of the Ukrainian judicial process,” the spokesman said.
Mr Quinn’s comment is also understood to be a reference to alleged representations by the Irish Embassy to Russia, where the Quinns also bought valuable commercial property using loans from Anglo. In October, a Russian businessman, Andrey Golishev, reportedly wrote to the Irish Ambassador in Moscow, Philip McDonagh, complaining of representations made to the Russian ministry of foreign affairs. A spokesman for the Department of Foreign Affairs was not able to comment on the matter last night.
Mr Quinn’s wife, Patricia, and the couple’s five children are involved in multi-jurisdictional disputes with the bank over properties in Ukraine, Russia, Turkey and India. The bank is trying to seize the properties which it says were given as collateral for massive loans given to the family by Anglo. However, the family is resisting the bank’s efforts, disputing the legality of the loans and the charges the bank says it has on the properties. The properties are believed to be worth in excess of €500 million.
Last week, a Dublin accountant, Robert Dix, who is involved in the efforts of the bank to seize the properties, wrote an open letter to prime minister of Ukraine Mykola Azarov, in which he said the company that legitimately owned a Kiev shopping mall worth tens of millions of euro, was in danger of being deprived of its property. The massive judgment order made against Mr Quinn yesterday followed another order made last week for €417 million, again in favour of the bank, bringing the total owed by Mr Quinn to €2.16 billion.
In the statement issued by his public relations consultant yesterday, Mr Quinn said: “Today’s action by Anglo Irish Bank in my view is totally pointless, self-serving and vindictive.” He added: “In no way does it improve the bank’s prospects of recovering money for the taxpayer.
Reported in 'The Daily Mail' Nov 29th 2011
In court Quinn's lawyer claimed that the family home in fact belongs to his children, and that he had no assets and a pension worth just €10,000. But Land Registry documents show the house was only ever registered in the name of Mr Quinn and his wife, implying that some sort of private transfer of ownership may have happened since.
There have been plenty more transfers of assets by the Quinn family, who were recently accused in court by Anglo of engaging in a 'conspiracy' to hide and redistribute their assets. His children and sons-in-laws are already facing criminal investigation in Sweden for allegedly putting assets out of the reach of Anglo Irish Bank.
Anglo has lodged formal complaints to the Company Registrations Office in Stockholm, claiming the Quinns had illegally transferred properties worth hundreds of millions out of its reach.The complaints were made under Chapter 11 of the Swedish Criminal Code, which carries prison sentences of up to six years.
Investigations have also revealed that the Quinn family have created dozens of new companies all over the world, from Cavan to Moscow and India, in a mirror structure of the original Quinn Group – with assets now moved into the new firms. Two husbands of Seán Quinn's daughters, both of whom married into the family within the past five years, have emerged as the directors of many of these firms. Unlike Mr Quinn's children, the two men never signed guarantees to Anglo loans.
In one case, a €180m Moscow office block and almost €5m in cash were moved from a Quinn company into a new firm. Seán Quinn senior and his children are being sued by Anglo for personal guarantees they made in relation to €2.8bn in loans used to buy shares in Anglo. The bank claims the transfers breach personal guarantees and described some of them in court as 'asset stripping'.
And in the latest twist, we have a new defence for a €3M loan owed by Patricia Quinn (for home decorating) - the defence is effectively "he told me to do it......"
It would be interesting to see someone try "Honest Guv....I wouldnt have robbed the bank, but my wife has expensive tastes and she wore the pants in our relationship".
Thankfully, a ruling has been made in favour of the Bank (or the public if you prefer)
www.independent.ie 16th Dec 2011
THE wife of bankrupt Sean Quinn, who was once Ireland’s richest man, has been ordered to repay a €3m loan from Anglo Irish Bank that she signed her name to, but claims she knew nothing about.Mr Justice Peter Kelly made the order at the Commercial Court today. Patricia Quinn was also ordered to pay the costs of the case taken by Irish Bank Resolution Corporation (IRBC), formerly Anglo.
She had claimed that that she only "very recently" became aware she was a customer of Anglo Irish Bank -- even though her name appears on loan documents for millions of euro of borrowings from the nationalised bank. Summing up, Justice Peter Kelly said Mrs Quinn had failed to make an arguable defense to the claim by the bank for the repayment of the loan. He added that even a glance at the documents she signed would have shown all but an illiterate person that it was some form of borrowing from the bank.
In court papers filed in the family’s separate legal action against the bank it was also revealed that her daughter Brenda became the owner of the Slieve Russell Hotel in Cavan when she was aged just three. The Quinn family claim that the hotel has been owned by Brenda since it was built in 1990 but was held in trust for her by her mother until she turned 18. They admitted that it was difficult to say when Brenda became aware of her ownership of the hotel, according to a report in today’s Irish Times. Mrs Quinn and her five children are challenging the bank’s claims that they owe €2.3bn claiming that the loans are “tainted with illegality”.
Mrs Quinn’s claims were read out in the Commercial Court, as her lawyers attempted to fight off Anglo Irish Bank's attempts to force her to repay a €3m loan she signed with her husband. Her lack of knowledge of her dealings, an ignorance she described as "embarrassing", is all the more striking since her husband famously lost more than €3bn on a disastrous punt on Anglo's shares. In court yesterday, Mrs Quinn claimed she was not liable for the loan because she never realised she had signed up for it, never received the benefit of it and never received any legal advice before signing the loan documents. But the senior lawyer acting for Anglo, Paul Gallagher, said Mrs Quinn was making "incredible" claims that she did not have to repay the loan because she was a homemaker unduly influenced by her husband.
Mrs Quinn's barrister, Bill Shipsey, said that while it may sound astonishing, his client was a housewife with no business sophistication and a claim of undue influence could be advanced in her case. Mr Justice Peter Kelly quoted Mr Bumble from Charles Dickens's novel 'Oliver Twist' and said if that was the law, then "the law is an ass". He said Mrs Quinn was advancing the "startling proposition" she was "a cat's paw" for her husband with no clue about documents she was signing and also "clueless" about being a director of many companies and a company secretary. Anglo, now known as Irish Bank Resolution Corporation (IBRC), has strongly rejected Mrs Quinn's claims that she is not responsible for the loan.
It has also argued that while she disputed the bank's description of her as a "business lady", she had been a director of 63 Quinn group companies in the Republic, 28 Quinn companies in the UK and secretary of about 10 companies. In an affidavit, Mrs Quinn said she was not a business lady, had been a homemaker for the past 36 years and had been looking after her husband since she married at the age of 21. However, Mr Gallagher referred to an affidavit in which Michael O'Sullivan, of Anglo, said Mrs Quinn displayed business knowledge during a conversation with him. Mrs Quinn has also claimed she only realised "very recently" she was a customer of Anglo. She claims that over many years she signed documents when asked to do so by her husband or his colleagues in the Quinn group, but says she was never informed about the nature or impact of the documents. "This is embarrassing to admit but it is the truth," she said in an affidavit.
IBRC was previously granted summary judgment against Mr Quinn over the €3m loan. The bank claimed it was told the loan was to go towards decorating the Quinns' home at Ballyconnell, but the court heard Mr Quinn had directed the money be paid into an account of Quinn Manufacturing Ltd.
Mrs Quinn argues she has a defence on several grounds to the bank's claim and is entitled to a full hearing. In affidavits, she said she never worked with the Quinn group of companies and was never involved in any business or financial dealings "beyond deciding upon the weekly groceries and providing for the household expenses". She only became aware of the loan and demand for repayment after this case was taken, she said. It was now clear to her, contrary to what was stated on the loan facility letter, that the funds were used for commercial purposes, she added. Mr Gallagher argued nothing said by Mrs Quinn amounted to a defence to summary judgment. A document signed in five places by Mrs Quinn on December 14, 2006, was clearly for a loan and she had signed under the words, "Borrower's Acceptance". She accepted those were her signatures. Mrs Quinn also did not deny the extent of her company directorships. If she signed documents without reading or understanding them, that was negligence on her part for which the bank was not liable.
If she was found to be not liable because she did not read the documents, that would have huge implications for contracts, he said. Mr Shipsey argued the bank had failed to address Mrs Quinn's claim she did not understand she was going to personally borrow €3m. Mr Justice Kelly noted that during another case about 25 years ago concerning the conduct of the affairs of a pub company, the late Ms Justice Mella Carroll observed the days were gone when wives could be treated akin to infants or persons of unsound mind.
- Laura Noonan and Independent.ie reporters
Monday, November 28, 2011
Shannon Development
Although the idea of a Casino complete with immitation ‘White House’ in the middle of the ‘bog of allen’ and close to no major urban centre or transport hub was as daft as the ‘Bertie Bowl’ and underlined both the madness of the Celtic Tiger mentality and what political petitioning can achieve; a greatly amended use of the concept could be good for the economy.
Gambling is a huge industry, with a massive following (you need only look at the internet) – and many enjoy the atmosphere of a proper casino or complex of casinos.
What if:
• An Atlantic City - mini Las Vegas was permitted at a location immediately adjacent to the west side of Shannon Airport.
• The State retained the ‘freehold’ but gave permission to major international casinos to develop hotels & casinos on the site on say 50 year leases.
• International Groups develop their hotel/casinos at their own expense.
• Developers build all services.
• Government to charge substantial annual ground rent.
• If the government was to compel development to an outline plan, the complex could consist of 8-10 hotels around a series of roofed plazas etc.
• Complex could incorporate conference centre, concert venue etc
• A direct metro link from Shannon Airport Terminal to the complex.
• If marketed in the right way (Vegas Style) Shannon could become a hub for those travelling in and out of Europe from USA and further afield.
• Shannon would become a destination in its own right – there is not a great deal of difference in flight time between Boston & Vegas and Boston & Shannon.
• A substantial proportion of visitors would be from outside Ireland.
• Many would travel out of the complex on tours, golf trips etc.
The bonuses are:
• An uptake in construction work for a handful of years and remember our Fas legacy has left so many Irish with no skillsets other than construction.
• A large number of people employed when the complex comes online, including additional jobs at Shannon Airport and the surrounding area.
• The rebirth of Shannon Airport, rather than the current decline.
• There would be no requirement to impose a Shannon Stopover – they’d want Shannon as a destination.
• Great boost for Aer Lingus & Ryanair
• Increase in tourism to the West/South West.
• The spin off into everything from suppliers of foodstuffs and maintenance companies to mobile phone companies (roaming) would be huge.
There is no centre such as this in Europe and there is surely a market for this type of venue and I cant believe the penny hasn’t dropped with some of our politicians.
Picasso
Gambling is a huge industry, with a massive following (you need only look at the internet) – and many enjoy the atmosphere of a proper casino or complex of casinos.
What if:
• An Atlantic City - mini Las Vegas was permitted at a location immediately adjacent to the west side of Shannon Airport.
• The State retained the ‘freehold’ but gave permission to major international casinos to develop hotels & casinos on the site on say 50 year leases.
• International Groups develop their hotel/casinos at their own expense.
• Developers build all services.
• Government to charge substantial annual ground rent.
• If the government was to compel development to an outline plan, the complex could consist of 8-10 hotels around a series of roofed plazas etc.
• Complex could incorporate conference centre, concert venue etc
• A direct metro link from Shannon Airport Terminal to the complex.
• If marketed in the right way (Vegas Style) Shannon could become a hub for those travelling in and out of Europe from USA and further afield.
• Shannon would become a destination in its own right – there is not a great deal of difference in flight time between Boston & Vegas and Boston & Shannon.
• A substantial proportion of visitors would be from outside Ireland.
• Many would travel out of the complex on tours, golf trips etc.
The bonuses are:
• An uptake in construction work for a handful of years and remember our Fas legacy has left so many Irish with no skillsets other than construction.
• A large number of people employed when the complex comes online, including additional jobs at Shannon Airport and the surrounding area.
• The rebirth of Shannon Airport, rather than the current decline.
• There would be no requirement to impose a Shannon Stopover – they’d want Shannon as a destination.
• Great boost for Aer Lingus & Ryanair
• Increase in tourism to the West/South West.
• The spin off into everything from suppliers of foodstuffs and maintenance companies to mobile phone companies (roaming) would be huge.
There is no centre such as this in Europe and there is surely a market for this type of venue and I cant believe the penny hasn’t dropped with some of our politicians.
Picasso
Saturday, November 26, 2011
Break up of Euro Zone and Anarchy (1)
We are already deep into the danger zone, what happens if governments suddenly cannot borrow. Public sector wages are not paid, unemployment benefits are not paid and the spiral dowwards suddenly goes into a vertically downwards curve.
It is logical to assume in that scenario that anarchy will take over the streets and we are not very far from that scenario at the time of writing.
Although various industry sectors will suffer downturns from time to time, unemployment has been high in specific sectors from time to time, the only parallel to a universal high unemployment depression where the currency fails, we must look to events which destroyed the Weimar Republic (post WW1 Germany into the Great Depression), similar events have occurred or near occurred in many other countries, however many of these occurrences have been in police or semi-police states where public order is 'imposed'. The Euro block has no very recent history of police states, the general public is far more mobilised than at the time of the Great Depression and with high streets almost dominated by large multinational chain stores, the instruments of difficult times (customer credit, price cutting etc) will not be seen.
Globalisation has removed much of the personal interaction of high street business, many of the public see themselves merely as 'worker ants' in a corportae run world, many see global corportaions as the root cause of current issues and with no other option would have less misgivings simply taking what they need from multinational high street stores than their forefathers would have had effectively robbing from their neighbour the store owner.
Prepare for riots in euro collapse, British Foreign Office warns
British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way. A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time. “It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.
Recent Foreign and Commonwealth Office instructions to embassies and consulates request contingency planning for extreme scenarios including rioting and social unrest. Greece has seen several outbreaks of civil disorder as its government struggles with its huge debts. British officials think similar scenes cannot be ruled out in other nations if the euro collapses. Diplomats have also been told to prepare to help tens of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.
Fuelling the fears of financial markets for the euro, reports in Madrid yesterday suggested that the new Popular Party government could seek a bail-out from either the European Union rescue fund or the International Monetary Fund. There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday. The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable. Italy’s new government will have to sell more than EURO 30 billion of new bonds by the end of January to refinance its debts. Analysts say there is no guarantee that investors will buy all of those bonds, which could force Italy to default.
The Italian government yesterday said that in talks with German Chancellor Angela Merkel and French President Nicolas Sarkozy, Prime Minister Mario Monti had agreed that an Italian collapse “would inevitably be the end of the euro.” The EU treaties that created the euro and set its membership rules contain no provision for members to leave, meaning any break-up would be disorderly and potentially chaotic. If eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse. Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit.
The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency. Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment. Analysts at UBS, an investment bank earlier this year warned that the most extreme consequences of a break-up include risks to basic property rights and the threat of civil disorder. “When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences,” UBS said.
It is logical to assume in that scenario that anarchy will take over the streets and we are not very far from that scenario at the time of writing.
Although various industry sectors will suffer downturns from time to time, unemployment has been high in specific sectors from time to time, the only parallel to a universal high unemployment depression where the currency fails, we must look to events which destroyed the Weimar Republic (post WW1 Germany into the Great Depression), similar events have occurred or near occurred in many other countries, however many of these occurrences have been in police or semi-police states where public order is 'imposed'. The Euro block has no very recent history of police states, the general public is far more mobilised than at the time of the Great Depression and with high streets almost dominated by large multinational chain stores, the instruments of difficult times (customer credit, price cutting etc) will not be seen.
Globalisation has removed much of the personal interaction of high street business, many of the public see themselves merely as 'worker ants' in a corportae run world, many see global corportaions as the root cause of current issues and with no other option would have less misgivings simply taking what they need from multinational high street stores than their forefathers would have had effectively robbing from their neighbour the store owner.
Prepare for riots in euro collapse, British Foreign Office warns
British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way. A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time. “It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph.
Recent Foreign and Commonwealth Office instructions to embassies and consulates request contingency planning for extreme scenarios including rioting and social unrest. Greece has seen several outbreaks of civil disorder as its government struggles with its huge debts. British officials think similar scenes cannot be ruled out in other nations if the euro collapses. Diplomats have also been told to prepare to help tens of thousands of British citizens in eurozone countries with the consequences of a financial collapse that would leave them unable to access bank accounts or even withdraw cash.
Fuelling the fears of financial markets for the euro, reports in Madrid yesterday suggested that the new Popular Party government could seek a bail-out from either the European Union rescue fund or the International Monetary Fund. There are also growing fears for Italy, whose new government was forced to pay record interest rates on new bonds issued yesterday. The yield on new six-month loans was 6.5 per cent, nearly double last month’s rate. And the yield on outstanding two-year loans was 7.8 per cent, well above the level considered unsustainable. Italy’s new government will have to sell more than EURO 30 billion of new bonds by the end of January to refinance its debts. Analysts say there is no guarantee that investors will buy all of those bonds, which could force Italy to default.
The Italian government yesterday said that in talks with German Chancellor Angela Merkel and French President Nicolas Sarkozy, Prime Minister Mario Monti had agreed that an Italian collapse “would inevitably be the end of the euro.” The EU treaties that created the euro and set its membership rules contain no provision for members to leave, meaning any break-up would be disorderly and potentially chaotic. If eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse. Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit.
The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency. Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment. Analysts at UBS, an investment bank earlier this year warned that the most extreme consequences of a break-up include risks to basic property rights and the threat of civil disorder. “When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences,” UBS said.
Ireland triggered Euro Crisis
Reading the below, it won't be long before the Germans stop referring to the Irish as the 'model citizens of bankrupt europe' - seems Ireland may have toppled the first domino.
Anglo Triggered Euro Crisis
Irish Independent Thursday Nov 24th 2011
THE decision by Brian Cowen and Brian Lenihan to nationalise Anglo Irish Bank was the trigger for the global financial crisis, two well-respected International Monetary Fund (IMF) economists said in a report. A study of data such as bond yields suggests that it was the decision to take the insolvent bank into state control four months after the collapse of Lehman Brothers that turned the world's financial problems into a full-blown crisis, claim Ashoka Mody and Sandri Damiano. "The relevance of Anglo is, at first, not obvious, since it was a small bank in a relatively small country," the two IMF researchers say. "However, the data quite robustly suggests a break at this point."
Most Irish officials still defend the decision, arguing that the collapse of Anglo would have led to the collapse of Allied Irish Banks and Bank of Ireland as well. A report by Central Bank governor Patrick Honohan last year also concluded that the decision to nationalise Anglo was the right one because of the dangers posed to the main lenders. The IMF economists believe that the large cost of rescuing the bank relative to Ireland's economic output raised serious concerns about the wider economy; a banking problem had become the State's problem.
The projected cost of rescuing Anglo is €34bn -- although the figure could be lower. "Suddenly, the ability of the sovereigns (governments) to support the financial sector came into question," write Mr Mody and Mr Damiano. "The worrying news a few months later about Greece's fiscal imbalances confirmed that the eurozone crisis had evolved from a banking crisis into a sovereign crisis."
Policy
The two economists say Anglo Irish should have been slowly closed down rather than nationalised. This is now Government policy but many attempts were made to keep Anglo going before the policy changed. Mr Lenihan argued in 2010 that it would have cost more to close the bank and than keep it open.
Mr Mody, an economist who escaped a bizarre assasination attempt at his home near Washington DC when Dominique Strauss-Khan was head of the IMF, knows Ireland well and was a member of the IMF team that came here in the wake of last year's bailout. He was also assistant director in the IMF's European Department -- although the opinions expressed in the research paper are not official IMF views.
Not all European bank rescues were wrong, the researchers add. Most banks were in a better position than Anglo and some governments had more money which allowed them to rescue their lenders. In future, governments need to better distinguish between banks that are worth saving and banks that should be closed, they write. "A more resolute strategy for winding down banks is also needed." Rescuing banks such as Anglo created a vicious circle for governments because the value of state bonds often fell after the government took the risk of saving a lender. Banks are the biggest owners of government bonds which meant that the banks lost money as government bonds slumped. "At this point, the sovereign and banks were joined at the hip, with their respective weaknesses threatening to reinforce each other," they add.
Anglo Triggered Euro Crisis
Irish Independent Thursday Nov 24th 2011
THE decision by Brian Cowen and Brian Lenihan to nationalise Anglo Irish Bank was the trigger for the global financial crisis, two well-respected International Monetary Fund (IMF) economists said in a report. A study of data such as bond yields suggests that it was the decision to take the insolvent bank into state control four months after the collapse of Lehman Brothers that turned the world's financial problems into a full-blown crisis, claim Ashoka Mody and Sandri Damiano. "The relevance of Anglo is, at first, not obvious, since it was a small bank in a relatively small country," the two IMF researchers say. "However, the data quite robustly suggests a break at this point."
Most Irish officials still defend the decision, arguing that the collapse of Anglo would have led to the collapse of Allied Irish Banks and Bank of Ireland as well. A report by Central Bank governor Patrick Honohan last year also concluded that the decision to nationalise Anglo was the right one because of the dangers posed to the main lenders. The IMF economists believe that the large cost of rescuing the bank relative to Ireland's economic output raised serious concerns about the wider economy; a banking problem had become the State's problem.
The projected cost of rescuing Anglo is €34bn -- although the figure could be lower. "Suddenly, the ability of the sovereigns (governments) to support the financial sector came into question," write Mr Mody and Mr Damiano. "The worrying news a few months later about Greece's fiscal imbalances confirmed that the eurozone crisis had evolved from a banking crisis into a sovereign crisis."
Policy
The two economists say Anglo Irish should have been slowly closed down rather than nationalised. This is now Government policy but many attempts were made to keep Anglo going before the policy changed. Mr Lenihan argued in 2010 that it would have cost more to close the bank and than keep it open.
Mr Mody, an economist who escaped a bizarre assasination attempt at his home near Washington DC when Dominique Strauss-Khan was head of the IMF, knows Ireland well and was a member of the IMF team that came here in the wake of last year's bailout. He was also assistant director in the IMF's European Department -- although the opinions expressed in the research paper are not official IMF views.
Not all European bank rescues were wrong, the researchers add. Most banks were in a better position than Anglo and some governments had more money which allowed them to rescue their lenders. In future, governments need to better distinguish between banks that are worth saving and banks that should be closed, they write. "A more resolute strategy for winding down banks is also needed." Rescuing banks such as Anglo created a vicious circle for governments because the value of state bonds often fell after the government took the risk of saving a lender. Banks are the biggest owners of government bonds which meant that the banks lost money as government bonds slumped. "At this point, the sovereign and banks were joined at the hip, with their respective weaknesses threatening to reinforce each other," they add.
Monday, May 30, 2011
The three stooges
What skillsets would you like to see in the team managing a Euro 650M major design and construction project.
The Chairman of the board of the new national childrens hospital has resigned for the following reasons.....
Mr Gallagher said the executive team — consisting of former nurse and chief executive of the development board Eilish Hardiman, accountant Jim Farragher and paediatrician Dr Emma Curtis — did "not have the capacity to process, challenge and authorise the significant number of ‘change orders’ the project team generates".
This is on a par with putting a couple of prison warders in charge of the Thornton Hall project.
The significance of this, he said, was that nobody was disputing the costs of some change orders (written instructions about changes to a job already in progress, and the cost of this new work) or the validity of other change orders.
He said: "Given the scale of the project, the scope for change orders to get out of control and materially exceed budgets is high."
Mr Gallagher urged Dr Reilly to appoint "at least two" members to the executive team to control the day-to-day activity of the project, as well as a cost director to manage day-to-day costs, but with the NDFA in charge of ultimate sign-off.
He described the current project structure as "unworkable".
Mr Gallagher is the second chair of the development board to resign in less than six months. Philip Lynch resigned last October. Meanwhile, Ms Hardiman is to leave the board to take up a post at Tallaght hospital.
The project, which has been almost 10 years in the offing, has been dogged by delays. The current stoppage, pending completion of the review, is costing €330,000 per month.
This is a recipe for tens of millions in taxpayers money being flushed down the toilet and Dr Reilly needs to take his finger out and complete the review asap Euro 300K per month and nothing happening !!!!
The Chairman of the board of the new national childrens hospital has resigned for the following reasons.....
Mr Gallagher said the executive team — consisting of former nurse and chief executive of the development board Eilish Hardiman, accountant Jim Farragher and paediatrician Dr Emma Curtis — did "not have the capacity to process, challenge and authorise the significant number of ‘change orders’ the project team generates".
This is on a par with putting a couple of prison warders in charge of the Thornton Hall project.
The significance of this, he said, was that nobody was disputing the costs of some change orders (written instructions about changes to a job already in progress, and the cost of this new work) or the validity of other change orders.
He said: "Given the scale of the project, the scope for change orders to get out of control and materially exceed budgets is high."
Mr Gallagher urged Dr Reilly to appoint "at least two" members to the executive team to control the day-to-day activity of the project, as well as a cost director to manage day-to-day costs, but with the NDFA in charge of ultimate sign-off.
He described the current project structure as "unworkable".
Mr Gallagher is the second chair of the development board to resign in less than six months. Philip Lynch resigned last October. Meanwhile, Ms Hardiman is to leave the board to take up a post at Tallaght hospital.
The project, which has been almost 10 years in the offing, has been dogged by delays. The current stoppage, pending completion of the review, is costing €330,000 per month.
This is a recipe for tens of millions in taxpayers money being flushed down the toilet and Dr Reilly needs to take his finger out and complete the review asap Euro 300K per month and nothing happening !!!!
Wednesday, May 25, 2011
The Phoney War
With 'The French' being the most hostile to any reduction in the Irish bailout interest rate and continuing to press for a 'quid pro quo' of a Corporate Tax increase, it is now surely the time for the 'war' to be brought into the open.
Irish politicians have behaved as subservient to a great extent, waving their 'Munich Agreement' on each return from meetings and hailing their success "we have succeeded in maintaining the corporate tax rate".
The time has surely come when we need to look at the 'pro-active' options open to Ireland:
1. A reduction in the corporate tax rate to 10%
2. Withdraw support for Christine Lagarde as a candidate for the IMF role.
3. Actively canvass support from other EU nations to offset a French 'backlash'.
Good relations with all of our EU partners is important and especially the larger nations, however when one of them is behaving like a sub-prime lender and putting unreasonable demands on the borrower, we must bight back while we still can.
Picasso
Irish politicians have behaved as subservient to a great extent, waving their 'Munich Agreement' on each return from meetings and hailing their success "we have succeeded in maintaining the corporate tax rate".
The time has surely come when we need to look at the 'pro-active' options open to Ireland:
1. A reduction in the corporate tax rate to 10%
2. Withdraw support for Christine Lagarde as a candidate for the IMF role.
3. Actively canvass support from other EU nations to offset a French 'backlash'.
Good relations with all of our EU partners is important and especially the larger nations, however when one of them is behaving like a sub-prime lender and putting unreasonable demands on the borrower, we must bight back while we still can.
Picasso
Friday, May 6, 2011
Union chief keeps top pay as teachers suffer
Compliments to "The Irish Independent reporter Anne-Marie Walsh" for this long overdue analysis of our 'hard pressed union leaders' who are only too happy to throw a spanner in any Government initiative to turn the economy and country around.
This is one of two groups I would want to see exposed - the second being the appointees to multiple state boards and quangos.
Union chief keeps top pay as teachers suffer
A HIGHLY paid teacher union leader who earns up to €158,000 a year has not taken a pay cut, although thousands of his members have had their salaries slashed.
The 15,800 rank-and-file teachers who are members of the Teachers Union of Ireland (TUI) have endured a 14pc pay cut in the past two years. But its general secretary Peter McMenamin's pay remains the same -- even though it is linked to a grade in the civil service that has also been hit by a pay cut. Mr McMenamin refused to comment last night on why he is still on the old pre-pay-cut salary level -- and refused to reveal exactly what he is paid. His union would only say that his pay scale ranges from €131,748 to €158,644.
The pay of officials in the teaching and lecturing unions is funded through subscriptions from members.These subscriptions are usually deducted from salaries at source, by the Department of Education and Skills.
The revelation about Mr McMenamin's pay comes as more than half the 23 public sector union leaders refused to disclose how much they were being paid. But it has emerged that none of the other senior TUI officials -- among the unions most resistant to public sector reforms outlined in the Croke Park Agreement -- have taken a pay cut.
In stark contrast, senior members of the INTO teaching union have taken a cut. INTO general secretary Sheila Nunan, whose pay is also based on the same assistant secretary grade as Mr McMenamin's, revealed she had taken a pay cut. However, her potential earnings remain around €153,885.
The TUI, which only recently backed the Croke Park deal, defended its decision not to cut the pay of officials at head office in the wake of the last Government's pension levy and pay cut.
The wages of more than 300,000 public servants were slashed by an average 14pc.
TUI president Bernie Ruane said: "Both TUI's annual congress last year and the union's executive committee decided that head office staff would not have their pay cut.
"The union opposes pay cuts for anybody and accordingly refused to make cuts to the salaries of its own staff."
The motion put forward by delegates at the TUI conference, which was defeated, called for pay cuts to ensure membership and employees of the union were "treated equally".
Many unions who would not reveal pay details have been most resistant to the Croke Park agreement, including university teacher union IFUT, which has still not backed the deal.
Teacher unions, including the TUI, only recently agreed to work extra hours that were due to commence at the start of the last school year.
Others, including the AHCPS, would not give pay figures and would only refer to the public sector pay grades their leaders' wages are linked to. General secretary of the Public Service Executive Union, Tom Geraghty, whose union represents 11,250 mid-ranking civil servants, said he regarded questions about his pay "intrusive prurience".
The Garda Representative Association said that its leader's salary was "personal information".
General secretary of the largest dedicated public sector union, IMPACT, Shay Cody, would not give details of his current pay but did reveal he had taken a pay cut. His spokesperson said his pay was no longer linked to the pay of the Cork county manager, which stood at €171,313 in 2009. He said Mr Cody had taken a voluntary pay cut and waived a portion of his salary on appointment, and also declined a public sector pay award.
Construction union BATU, which has up to 500 public sector members, said officials' pay had dropped by 40pc in the last two years but would not say what general secretary Paddy O'Shaughnessy's pay was.
However, other unions were more open about their leaders' wages.
They included SIPTU, where staff took a 5pc pay cut while national officers took a 10pc pay cut, bringing general president Jack O'Connor's basic pay down to €112,000 a year.
The survey also reveals huge discrepancies in what unions pay their leaders.
For example, the head of the small trade union, OPATSI, is paid around €45,000 -- less than a third of what some teachers' representatives get.
Jimmy Kelly, head of UNITE, which has 60,000 public and private sector members, earns €60,000 a year, while PDFORRA leader, Gerry Rooney, with 8,000 members, earns €96,000.
Meanwhile, employer body IBEC refused to give details of its director general Danny McCoy's pay.
http://www.independent.ie/national-news/union-chief-keeps-top-pay-as-teachers-suffer-2639341.html
This is one of two groups I would want to see exposed - the second being the appointees to multiple state boards and quangos.
Union chief keeps top pay as teachers suffer
A HIGHLY paid teacher union leader who earns up to €158,000 a year has not taken a pay cut, although thousands of his members have had their salaries slashed.
The 15,800 rank-and-file teachers who are members of the Teachers Union of Ireland (TUI) have endured a 14pc pay cut in the past two years. But its general secretary Peter McMenamin's pay remains the same -- even though it is linked to a grade in the civil service that has also been hit by a pay cut. Mr McMenamin refused to comment last night on why he is still on the old pre-pay-cut salary level -- and refused to reveal exactly what he is paid. His union would only say that his pay scale ranges from €131,748 to €158,644.
The pay of officials in the teaching and lecturing unions is funded through subscriptions from members.These subscriptions are usually deducted from salaries at source, by the Department of Education and Skills.
The revelation about Mr McMenamin's pay comes as more than half the 23 public sector union leaders refused to disclose how much they were being paid. But it has emerged that none of the other senior TUI officials -- among the unions most resistant to public sector reforms outlined in the Croke Park Agreement -- have taken a pay cut.
In stark contrast, senior members of the INTO teaching union have taken a cut. INTO general secretary Sheila Nunan, whose pay is also based on the same assistant secretary grade as Mr McMenamin's, revealed she had taken a pay cut. However, her potential earnings remain around €153,885.
The TUI, which only recently backed the Croke Park deal, defended its decision not to cut the pay of officials at head office in the wake of the last Government's pension levy and pay cut.
The wages of more than 300,000 public servants were slashed by an average 14pc.
TUI president Bernie Ruane said: "Both TUI's annual congress last year and the union's executive committee decided that head office staff would not have their pay cut.
"The union opposes pay cuts for anybody and accordingly refused to make cuts to the salaries of its own staff."
The motion put forward by delegates at the TUI conference, which was defeated, called for pay cuts to ensure membership and employees of the union were "treated equally".
Many unions who would not reveal pay details have been most resistant to the Croke Park agreement, including university teacher union IFUT, which has still not backed the deal.
Teacher unions, including the TUI, only recently agreed to work extra hours that were due to commence at the start of the last school year.
Others, including the AHCPS, would not give pay figures and would only refer to the public sector pay grades their leaders' wages are linked to. General secretary of the Public Service Executive Union, Tom Geraghty, whose union represents 11,250 mid-ranking civil servants, said he regarded questions about his pay "intrusive prurience".
The Garda Representative Association said that its leader's salary was "personal information".
General secretary of the largest dedicated public sector union, IMPACT, Shay Cody, would not give details of his current pay but did reveal he had taken a pay cut. His spokesperson said his pay was no longer linked to the pay of the Cork county manager, which stood at €171,313 in 2009. He said Mr Cody had taken a voluntary pay cut and waived a portion of his salary on appointment, and also declined a public sector pay award.
Construction union BATU, which has up to 500 public sector members, said officials' pay had dropped by 40pc in the last two years but would not say what general secretary Paddy O'Shaughnessy's pay was.
However, other unions were more open about their leaders' wages.
They included SIPTU, where staff took a 5pc pay cut while national officers took a 10pc pay cut, bringing general president Jack O'Connor's basic pay down to €112,000 a year.
The survey also reveals huge discrepancies in what unions pay their leaders.
For example, the head of the small trade union, OPATSI, is paid around €45,000 -- less than a third of what some teachers' representatives get.
Jimmy Kelly, head of UNITE, which has 60,000 public and private sector members, earns €60,000 a year, while PDFORRA leader, Gerry Rooney, with 8,000 members, earns €96,000.
Meanwhile, employer body IBEC refused to give details of its director general Danny McCoy's pay.
http://www.independent.ie/national-news/union-chief-keeps-top-pay-as-teachers-suffer-2639341.html
Tuesday, April 19, 2011
Sean Quinn - The Lies Continue
Sean Quinn is still clinging to the belief that he can somehow preserve the Quinn Group for the benefit of the Quinn family and very soon it will be the Irish public who are to blame for his woes.
Mr Quinn said he had, along with colleagues, spent the past year developing a proposal that was "economically sustainable and which would allow us to discharge fully all of our family’s obligations to the Irish taxpayer".
"During this process we consulted with and secured the support of some of the most respected and experienced individuals in Irish and UK business," Mr Quinn said.
He said the mistake the group had made was "an over-reliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country’s leading financial services experts".
Its time everyone took off the 'rose tinted glasses' which show a billionaire playing cards with his close friends on a friday night for 50 cents a hand - how touching.
Lets get something straight:
Sean Quinn is part of a group of perhaps less than 50 individuals who brought this country to it's knees - this man is no hero for the average Irish citizen and rather than blaming economists etc for the Quinn Groups woes, perhaps he should ponder the fact that he gambled the Quinn Group, his familys future and the lives of his workers on a straight bet.
Quinns purchase of up to 20% of Anglo Irish Bank stocks and attempts to dispose of same en-masse was perhaps the trigger or catalyst which brought the already unsteady house of cards tumbling down.
Quinn must accept responsibility for a large share of the deductions every Irish taxpayers sees in his/her pay-packet at present. Quinn must accept his share of responsibility for the reduced government investment in Healthcare, Transport, Education etc over the next 10 years.
"Ireland needs enterprise and entrepreneurs more than ever at this time but mistakes in business should not result in a life sentence."
The "mistake" is understood to refer to the €3bn losses Mr Quinn suffered after a disastrous bet on Anglo's shares as the bank teetered towards nationalisation.
It was that move which gave Anglo the power to seize control of the Quinn empire, since the share capital of the Quinn Group was included in the security for the loan Mr Quinn took to bet on the shares. Mr Quinn described Anglo's move to send in a share receiver over the Quinn Group as "the greatest upset for me and my family in my entire business career".
Hints of the former FAS chief Roddy Molloy explaining of his entitlement to fly first class. Quinn needs to sit down and contemplate all those reposessed family homes, broken marriages, hungry children and even suicides which his greed provided the fuel for.
Quinn was part of this exclusive Bank-Business-Politico group of rats, he knew what he was doing and was not relying on newspaper pundits for his view of the economy going forward. The Quinn Group was earning plent of money, but enough was never enough for these turds - they wanted more, they wanted the kick-back, the brown envelope or the purchase of a bank through slight of hand - why werent those shares purchased outright - why CFD's.
Sean Quinn and Sean Fitzpatrick are the Chairman and CEO of the stinking club of thieves who destroyed Ireland.
Read more: http://www.irishexaminer.com/ireland/quinn-blames-experts-growth-predictions-151878.html#ixzz1JydDIqOx
Mr Quinn said he had, along with colleagues, spent the past year developing a proposal that was "economically sustainable and which would allow us to discharge fully all of our family’s obligations to the Irish taxpayer".
"During this process we consulted with and secured the support of some of the most respected and experienced individuals in Irish and UK business," Mr Quinn said.
He said the mistake the group had made was "an over-reliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country’s leading financial services experts".
Its time everyone took off the 'rose tinted glasses' which show a billionaire playing cards with his close friends on a friday night for 50 cents a hand - how touching.
Lets get something straight:
Sean Quinn is part of a group of perhaps less than 50 individuals who brought this country to it's knees - this man is no hero for the average Irish citizen and rather than blaming economists etc for the Quinn Groups woes, perhaps he should ponder the fact that he gambled the Quinn Group, his familys future and the lives of his workers on a straight bet.
Quinns purchase of up to 20% of Anglo Irish Bank stocks and attempts to dispose of same en-masse was perhaps the trigger or catalyst which brought the already unsteady house of cards tumbling down.
Quinn must accept responsibility for a large share of the deductions every Irish taxpayers sees in his/her pay-packet at present. Quinn must accept his share of responsibility for the reduced government investment in Healthcare, Transport, Education etc over the next 10 years.
"Ireland needs enterprise and entrepreneurs more than ever at this time but mistakes in business should not result in a life sentence."
The "mistake" is understood to refer to the €3bn losses Mr Quinn suffered after a disastrous bet on Anglo's shares as the bank teetered towards nationalisation.
It was that move which gave Anglo the power to seize control of the Quinn empire, since the share capital of the Quinn Group was included in the security for the loan Mr Quinn took to bet on the shares. Mr Quinn described Anglo's move to send in a share receiver over the Quinn Group as "the greatest upset for me and my family in my entire business career".
Hints of the former FAS chief Roddy Molloy explaining of his entitlement to fly first class. Quinn needs to sit down and contemplate all those reposessed family homes, broken marriages, hungry children and even suicides which his greed provided the fuel for.
Quinn was part of this exclusive Bank-Business-Politico group of rats, he knew what he was doing and was not relying on newspaper pundits for his view of the economy going forward. The Quinn Group was earning plent of money, but enough was never enough for these turds - they wanted more, they wanted the kick-back, the brown envelope or the purchase of a bank through slight of hand - why werent those shares purchased outright - why CFD's.
Sean Quinn and Sean Fitzpatrick are the Chairman and CEO of the stinking club of thieves who destroyed Ireland.
Read more: http://www.irishexaminer.com/ireland/quinn-blames-experts-growth-predictions-151878.html#ixzz1JydDIqOx
Sunday, April 10, 2011
Iceland & Landsbanki Bank
One has to admire the 'balls' of the Icelandic public in deciding not only to burn bondholders, but to burn depositors also (in this instance the depositors have been reimbursed by both the UK and Dutch Governments).
Following a referendum the Icelandic public said 'no' to taking over the debt of a private bank, maintaining they have no legal obligation to do so.
Looking at the Irish situation, one has to wonder what our politicians are up to - there is no obligation on the Irish people to reimburse the 'gambling debts' of foreign institutions.
I dabble in the stock markets and have taken a punt on risky companies. Anyone with experience will have been there - these are high risk, high payout gambles on companies who are a one bet pony - their exploratory oil well will pump black or dry and the companies existence depends on this one roll of the dice.
Despite their 'high and mighty claims', the investors in the Irish financial institutions knew the risks, you don't put billions into a company without knowing a little about that company.
The German and French Governments have one single aim, that is to ensure their Financial Institutions (these very same investors) are not burned, thus taking billions out of their economies - do you think they really care about a 1% interest reduction - they could agree to this in a heartbeat.
The whole focus of the discussion has been deliberately moved to the Corporation Tax question and the Quid Pro Quo question to distract us from what and whom we are really bailing out.
It's time for Ireland to re-focus the argument onto the senior bond-holders and threaten a referendum if need be. The time for mucking about is over, your asking the staff of the racecourse to cover your bet as the bookies have gone bust and now you are demanding extra leverage - something has gone very wrong in these discussions.
As a parachute we need to open discussions with Beijing for 'working capital'.
It's time we got back into the driving seat and discussed the real Quid Pro Quo.
Following a referendum the Icelandic public said 'no' to taking over the debt of a private bank, maintaining they have no legal obligation to do so.
Looking at the Irish situation, one has to wonder what our politicians are up to - there is no obligation on the Irish people to reimburse the 'gambling debts' of foreign institutions.
I dabble in the stock markets and have taken a punt on risky companies. Anyone with experience will have been there - these are high risk, high payout gambles on companies who are a one bet pony - their exploratory oil well will pump black or dry and the companies existence depends on this one roll of the dice.
Despite their 'high and mighty claims', the investors in the Irish financial institutions knew the risks, you don't put billions into a company without knowing a little about that company.
The German and French Governments have one single aim, that is to ensure their Financial Institutions (these very same investors) are not burned, thus taking billions out of their economies - do you think they really care about a 1% interest reduction - they could agree to this in a heartbeat.
The whole focus of the discussion has been deliberately moved to the Corporation Tax question and the Quid Pro Quo question to distract us from what and whom we are really bailing out.
It's time for Ireland to re-focus the argument onto the senior bond-holders and threaten a referendum if need be. The time for mucking about is over, your asking the staff of the racecourse to cover your bet as the bookies have gone bust and now you are demanding extra leverage - something has gone very wrong in these discussions.
As a parachute we need to open discussions with Beijing for 'working capital'.
It's time we got back into the driving seat and discussed the real Quid Pro Quo.
Tuesday, April 5, 2011
Extraordinary Rendition
Like most Irish citizens, I would find it more palatable accepting the medicine if those who had made us ill were not simply laughing at us.
The damage these people have done to this nation is far greater than the damage from petty crimes many of our prison population are guilty of.
Surely the accusations these individuals have leveled against them warrant a similar 'remand' policy as we saw with Madoff.
David Drumm is a prime example of someone who clearly suspects charges may stick and will fight us every inch of the way simply to avoid extradition from the USA.
I don't believe we should pay another cent on legal fees.
We know:
1. The US supports extraordinary rendition.
2. One of the Government planes can cross the Atlantic - Harney used it for a jolly.
3. Drumm believes he is safe in the US
The Irish Government should send in a 'snatch squad', grab Drumm and fly in the Government jet to retrieve him.
With careful planning it could easily be done.
Spike island should be re opened for the banking, developer and politicians who are found to be guilty of corruption.
The damage these people have done to this nation is far greater than the damage from petty crimes many of our prison population are guilty of.
Surely the accusations these individuals have leveled against them warrant a similar 'remand' policy as we saw with Madoff.
David Drumm is a prime example of someone who clearly suspects charges may stick and will fight us every inch of the way simply to avoid extradition from the USA.
I don't believe we should pay another cent on legal fees.
We know:
1. The US supports extraordinary rendition.
2. One of the Government planes can cross the Atlantic - Harney used it for a jolly.
3. Drumm believes he is safe in the US
The Irish Government should send in a 'snatch squad', grab Drumm and fly in the Government jet to retrieve him.
With careful planning it could easily be done.
Spike island should be re opened for the banking, developer and politicians who are found to be guilty of corruption.
Dear Enda.......
Why is Sean Fitzpatrick not behind bars? - Bernard Madoff was tried very quickly in the US.
Why are investigations into Anglo taking so long? - is there an attempt to drag it out in the hope we'll forget.
Were the actions of Sean Fitzpatrick, Sean Quinn and the Golden Circle legal? We are constantly being told by politicos that despite the shenannigans in Anglo, nothing illegal was done. Forgive my stupidity and basic knowledge of law, but huge director loans 'off the books' and hidden by inter-bank overnight loans must qualify for misleading the markets and investors, offering hundreds of millions in unsecured loans from the bank itself to hand-picked individuals to purchase another parties shares in the same institution must be illegal. Directors using a publicly listed bank as a personal piggy bank must be illegal, Bank Directors giving unsecured development loans and 'cutting themselves in on the deal' must be illegal.
Is it likely another Tribunal will be set up, cost millions and nobody be prosecuted? An Irish 'elites' solution to an Irish 'elites' problem.
Do you actually care or are you another politico on a personal power trip? Time will tell Enda whether you are capable and want to serve this country or whether you are simply on a personal power trip.
Is the Irish Public stupid? - I think we know ourselves we are very stupid.
Answers to the above would be a good start.
Why are investigations into Anglo taking so long? - is there an attempt to drag it out in the hope we'll forget.
Were the actions of Sean Fitzpatrick, Sean Quinn and the Golden Circle legal? We are constantly being told by politicos that despite the shenannigans in Anglo, nothing illegal was done. Forgive my stupidity and basic knowledge of law, but huge director loans 'off the books' and hidden by inter-bank overnight loans must qualify for misleading the markets and investors, offering hundreds of millions in unsecured loans from the bank itself to hand-picked individuals to purchase another parties shares in the same institution must be illegal. Directors using a publicly listed bank as a personal piggy bank must be illegal, Bank Directors giving unsecured development loans and 'cutting themselves in on the deal' must be illegal.
Is it likely another Tribunal will be set up, cost millions and nobody be prosecuted? An Irish 'elites' solution to an Irish 'elites' problem.
Do you actually care or are you another politico on a personal power trip? Time will tell Enda whether you are capable and want to serve this country or whether you are simply on a personal power trip.
Is the Irish Public stupid? - I think we know ourselves we are very stupid.
Answers to the above would be a good start.
Wednesday, January 19, 2011
Beverly Flynn and the ultimate TV Licence fee
Perhaps I'm missing something - or are we seeing another typical 'whitewash' of the facts by the 'Irish System'
Beverley Flynn has announced tonight that she will not be contesting the next General Election. The decision by the Fianna Fáil TD has caused widespread surprise in Co Mayo. She is understood to be stepping down for family reasons.
Taoiseach Brian Cowen has said he wanted to thank Beverley Flynn for her commitment to politics and for her efforts on behalf of the Fianna Fáil Party. He added that Ms Flynn is a very able politician and she has represented the people of Mayo with undoubted tenacity and skill in her time in Dáil Éireann. Mr Cowen said that Beverley Flynn had been assiduous in her attention to the needs of her constituents and that her many supporters will be sorry to see her leave representative politics, while respecting her decision.
Meanwhile, the Minister of State for Labour Affairs, Dara Calleary, has paid tribute to his constituency colleague.Dara Calleary said: 'Beverley has worked hard on behalf of the people of Mayo since she was first elected to Dáil Éireann in 1997
Tuesday June 19 2007
INDEPENDENT TD Beverley Flynn was yesterday accused of "embarking on a litigious frolic" which is "nakedly in her own interest".
The claim came as it emerged that the Mayo TD, one of four Independents supporting Bertie Ahern's new Government, had offered a €590,000 settlement to RTE - a fraction of the €2.8m she owes the broadcaster after her failed libel action.
Ms Flynn yesterday launched her constitutional challenge to the law which stops a court-declared bankrupt from being a member of the Dail.
There has been speculation recently Ms Flynn could be named as a junior minister during the lifetime of the 30th Dail, but the Taoiseach said at the weekend that she has "issues" to resolve.
RTE's lawyer yesterday told the court that Ms Flynn has not paid a "red cent" of the €2.8m legal costs she owes the national broadcaster. Cian Ferriter BL said not a cent had come forward to satisfy the debt to RTE, the costs which arise from Ms Flynn's failed libel action against the station and its chief news correspondent Charlie Bird in 2001. The total due to RTE, counsel said, amounted to €2.825m plus interest accruing at €500 per day.
An offer of €590,000, was made after the service of a bankruptcy petition by RTE, Mr Ferriter said. That amount, he said, was 20pc of the debt owed and RTE was not prepared to accept that. Counsel said RTE felt that Beverley Flynn was not doing all she can to discharge the debt.
Last week, he said her solicitors had written to the RTE solicitors and suggested that the bankruptcy proceedings be adjourned "in the national interest" pending the constitutional challenge. 'She has not paid a red cent of the costs order. RTE has had to take this action to have the debt discharged'
Figures released to Fine Gael TD Jim O’Keeffe in a parliamentary question show:
*54 people went to jail in 2008 for not paying their TV licence.
*This compared to 32 people in 2007, a rise of almost 70%.
*220 people have been imprisoned for the offence over the past five years.
"This is crazy, from every point of view, from the individual’s point of view and the Exchequer’s," said Mr O’Keeffe.
"It’s wrong, from my point of view, to put people in prison because they are poor.
"It’s crazy for the exchequer. The TV licence is e160. It costs e2,000 a week to put them in jail."
Supplying Mr O’Keeffe with the information, Justice Minister Dermot Ahern said: "I can advise the deputy that the number of such persons held in custody are held for very short periods of time and comprise a tiny fraction of the overall prisoner population.
"To illustrate this point, figures relating to 16 February 2009 indicate that there was only one person in custody for non-payment of fines in relation to not having a television licence."
Beverley Flynn has announced tonight that she will not be contesting the next General Election. The decision by the Fianna Fáil TD has caused widespread surprise in Co Mayo. She is understood to be stepping down for family reasons.
Taoiseach Brian Cowen has said he wanted to thank Beverley Flynn for her commitment to politics and for her efforts on behalf of the Fianna Fáil Party. He added that Ms Flynn is a very able politician and she has represented the people of Mayo with undoubted tenacity and skill in her time in Dáil Éireann. Mr Cowen said that Beverley Flynn had been assiduous in her attention to the needs of her constituents and that her many supporters will be sorry to see her leave representative politics, while respecting her decision.
Meanwhile, the Minister of State for Labour Affairs, Dara Calleary, has paid tribute to his constituency colleague.Dara Calleary said: 'Beverley has worked hard on behalf of the people of Mayo since she was first elected to Dáil Éireann in 1997
Tuesday June 19 2007
INDEPENDENT TD Beverley Flynn was yesterday accused of "embarking on a litigious frolic" which is "nakedly in her own interest".
The claim came as it emerged that the Mayo TD, one of four Independents supporting Bertie Ahern's new Government, had offered a €590,000 settlement to RTE - a fraction of the €2.8m she owes the broadcaster after her failed libel action.
Ms Flynn yesterday launched her constitutional challenge to the law which stops a court-declared bankrupt from being a member of the Dail.
There has been speculation recently Ms Flynn could be named as a junior minister during the lifetime of the 30th Dail, but the Taoiseach said at the weekend that she has "issues" to resolve.
RTE's lawyer yesterday told the court that Ms Flynn has not paid a "red cent" of the €2.8m legal costs she owes the national broadcaster. Cian Ferriter BL said not a cent had come forward to satisfy the debt to RTE, the costs which arise from Ms Flynn's failed libel action against the station and its chief news correspondent Charlie Bird in 2001. The total due to RTE, counsel said, amounted to €2.825m plus interest accruing at €500 per day.
An offer of €590,000, was made after the service of a bankruptcy petition by RTE, Mr Ferriter said. That amount, he said, was 20pc of the debt owed and RTE was not prepared to accept that. Counsel said RTE felt that Beverley Flynn was not doing all she can to discharge the debt.
Last week, he said her solicitors had written to the RTE solicitors and suggested that the bankruptcy proceedings be adjourned "in the national interest" pending the constitutional challenge. 'She has not paid a red cent of the costs order. RTE has had to take this action to have the debt discharged'
Figures released to Fine Gael TD Jim O’Keeffe in a parliamentary question show:
*54 people went to jail in 2008 for not paying their TV licence.
*This compared to 32 people in 2007, a rise of almost 70%.
*220 people have been imprisoned for the offence over the past five years.
"This is crazy, from every point of view, from the individual’s point of view and the Exchequer’s," said Mr O’Keeffe.
"It’s wrong, from my point of view, to put people in prison because they are poor.
"It’s crazy for the exchequer. The TV licence is e160. It costs e2,000 a week to put them in jail."
Supplying Mr O’Keeffe with the information, Justice Minister Dermot Ahern said: "I can advise the deputy that the number of such persons held in custody are held for very short periods of time and comprise a tiny fraction of the overall prisoner population.
"To illustrate this point, figures relating to 16 February 2009 indicate that there was only one person in custody for non-payment of fines in relation to not having a television licence."
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