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THE ELEVENTH REVIEW by the International Monetary Fund (IMF) published today welcomes the beginning of loan resolution between the banks and mortgage holders.
However, the review stated “this work must press forward to reduce arrears and related uncertainties. Banks have begun to engage with mortgage borrowers in arrears to propose durable solutions”.
They said the establishment of the Insolvency Service and the removal of an “unintended hurdle to repossession proceedings” are expected to help facilitate loan resolution progress.
Supervision of the banks
The review added:
The IMF said the authorities should keep the “effectiveness” of the resolution framework under review and close supervision of banks’ efforts will remain essential.
Slow recovery
The IMF said that Ireland’s weak GDP data is pointing to a “slower recovery” than expected and said that maintaining fiscal consolidation efforts is “central”.
They added that continued firm implementation of Budget 2013 is required to achieve this year’s fiscal targets.
The review stated:
A range of other economic indicators are more encouraging, suggesting lower but still positive growth in 2013, though uncertainty remains.Growth projections for 2014 are also lowered given weaker prospects for consumption recovery and for trading partner growth.
While they welcomed that employment had begun to pick up, they said high long-term unemployment remains a key challenge for Ireland.
The report said that Ireland is expected to return to reliance on market financing in 2014, but added:
…further European support could make Ireland’s recovery and debt sustainability more robust. Irish banks face weak profitability that hinders their capacity to revive lending.European support to lower banks’ market funding costs could help sustain domestic demand recovery in the medium term, protecting debt sustainability and financial market confidence.
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So they don’t trust the banks either.
The words No sh1t Sherlock come to mind…
The imf are making money off of irelands situation, does that not bother anyone?
And judging by this story they are making a pitch for more money to be lent to us.
Just what is their agenda for us? It is as sure as sh!te a lot different than what they’re trying to tell us it is
If the people stood up together and told the imf and the rest of em to go f..k themselves 6 years ago we would be in a better position than we are now.
Turn away from the euro & star using bitcoins. Record numbers of people in Argentina, Iceland, Cyprus & Greece are using them now as a big fu to the IMF & banksters. Ireland should be doing the same.either that or go back to the punt. The euro will continue to be our destruction.
Graham, bitcoin is definitely a good hedge against almost certain further currency volatility.
Also, Eirebank is an interesting Irish initiative.
http://www.eirebank.ie/
Thanks for the link Sean. I’ll be sure to check it out :-)
There are a lot of Irish people who would agree. Can we stay in “the programme” please, cos most of those people don’t trust the Central Bank or Govt agencies to do their job either if they haven’t got the IMF looking over their shoulder.
So while the banks pretend to be listening to the IMF the struggling mortgage holders fight to stay alive. Less of the should do and become a make do organisation please and soon!
Bottom line is that Ireland won’t see any substantial growth until our major trading partners show signs of recovery. It’s that simple. We are an export led economy and if our customers are not buying we are not producing and not exporting.
I’m free for a few months if you need someone to use a whip and bat to keep them in shape
The Heading would give rise to ” Horses and Stable Doors ”
–
but the heading is slightly misleading as the report calls for
”They added that continued firm implementation of Budget 2013 is required to achieve this year’s fiscal targets.”
– in other words keep screwing the people until all the banking gamblers and ” developers ” have been paid .
and
” The IMF said that Ireland’s weak GDP data is pointing to a “slower recovery” than expected and said that maintaining fiscal consolidation efforts is “central”.” -
—- but Fraulein Kenny told us we are doing well – and even says that by doing away with the Senate we can save € 20 million – while the budget will screw us for 150 times that amount
- but unemployment is falling !!!- or rather emigration is steady
”The rate of unemployment has gone from 13.8 per cent to 13.7 per cent over the second quarter of 2013, according to new figures released by the Central Statistics Office”
so the robbery is to continue – and its not only Kenny that needs to grow a pair .
not really related but can anyone explain why a credit union needs
proof of address
passport/driving licence
prsi number
for an account that is at least 20 yrs old?
big brother..? revenue..?
You adding someone to the account?
Anti money laundering measures
no.no changes whatsoever..always thought prsi no,s were a matter for revenue.
government has a committee of civil servants looking into credit unions right now ,more revenue taking measures Will follow
no louise we have the main banks that do that,
Anti Money Laundering applies to Credit Unions too.
Francis its not only the banks that need supervision ,word on the street from an insider is the they are frightened to death with what has gone on and they cannot come out with the truth .
It looks as if the Banks need close supervision. WE cannot have a repeat of what has already happened and cost the country dearly. Also there needs to be accountability for what has already happened and those involved brought to Account. The most worring aspect is how safe are the banks will they need another bail out.
Pointing out the obvious yet again.
have your say