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MICHAEL NOONAN WELCOMED the conclusion of the twelfth and final troika review of Ireland’s bailout programme this morning, saying that “enormous progress” had been made over the last three years.
Describing it as a “red letter day” for the country, the Finance Minister also said that the measures taken as part of the programme had been “difficult and very hard on the Irish people at all levels of society”.
Acknowledging the EU/IMF officials’ efforts on Ireland’s behalf, Noonan said today’s conclusion of their final mission here flew in the face of some of the worst predictions that were made when the bailout was first announced.
“A lot of people predicted this would never happen and that we’d be mired in bailouts indefinitely,” Noonan said.
The Minister said the country remained on course to exit the scheme on 15 December and make a full return to the markets.
On the subject of whether he’d be making use of a further precautionary line of credit, Noonan said the Government would be moving on “to making a decision on the best methodology for exit”.
“We’re fortunate that the economy is strong again and we have choices.”
Public Expenditure Minister Brendan Howlin said the officials had been “happy to sign off” as “they believe we’re in a robust state; that the mistakes that were made that plunged us into the economic mess have been largely addressed”.
Asked about their personal working relationships with the troika team, Noonan said that he found them to be “very effective people”.
“They kind of became honourary Irish people after a while.
“They were very committed to getting us out of the difficulties we were in.
“It’s a bit of a cliché, but they worked well above the call of duty, late into the night and at weekends and everything — both here and in Brussels, in the interest of Ireland.”
Howlin said there had been “a lot of intensive discussion” during the review process.
“I suppose discordant words were exchanged, some differences of understanding happened over that period, but by-and-large all three elements of the troika became strong friends of Ireland, and within their institutions became advocates for Ireland — explaining what was happening here to people who were a little bit more distant they were”.
The Minister said however he was “glad to end the business communication” and looked forward to meeting the officials in the future in “less formal” circumstances.
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Friends of Ireland!!! is this clown having a laugh, thinks its time for the FG/Labour circus to leave town folks
The Troika cuckoos are in the nest and Noonan and Howlin want us to believe that they are “strong friends of Ireland”. A sickening pair of political prostitutes.
This is a stitch up, not a “bailout”. What happened was that the National Pension Reserve Fund was raided for €17.5 billion and transferred to the European Financial Stability Facility & Mechanism (EFSF&M) funds. The Troika then generously allowed us to borrow €67.5 billion from the EFSF&M which we are paying back with interest. €64 billion of this has been used directly cover private and illegitimate banking debt. In this way the Troika gets to have the eurozone banking system stabilized at the expense of the Irish people and we get to pay for the privilege via the interest we pay on the debt.
This does not include the €32 billion also borrowed that we have pumped into NAMA
to indirectly prop up the banks by taking the bad commercial property loans off their books.
Adding the 3 figures together (17.5 + 64 +32) gives a total cost of around €113 billion and counting for the bank bailout so far. Most of this money has been borrowed and the interest payments make up a major component of our annual budget deficit. Whatever this is, it’s not a bailout. Ireland is digging its own economic grave and the Troika are billing us for the shovel.
Noonan different levels of society suffered to different levels. “They kind of became honorary Irish people after a while.” what a load of tripe
All levels, except the upper level and politicians! Arrogance is shocking, ignorance is rampant!
Yet the IMF will still be checking things out until 75% of the loan from them is repaid, and the passir of the Fiscal Treaty guarantees oversight of our economic policies into the future, now lets hear the FG fanboys tell me I’m wrong.
Your wrong :)
“You’re”
All nations have debt. All debt has conditions and oversight. Whole different ball game than the humiliating holding of our hands that FF brought down on us. But you don’t want to admit that, Norman. Not after all those times you predicted a second bailout that never happened. No Mystic Meg are you. Too busy revelling in Ireland’s suffering, perhaps.
Never predicted a second bailout Kevin, but hey never let the truth stop you spreading lies.Btw how many name changes have you gone through now?
My personal favourite was Dildo described you to a tee.
Kevin,
The debt of sovereign nations is not subject to external conditions and oversight. Fiat currency issuing nations like the U.S and U.K do not need to borrow their own currency in the market to finance a budget deficit for example. The Federal Reserve and the Bank of England can simply create as much money as required by pressing keys on a computer. In practice, they are a little more discrete in their money creation. The usual mechanism is that the government will issue new bonds and sell them to the commercial markets. The primary function of this exercise is to influence the market interest rate rather than any real necessity to raise revenue from private sources. The central banks can then at a later stage exchange the previously issued government bonds in return for central bank reserves (base money) in an effective asset swap with the commercial banks. The central bank reserves are created electronically at will by the central bank as necessary to maintain liquidity in the interbank market. In this way a sovereign country can never really default on its own currency denominated debts as the central bank can always ‘buy’ back the debt with newly created central bank reserves which every commercial bank requires to function. The markets understand this mechanism very well and would be quickly corrected if they did foolishly attempt to impose any conditions or oversight on government securities.
@Coddler – The debt of external countries is subject to some form of oversight. It’s called the interest rate that a country has to pay for it’s borrowing. At this point ours is down to managable levels which is an achievment given where we were at the back end of 2010.
Explain to me again why another Eurozone member, Latvia, was allowed to let it’s banks fail while we were required to re-imburse large German, French & US financial institutions {I believe that Trichet ECB president threatened Ireland that if we did not do it a (financial) bomb would go off in Dublin}? Maybe these major banks did not have money in the Latvian banks (Krajbank, Parexbank). Why did Noonan & Co. not raise this and get some debt write down in spite of preventing a Eurozone crisis and paying off banks who took their own risks? Despite all their promises Kenny & Co. did not get one cent of a write down, result improverishment of many sectors of society.
Latvia is not a member of the Eurozone. It will join in 2014.
Never let facts get in the way of a good story.
Can’t wait to bid Farewell to Messers Howlin & Noonan, if there was ever an apt discription of these clowns persona’s it has to be Oliver Callans take on Callans Kicks, makes for amusing listening after another week of depressing self congratulations from these and other clowns running the country.
You’re just embarrassing yourself, Joseph. Blaming the doctor for administering the medicine instead of the Lepers who spread the disease in the first place. By any reasonable metric, Ireland is in a better place now than when this Government took over. And we should be celebrating the imminent restoration of our economic sovereignty today. That you can’t see that says more about you than it does Noonan or Howlin.
Kevin the Fiscal Treaty was passed economic sovereignty is gone courtesy of FG/Lab.
Norman- it was a referendum, yes? So the people backed it, yes? Not a fan of democracy, no?
The people were frightened into for it.
Where did I allude to not being a fan of democracy, back to lying again?
Kevin ; this government were given a mandate to do this two and a half years ago sonny, celebrate what total and utter subservience and lies is it ?; your comment is very revealing !
Kevin perhaps you are forgetting the horrendous bank debt still to dealt with and the fact thst PTSB & AIB are still basket cases. Do you seriously think Ireland is out of the poo or that it is in better shape since this government took over this mess. Nothing, absolutely nothing has changed apart from these clowns having to find somone else to blame when (and it will) the poo its the fan. Jesus not even the property tax can be administered correctly, dublin running out of water & priority given to legalising weed rather than dealing with core issues affecting peoples daily lives FFS. Enda’s happy though, rumours have it that he is viewing properties in Luxembourg in advance of his full time move to Europe in the near future.
“they believe we’re in a robust state; that the mistakes that were made that plunged us into the economic mess have been largely addressed” and “I suppose discordant words were exchanged, some differences of understanding happened over that period, but by-and-large all three elements of the troika became strong friends of Ireland, and within their institutions became advocates for Ireland — explaining what was happening here to people who were a little bit more distant they were”.Really??like really??What a load of crap.
Noonan: “I told them feck off” *flicks cigarette
Good boy Noonan. Now maybe you can do something for the Irish people, you know, the people that pay your massive wages and voted you in to represent them on the back of your pre-election lies.
No ? Thought not.
Bye for now, but we’ll be seeing y’all again real soon. ;)
Unless you misread the above, they will be staying until 75% of their blood money is repaid.
Actually reading it again, it looks like I was the one who misread you. Probably not the best place to be in a rage I suppose.
Credit to the government on how they handled all of this, inspirational leadership by Enda. History will show Enda got Ireland back it’s freedom. That fact can never be changed and I for one am delighted with all he has done for us as a nation
What freedom the IMF will still be here, the Fiscal Treaty gives budgetary oversight to the EU for the foreseeable future.
What freedom,my kids and their kids and so on are going to be paying back the debt after they turned the promissory notes into sovereign debt,freedom at its finest alright.
Norman, all countries in the Eurozone are subject to the provisions of the Fiscal Treaty. Ireland is not an exception here. And are you saying you’d prefer an Irish government to be able to run wild with deficit spending?
Jim read my comment nowhere did I allude to what you suggest.My point is this present government has clained they are restoring Economic Sovereignty, Bullsh*t the IMF is here for the foreseeable future and as I have already made clear the EU has oversight of our budgets.You ignore the truth if like I could care less but I will point it out to every idiot that claims we have our economic sovereignty back that they’re wrong.
more like a red face day to me,
We will never get rid of this debt until our finances are in surplus, in the mean time the interest keeps rising, time to wake up people!!! were stuck with this for a long long long time.
On balance, Ireland were the good boys of the PIIGS. They are offering a second credit line, nice of them but I’d rather see the debt restructured, with better interest rates.
This administration done good for the country given the poxy job they took on.
Best possible outlook, no future government will have the chance to build an ivory tower like the last shower had.
They’ll be back soon enough. There’s more and more fools believing FF again, it won’t be long until their new front bench have to line their pockets and as soon as they get into government we’re back on the roundabout
Considering where we were a couple of years ago, this is pretty good news in my book.
Now all we need is for that promised 5% growth next year, and we’ll be flying
Really tired of Howlin talkin crap. Labour have a lot to answer to those who elected them. I can’t believe a word he or Labour have to say. If Howlin thinks a new A&E in wexford hospital is going to save him then he is deluded.
have your say