Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
HEY, YOU KNOW what we haven’t done in a while? Had a Troika review, that’s what.
Yes, the Troika were in town last week to assess Ireland’s progress on the bailout deal and now it’s time to find out what they said in their eighth quarterly review.
Will Ireland get a gold star again? Join us from 12 noon as we follow the press conference by Finance Minister Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin.
This is unprecedented – the press conference is actually kicking off on time. Michael Noonan has to be in the Dáil at 12.30 so it’s going to be a quick one.
Noonan cites a lot of the commitments that were due to be delivered between July and September – the Credit Union Bill, the Industrial Relations Act – and says they have all been fulfilled. “We have also fulfilled our fiscal targets [for the period]” he says.
Noonan: We have drawn down about 80 per cent of the funds available to us and we have fulfilled about 160 different conditions, so now we’re looking at exiting the programme when it finishes at the end of 2013 (or as Noonan calls it, “two thirteen).
Brendan Howlin echoes what Noonan said about the focus being on exiting the programme now and “running our country in a normal way”.
Howlin says there are three strands to the government’s policy:
Howlin says Ireland is a “well-performing programme” overall. He says there are two pressure points: high unemployment and the difficulties with the health system.
There is now a question being asked in Irish so I am completely useless in deciphering what is being said.
(Image: MerrionStreet.ie)
Surprised it took this long to be brought up properly, but the Ministers are now being asked about the bank debt deal, which has been the focus of a whole lot of confusion over the past week.
Noonan says the only additional information beyond what has been made public – i.e. Merkel and Hollande both saying separately that Ireland is a special case – is that the number of people with impaired mortgages is remaining fairly constant and the number of new people with impaired mortgages has dropped quite a lot, so the government is going to look at this again at the next review.
Noonan on the promissory note: We’re working on the prom note*. We don’t have details now but we have a reasonably good interchange with the ECB who are the people we need to deal with rather than the Troika. It would be convenient if we could get something done before the Budget, but that’s unlikely.
*Yes, he called it the ‘prom note’.
Noonan is describing what it’s like for countries coming out of a bailout programme: There’s always a bit of hand-holding, he says. It’s not like there’s one jump and they’re free.
Michael Noonan is really emphatic that he doesn’t think Ireland is going to need a second bailout when the current programme ends in December 2013.
He says the important thing is for the NTMA to be able to raise money on the markets at low interest rates and that’s going to be crucial.
Noonan: “I am very confident that we will exit the programme in all circumstances [at the end of 2013] and we will be back on the markets”.
He says the unknown variable right now is the level of interest that Ireland would have to pay on the markets.
Howlin: “We are the most successful programme, we have hit all the targets and I think there is a palpable will” across Europe that wants Ireland to succeed.
(Image: MerrionStreet.ie)
Mild laughter at the press conference as one of the journalists asks Noonan and Howlin to turn off their mobile phones as it’s interfering with the sound. This happens at almost every single Troika review press conference.
Noonan is asked what kind of interest rate he’d like to see Ireland being able to borrow at, since that’s what he described as the ‘variable’ when it comes to the country returning to the markets.
He says he’d like to see Ireland borrowing at as close as we can get to current official rates of between 3 and 3.5. He says we’re currently not far off that – this morning Ireland’s 5 year bonds were at 3.36, which he said isn’t bad – obviously 5 years isn’t a long time so it wouldn’t be ideal, but the 10 year bonds were at 4.67 so that’s not a million miles off from the target.
This is probably the main point coming from the conference – Noonan is talking again about the discussion with the Troika about exiting the programme.
“What we did this morning was we moved… on to having a short discussion about how we could exit the programme and if assistance would be available on exiting the programme and the answer was yes”.
Crucially, he says there has been no discussion in government about this but there has been some discussion between him and Brendan Howlin about it.
Howlin says the Troika didn’t bring up the Croke Park Agreement so he thought he should bring it up with them. “They’re content with the savings we set out,” he says.
…And that’s it. Probably the shortest conference we’ve had from government ministers about a Troika review but a few interesting things there.
Here’s the full details from the Department of Finance about Ireland’s successful completion of the 8th Troika review.
In line with each of the previous quarterly reviews, Ireland has met all of the commitments and our continued strong programme implementation has been recognized by the Troika.
From the Department of Finance:
The upcoming Budget will deliver a further budgetary correction. There is no doubt that this will be difficult but Budget 2013 will be as fair and equitable as possible and will be consistent with the Governments key objective of growing the economy and getting people back to work.”
To embed this post, copy the code below on your site
Turning in his grave at the lot we have in power now. We badly need another leader of his charisma & personality.
Collins was first & foremost a pragmatist. He signed the treaty because the alternative was complete annihilation of an exhausted IRA by British forces. With no more cards to play, he accepted some unpalatable conditions, suggesting that they would be undone by a series of “stepping stones”…bit by bit we’d get to where we needed to be. He had the realism and fortitude people lack you lack. “The lot we have in power now” have taken exactly the same approach. Ireland had no cards to play after the disaster that FF brought down on us. We stomached the unpalatable. And bit by bit we’re reversing it; reducing interest rates and restructuring loans and we will shortly cross our most important stepping stone to date- exiting the bailout and re-establishing our sovereignty. Collins would be proud though despairing somewhat that there are still people like you, lacking the stomach for the fight, still looking for the quick fix. Go read a history book.
“go read a history book”?
If you want to know the truth about Ireland you had better stay away from the history books.
More like bit by bit we are watching people loose hope. Collins would not have tugged his forelock to those in Brussels to the cost of his own people. Anyone claiming that he would does the memory of one of our greatest leaders a disservice and should be ignored. “lacking the stomach for the fight” my arse
Well Kerry wouldn’t you think he ‘tugged his forelock’ to those in London?
A man that brought down a Empire
My Dad Davy conway born in 1914 in Tipp, a great Fianna fail man Loved Collins, Dan breen and Sean treacy and all WHO gave their Lives for the Irish Republic But till the Day he died hated the blue Shirts and the crowd that came after collins, how fitting it was that Brian lenihan was Asked to speck at beal na blath a man WHO to gave his life for his country also and now the work he Did is playing off no pension for him he worked to the end for this country the people of Dublin West knew this and Re elected him to Michael and Brian RIP.
One of our most important founding hero’s so you’d think we’d have a proper memorial statue to him in our capital. Ah no, let’s get a giant spike instead! Don’t want to upset our orange buddies up north
@Dec, exactly only for Collins this country would never have gained its freedom. Yet for some reason there is no memorial statue in the capital. Disgrace.
seamus,
this country is not free, 6 counties are still occupied.
@mickcollins, true, but not Michael Collins fault.
Regrettably not only do we not have a memorial to Collins, but the only city centre space commemorating the War of Independence – the Garden of Remembrance – is to be desecrated by a new monument to victims of institutional abuse. Linking these two separate topics does, in my opinion, a massive disservice to each issue. Recently approved by Dublin City Council, the scheme is under appeal to An Bord Pleanála. Designs can be seen here: http://www.archiseek.com/forum/viewtopic.php?t=3777&p=117076
Although it seems to have largely escaped the public’s attention, anyone who’s concerned can consider petitioning in support of the appealing parties.
Its almost a century since michael collins and his comrades fought and won independence from the British empire. I often wounder what they think of the self serving money grabbing TD and senators we have now who have bowed down to the Banks, EU and IMF? If they were able they probably fight for a new independent Ireland
Michael Collins! The founder of Modern Guerilla Warfare,the first freedom fighter urban terrorist..!! However you wanna label him..here is a man who single handedly orchestrated the bringing down of the British Empire to it’s Knees..A man who had the foresight to see that the Treaty was a STEPPING STONE to 100% independence..” The freedom to achieve freedom ” the same Treaty that was ratified and supported by the vast majority of the Irish people…
The alternative was anihalation by the British and believe this 100% there would be a lot more UNION JACKS flying around the Island of Ireland than we see at the moment being paraded by a bunch of mindless Orange Order bigots….Multiply that 1000 fold..
And tell me then that this man didn’t just save us from this but created our Republic..
But as is typical of the ethos of today…” We knock our own first ”
I cannot help think that maybe this mindset of today was borne out of the psyche of the Irish Civil War…
Prior to that through History we generally stood together and fought for a cause..
We now bitch and moan….have an ” I’m aright Jack, Me fein attitude…
This Great man gave everything for his country and paid the price dearly. ..
How exactly did he “Bring the Empire to its knees” I have respect for Collins, but get some perspective. Ireland was given its “independence”. Then with its “freedom” chose to swap its metaphorical oppression by the Crown for the very literal oppression of the Roman Crown. That and Dev’s stifling social & economic conservatism that straight jacketed Ireland for decades. Any criticisms of the UK became defunct as it moved towards a secular, democratic and multicultural modern nation that had little awareness for Éire, who in return often perpetuates negative stereotypes and hostility towards her neighbour.
We often wonder how the country would have been different if it not for that day in Cork.
Markhumphrys.com/Irish.econony.html
*economy
If big mick was around today I’d follow him to hell and back
The greatest patriot our land has ever seen and he should be honoured more
Collins was no more than a traitor who cost us 6 counties which are still occupied by enemy forces to this day.
Claire tell us all about your exhaustive struggle to free the 6 counties. Listening to the wolfe tones doesnt count…
Clare. Grow up. We all know you’re a attention seeking troll.
Claire, no followers and following no one, enough said!
Michael the fact you judge someone by their twitter stats is “enough said” too! Very sad. Some people like myself only have a twitter account because the journal demands it, and have no interest in posting our thoughts on the web and “following” other people’s sad ramblings either.
Having said that, Claires comment was pathetic and purely designed to provoke with no substance whatsoever.
Gogo69-you’re half right. Michael is one of these sad wannabe detectives who feel they can profile someone by their twitter account. You’re correct that in order to leave a comment then you need to have a twitter or Facebook account to leave a comment. Other than that I wouldn’t bother. However, Michael only has 12 friends on his Facebook account which doesn’t signify a sad little man as he’s actually making an effort. As for Collins, I stand by my comment. This roll over attitude promoted by the likes of you and the others on here is exactly why this country is being walked all over to the present day. Now off you go and pay your household charge, though I suspect you’ve already paid it.
Claire what rollover attitude am I promoting?
Claire you display a very shallow understanding of history if you are prepared to lay partition entirely at Michael Collins’s door. And in that way it would be equally easy to say Dev was a traitor for the economic misery he inflicted on the country in pursuit of celtic mysticism or that everyone who fought for the anti Treaty side was a traitor because they refused to accept the democratic will of Dáil Eireann. Perhaps you should read a little more.
That’s a lot of thumbs down Claire. Maybe it’s time to reconsider your thoughts. It’s not a GAA game you know
Yea and what sadder is your afraid to use your real name when making comments like that
Seriously Claire. If you’re not trolling you have zero understanding of Irish History. Go back and read some before you make ridiculous and insulting comments like that.
Clare I think you’ll find that Red Hugh O’Neill and Hugh O’Donnell are probably more responsible for partition than any other Irish people and that was long before Collins.
You need to read up on your history and actually know what your talking about before making statements of that nature.
@alwaysrightokay, care to elaborate a bit more on how Red Hugh o Neill and O Donnell were more responsible for partition than any one else. Just curiosity ???.
Anyone who knows the real history knows that Collins was running guns in from germany to aid a future attempt to take the 6 counties back. There were men near the border waiting on the call to go in but Collins was murdered before he could go ahead with the plans. We will never know whether he would have succeeded had he not been killed. But we do know it was Dev that sold us out in the first place. He knew Collins hands were tied with the treaty and Dev caused the civil war after majority voted in favour of the treaty. So save your pathetic comments for those who deserve them . Collins certainly doesn’t
@Nuala, good post. Devs thirst for power caused the civil war and he should have been in London not Collins, as Collins said himself “He was a soldier, not a politician’.
Very true Nuala, that’s why the Brits wanted him out of the way..
You imbecile. Words fail me.. who would have obtained the 32 counties in 1921 so, socio political genius you? Cathal Brugha? You unbelievable frigging pleb.
Errrrr… how???? Because An O’neill lost at kinsale? A very, very close run thing?? Comment doesn’t make sense, please explain.
We as a nation has lost our moral and national sense of outrage, how can we be expected to respect the founders of this state, given our history is now taught ( if taught in class) in the new Eire Nua PC language.
As a non Irish, my first exposure to him prior to coming to Ireland was via the movie starring Liam Neeson. Did some further reading after.
On arrival here occasionally friends discuss Irish history and politics. When I ask about him there is generally a frosty reception as though he was this necessary evil that after completion, everyone just wanted to hush up.
Any idea why from the natives?
It’s caz we can’t reveal his true persona to somebody foreign to our shores, the pasty crusader who patrolled Dublin at nights in his Mikemobile.
So he was the Mike Ireland deserved but not the one it needs right now?
Very PC of you, another who did not or would not read the nations history, try read the historic notes “negotiations with Churchill” JFK could not hold a candle to this hero
Red thumbs for asking? Okay keep your dirty secrets then… I might as well add in some statements about bankers and abortion just to keep with the current topics then
I wish you were around now Michael Collins to deal with the biggest nation since british Rule and that is Enda and his dictatorship
Dalton worked for the British secret service, it was he who shot Collins. Collins wanted a 32 county Republic and he was a formidable foe for the British.
Where did you lick that nugget of craziness up from?
An interest in books..
mick collins worked for the brits, of that there is no doubt. He was a traitor.
He used british weapons to murder irish people.
He used british soldiers to fire the first artillery rounds at the four courts.
He tied irish soldiers to british mines and murdered them.
Cork isn’t known as the english rebel city for nothing.
‘He tied Irish soldiers to British mines’ by that I assume you’re talking about Ballyseedy. I would consider myself sympathetic to the anti-treaty side, but even I’d admit Collins had nothing to do with that..
Think you should read your history, given the reception HRM got in Cork, this country would be better off without Cork, you are right a city of traitors, but not Collins
Why are so many people jealous of Cork? Just asking.
Cork……The British City
Mickcollinsthespy: the vacuous troll
vacuous
that’s a big word for a citizen of the english rebel city.
This is the kind of legend that helps us create mythology to support our leadership. Helping to be “proud to be Irish” – but in the right way.
The 1916 centenary approaches, an opportunity for a rally in Croke Park… Let’s get all the school kids waving flags – because we are a great nation, aren’t we?
Be quiet you idiot.
That last comment directed at the spy.
This documentary owes a lot to the long research work made over a period of two years by Tim Crowley, of the Michael Collins Centre in Clonakilty and Maria Young, free lance producer and line manager.
There is a fair bit about how terrible the. Irish civil war was and it was but all war is terrible with civil (weird expression there is and never has been anything civil about war) wars being the worst, whether US or one of the many the Brits have had (war to the Roses, Sedgemoor etc were civil wars as well as Parliamentary/Crown)
The Irish civil war was not and will not be the worst.
Yes Collins was an idiot and courted his own death by ignoring his local commander, Dalton twice. First time by decision to drive west second by stopping to fight instead of driving through and then possibly regrouping and counter attacking.
Collins the Patron Saint of FG. Dev the Patron Saint of FF. What a Legacy we got from those two !
@Johnny, unfortunately we got De Valera and look what happened.
Collins had nothing to do with Fine Gael. They did not exist until 1933. He was still a member of Sinn Féin when he was killed. He had noti
nothing to do with FG despite what they try to claim*.
In relation to historical lineage Fine Gael though it didn’t exist at the time would’ve been in the pro treaty Collins camp. Anti treaty would’ve been Fianna Fáil Coming from Dev. The Sinn Fein we have today would be directly opposed to the treaty and would politically by diametrically opposite to Collins.
It’s amazing how people go “Collins was in Sinn Fein not Fine Gael” just shows how ignorant they our of the history while claiming to understand the so-called “real” history. Sounds similar to the SF idiots who say Omagh was by the “Brits” when the Provos even said they did it. No end to their lunacy.
*are
What a dumb arse spalpeen comment.
An extraordinary man in extraordinary times. A true hero of our country with tenacity and insight.
I recently saw a bust of Collins in the local Sinn Fein siopa. Are they that shallow they don’t see the irony of it?
Searing read swearing
Interesting 15 red thumbs so civil war and war are not terrible. Idiots
Please don’t simply red thumb tell me why in a constructive form and not ranting and searing.
Slightly predictable aren’t you. Enjoyed game going away now, bye bye little boy/girl
Red thumb done
No answer is also an answer can’t articulate reasons for red thumb point of being an idiot proven in one case. Don’t bother I’ll red thumb this myself to save you the expenditure in energy.
have your say