Statement by the EC, ECB, and IMF on the Review Mission to Ireland


9 replies on “Statement by the EC, ECB, and IMF on the Review Mission to Ireland”

This will cost us about 1bn in interest per annum, however when you consider that some of the original 32 bn was returned to deposit holders, some in this state, and not all went to bondholders it was about the best the government could ask for in the circumstances.

I never thought I would say it, well done Micheal Noonan!

I am not going to cry any tears for the Anglo Irish employees though, they have the best funded pension scheme in the state, what the opposition think they are doing whining on about employees on 100k+ is beyond me.

“Unemployment remains stubbornly high, and is increasingly long-term in nature. Reducing it must remain an urgent policy priority. ”

Fair play to the IMF for consistently highlighting this.

“The management of mortgage and SME loans in arrears needs to be further enhanced to achieve sustainability for households and distressed but viable businesses. Given the scale of mortgage arrears, supervisers should ensure that banks intensify their engagement with customers in order to find durable solutions appropriate to borrowers’ circumstances. Timely activation of the new personal insolvency framework will support these efforts. As a complementary step, greater efforts can be made to pursue legal remedies for unsustainable investment-property related debts. Strengthened progress in resolving SME loan arrears is also important given the key role of this sector in job creation.”

I wonder what will happen on the repo front.


“supervisers should ensure that banks intensify their engagement with customers”

Apart from the incorrect spelling, one can only imagine what form of action is involved when the banks “intensify their engagement “.

The prospect of getting blood out a turnip by ‘intensifying ones engagement with the turnip’, is a prospect that would not normally appeal to the rational mind.

… as we were.


You tried – yet this is one of the blackest days in Irish and IMF history.

““Unemployment remains stubbornly high, and is increasingly long-term in nature. Reducing it must remain an urgent policy priority. ””

WoW [Words of Wisdom!]. Now if only there was someone, anyone, who knew how to do this – and here’s the kickers!:

1: without increasing our use of fossils fuels (prognosis on supply is poor)

2. without increasing our current levels of debt

3. without having a taxpayer incentive begging-bowl outstretched

4. without finding a productive (non-financial) enterprise that will provide a real surplus

Somebody? Anybody? Yeah!, I though so!

Looks like we may be stuck in a quite unpleasant place for some time. Not to worry, roll-on the QEs and watch the virtual wealth of financial and property assets boom again – and real wealth drain away.

Still a lot of short term thinking here, neglecting the big picture…. Just study the history of previous depressions!

Pile up the pennies cos they will be able to buy cheap paper soon!

@ Fungus: Asking most folk to ‘study’ is a complete waste of time. Unlike broadband, human cognitive neurons are single-pathway and are refractory for up to 30s. Most sheeple may have only one functioning neuron. Hence the 30s ‘sound bite’!

OK, a few odd-bods will do the reading. But no one pays a blind bit of heed to well-informed folk. Axiomatically, we’re nerds – so, “just move along there”.

Depressions/recessions (since 1830s) or what-have-you, seem to fall into three rough categories: pre WWI; 1921 – 1941; and post 1950. This latter category may also be separated into pre 1980 and post 1980 – [ie: pre and post FIRE]. What we are now experiencing is neither a recession nor a depression but an economic regression (analogous to US 1933 – 1937). Its a lot more serious, because the regression needs to be slowed and halted (no real action on this), followed by the political and financial re-structurings necessary to ensure a low-volatile economic environment – which is unlikely to ever again exhibit ‘growth as we knew it’.

No one wants to even contemplate this last scenario. And it will never be officially acknowledged. However, if anyone doubts that that is what is in prospect then I would be interested to hear what they have to say by way of rebuttal – apart from an appeal for more monetary or fiscal chicanery, that is. Stimulii are completely useless unless the financial sectors are completely re-formatted. And this seems a very dim prospect indeed.

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