NewERA and ISIF Post author By Philip Lane Post date June 13, 2013 13-6-2013 Maximising Investment and Creating Jobs NewERA and €6.4 Billion Ireland Strategic Investment Fund (ISIF). 13-6-2013 NTMA presentation on NewERA and ISIF Categories In Uncategorized 8 Comments on NewERA and ISIF ← Revised MOU → Conference: Health Systems in the Era of Austerity 8 replies on “NewERA and ISIF” If they implemented their program for government policy to allow commercial tenants market rents they could save tens of thousands of jobs. It’s never too late to do the right thing. Its time for Labour to confront the Fine Gael Landlords Association; So the National Pension Reserve Fund has been fully politically “invested” – firstly in banks and now in construction. What could go wrong? I assume the civil servants’ pensions will take the hit if these stellar “investments” don’t pan out… right? This is the Coalition’s election war chest and with Labour on the ropes, why wouldn’t those folks push for spending on projects that would have wide popular appeal? Who could oppose making homes more energy efficient to offset that Troika prescribed property tax? Who could oppose money spent on projects to reduce global warming? Apart from the potential political advantage, nobody will have skin in the game be it the overpaid NTMA staff and the outsize fees of external advisers. This is an old story: an Oireachtas of teachers, publicans, auctioneers and small town solicitors (no, I would not see merit in having a dictator CEO running the country; there are a few examples of well run democracies) out of its depth while there has been no change in the system of limited or no accountability. Note that Michael Noonan, finance minister, has not proposed independent oversight (if that is possible in a country where conflict of interest remains a strange concept). ….and in this small society, an opponent of creating jobs wouldn’t be looked on too kindly. If this development is so crucial, why has it taken more than 2 years to implement it? There simply is no jobs engine that would deliver 100,000 jobs by 2016 without some massaging – activation programmes, wind projects and so on. Then if that works in the short term, what’s there to worry about (until the faloose runs out)? Irish government’s investment mantra: This time is different. This time is different. This time is different. Definition of madness: Doing the same thing over and over again and expecting different results. And to prove this point… in the same week: Wednesday 12th June 2013 http://www.independent.ie/business/irish/aib-will-not-repay-35bn-cash-it-owes-to-the-state-29337833.html AIB ‘will not repay €3.5bn cash it owes’ to the State Pension Reserve Fund likely to convert the debt into more shares, says Goodbody Friday 12th June 2013 http://www.independent.ie/business/personal-finance/pensions/coalitions-6bn-gamble-with-pension-fund-29343703.html Coalition’s €6bn gamble with pension fund NPRF, RIP in the financial system. @Michael Hennigan ‘… the system of limited or no accountability. I head a rumour that somebody’s ‘NAME’ was mentioned in a report recently – SHOCK, HORROR, CONSTERNATION that such a dangerous precedent might be allowed – the entire report, according to a usually unreliable source, has been redacted due to .. er .. ‘commerical sensitivities’. @ David O’Donnell This is an opportunity for the IMF and John McHale’s IFAC to show that this time is different by pushing for an independent oversight board with some external members. Irish Economy: No jobs engine but €6.4bn to plug the dyke @Micael Hennigan Agree. This ‘No Names’ governing_elite/upper_echelon_connected has gone well beyond a joke; that said, I assume that the poltroon of 8 former AGs might have an execet or two still left in bertie’s cupboard … Comments are closed.