Revised MOU

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3 thoughts on “Revised MOU”

  1. Why is the draft memorandum 38 pages, but the searchable one only 14? Never mind.

    Some choice excepts:
    – Nama must redeem €7.5 billion of bonds by the end of 2013. Get the lead out boys!
    – The Credit Union have to be restructured, with the healthy ones paying for the basket cases. Story of the crisis really. Guess I was right not to open an account.
    – They still want a 10.5% Tier 1 capital ratio at the banks. I guess further lending won’t be forthcoming.
    – Oh god, they want to do _another_ stress test on the banks. Will this one have a trailer and theme music?
    – There’s stuff in there about dealing with the mortgage crisis. Chuck it on the pile I suppose.
    – They want a “exploration of options” in reducing the cost of the banks’ tracker mortgage portfolios. “You hear the sound of distant thunder”
    – Hah! They want legislation brought in to make expenditure ceilings on departmental budgets legally binding. Good luck!
    – There are no meaningful resolutions on labour market/social welfare reform.
    – There’s stuff in there about privatising water service. It’s not explicit, but basically they’re moving to selling the whole thing off. Can we look forward to “Digiwet” and “Treasury Torrents” supplying us with water in the near future?
    – Banks, blah, blah. Give the criminals what they want…etc.

    I reckon the Paddies are well used to dealing with the Troika by now. There are opportunities for the Golden Circle and costs for the rest of us in this document I’d say.

  2. @OMF

    Anything in there about reducing the cost of legal services/m’learned friends in Ireland?

  3. @PR Guy
    – Literally the last line briefly mentions that the government should hurry up about establishing the Legal Service Regulatory Authority.

    As I said, the Paddies are well used to dealing with the Troika by now.

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