December 2013 Exchequer Statement
Related Documents
Author: Seamus Coffey
Available here.
Yesterday Moody’s downgraded BOI, lowering deposits to Ba2 and senior unsecured debt to Ba3, with negative outlook. These are the same speculative grades it applies to AIB. The agency has PTSB lower with a B1 rating for deposits and B3 for unsecured debt.
The Moody’s report on BOI is here and gives some useful insights into the reasoning applied by Moody’s. The rating on subordinated debt in BOI was raised from C to B2 with preference stock raised to Caa2 also from C. Senior bonds covered by the ELG remain at Ba1 with stable outlook.
This is a chart of Moody’s recent deposit ratings for BOI.
Details of the Winter 2013 QEC from the ESRI are here.
From the Executive Summary:
Also included the in the QEC are:
- Special Article: Distributional Impact of Tax, Welfare and Public Service Pay Policies: Budget 2014 and Budgets 2009-2014, by Tim Callan, Claire Keane, Michael Savage and John R. Walsh
- Special Article: Lost in Transition? The Labour Market Pathways of Long-term Unemployed Individuals in Ireland Pre and Post the Great Recession, by Elish Kelly and Seamus McGuinness
- Research Note 2013/3/1: The Impact of Fiscal Policy on the Economy, by John FitzGerald
The Medium Term Economic Strategy for the seven years to 2020 is available here.
The main projections are in this table
