The Bill amending the Constitution to allow Ireland to ratify the Fiscal Compact is now available on the Oireachtas Website (PDF). The bill proposes inserting a new sub-section 10 to Article 29 which deals with foreign affairs. The new section will read as follows: 10° The State may ratify the Treaty on Stability, Coordination andGovernance in the Economic and Monetary Union done at Brussels on the 2nd day of March 2012. No provision of this Constitution invalidates laws enacted, acts done...
Portugal today became the first state to approve the Fiscal Compact. 25 of the 27 EU Member states signed up to the tightened budget rules. The United Kingdom and the Czech Republic are the only two not to sign up. It is interesting that Portugal were first to approve the treaty as they were the third country to get a bailout of the EU/ECB/IMF after Ireland and Greece. The Portuguese Government were supported by the opposition Socialists in passing the pact which was approved...
After last nights announcement in the Dáil by Finance Minister Michael Noonan, full statement on Karl Whelan’s blog, negotiations are under way between Central Bank Governor, Patrick Honohan, and the European Central Bank. The Promissory Note, basically a Government IOU to the Anglo Irish Bank, is worth over €3.1 billion and is due for payment on the 31st of March, which is also the day of the Fine Gael Ard Fheis in Dublin. The prospective plan is to swap the Promissory...
Tonight speaking in Dáil Eireann, Finance Minister Michael Noonan, announced that a deal had been brokered on the Anglo Promissory Note which is due to be repaid. An excerpt from his speech from politics.ie Firstly, there is an issue that I wish to bring to the attention of the house as the Government has always committed that we would inform the Dáil about any development concerning the payment of the promissory note at the end of this month. In more...
Image via Wikipedia This Evening the House of Commons will be debating the Loans to Ireland Bill which will allow the United Kingdom to give a loan of £3,250 million to Ireland. The plan is that the bill will finish off all stages today. It will pass the Committee stage in the whole House. Already today the issue has been raised four times in the House of Commons. The first time by Mark Reckless, MP for Rochester and Strood,...
Image by Landahlauts via Flickr So last night it finally happened. We formalised the bailout. We are taking an €85 billion loan. We will be paying an interest rate of about 5.8%. We will be loaning money to ourselves. Yes, you read that last line right. €17.5 billion will be coming for the National Pension Reserve Fund and the other cash on hand funds. Who’s fault is this? The Banks. €35 billion of this is for them. €50 billion...
Image via Wikipedia Charlie Flanagan TD has flagged up an interesting article in Bunreacht na hEireann on Facebook which could cause a headache for the Government. The Constitution in Article 29.5.2 states The State shall not be bound by any international agreement involving a charge upon public funds unless the terms of the agreement shall have been approved by Dáil Éireann. This will lead to a few interesting days in the Dáil chamber. The Bailout cannot be drawn down...
Image via Wikipedia The Taoiseach and other Government Ministers can say what they want, but Stephen Kinsella posted this video up which may jog some memories. They certainly saw this coming and the ERSI was not alone in warning us about the fact that we were in for a hard landing. Ye are fooling no one lads. Its time to change the record on that one. Related articles Irish bailout: could the bill exceed €200bn? (guardian.co.uk) Greens saw red...
Image via Wikipedia A statement by the Chancellor of the Exchequer, the Rt. Hon. Mr George Osborne. From Hansard: With permission, Mr Speaker, I should like to make a statement regarding financial assistance for Ireland.I hope Members will understand that an announcement had to be made at the weekend, ahead of markets opening this morning. Last night, I spoke to the Chair of the Treasury Committee and the shadow Chancellor to keep them informed of the latest developments. The...
Image via Wikipedia According to EUBusiness our Corporate Tax rate is not as safe as our government is claiming. Steffen Seibert the current head of the German governmental press- and information-agency has stated: The German government will not be making proposals” regarding potential reforms to be put in place for the up to 90-billion-euro (123-billion-dollar) package “But it is clear that corporation tax should be one point among others when one considers how to increase the ‘receipts’ part of...
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