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another 1.5 billion a year down the drain

  • 20-10-2010 9:06am
    #1
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭


    very interesting article here from Karl

    apparently the 30 billion worth of IOUs we handed over to Anglo and INBS carry 5% interest, so we be paying out 1.5 billion a year on these :mad:
    the lack of transparency once again makes it harder for the likes of Karl to properly investigate and analyse the situation as the dept of finance are being all secretive about this :rolleyes:

    interesting how there is talk about cutting 1 billion from HSE but no one notices this 1.5 billion coming out the other end....

    oh and
    Note that even if one didn’t factor in negative effects of fiscal adjustments on GDP, then with a Central Bank GDP projection of €162 billion, hitting the original deficit target for 2011 of 10% of GDP would require adjustments of €6.3 billion (162*0.039). Factoring in the contractionary impact of budget cuts on GDP, it would likely take €7 billion in adjustments to get to a 10% target. {in 2011 in next budget}


Comments

  • #2
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    more on this from the Dail this time

    oh dear we are being taken for an expensive ride


  • #3
    rumour
    Closed Accounts Posts: 836 ✭✭✭rumour


    I despair...how could you have confidence in that!!!


  • #4
    Citizen_Cutback
    Registered Users, Registered Users 2 Posts: 232 ✭✭Citizen_Cutback


    This was quite obvious to me as discussed in a previous thread...
    Citizen_Cutback wrote: »

    Directly or indirectly we are paying interest on loans of at least €50 Billion to shore up Anglo Irish Bank and it's loan transfers to NAMA which costs us up to €2.5 Billion per annum in interest charges but we are not supposed to realise this. If this process is called a Capital Injection then we can hope that the money is being used productively.

    No chance!

    An authoritative reply from a regular poster...
    Scarab80 wrote: »

    Directly we are paying interest on 4bn injected into Anglo, that is what has been funded from the exchequer. Our total interest payments on all borrowings last year was 2.5bn so i think your figures need a recheck.

    With just common logic I tried to uncover those hidden interest payments but I only got put down...

    Who needs to recheck their figures now?

    Here is another thread that we could look back at on generally the same theme of hidden bank bailout costs:
    http://www.boards.ie/vbulletin/showthread.php?p=66812816#post66812816


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