Going back to Sterling???

Rareroastbeef

I read an interesting article in the Sunday Indo. today. It was about Ireland defecting and going back to Sterling. Any opinions?

srsly78

800 years of opression!!!!! /shakes fist

Seriously tho. Our debts are denominated in euros, switching currencies isn't gonna change ****.

RichardAnd

Came up before. I don't think Ireland can simply move back to sterling as we're not part of the UK. Further, I don't think we'd be allowed because considering how we're dragging down the Euro, I doubt the brits want that to happen to their pound.

sarumite

RichardAnd wrote: »

Came up before. I don't think Ireland can simply move back to sterling as we're not part of the UK. Further, I don't think we'd be allowed because considering how we're dragging down the Euro, I doubt the brits want that to happen to their pound.

To be honest, the Brits are doing a good enough job of that lately anyway. I just wouldn't see the point of it. We would simply be replacing one currency who's interest rates we don't control with another currency who's interest rates we don't control. Personally I see it that we either stay in the Euro and accept that the ECB sets the rate, or bring back the Punt and have control over rates. Moving from one foreign currency to another foreign currency doesn't really have any advantages.

ilovesleep

Could we go back to the old punt?

If we were to take on a new currency, would it stregthen over time, or would it be weak forever?

motherriley

ilovesleep wrote: »

Could we go back to the old punt?

If we were to take on a new currency, would it stregthen over time, or would it be weak forever?

It would taken about 50years for the old punt to grow strong and who would invest in Ireland after what has happened the banks are too greedy and the government does not care.

Sterling is a good idea as the UK is a next door neighbours and they have got a lot of interest in Ireland already ie banks and they export so much to us as well.

If we adopt sterling then all the TD's salaries will be coe down nothing over 160k a year for PM as it is now, also the pensions would be a lot lower as well. The state old age pension would be half of what it is in Ireland as well as the minimun wage, these are just a few things that would come down I am sure there are more......:o

Interest rates are currently 0.50% and has been for a couple of years now.

Digitaljunkie

Going back to sterling is a non issue as England is in as much trouble as we are its just not in their media as much due to their general election been two years ago and also the royal wedding coming up. And they are just not as vocal as us. They have all ready started selling off state acids such as the forestry's and are on the way to selling off the NHS (Health Service) When FG get in they'll start stripping down our own acid's.

motherriley

Digitaljunkie wrote: »

Going back to sterling is a non issue as England is in as much trouble as we are its just not in their media as much due to their general election been two years ago and also the royal wedding coming up. And they are just not as vocal as us. They have all ready started selling off state acids such as the forestry's and are on the way to selling off the NHS (Health Service) When FG get in they'll start stripping down our own acid's.

I agree they are in as much truble as Ireland, regarding the forestry this is not going ahead anymore. As for the NHS, whatever they do it got to be better to what it is now. It is in a dreadful state elderly people dying becasue these medical staff do not care and leave some of them to die without a second though. As I am typing this there is a programm called dispatches and it is about the hosptal food which is something out of dickens times and even this elderly people could not get to it as it was left away from their beds. Not even a drink of water was given to them. What a mess the NHS is in. No mangement in this hospital whatsoever.

123balltv

going back to sterling who knows I would'nt be surprised
just watching panorama 'how to blow a fortune' on bbc they seem to be
interested a lot in us

Japer

Rareroastbeef wrote: »

I read an interesting article in the Sunday Indo. today. It was about Ireland defecting and going back to Sterling. Any opinions?

The UK along with the rest of the EU and the IMF are the ones bailing us out.

Our currency was tied to sterling a punt equalled a pound sterling exactly - until we left that arrangement about 30 ish years ago.

Over the last 30 years each + every year we got massive amounts of grants / EC structural funds from the EC to prime our economy, support our farmers, build our motorways etc. The 2 biggest contributers to the EC financially have been the Germans + the British.

It was being part of the euro and borrowing cheap money from the Germans, who set euro intertest rates to suit their economy rather than ours , which facilitated our property balloon. If we had been tied to the uk currency we would not be in the mess we are in ....going cap in hand last December to get the bailout from the EC, UK + IMF.

View

Rareroastbeef wrote: »

I read an interesting article in the Sunday Indo. today. It was about Ireland defecting and going back to Sterling. Any opinions?

Yes - all our exporters to the Eurozone states (which is where a clear majority of our exports go) would face the cost of converting from Sterling to Euro every time they want to export - in effect, it would be the equivalent of imposing a tax on all our Eurozone exports.

In addition, based on current EU and Irish law, it would mean violating the EU Treaties and associated EU/Irish laws which would result in massive fines from the ECJ.

Still no doubt the Sunday Indo. would pay all the fines for us, right?

Maj Malfunction

Changing over to Sterling? Very nice for cross-border shopping and taking more money out of the Irish economy.

Would be happy to be paid UK rates for dole at £90 per week to match up with their social welfare system too?

It won't solve anything, we would be tied to the UK economy, how is that better/worse than being tied to Europe & the IMF?

We still have to pay back all the IOU's!

motherriley

Maj Malfunction wrote: »

Changing over to Sterling? Very nice for cross-border shopping and taking more money out of the Irish economy.

Would be happy to be paid UK rates for dole at £90 per week to match up with their social welfare system too?

It won't solve anything, we would be tied to the UK economy, how is that better/worse than being tied to Europe & the IMF?

We still have to pay back all the IOU's!

UK VAT has been increased since January this year to 20% so there will not be much saving made on shopping.

I do not know where you got the figures for the dole in UK, but this is what they are;

Single people, aged under 25: £50.95 a week
Single people aged 25 or over: £64.30 a week
Couples and civil partnerships (both aged 18 or over): £100.95 a week
Lone parents (aged under 18): £50.95 a week
Lone parents (aged 18 or over): £64.30 a week

These are maximum amounts. You may get less once household income and savings have been taken into account.

Fratton Fred

motherriley wrote: »

UK VAT has been increased since January this year to 20% so there will not be much saving made on shopping.

I do not know where you got the figures for the dole in UK, but this is what they are;

Single people, aged under 25: £50.95 a week
Single people aged 25 or over: £64.30 a week
Couples and civil partnerships (both aged 18 or over): £100.95 a week
Lone parents (aged under 18): £50.95 a week
Lone parents (aged 18 or over): £64.30 a week

These are maximum amounts. You may get less once household income and savings have been taken into account.

vat rates have little to dobwith it. For prices of pretty much everything in Ireland to be on a par, sterling would need to be worth about €1.50, but it is currently hovering around €1.18.

gigino

motherriley wrote: »

I do not know where you got the figures for the dole in UK, but this is what they are;

Single people, aged under 25: £50.95 a week
Single people aged 25 or over: £64.30 a week
Couples and civil partnerships (both aged 18 or over): £100.95 a week
Lone parents (aged under 18): £50.95 a week
Lone parents (aged 18 or over): £64.30 a week

These are maximum amounts. You may get less once household income and savings have been taken into account.

You see people here gettings hundreds of euro a week and they do not even say thank you to the teller in the post office.

The o.a.pension here is also way out of line. Ask any elderly person who has siblings in the North.

Then again, when retiring government ministers here get over a hundred grand a year in pension....

No wonder the country is F@

Going back to sterling ? We would be a drag on whoever we joined. Ever since we joined the EC we were getting billions in handouts....even during the tiger years

Kev_ps3

Rareroastbeef wrote: »

I read an interesting article in the Sunday Indo. today. It was about Ireland defecting and going back to Sterling. Any opinions?

Not surprising from a paper for the Anglo Irish/Invader. What we native Irish need is our own currency.

west20s

Japer wrote: »

The UK along with the rest of the EU and the IMF are the ones bailing us out.



uk arent bailing us out,its a solid invesment for them ,with a garunteed return.
They will be earning intrest that is garunteed by the irish tax payer

Fratton Fred

west20s wrote: »

uk arent bailing us out,its a solid invesment for them ,with a garunteed return.
They will be earning intrest that is garunteed by the irish tax payer

It's not a solid investment, it is a very dodgey one if Ireland is going to default on a loan, which one do you think it will be, the EU one or the UK one.

Cameron talked it up as a good investment because he has to justify throwing money at a eurozone problem at a time when local councils are making people redundant because of government cutbacks

StudentDad

Since 'independence' from the UK successive FF govts. have buggered over the populace of the Republic for the benefit of FF cronies and the RC church. Now that they've run out of excuses and been given the shove it's been mooted that we rejoin sterling?

If we do that we may as well rejoin the UK. We'd still be members of the EU and have access to all the legal benefits that flow from that. We'd have a larger say in the running of things in Europe etc etc. Sure as hell beats being seen as the little country of 'cap in hand' 'oirish' who took billions in EU funds over the past 30 - 40 years and pissed it down the drain and then started whining when we had to pay the piper!

Given the tribalistic nature of this little country and the horrific history and bloodletting over the past 100 years or so I can't see us rejoining the UK anytime soon. So, well, we're buggered.

SD

Bottle_of_Smoke

sarumite wrote: »

To be honest, the Brits are doing a good enough job of that lately anyway. I just wouldn't see the point of it. We would simply be replacing one currency who's interest rates we don't control with another currency who's interest rates we don't control. Personally I see it that we either stay in the Euro and accept that the ECB sets the rate, or bring back the Punt and have control over rates. Moving from one foreign currency to another foreign currency doesn't really have any advantages.

What I see as being better about sterling is the interest rate requirements of the Bank of England are always going to be more similar to our requirements than those of Germany.

Also things would stablise in border regions. The mass border crossing increase at Christmas 2008 & 2009 was mostly down to historic euro strength against Sterling.

professore

motherriley wrote: »

UK VAT has been increased since January this year to 20% so there will not be much saving made on shopping.

I do not know where you got the figures for the dole in UK, but this is what they are;

Single people, aged under 25: £50.95 a week
Single people aged 25 or over: £64.30 a week
Couples and civil partnerships (both aged 18 or over): £100.95 a week
Lone parents (aged under 18): £50.95 a week
Lone parents (aged 18 or over): £64.30 a week

These are maximum amounts. You may get less once household income and savings have been taken into account.

You generally get your rent paid too. But it is pretty bad alright.

motherriley

State pension in Uk is the second lowest in EU, but the government says now we are pampared and have to suffer some cuts. They saying that the bus free passes for pensioners will have be taken away also the one off winter fuel allowance for £250 a year will go as well as the free TV license for people over 75.

Thousands of elderly people die during the winter months due to cold weather and they are still saying we are too pampered.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_188551

StudentDad

motherriley wrote: »

State pension in Uk is the second lowest in EU, but the government says now we are pampared and have to suffer some cuts. They saying that the bus free passes for pensioners will have be taken away also the one off winter fuel allowance for £250 a year will go as well as the free TV license for people over 75.

Thousands of elderly people die during the winter months due to cold weather and they are still saying we are too pampered.

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_188551

That's what happens when the Tories get into power, the first thing they do is cut!

SD

motherriley

StudentDad wrote: »

That's what happens when the Tories get into power, the first thing they do is cut!

SD

You are so right and it is always the people that least can afford it as well.

I am thinking of going back to live in Ireland now after been here for over 45 years. Is the pensions better in Ireland than the UK, I still have my Irish passport, will I be allowed to live there now.:o

motherriley

professore wrote: »

You generally get your rent paid too. But it is pretty bad alright.

The government is going to put a cap on rents that people can claim which is cap at £400 a week, which would make it impossible to get a flat in London for that amount of money. The cap will take place from April this year.

They are saying that the government is trying to get all poor people out of place like London.

There are people getting up to 2k a week and this cap will put an end to that. The government is saying that people in work could only dream of living in luxury while in employment. They want work to pay as oppose to being on the dole. :rolleyes:

gigino

StudentDad wrote: »

Since 'independence' from the UK successive FF govts. have buggered over the populace of the Republic for the benefit of FF cronies and the RC church. Now that they've run out of excuses and been given the shove it's been mooted that we rejoin sterling?

If we do that we may as well rejoin the UK. We'd still be members of the EU and have access to all the legal benefits that flow from that. We'd have a larger say in the running of things in Europe etc etc. Sure as hell beats being seen as the little country of 'cap in hand' 'oirish' who took billions in EU funds over the past 30 - 40 years and pissed it down the drain and then started whining when we had to pay the piper!

Given the tribalistic nature of this little country and the horrific history and bloodletting over the past 100 years or so I can't see us rejoining the UK anytime soon. So, well, we're buggered.

SD

well said. Not only are we the little country of 'cap in hand' 'oirish' who took billions in EU funds ( mostly paid by Germany and the UK ) over the past 30 - 40 years, we borrowed hundreds of billions as well from pension funds across Europe, who will suffer the consequences when we almost inevitably default, as we cannot even remotely balance our books, never mind pay it back.