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If the EU/IMF bailout meant we had to spend most of the pension fund first

  • 22-02-2011 2:23am
    #1
    lmimmfn
    Registered Users, Registered Users 2 Posts: 3,553 ✭✭✭


    before we drew any of the funds then why did we draw down over 3.5Billion last month?

    Anyone know what happened? Its hard to believe that we could have spent 17 billion from the pension fun in just 2 months when our yearly borrowings should be about 15billion?

    Maybe i just missed something but from what i read those were the terms and conditions.

    Ignoring idiots who comment "far right" because they don't even know what it means



Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    A lot of the fund was already loaned to the banks.


  • #3
    Scofflaw
    Registered Users, Registered Users 2 Posts: 23,283 ✭✭✭✭Scofflaw


    Victor wrote: »
    A lot of the fund was already loaned to the banks.

    Basically, yes. It's worth remembering that the EU/IMF programme is based almost entirely on the government's 4-year "programme for recovery", which always had the NPRF money earmarked for the banks.

    cordially,
    Scofflaw


  • #4
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    lmimmfn wrote: »
    Maybe i just missed something but from what i read those were the terms and conditions.
    Yes, under the terms and conditions of the 67 billion loan, 35 billion will be put into the banks. This consists of 10 billion up front and 15 billion on a contingency basis (i.e. as the banks need it). The full details of the terms and conditions are laid out in the memorandum of understanding signed by the Irish government when they were under pressure to accept the loan.


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