NoT Reported on RTE.........

gleep

Ireland's central bank lent banks based in the country 70 billion euros (60.3 billion pounds) in special funding at the end of February, a jump of 19 billion euros from the previous month, data showed on Friday. Skip related content



Then central bank said over half of the increase in the special funding was due to a change in collateral rules at the European Central Bank which meant the banks temporarily relied on funding from their own central bank.
The banks' reliance on funding from the European Central Bank eased to 116.9 billion euros from 126 billion euros at the end of January.
Irish banks are reliant on central bank funding due to deposit outflows and their exclusion from interbank lending markets due to concerns about the sector's future.

Surely this is worth reporting, no?

SBWife

I don't know what you are talking about. It's reported on the RTE website at 13.08 this afternoon.

gleep

oh, didn't see it there, bit embarrased now!

In fairness though, it is only reported in the Business section. There is no mention at all in the regular news, which is a bit of a puzzler. I mean, the CB is putting €70bn (2 years tax take!) EXTRA into the banks, to artificially inflate their balance sheets so that they pass a Eurozone stress test. This house of cards trick can only go on so long, it's obvious our troubles are mounting and we're in no way close to starting a recovery.
But this isn't a nationally important as RTE shedding 60 jobs (with very generous redundancy I'd say) or Catholic schools having a chin-wag?
Strange

SBWife

It is a business story - the net increase (including the reduction in direct borrowings from the ECB) is €9 billion. Which is a hefty amount but far off the 2 years tax take you mention. Perhaps on a slow news day it could be included in the main news, but too be fair to RTE today sure as hell ain't a slow news day.

andrew

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