NTMA sell 3month treasury bills at 1.8%

Laminations

This has just been announced by Ruairi Quinn in leaders questions. That's a very positive rate.


Will update OP as news breaks

Stheno

From the Irish Times

The Government has raised €500 million in a debt auction today, in its first sale of Treasury bills since before the State sought a bailout.

The auction met its target, and had a yield of 1.8 per cent and a bid to cover ratio of 2.8.

Analysts described the auction results as "positive", and Minister for Finance Michael Noonan said it was an important step for the eocnomy.

"This morning’s successful auction of three-months treasury bills by the NTMA was a very important milestone on Ireland’s continuing path to recovery," he said. "The yield on the bonds at 1.80 per cent was very competitive to its peer Group, market commentators were agreed that any level lower than 2 per cent would be considered a good result, and demand was strong amongst investors."

The return to financial markets was conducted by the National Treasury Management Agency, the State body tasked with managing the national debt.

On Tuesday, the agency announced it would seek to tap financial markets by issuing IOUs known as treasury bills. The bills will have to be repaid in just three months.

Irish Treasury bills were last auctioned in September 2010, a short time before the State had to seek an EU-IMF bailout as borrowing costs had risen to unsustainable levels.

"The resumption of Treasury bill auctions follows an intensive engagement with investors both domestically and overseas during the past 18 months and marks an important first step in our phased re-entry to the capital markets," NTMA chief executive John Corrigan said.

The NTMA plans to increase gradually the amounts it raises at each successive auction over the remainder of the year and into 2013. The repayment duration of the IOUs it issues will also be lengthened.

Typically bonds of five- and 10-year maturity account for most government debt in developed countries, with short-term treasury bills accounting for a much smaller share.

The success of the Government’s plan to wean itself off bailout funding will depend to a considerable degree on the performance of the public finances this year and next.

New figures from the Department of Finance, published earlier this week showed the fiscal position is on track to meet targets set out in last December’s budget and under the terms of Ireland’s EU-IMF bailout.

The exchequer returns showed the deficit between public spending and revenues narrowed in the first half of the year, falling from €10.8 billion in January-June 2011 to €9.4 billion in the same period this year.

Tuesday’s figures showed tax revenue increased by more than 5 per cent in June compared with the same month last year.

Total tax revenue for the first six months of the year was up by more than 11 per cent on the same period in 2011 and 3 per cent ahead of budget-day targets.

By contrast, public spending exceeded the targets set out late last year, with the two largest spending departments (health and social welfare) accounting for the overshoots.

Seems positive.

GSF

same as Spain's 3 month rate

4.legs.good

Laminations wrote: »

This has just been announced by Ruairi Quinn in leaders questions. That's a very positive rate.


Will update OP as news breaks

Sigh

Bonds are not Bills! Bills are not Bonds!

Thus Bills differ in their form and their usage, it doesn’t make sense to confuse them. While today’s announcement is a good sign, we shouldn’t get too excited over their issuance. Portugal has been issuing T-Bills throughout its time as a programme country, and even Greece got some away in May.

Laminations

4.legs.good wrote: »

Sigh

Bonds are not Bills! Bills are not Bonds!

Pedantry in response to some good news. Fixed the title to prevent anymore people sighing into their soup.

GSF

Laminations wrote: »

Pedantry in response to some good news. Fixed the title to prevent anymore people sighing into their soup.

Is it good or bad news?

Lenders are lending money we dont need, for a short period, knowing they can get it back within the timeframe of the Troika bailout.

I'm not saying its bad news, but does it really say anything about whether Ireland can borrow at sustainable rates in 2013 and beyond?

K-9

GSF wrote: »

Is it good or bad news?

Lenders are lending money we dont need, for a short period, knowing they can get it back within the timeframe of the Troika bailout.

I'm not saying its bad news, but does it really say anything about whether Ireland can borrow at sustainable rates in 2013 and beyond?

Well I can't see how it is bad, it's dipping the toes into the water. Obviously meeting the troika targets is important but as we seen over the last month or so, external factors are probably even more important.

antoobrien

GSF wrote: »

Is it good or bad news?

It's good news, there was demand for the bills.

GSF wrote: »

Lenders are lending money we dont need, for a short period, knowing they can get it back within the timeframe of the Troika bailout.

Debatable - we have €3.5bn of short term debt that's up for payment or renewal this year. The ability to raise this money means that the troika programme is on track, it raises investor confidence that we may not need need further bailouts (which means that it becomes less likely again).

GSF wrote: »

I'm not saying its bad news, but does it really say anything about whether Ireland can borrow at sustainable rates in 2013 and beyond?

Let's put it this way, the last bonds (paper of any kind) we sold (which were considered sustainable) were at 6.04% (8 year).

Laminations

GSF wrote: »

Is it good or bad news?

Lenders are lending money we dont need, for a short period, knowing they can get it back within the timeframe of the Troika bailout.

I'm not saying its bad news, but does it really say anything about whether Ireland can borrow at sustainable rates in 2013 and beyond?

The rate, the exchequer returns, tax revenue figures and being well on track to meeting our targets is all good news. Still only steps but positive steps in the right direction.

Permabear

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Laminations

Permabear wrote: »

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While I agree more could and should be done on the expenditure side, there is a balancing act between implementing cuts that are necessary and cuts that are pallatable, between demonstrating prudence vs cries of austerity, between bringing the people with you and civil unrest - a balancing act that is greatly under appreciated by right wing libertarians.

Ruairi Quinn also admitted he is unhappy with progress during leaders questions - referring more to unemployment figures than the budget deficit (but they are linked)

View

Permabear wrote: »

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It is almost five years actually - the state's finances went off the rails from Summer '07 onwards and accelerated from then onwards.

We don't compare favourably with Portugal who are on track to gets its deficit under the 3% limit in the near future.

Laminations

View wrote: »

We don't compare favourably with Portugal who are on track to gets its deficit under the 3% limit in the near future.

If you can link to it, what was the budget deficit Portugal was trying to close? We had to close a 20-24% deficit, how does that compare to Portugal?

Laminations

View wrote: »

We don't compare favourably with Portugal who are on track to gets its deficit under the 3% limit in the near future.

Irish policy-making institutions have been compared favourably to those of Portugal in a new study by the International Monetary Fund on how the two countries have implemented measures to address their respective budgetary crises.

From just a few months ago

Permabear

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Laminations

Permabear wrote: »

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I totally agree with you. However it is easy to say this, it is harder to actually try and plot a course of action that wont see the unions call for strike, workers not show up to work, people turning to black markets and not paying tax, social welfare recipients bringing cities to a standstill and general social/civil unrest.

There are necessary cuts and there are palatable cuts - that is the reality, it is a slow process making people realise that they have to swallow the necessary cuts eventually. It is not helped by the socialists and SF who promise no pain, no cuts and cake for all 'we'll send the bondholders packing and everything will be fine'

So how do you suggest we move faster without bringing the whole thing down?

While I think there is an element of self-preservation in their handling of things (short-termist 'we need to get re-elected'), there is also an element of (short-termist it may be) 'we need to keep the country running'

Permabear

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antoobrien

Permabear wrote: »

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Sorry but I have to disagree with you there, nobody is calling this a "we've turned the corner" moment and it seems that only the doom & gloom merchants are allowed near the airwaves.

Personally I'm getting sick and tired of all the cyncism of the both public and the media. I wish people would take the news for what it is - a minor sign of improvement - and recognize it for what it's not - an excuse to return to "boom norms" (which were infact grossly abnormal).

Btw I'm in agreement with the rest of the post, especially the means testing of all welfare and the education funding system.

K-9

Does anybody seriously think we'll be in a position to go back to the markets next year?

There isn't going to be any internal growth over the next few years and the upcoming budget is really going to hit disposable income. Growth figures will be revised downwards again and that will scare the markets. The best thing at this stage is accept we'll be out of the markets for the foreseeable future, get rid of promises on no welfare rate increases, introduce real reform of Public Sector numbers instead of waiting for people to retire and abandon the mirage of no Income Tax rate increases.

antoobrien

K-9 wrote: »

Does anybody seriously think we'll be in a position to go back to the markets next year?

To a limited degree yes. I think we'll see some more bond swaps to push out repayment of long term bonds, like what happened earlier in the year. This will help to reduce the amount of funding required in 2014.

Will it be enough? It remains to be seen and depends on just home much deficit reduction can be achieved between now and 2014.

poeticseraphim

http://in.reuters.com/article/2012/07/05/ireland-tbills-idINL6E8I54Y220120705

Actually we got a lower rate than Spain for three months paper.

But the rest of Europes borrowing rate is rising..so whether we arre doing well or they badly i dunno.

European markets feel today

http://www.businessinsider.com/european-markets-collapse-2012-7

We seem to be the only country giving good news.

doubleglaze

Any chance it was actually some shower like the ECB bought them in a sly and convoluted way so as to give the impression that things are better than they actually are?

djpbarry

Permabear wrote: »

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Recognition of a positive development, no matter how small, by no means represents tacit endorsement of government policy.

Permabear wrote: »

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I think that’s a little unfair. I think the current government are doing a reasonable job considering the hand they were dealt. Could they being doing a better job? Sure, but to be honest, the idea of, for example, tearing up the CPA is fanciful – the country would grind to a halt overnight and any positive sentiment from abroad would quickly dissipate. As said above, they’re engaged in a very delicate balancing act, slowly chipping away at the deficit.

Permabear wrote: »

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Permabear’s advocating significant taxation?!? The apocalypse is at hand! Quickly, to the hills! Leave the children – there’s no time!

Naz_st

Is the success of this bond auction that surprising though really? I mean, here's essentially what the proposition is:
"We, the Irish Government, who are currently fully funded and backed by the EU/IMF, are proposing to borrow a relatively small amount of money at ~2% interest rate for a 3 month period and we've made a big song and dance in the media about how important it is for investor confidence, so there is literally no possibility whatsoever that this money won't be paid back with interest"

What a surprise that they has so many takers!

I think the proposition:
"Now that our bailout programme is complete and we've no more EU/IMF money, we need to borrow many billions every year to fund our mad spending" might elicit a less enthusiastic response!

djpbarry

Naz_st wrote: »

Is the success of this bond auction that surprising though really? I mean, here's essentially what the proposition is:
"We, the Irish Government, who are currently fully funded and backed by the EU/IMF, are proposing to borrow a relatively small amount of money at ~2% interest rate for a 3 month period and we've made a big song and dance in the media about how important it is for investor confidence...

I'm not really seeing the "big song and dance"?

[Jackass]

Jeez, I wonder if the people who moan about all these positive steps being taken towards recovery were complaining about their wallet being too heavy and their diamond shoes being too tight during the boom?

We are back at the markets well before predicted and at a very positive rate, we have and continue to re-negotiate the debt burden, with probably the best possible outcome of off-loading all of it to the banks, will any credit be given?

This has been an absolutely superb week for the country, with a massive chunk of soverignty taken back.....roll out the neigh sayers though, there's always something. :rolleyes: I'm sure if I searched these users posts from a couple of weeks ago, any talk about the Government was being critisized over the lack of the exact two achievements from the last week. Keeping moving the goal posts to have you moans. The rest of us will have quite celebrations at the fact that the country is making gradual steps to recovery after such a dark time, and we wont begrudge the Government success for whatever agendas we have.

Laminations

Permabear wrote: »

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I do agree but think its a shallow analysis. We've built a house of cards and when you think youve tackled one issue you may find you've created another. Yes sections of society are the same or better off now when you exclude massive personal and mortgage debts. The dangers about cutting here and there is that these incomes underpin that persons ability to pay back or seevice a loan. Mortgage arrears are a mounting problem. While saving the exchequer money in pay and welfare we might compromise the banking sectors position and have some unexpected effects in the housing market and other industries which rely on domestic demand. This is the problem with trying to ween a society off a lifestyle of loans and extended credit. It is a very delicate balancing game that I do think you under appreciate.

Dirk Gently

[Jackass] wrote: »

We are back at the markets

Perhaps if you quit being overly optimistic others wouldn't seem so overly pessimistic. We're back in the markets when we can sell 5 and 10 year bonds at a sustainable rate, not when we pull off a PR stunt.

4.legs.good

While some are busy popping champagne bottles at news of a short term "bill" auction [3 months @ 0.5 billion] , lets get back to reality.

And the reality is...

* EU-IMF programme ends next year
* January 15th, 2014 8.3 billion Government bond due
* The State needs to find €18.5 billion (their optimistic scenario) in 2014 to cover the above and the projected deficit which will still be there
* Another 3.5 billion will be required in February 2015

All in all under the governments own optimistic forecasts (and we know how all of those have turned out) the state would need €36 billion in 2014-2015 and that's after any planned adjustments.

No doubt NTMA will continue to issue short term bills if there is demand, but these only chip away at the edges of the mountain that will need to be climbed, and only postpone things my a max of 3 months.

The real question is will there be enough growth and "adjustments" in the 2014-2015 period to bring down the rates and allow the 36 billion can of debt to kicked down the road for another 8 or so years. In meantime there's a year and a half left till the real fun begins...

4.legs.good

Oh and to give an analogy and put things into perspective, this is like a family that is due in 18 days to repay 8,300 euro and then has to find another 27,700 euro in the 24 days after that, and that's after they use up all their earnings.
This family is after getting a low interest loan from credit union which is due in 3 days for 500 euro

So have they turned a corner? ...

Laminations

4.legs.good wrote: »

Oh and to give an analogy and put things into perspective, this is like a family that is due in 18 days to repay 8,300 euro and then has to find another 27,700 euro in the 24 days after that, and that's after they use up all their earnings.
This family is after getting a low interest loan from credit union which is due in 3 days for 500 euro

So have they turned a corner? ...

Who said anything about a corner? The only blowing out of proportion being done here is how some people are describing the statements and reactions of others. This is a positive step. And in your analogy I'd still consider it positive that anyone would lend at low interest or otherwise to that family

[Jackass]

Dirk Gently wrote: »

Perhaps if you quit being overly optimistic others wouldn't seem so overly pessimistic. We're back in the markets when we can sell 5 and 10 year bonds at a sustainable rate, not when we pull off a PR stunt.

That makes absolutely no sense.

How is this a PR stunt? We raised 500 million in funding through the off loading of bonds, absolutely unthinkable even a couple of weeks ago, and got a great deal on it too.

How am I being "overly optimistic"?? Only in Ireland could you ever be accused of being that, particularly with what's going on. So what will it take? If we get into the longer term bond markets by the end of the year, what will it be then? The rate should have been better? We're mortgaging the state? The money isn't being used correctly? The flowers in Leinster House don't tickle your fancy?

There's always something. There is absolutely nothing to bemoan here, this is a good, positive step forward, stop looking for the negatives and lighten up.

It's exactly your type of attitude which would further cripple our recovery too if consumers were to be as pesamistic and cynical about everything and never react to any progress.

4.legs.good

Laminations wrote: »

This is a positive step. And in your analogy I'd still consider it positive that anyone would lend at low interest or otherwise to that family

We do not know who bought these bills, for all we know its the same banks that we put so much money in, one arm of the state paying another in other words.

If these were foreign buyers then why has the NTMA not said so? It would make them look very good if OUTSIDE parties are the ones buying up the debt.

[Jackass] wrote: »

That makes absolutely no sense.

How is this a PR stunt? We raised 500 million in funding through the off loading of bonds, absolutely unthinkable even a couple of weeks ago, and got a great deal on it too.

The state has enough money (erm "well funded" is the expression politicians like to use) to last for a lot longer than 3 months, more than that in 3 months we come to October when there is a bump usually in tax revenue.

Why go get into debt when there is cash in hand doing nothing?

This is a political PR stunt (worse than than its a waste of money we don't have), if you are unable to see it then...

If the state was in bad need of money (no more welfare or wages in X weeks) and then they managed to raise it then yes that be great. This is what is happening in Greece who have no issue selling short term bills either.

[Jackass] wrote: »

There's always something. There is absolutely nothing to bemoan here, this is a good, positive step forward, stop looking for the negatives and lighten up.

It's exactly your type of attitude which would further cripple our recovery too if consumers were to be as pesamistic and cynical about everything and never react to any progress.

I am after pointing out, using the governments own figures,
that this is akin to building a snowman and being proud of its shape on the decks of the Titanic in face of an incoming iceberg of debt.

Since when is realism considered "bemoaning"? Next Mr Bertie here would tell me to go and commit suicide I presume??

[Jackass]

Well, you don't know what plans the Government may have for this premature windfall, do you? When we're bridging a budget deficit of Billions, it's not correct to say we're in good shape financially and also perhaps this is an additional treasure chest that can now be used for stimulus initiatives within the Economy.

And what you refer to as a "PR" stunt, I would more refer to as an expression of stability. The earlier we go to the markets, and the high praise once again we've received in Europe over this, has shown we are on an upward curve, it's shown that to the world, which in its self can encourage inward investment and consolidate existing investment and putting our best foot forward and distancing ourselves more and more from the title of Europe’s bankrupt and positioning ourselves more and more towards the international view of a stable Economy.

You presume that this is a stunt 4 years out from an election where the money will be p!ssed down a drain and we'll lose money on this and that it's all a big waste of time. I'd suggest you are the one with incredibly narrow vision in what you are seeing from this...

Dannyboy83

antoobrien wrote: »

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Agree.
It definitely is good news for Ireland.
A baby step in the right direction, and there will be plenty more to make, but at least it's in the right direction.

Well done to the OP for the positive thread also, hopefully we will see more of this sort of thing.

Permabear wrote: »

Well, this all assumes that a time will come down the road when people will be prepared to turn their backs on Sinn Féin and the ULA and "swallow the necessary cuts."
But I don't see that significant progress has been made over the past four years in softening people up for cuts; in fact, quite the opposite! The government has given the unions and the populist left-wing parties four whole years to dig in their heels and perfect their campaigns of resistance.
It's arguably harder to make cuts today than it would have been back in 2008.

Very good point and very strongly agree.
There is a large adjustment to be made at this budget.
I'm sure all hell will break loose if the appropriate changes are made.

I really hope FG/Labour do not try to take credit for the turnaround.
They had one major job to do, which was reform expenditure and they have failed miserably at it.
Education spending is actually higher than in 2008 iirc.
Most of the cuts have come from savaging Capital Spending and low hanging fruit.

We needed strong leadership and they have failed to deliver.
If anything, they have been detrimental to the reform process - for example, by claiming that the required re-visitation of the Croke Park Agreement would cause nuclear winter.

As you said it's arguably harder to make the appropriate cuts today than it would have been back in 2008.


The actual turnaround is due external factors, to which their contribution was minimal. I guess it's quite fitting...Fianna Fail refused to take the blame for their destruction of our economy, claiming it was due to external factors, rather than a domestic problem. FG/Labour will try to take credit for a slight turnaround, claiming it's due to domestic factors, rather than external factors.

Cookie_Monster

Borrowing 500m for 3 months, was it one of those scam-esque pay day loan websites we got it off? I see nothing positive in having to borrow like that.

K-9

Dannyboy83 wrote: »

The actual turnaround is due external factors, to which their contribution was minimal. I guess it's quite fitting...Fianna Fail refused to take the blame for their destruction of our economy, claiming it was due to external factors, rather than a domestic problem. FG/Labour will try to take credit for a slight turnaround, claiming it's due to domestic factors, rather than external factors.

In fairness our rates have come down steadily over the last year or so, there even was a thread about it on here and only really rose again because of the crisis of the last month. While I would say external factors play a huge part some people do think we are doing something right!

Valmont

4.legs.good wrote: »

Oh and to give an analogy and put things into perspective, this is like a family that is due in 18 days to repay 8,300 euro and then has to find another 27,700 euro in the 24 days after that, and that's after they use up all their earnings.
This family is after getting a low interest loan from credit union which is due in 3 days for 500 euro

So have they turned a corner? ...

No but they think they will have when uncle Uro inevitably fires up the printing presses...

ardmacha

Education spending is actually higher than in 2008 iirc.
Most of the cuts have come from savaging Capital Spending and low hanging fruit.

Education spending is educating 8% more students. Now some of these have a legal requirement to attend and have to be facilitated, but the government could kick out some of the older ones. However, if you were one of these people you might argue that building more roads for declining traffic is not as important as building human capital.

djpbarry

Dannyboy83 wrote: »

The actual turnaround is due external factors, to which their contribution was minimal. I guess it's quite fitting...Fianna Fail refused to take the blame for their destruction of our economy, claiming it was due to external factors, rather than a domestic problem. FG/Labour will try to take credit for a slight turnaround, claiming it's due to domestic factors, rather than external factors.

Then there’s the electorate, who believe all positive developments are due to external factors and all negative developments are due to government incompetence.

Dave!

Permabear wrote: »

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I agree with all of that.

I don't know how it can all be achieved without massive social unrest though... I don't think anyone has any desire to go back to the bad old days of strikes!

How can we tear up the CPA without every PSU in the country going on strike?

antoobrien

4.legs.good wrote: »

We do not know who bought these bills

According toe the NTMA it was investment banks and asset managers that bought them - unlike recent Portuguese & Greek sales which were largely CB & quick buck trader afafirs.

The €500m "auction" of bonds due for repayment in October was widely hailed as a success. Lenders accepted an interest rate of 1.8pc, which is lower than those for similar bonds in Italy and Spain.

There also appeared to be strong demand for the bonds. The NTMA said reports from dealers showed that most of the lenders were European banks and asset managers, rather than traders looking for quick profits.

"There are real money investors," Mr Corrigan said. "That contrasts with similar auctions by Greece and Portugal, where the bonds ended up with the European Central Bank."

Why is this significant?

Well the investment banks and asset managers don't intentionally invest in bad assets. They're generally (not always) in it for the long haul not the quick buck.

Permabear

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Permabear

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Dave!

They know they'll get no sympathy (the opposite, one would think) from the rest of the country too, so maybe they'll be less eager than I imagine. It does concern me though!

Laminations

Permabear wrote: »

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Well they do. And so do welfare campaigners who would bring the country to a halt if welfare was radically reformed. But so too do companies that threaten the end of investment if corporation tax is increased AND wealthy individuals who threaten a flight of capital if taxes come their way

If they don't get their way, and if the government doesn't endlessly bend over backward to appease them, "the country [will] grind to a halt overnight." However, one can legitimately ask whether the state's fiscal policy should be directed by a bunch of unelected bully boys

Indeed

It's a fine line of placating vested interests that any government needs to walk.

Laminations

Permabear wrote: »

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A few weeks? A country without services would fall into chaos after one week. There would most definitely be riots, and at that point when those pictures are broadcast across the world, we'll have become as bat **** crazy an investment as Greece - our borrowing costs would rocket.

The risk in such a move, if it goes wrong, outweighs the benefit if it goes right.

deise blue

Laminations wrote: »

A few weeks? A country without services would fall into chaos after one week. There would most definitely be riots, and at that point when those pictures are broadcast across the world, we'll have become as bat **** crazy an investment as Greece - our borrowing costs would rocket.

The risk in such a move, if it goes wrong, outweighs the benefit if it goes right.

You are , of course , quite right.

The Indo reported recently that the Unions have amassed large strike contingency funds , the PSEU have a fund that would enable members to strike on full pay for 2 weeks & larger Unions would appear to have sufficient funds to finance at least a week on full pay.

The Unions are quite aware that rolling strikes by frontline staff are easier to finance & a general work to rule would grind the system to a halt albeit over a more prolonged period - this is to my mind the options they would pursue in the unlikely event that the CPA is torn up .

It would appear logical that given the Government's fear of Industrial mayhem that CPA 2 must be on the cards.

Laminations

deise blue wrote: »

It would appear logical that given the Government's fear of Industrial mayhem that CPA 2 must be on the cards.

I'd imagine so. But the government need to get a good deal (as good a deal as possible) and end some of the more bizarre work practices, overtime and allowances. I think that although the PS was expanded rapidly it can now realistically only be whittled down slowly, and this needs to happen possibly for the next decade. The glut in middle and higher management needs to be addressed and mechanisms for removal of dead weight (an acceptance that continuous under performers can be fired) must be achieved.

I'd like to see it all done quicker (just like I'd have liked to see prosecutions relating to Anglo done quicker) but at this point I can't see how it would happen.

Increments I'd hope would be done away with

djpbarry

Permabear wrote: »

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Pretty much, yes. And if the government takes a drastic course of action that the unions strongly disapprove of, a swift kick to the country’s nether regions will be forthcoming.

I’m not saying this is how it should be and I’m not saying I like it, but this is how it is nonetheless and it’s going to take time to convince the general population that, for example, not every nurse is a saint or sacking a teacher doesn't necessarily equate to diminished standards of education.

Permabear wrote: »

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The problem there is that the general populace seem to think Irish public services are the worst in the world (I frequently encounter people who claim that Ireland would be better off with Cuba’s healthcare system, for example) and they already pay too much tax. Pointing out that, for example, tax on income is far higher here in the UK is usually met with dismissals along the lines of “yeah, but the NHS is free” (and of course the NHS is always thought to be amazing), illustrating a great big tax-service disconnect.

djpbarry

Dave! wrote: »

They know they'll get no sympathy (the opposite, one would think) from the rest of the country too...

I really wouldn’t be so sure about that. If reforms are targeted at cutting down on administration, they would probably be met with general approval, regardless of whether the reforms are actually a good idea or not. However, woe betide any TD who dares suggest that, for example, Ireland has too many nurses, for (s)he will be beaten to death by an angry rosary bead-wielding mob.