6.7 % rate for the bailout.

yop · 28-11-2010 07:53PM

He can't string a sensible sentence together, the man has no conviction in delivering this rubbish to us.
Stuttering, blubbering and repeating. Shocking performance.

1985 - OMG!! Embarrassing.

28-11-2010 07:53PM

ArtSmart wrote: »

Q: can we afford this?

Ans
1/ We've no choice

2/ We hope things will work out

3? We've no choice

4/ We've no choice

we do have a choice and its between defaulting and this. Blindjustice says default. Lenihan says pay.

gandalf · 28-11-2010 07:53PM

MagicMarker wrote: »

Where's Mr Lenihan?

With the European Finance Ministers in Brussels I think.

greendom · 28-11-2010 07:55PM

gandalf wrote: »

With the European Finance Ministers in Brussels I think.

Who are all pointing their fingers at him and laughing

Bob_Latchford · 28-11-2010 07:56PM

yop wrote: »

He can't string a sensible sentence together, the man has no conviction in delivering this rubbish to us.
Stuttering, blubbering and repeating. Shocking performance.

1985 - OMG!! Embarrassing.

Some people say licking of lips is sign of not telling the truth

ArtSmart · 28-11-2010 07:57PM

i smell lies, lies, lies. - sorry I mean contingency

Kiki10 · 28-11-2010 07:58PM

It was suggested by a Fine Gael man recently that we borrow jobs from Europe rather than money i.e. One of the major bureaucratic institutions moving here would solve our down turn & jobs tax issue. Germany created million jobs during the same time scale as Ireland had its boom, the transfer of 50 thousand jobs would not be the end of the world for the EU
I never heard this suggestion even commented on in the media?

The Muppet · 28-11-2010 07:58PM

They must think we're all stupid.

A figure of 6.8% is leaked to RTE so that when the actual figure is announced as being a percentage point lower we are supposed to be relieved and think they have done some good negotiations on our behalf in some way.

Perhaps I'm a little too cynical but I doubt it.

yop · 28-11-2010 08:00PM

Bob_Latchford wrote: »

Some people say licking of lips is sign of not telling the truth

Thats very true.

But considering he was on 2 weeks ago today and told us that the IMF were not coming...... so can we believe him now. I personally don't believe one single word from them.

Giving ANOTHER lorry of money to the fk banks!! Sweet God above.

Its a deal for Europe, its going to bend us over and ride us solid.

kippy · 28-11-2010 08:01PM

"As the market improves we can step back in again" The market is NOT going to improve. Not in the 1-2 year terms anyway.
"ABNORMAL market conditions" - Joke
"We had no realisitic options" Jaysus, this time two weekends ago the IMF were three letters of the alphabet that we didnt "need" and werent talking to.

I wonder did they allow Vincent Browne into the press conference this time?

ei.sdraob · 28-11-2010 08:02PM

its 5.8% variable, note the emphasis by Brian and others in the announcements

we could will pay more than that

gandalf · 28-11-2010 08:02PM

The Muppet wrote: »

They must think we're all stupid.

A figure of 6.8% is leaked to RTE so that when the actual figure is announced as being a percentage point lower we are supposed to be relieved and think they have done some good negotiations on our behalf in some way.

Perhaps I'm a little too cynical but I doubt it.

Of course its the standard spin exercise by this Government using its mouthpiece RTE. I have a feeling an awful lot of people smelt the bull. I know for one thing if any member of the Government parties dare to darken my door canvassing they will get a very forceful piece of my mind.

ArtSmart · 28-11-2010 08:05PM

nice dig at Bloomberg all the same.

bleg · 28-11-2010 08:05PM

WOW!! Fair play to them getting it down from 6.7% to 5.8%:pac::pac::pac:

Greenman · 28-11-2010 08:05PM

kippy wrote: »

I wonder did they allow Vincent Browne into the press conference this time?

+1

kippy · 28-11-2010 08:06PM

No sign of VB as of yet, and no sign of his head in the crowd.

Looks like he didnt get in this time. Pity.

inabina · 28-11-2010 08:09PM

is the 5.8 average based on the fact that the pension reserve element is a charge to ireland at 0%? so the real interest rate for the money we are borrowing is 6.8%???

ArtSmart · 28-11-2010 08:12PM

inabina wrote: »

is the 5.8 average based on the fact that the pension reserve element is a charge to ireland at 0%? so the real interest rate for the money we are borrowing is 6.8%???

6% without the pen fund etc/

Lenny due after the break.

Kiki10 · 28-11-2010 08:12PM

I know for one thing if any member of the Government parties dare to darken my door canvassing they will get a very forceful piece of my mind.[/QUOTE]

Wait till these idiots are out of power. Then you will see them attacking. The same fools who voted for before will row right in behind Fianna Failures again. The civil service goes into meltdown under opposition.
With respect I would prefer to hear people not saying this is the end of FF when history shows they will be back once they have convinced all the gombeens that whatever new government is to blame for everything?

ArtSmart · 28-11-2010 08:15PM

I have to laugh.

Clowen is suggesting that we're getting a better rate than the mkt (ie it was Merkle's fault folk, not us, honest)

But what about the banks. THE BANKS DEBT.

gandalf · 28-11-2010 08:18PM

Kiki10 wrote: »

Wait till these idiots are out of power. Then you will see them attacking. The same fools who voted for before will row right in behind Fianna Failures again. The civil service goes into meltdown under opposition.
With respect I would prefer to hear people not saying this is the end of FF when history shows they will be back once they have convinced all the gombeens that whatever new government is to blame for everything?

Oh god I hear what you say how people voted them back in 2007 was a mystery to me.

As I have preached on numerous threads in Politics until we stop our National Politicians fixing potholes and opening local GAA changing rooms to get re-elected then this will re-occur again because we are not allowing those we elect to concentrate on National Legislative Politics and in reality those who do excel at that type of crony politics do not have the necessary skills to do what is right for the whole country strategically.

KevIRL · 28-11-2010 08:19PM

From Zerohedge

Everyone expected a number between 5% and 6.7% on the Irish rescue interest rate. However, when one considers that the NPRF, which will serve as a source of capital in the rescue package has a zero interest rate (Ireland will not be paying interest to itself), and amounts to 20% of the total bailout figure, it appears that the blended rate of new money is actually 7.25%.

Bob_Latchford · 28-11-2010 08:20PM

economist on bbc news 24 (adam smith institute i think) saying 5.8% unsustainable. UK have lost 7bn on gamble

Will see what markets do

ArtSmart · 28-11-2010 08:21PM

If the govt offered a deal to encourage deposits in the now nationalised AIB* - some form of pension / patriot bond thingy. course, unlikely to be taken up...

* Allied not Anglo -

Scofflaw · 28-11-2010 08:24PM

ArtSmart wrote: »

Ok. I'm gonna guess 5.4 %

The speil will be that the monies will be in three sections.

the IMF money first at IMF rate

then money at EU rate

then money from stability fund rate

no bond holder burning, though some 'restructuring' down the road hinted at.

Edit: if it's 5.8 (my other guess) it will included some time scale speil will be pushed to suggest it wont be for long - 'flexible rate' speil.

what do I win?

If there was a prize, you'd definitely get it!

So, not as bad as it was said to be, and not as good as we'd like it to be - there's a shock.

cordially,
Scofflaw

zig · 28-11-2010 08:32PM

Scofflaw wrote: »

If there was a prize, you'd definitely get it!

So, not as bad as it was said to be, and not as good as we'd like it to be - there's a shock.

cordially,
Scofflaw

Well that depends really, if the 5.8% is average over the 85 billion
, then it seems its far far worse than we thought itd be. But I still dont know if thats true. If someone could clarify that itd be great.

edit: well I guess we'll be paying 5.8 on what we draw so I dont know.

ei.sdraob · 28-11-2010 08:32PM

Scofflaw wrote: »

If there was a prize, you'd definitely get it!

So, not as bad as it was said to be, and not as good as we'd like it to be - there's a shock.

cordially,
Scofflaw

Its alot worse than we expected @Scofflaw
the opposition parties just got the NPRF plans legs knocked out from underneath them, politically this is huge
FF are now using a scorched earth policy to the economy before they depart.

Also the rate is not fixed, that has implications since FF planning history has always been wildly optimistic
we are quite literary in a worse situation now, still have alot of uncertainty, and have to break the piggy banks to save the banks that are beyond saving.

FF insist that this is a liquidity crisis (sound familiar anyone?) but this is in an insolvency crisis now, some form of default(s) is now inevitable.

mike65 · 28-11-2010 08:34PM

Nice soft words from our new masters...

Mr.Micro · 28-11-2010 08:36PM

Bob_Latchford wrote: »

economist on bbc news 24 (adam smith institute i think) saying 5.8% unsustainable. UK have lost 7bn on gamble

Will see what markets do

I would imagine they would be a lot happier once the Blues Brothers are gone, quite frankly so would the rest of us.

Scofflaw · 28-11-2010 08:39PM

zig wrote: »

Well that depends really, if the 5.8% is average over the 85 billion
, then it seems its far far worse than we thought itd be. But I still dont know if thats true. If someone could clarify that itd be great.

edit: well I guess we'll be paying 5.8 on what we draw so I dont know.

Might do - although that seems far too obvious. One clarification question and that trick would be revealed - and explode. Also, I'm not sure it's really meaningful to say we're "borrowing" from the NPRF at 0% - I'd say we're simply spending it.

On the other hand, I would imagine that the "blended rate" does include our current borrowings, which were at slightly lower rates. That would be easier to conceal than the NPRF trick.

cordially,
Scofflaw

6.7 % rate for the bailout.

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