You are here

Bailout

What is happening?
 
The Bill passed today provides that joint Special Liquidators will be appointed to IBRC. When this is done the Central
Bank will become the economic owner of the Promissory Notes.  Apart from the wider economic considerations
concerning IBRC, it makes very little sense at this point to retain two State organisations performing broadly similar
functions. It is now appropriate that the remaining assets of IBRC which, following an independent valuation exercise
ƒ Legislation has been passed providing for the orderly wind‐up of IBRC through the appointment of Special Liquidators
who will manage the process
 
₋ Existing funding arrangements with regard to the Promissory Notes between IBRC and the Central Bank of
Ireland (CBI) unwind and the CBI becomes economic owner of the Promissory Notes which are exchanged for
Government bonds
 
₋ NAMA, through an SPV, has been directed to acquire the Exceptional Liquidity Assistance (ELA) Facility Deed
Social Justice Ireland met the IMF/ECB/EC 'troika' on Monday, October 17, 2011. We presented them with a Briefing document setting out a fully-costed set of proposals which would see the terms of the Bailout Agreement met but which would ensure that poor and vulnerable people were not further burdened
 
  1. The selective use of data by the Troika is leading to inaccurate analysis which in turn is producing inappropriate policy recommendations for Ireland.
  2. Poverty in Ireland is rising despite Troika claims.
  3. The vulnerable have not been protected despite ‘Troika’ claims.

In September 2012, the IMF published its Article IV Country Report for Ireland as well as its Seventh Quarterly Review under the Bailout Agreement. 

Ireland: 2012 Article IV and Seventh Review Under the Extended Arrangement—Staff 
Report; Informational Annex, Staff Supplement; and Public Information Notice 
 
The following documents have been released and are included in this package: 
 
 The staff report for the 2012 Article IV consultation, prepared by a staff team of the IMF, 
following discussions that ended on July 18, 2012, with the officials of Ireland on economic 

A new campaigning network of local and global justice organisations, Debt Justice Action, has called on the government to stop paying the debts of the former Anglo Irish Bank / Irish Nationwide Building Society (INBS).

The ‘troika’ statement that the most vulnerable in society should be protected is very welcome. So too is their statement that the ‘troika’ are committed to helping those who need help.

The ‘troika’ has been told there are serious questions concerning their credibility on the economy and the vulnerable. At a meeting in Dublin with the ‘Troika’ (European Central Bank, the International Monetary Fund and the European Commission) today, Social Justice Ireland argued that:

Pages