Monday, 13 July 2015

IRELAND DESTROYS ANOTHER €500M - headline missed last week

And so it continues, the Quantitative Squeezing programme as ordained by the ECB.

Today, buried in an obscure report, news emerged that a few weeks ago, June 26th 2015, very quietly, Ireland's NTMA bought a Promissory Note bond from the Irish Central Bank with €500m of borrowed money, money on which we are paying interest and money which we'll have to repay at some future date; the report noted that the NTMA then destroyed/cancelled that bond.

What you're not told is that the Irish Central Bank in turn then destroyed that €500m, 'extinguished it', to quote Governor Patrick Honahan, took it out of circulation per the demands of the ECB.

Yes, you read that right; 
June 26th 2015


You won't read it in any headline, not in those stark terms anyway, that's for sure; it's a truth this government wants buried, a truth we in the 'Ballyhea Says No' campaign are trying to expose.

It's the legacy of the Promissory Notes €31bn created in 2010 to bail out the creditors of Anglo Irish Bank, Irish Nationwide Building Society and Irish Permanent.

It is also the legacy of Finance Minister Michael Noonan and this government to your children, and to your children's children, debt slavery for the next 40 yrs to bail out the creditors of three zombie non-systemic banks, breaking the clear rule of the ECB on the use of ELA, Emergency Liquidity Assistance.

The ultimate cost? For the full €31bn, upwards of €80bn but could be a lot more, depending on market conditions when the sales occur. For a debt that is not ours, was never ours, will never justly BE ours.


For those who aren't aware, here is the full schedule of destruction:


2014                Two bonds, €500m each, sold/destroyed            €1.0bn

2015                Bond of €500m sold, money destroyed               €0.5bn


2016-2018       Three years @ €500m/yr                                      €1.5bn

2019-2023       Five years @ €1,000m/yr                                      €5.0bn

2024-2031       Eight years @ €2,000m/yr                                   €16.0bn


2011                 Per original Promissory Notes, destroyed          €3.1bn

2012                Bond issued to cover P Note, €500m sold          €3.46bn