Archive for the ‘European Union’ Category

Published on 26 Jun 2013

Irish Prime Minister Enda Kenny has ordered a government investigation into the Anglo-Irish Bank bailout after the release of secret audio recordings.

In them, Peter Bowe, then head of Capital Markets, can be heard telling Peter Fitzgerald, director of retail banking, that seven billion euros would not be enough to save the bank but would be sufficient to ensure further bailout money was made available.

Asked by Mr Fitzgerald how he worked out the bank needed seven billion euros, Mr Bowe said: “Just as Drummer [bank CEO David Drumm] would say, picked it out my ****, you know?… That number is seven, but the reality is we need a lot more than that…

“The strategy here is you pull them in, you get them to write a big cheque and they have to keep, they have to support their money, you know?”

In total, the failed bailout of Anglo-Irish bank, which was liquidated in February of this year, cost Irish taxpayers some 30 billion euros.

In the tapes, which were recorded internally by the bank and made public by the Irish Independent newspaper, Mr Bowe can be clearly heard making light of both the bailout application process and the bank’s ability to repay bailout funds.

He said: “If they saw the enormity of it upfront, they might decide, they might decide they had a choice… They might say the cost to the taxpayer is too high.

“If it doesn’t look too big at the outset, if it looks big, big enough to be important but not too big that it spoils everything, then you have a chance. I think it can creep up.”

Speaking on Jeff Randall Live, Paul Williams, the special correspondent at the Irish Independent said:

“We have decided to publish them because in the five years since this catastrophe, this cataclysm occurred in the Irish economy, there has been no effort made by official Ireland either the previous…or current government…to explain to the men, women and children of Ireland why their country is on its knees.”

Anglo-Irish Bank was at the centre of the Irish housing market bubble, lending billions of euros to developers during the nineties and 2000s that would never be recouped.

Mr Bowe can be heard laughing as he said: “This is seven billion (euro) bridging. So it is bridged until we can pay you back, which is never.

“So, under the terms that say ‘repayment’, we say ‘no… not applicable’.”

Both Mr Bowe and Mr Fitzgerald have released statements denying deliberately trying to mislead the Irish government’s financial regulator or abusing the guarantee of Irish banks issued by Dublin at the height of the financial crisis.

Referring on the tapes to the prospect of the Anglo-Irish Bank being nationalised, Mr Bowe says: “That would be fantastic. If it was nationalisation, we’d all keep our jobs… civil servants, you know?”

http://web.orange.co.uk/article/news/secret_anglo_irish_bank_tape_inquiry_launched

 

European Parliament, Strasbourg, 23 October 2012

• Speaker: Nigel Farage MEP, Leader of the UK Independence Party (UKIP), Co-President of the ‘Europe of Freedom and Democracy‘ (EFD) Group in the European Parliament – http://nigelfaragemep.co.uk

• Debate: Conclusions of the European Council meeting of the 18-19 October 2012
– with statements by the European Council president Herman Van Rompoy and the Commission president Jose Manuel Barroso [2012/2640(RSP)]

Transcript:

Well, Mr Van Rompuy, when you first appeared here in what proved to be a rather expensive speech, I said you’d be the quiet assassin of nation state democracy.

And sure enough, in your dull and technocratic way, you’ve gone about your course.

But I have to say, you’re even worse than I thought you were going to be. I thought it was just going to be a federal Europe – a federal union. But actually it appears with every statement you make that what you now want is the total subjugation of the states to completely undemocratic structures based in Brussels.

I misread the bailouts. I thought that when the bailouts happened – and I could see the panic around this chamber, people fearing the economic meltdown.

But you of course were calm through it all, because you saw the bailouts as your opportunity to take control. Just think how Ireland today is managed. Greece, for that matter. The sinister-sounding Troika [Commission-ECB-IMF] come in, 50 officials spend a few days in the country, investigate the situation and then tell puppet prime ministers what they may or may not do.

And I note great enthusiasm in this chamber for Spain to have a bailout. Lots of members here want Spain to accept the bailout so that they too are subjugated to this new order. Indeed in Italy, the appointee there, Mr Monti, is very keen for his own country to be bailed out, because, to quote him, he fears that parliamentary democracy could bring down the European Union.

So I think it’s pretty clear that your next phase is for those who haven’t been bailed out and may not need to be bailed out; you now want them to sign guarantees, budget guarantees, and to have the power to strike down national budgets after they have been through parliaments.

I have to say, I feel that the eurozone is now in a very dark place, economically, socially, politically, and I fear that the countries trapped inside it – in that prison – will be there for many years to come.

So it’s odd against this backdrop that the Nobel Peace Prize has been awarded to the European Union. It’s true that Germany hasn’t invaded France since 1945, but I don’t think there was any prospect of that happening, unless of course what you’re all saying is that the Germans are inherently bad people.

No, the treath actually came from Russia, and we should be thanking NATO. And we should be thanking millions of American soldiers who served on European soil to maintain peace. Yet I don’t hear a word of that because we loathe America and everything that it stands for.

No, this is now a divided, split Europe, with neo-Nazi politics on the rise, with violent demonstrations in the streets. And I frankly think that the award of that Nobel Prize devalues that whole organisation.

Well, it’s not all bad news, because in Britain the opinion polls are clear that a clear majority of Brits now want to leave this Union, leaving David Cameron as piggy-in-the-middle, trying to pretend to be a Eurosceptic when he comes over here, going back home and claiming victories – but he’s stuck. And I predict one thing: Big political change is coming in Britain because he’s losing the support of millions of his own voters.

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• Video: EbS (European Parliament)
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