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Patrick Honohan role in the bail out crisis . Concerning

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Sceala Irish Craic Forum Discussion:     Patrick Honohan role in the bail out crisis . Concerning

Patrick Honohan is a supreme expert.
So we were informed by the government through the unquestioning media ..we were told that Patrick Honohan is beyond reproach or question.
They must have forgotten that not that long ago ...Patrick Honohan stated his opinion, that the Anglo Irish Bank was systemic to Ireland.
The same Patrick Honohan ...that now claims we have no need for any Irish bank. Patrick Honohan thinks we should sell them.
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Patrick Honohan The Governor of the Central Bank has played a very concerning role in the bail out.
Studying his commentaries ..one must conclude that Patrick Honohan is either - the bad news bearer, the belly softener man for the Irish government, a unpleasant but perhaps understandable role in the economic crisis ... or and a far more disturbing possibility is - Patrick Honohan has a far more concerning role ...Patrick Honohan stands for the international markets.
Nothing Patrick Honohan has done in this crisis appears to be for the sole interest of Ireland the sovereign nation.
It is therefore no surprise that he comes out today in vocal support, favoring and justifying the extortionate level of interest rate demanded of Ireland by the EU finance team.
A rate for a loan that we need not remind ourselves ..is not for our own personal debts ...it is to save private business..Casino banks and their international bond holders.

Patrick Honohan is a former IMF employee.
His recent actions make a question of his independence.
Example ...before the IMF appeared our elected Minister were confidently stating Ireland was safe and needed no external funding till at least mid 2011.
Patrick Honohan ..by account of national radio employees ...went out of his way to independently contact the media to air his opinions on a potential loan from the IMF. The media never contacted Patrick Honohan ...he contacted them.
Patrick Honohan went out of his way to state that Ireland should accept a loan. Single handed Patrick Honohan effectively forced the arm of the Irish Government.
Following Honohan's loan urging .....A run on Irish banks and debt followed.
Patrick Honohan followed his opinion up a week later ..when stating in his opinion ...that all the Irish banks are for sale.
Not surprisingly ...a run on Irish banks and by default more debt followed.
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Both of these comments applied pressure to the government ...and gave leverage to the markets and the IMF/EU team.
Patrick Honohan's deliberate public words were fundamental in causing recent runs on Irish banks.
Patrick Honohan is supposed to be working for Ireland.

It seems that the main media have missed or not connected the inconsistency. Patrick Honohan was presented as someone so experienced as to be above reproach or question.
What Honohan failed to mention in his urging of the Irish people and government to take a IMF-EU loan was ...the fact that this loan was for the recapitalization of private banks ...the same banks that Patrick Honohan in self contradiction now states we have no vital need for.

The EU IMF loan was to recapitalize private Casino style banks low on reserves. The loan is for bust banks that had ....already paid off the bond holders some 70 billlion. These billions went to mainly foreign gamblers who had gambled on Ireland for no risk what so ever.
These senior bond holders were paid 70 billion in September 2010.
Unfortunately all the talk by our politicians of making bond holders share burden is hot air ...it is too late ...most of the billions had already been paid out by corrupt banks. No debate, no fuss ...handed over to offshore billionaires.


The vast bulk of the billions owned by senior bonds have already been paid out. For what good reason? these billions were speculation between private concerns ...this was reckless and immoral lending ...all authorized under the ECB.
The Irish tax payer has been forced to underwrite the foreign Casino gamblers who have leeched Ireland's reserves dry ...with the backing of high placed Irish officials.

We know for a fact that this loan was not critical to Ireland's economy.
We know this for a fact through Patrick Honohan's own recent total contradictions ... Patrick Honohan stated in public meeting that he does not see the need for any Irish owned banks.
If that is the economics of it all ...then it makes a total lie of the supposed need for any loan ...because clearly by definition no Irish bank needed to be saved by the tax payer.
One of many Questions that Patrick Honohan should be made to answer is ...why did Patrick Honohan former employee of the IMF ...wait until the foreign gamblers holding senior bonds were all paid out..handed over 70 billion ...to tell us his economic insight.

Why did Patrick Honohan wait until the Irish tax payer had been saddled with 70 billion of loans ...for debts they need not ..and should not have paid ...by his own definition


Unfortunately for Patrick Honahon ...we are not all complete fools who can not connect dots.
The bail out was for private business ...to underwrite their reckless mistakes and the mistakes of international bond holders who recklessly funded them. All sanctioned on the watch of the European Central bank.

When Patrick Honohan tells the world that as far as he is concerned ...the Irish banks are for sale. Patrick Honohan fails to explain the mysterious need to recapitalize them.
There can be only one reason ...and it is a very disturbing conclusion.

Patrick Honohan former employee of the IMF has put a for sale sign over state..tax payer funded assets.
By default ....Collectively the Irish tax payers will be assisting foreign buyers to take over our subsidized banks at a heavy discount.
One obvious economic fact ...the Irish banks will not be sold ...unless some fund/business sees a potential profit!
This of course means that the Irish banks will be restructured ... divided up for sale ..good parts left after bad parts stripped out.
We the Irish tax payers will be absorbing paying for all the bad parts, the liabilities ....paying for all the reckless loans and bad debts. Effectively we are now subsidizing the remaining ...the good parts ...the assets divided out to be then sold on the international markets ...for someone else to profit from.

Selling the AIB and BOI will not be a good move in any way. It is not the Irish banks who are the most impatient with repossessing family homes. Most repossessions in Ireland are forced through by foreign financial institutions.

Patrick Honohan's role in this bail out should be investigated independently.
Why should we have any more trust in Patrick Honohan than any other economic celebrity.
Seanie Fitzpatrick for years was widely regarded as a national economics guru ...a shining economic light ..the best ...right up until the moment the economic crisis broke. Only very recently do most people now correctly view Fitzpatrick's methods as national economic treason.
Sean Quinn thought untouchable ...another genius at work
Few questioned Bertie Ahern when they were benefiting.

Patrick Honohan's actions are not going to help Ireland ...I don't think he is even thinking specifically for Ireland. Patrick Honohan has certainly has not communicated this to date.
There are no surprises in Patrick Honohan's summary of the IMF/EU deal ...which is a very bad deal for Ireland.
The Governor of the Central Bank has said the 85 billion EU/IMF rescue package for Ireland will make it possible to achieve a rapid downsizing of the Irish banks and put the banking system on a secure footing.
Professor Patrick Honohan said the package includes 10 billion to be immediately poured into banks to recapitalize them and a 25 billion contingency fund if they require more money in the future.
Speaking on RTE's News at One, The Governor also defended the interest rate on the funding package agreed with the EU and International Monetary Fund ...saying it provided cheaper funding than that available on the markets.


The interest rate being charged to Ireland is too high ...the rate is punitive .. a contradiction ...it does not make sense.
A high price for Ireland

Professor of economics. Paul de Grauwe of the University of Leuven.

Patrick Honohan is a supreme expert ...so we were informed by the government through the unquestioning media ..told that he is beyond reproach or question.
They must have forgotten that he claimed just 2 years ago that the banking crisis was manageable ....proving beyond reasonable doubt .. that Honohan like too many economists ...make it up as they go along ....as events unfold.
They must have also forgotten that not that long ago Patrick Honohan stated his belief that the Anglo Irish Bank was systemic to Ireland.
That opinion alone should have been more than enough reason to warrant real concerns about the competency and independence of Patrick Honohan.
Anglo Irish bank was systemic to the Irish nation ....Where exactly were these systemic high street Anglo Irish banks or any ATM.
The same Patrick Honohan now states ...after the bond holders of Anglo Irish banks are mostly paid out for their reckless speculation ....that Ireland does not need Irish banks.

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