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The Troika wants more Misery


Troika wants reform of repossession law

The latest agreement between the Troika and the Government requires Irish authorities to remove a legal impediment which has stopped banks repossessing properties.

However, Ministers will not introduce the measure until borrowers homes are protected with the enactment of new personal insolvency legislation.

There has been a gap in legislation arising from a court judgment which has slowed the number of repossessions to a trickle.

Last year the High Court found banks cannot apply for a repossession if the mortgage was created before 2009 but demand for repayment was later than 2009.

The judgment exposed a loophole which will now have to be fixed, under the agreement with the Troika.

While an owner occupier‘s home will be protected under the new insolvency legislation, the change is likely to affect buy-to-let properties.

Almost one in three of these mortgages are now in arrears.

The Central Bank wants the banks to speed up their management of the problem.

The document also says that the Government will take steps to deal with the health spending overruns and keep health expenditure below €13.6bn next year.

It says the Commission for Energy Regulation will have responsibility for overseeing the price setting powers of Irish Water.

The Government will also have to set out its methodology for the next round of stress tests for Irish banks.

The agreement with the Troika also says the Irish Government will conduct a study to compare the cost of drugs, prescription practices and the usage of generics in Ireland comparable with EU jurisdictions.

via Troika wants reform of repossession law – RTÉ News.

via Troika wants reform of repossession law.

The Troika Questions the Children’s Referendum as Being Wasteful of Public Funds


The Troika said last night in Dublin that funds were not readily available to pursue the self-governing process in Ireland, and until the economy improves, the Government should consider postponing all referendums’ and elections. When questioned if this procedure was democratic the retort was you can’t afford it.

They added if this wasteful process continued they would consider withholding further draw down of funds.

The Taoiseach Enda Kenny and the finance Minister Michael Noonan believed they understood the concerns of the Troika and would re-examine the proposal.

When questioned further on the Democratic process Michael Noonan stated that really is a question for the Taoiseach but believed that the process was safe in the hands of the government.

The Taoiseach when quizzed on the matter believed that it was of the utmost importance to maintain Ireland’s credibility with the world’s financial decision-makers, and he would not stray from this route to satisfy the whims of a minority.

The Troika felt that in certain areas, there was on display extremely high levels of incompetence. One senior source claimed the Troika has been “spooked by James Reilly the Minister of Health. They believed Reilly is the boldest boy in the class. Being well-qualified masters, they believe control of the class is of the utmost importance.
They are, likewise, concerned at the worthlessness of the ministers at the core of Government and the overall perceived lack of leadership.

They stated they would support a referendum as to who should rule Ireland.

They are also willing to fund and support a new party called the Bilderberg group. They felt this group knew how to mop up what money remained and to restore Ireland to prosperity but only after a long and intense period of deprivation.

On behalf on the Irish people, The Taoiseach apologised for the gross ineptness of the government.

Government fears Troika will gun for Croke Park – National News – Independent.ie


Troika will warn that “Croke Park is not working” when they conclude their eighth review of the bailout agreement, scheduled to begin next week.

These Government fears have not been eased by the intent of the Troika to focus on overspending in the Department of Health.

Such is the level of unhappiness within the Troika over the chaotic state of the Department’s finances that speculation was rife at the heart of Government that Minister for Health James Reilly would be personally cross-examined by the Troika.

Such a development would represent the first time a front-line minister from the three big spending ministries of Social Protection, Education and Health would directly meet the Troika.

To date, contacts between ministers and the Troika have been confined to the Brendan Howlin and Michael Noonan.

Though a spokesperson from the Department of Health said they were “not aware” of any such meeting, the Sunday Independent was told by senior figures close to Government that the Troika has become unhappy over the “peculiar” Irish situation where they only meet Ministers Howlin or Noonan, while other ministers are “corralled” away from the grouping.

In other bailout countries, the Troika meets ministers from all departments, but, in what was described by one source as “another example of the micro-management where Gilmore, Kenny, Noonan, Howlin and their Economic Management Council have to control everything” there has been “deliberate civil service and political resistance over letting Reilly, Quinn and Burton near the troika”.

However senior political sources told the Sunday Independent that the Troika has become increasingly impatient with the scenario where instead “of meeting ministers, they are being fobbed off by Father Sean [Healy] Richard Boyd Barrett , Sinn Fein and various others.”

One senior source claimed the Troika has been “spooked by Reilly. They’re starting to believe they are being given the run-around.

“Reilly is the sacrificial lamb, the boldest boy in class but they’re equally concerned at the hollowness in the centre of Government, a perceived lack of leadership.”

The Sunday Independent has also learnt that within the Government “from the Taoiseach down there is more nervousness about this Troika visit than any other one”

via Government fears Troika will gun for Croke Park – National News – Independent.ie.

via Government fears Troika will gun for Croke Park – National News – Independent.ie.

Is it Time to face down the Troika?


Given that the governor of the Central Bank, Patrick Honohan has declared, he deems that both senior and junior bondholders should endure the losses of the failed banks. Perhaps the time is now opportune for the authorities to confront the Troika regarding the terms of the bailout.

To quote Honohan

“The extensive socialization of losses – initially through the September 2008 guarantee and subsequently when the troika refused to countenance burden-sharing with the unguaranteed senior bondholders – has been rightly subject to comprehensive criticism.”

Take cognisance of the fact that the Troika bullied Lenihan and Cowan into agreeing to pay the Bondholders.

The question now is whom were the troikas representing? Overall, one gets the impression that their first priority was to ensure and safeguard the interest of the Bondholders. If this is the case, it would appear the interests of the IMF, and the ECB is secondary. Whatever the case may be Ireland suffers at the hand of all three.

The fact that the Trichet letters remain unreleased would seem to reinforce this view that the contents are controversial.

The Governor of the bank on the surface seems to be speaking sense.

Will Michael Noonan have the mettle to confront the Troika over the bailout terms? Will he have the vigour to say we are going to burn the Bondholders?

Maybe the time is now opportune for the citizens of Ireland to petition the Minister to cast adrift the Bondholders.

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