Obbligazioni bancarie Banche irlandesi: newsflow, ratings, bonds. Il fronte irlandese dell'Euro. (2 lettori)

[tommy271]

EU Leaders Signal Changes to Irish Loan, but Push for Reforms



By RIVA FROYMOVICH

HELSINKI -- Center-right European Union leaders meeting in Helsinki Friday pushed for stricter economic reforms across the 27-member bloc, as they opened they way for changes to Ireland's bailout package.
The meeting brought together members of the EU's dominant European People's Party, the conservative European bloc whose members head 15 European governments, including Germany and France. This is the first in a string of meetings this month of high-level EU officials that are supposed to culminate in a sweeping set of economic reforms by a self-imposed March 25 deadline.
The leaders signaled that Ireland's 67.5 billion euro loan package could be amended. Ireland's next likely prime minister, Enda Kenny, attended the meeting and proposed that interest rates on the loans be lowered, a promise he campaigned on.
"There was no voice against," said Latvian Prime Minister Valdis Dombrovskis. "I clearly see the point here."
He added that leaders also discussed extending the maturity on Ireland's loans.
Still, "the German position is [that there can be] a change to the Irish program only alongside additional measures that will make the country more competitive and less debt-laden," said an official close to the discussions.
On the sidelines of the event, German Chancellor Angela Merkel cited the same conditions for retooling aid, although she did not single out Ireland.
"If specific measures are possible, then further conditions, further duties will also be necessary," Ms. Merkel said.
But Ireland is trying to push back against pressures to increase its 12.5% corporate tax rate, among the lowest in Europe, but seen in Ireland as central to the country's economic recovery.
On reforms ahead, European Commission President Jose Manual Barroso said that Ireland's "best way is to face reality."
"There are some painful measures that need to be taken," he said.
Mr. Kenny was still meeting late Friday evening with EU President Herman Van Rompuy to discuss his desire for a reworked Irish aid package.
Another official present at Friday's discussions said the negotiations with Ireland would fit within the larger context of making the euro zone's temporary bailout facility, the European Financial Stability Facility, more flexible. But this would also need to be part of a broader comprehensive package of changes, the so-called German-led "competitiveness pact," the official said.
The pact is an agreement Ms. Merkel wants from euro-zone leaders to coordinate fiscal policy more closely and undertake some painful economic reforms, such as raising retirement ages and synchronizing corporate tax rates.
EPP leaders agreed to move ahead on the competitiveness pact Friday, party members said. However, Finnish Finance Minister Jyrki Katainen said the comprehensive economic package due by the end of March--billed to combine both a form of the pact and a permanent euro-area bailout fund to replace a temporary facility that expires in 2013--could be different than initial proposals.
"The comprehensive package may be different than a few weeks ago" because the situation has changed, said Mr. Katainen, citing economic reforms in Spain as an example.
Still, Mr. Katainen said that private investors must share responsibility in future bailouts.
"It's important when it comes to the permanent crisis-control mechanism, starting in 2013, to include how private investors could also be made responsible," Mr. Katainen said.
The Helsinki event gave leaders outside of the euro zone the opportunity to be heard on the competitiveness pact as well, having been largely shut out so far.
Latvia's prime minister said there had been concerns by EU members outside the currency bloc on being left out of certain procedures.
However, Mr. Dombrovskis said the EPP meeting concluded that topics which fall in the arena of all 27 states will be decided on a "community" basis, while euro-zone-only topics can be decided amid the 17 countries that share the euro currency.
"It's important this [upcoming March 11] summit does not become a summit to discuss issues of all 27 member states," such as the internal market, he said.



--Patrick McGroarty and Arild Moen contributed to this article.



EU Leaders Signal Changes to Irish Loan, but Push for Reforms - WSJ.com

 

[tommy271]

Irlanda: raggiunto accordo Fine Gael-laburisti per governo




I due maggiori partiti irlandesi, il Fine Gael di centro-destra e i Laburisti di centro-sinistra, hanno raggiunto nella notte un accordo per formare un nuovo governo di coalizione.

"Sono felice di annunciarvi che abbiamo concluso un accordo, alcuni dei dettagli minori sono in via di definizione per essere presentati a entrambi i partiti", ha detto il primo ministro irlandese in pectore Enda Kenny, del Fine Gael.

Quest'ultimo partito ha ottenuto il maggior numero di voti alle recenti elezioni legislative, seguito dai Laburisti. Il partito al governo nella precedente legislatura, il Fianna Fail, è stato pesantemente sconfitto per la sua gestione della crisi economica.

(ticinonews.ch)

 

[Zorba]

Il programma di governo dell'Irlanda.
Copio la parte sulle banche.

Banking and Re-Negotiation of the IMF/EU Programme of Support

As a result of reckless mismanagement of the Irish economy by recent Governments, Ireland
faces a profound banking, fiscal and jobs crisis, and has been forced to seek external financial
assistance. This has been provided by the IMF and the EU through an assistance programme
that provides a loan facility to Ireland.
At the core of the loss of domestic and international confidence in Ireland’s economy has
been the outgoing Government’s commitment – between NAMA asset purchases and the
subsequent recapitalisation – of over 100 billion of State resources to bank rescues. This is
three times the national debt before the crisis.
Much of this taxpayer commitment reflected the policy to crystallise – through asset transfers
to NAMA – massive losses in banks under taxpayer guarantee at a time of extraordinary
financial distress.
If it were not for the historical and potential future losses for Irish taxpayers from the
outgoing Government’s banking policy, Ireland’s public finance problems would be acutely
difficult but nonetheless entirely manageable.
The outgoing Government’s “blank cheques for banks” policy must now be ended. We must
step back from the edge of national insolvency.
The new Government supports the objectives of the EU/IMF Programme of Support i.e.
restructuring and recapitalising the banking system, achieving fiscal stability and returning the
Irish economy to growth.
However, it is observable to all that the Programme of Support has – to date – failed to restore
confidence in the Irish economy. In the view of the new Government, this reflects uncertainty
over the affordability of the rescue package, and in particular the unknown but potentially
enormous cost to the Irish taxpayer from the continuation of existing policies aimed at
resolving the banking crisis.
Moreover, the failure of the Programme of Support to restore confidence in the financial
health of Irish banks or the Irish State continues to contribute to wider euro-zone financial
instability.
On this basis, both parties to the new Government sought, and secured, a strong mandate from
the Irish electorate to renegotiate a more credible package that is better for both Ireland and
Europe
The overall aim of renegotiation must be to secure a Programme of Support and solution to
the banking crisis that is perceived as more affordable by both the Irish public and
international markets, thereby restoring confidence, growth, job creation and the State’s
access to affordable credit from private lenders. The Parties to the Government recognise that
there is a growing danger of the State’s debt burden becoming unsustainable and that
measures to safeguard debt sustainability must be urgently explored.

In our engagement with the lenders, we will pursue a number of different strategies to achieve
this end.
• We will seek a reduced interest rate as part of a credible re-commitment to reducing
Government deficits to ensure sustainability of our public finances.
• We will re-commit to structural reforms required to accelerate growth, job creation and
debt sustainability.
• We will attach the utmost priority to avoiding further down-grades to our sovereign credit
rating by setting further capital spend by the State on bank re-capitalisation at a level that
is consistent with national debt sustainability.
• In this regard, we will defer further recapitalisation of the banks until the solvency stress
tests are complete and known to the new Government. Earlier recapitalisation in advance
of publication of the stress tests will not contribute to market stability and confidence.
• We remain committed to a smaller banking system that reduces its reliance on funding
from the Irish and European Central Banks and volatile market sources. In order,
however, to limit further calls on the State to cover bank losses from distressed asset sales,
bank deleveraging must be paced to match the return of more normal market conditions
and demand for bank assets.
• As an interim measure, we will seek to replace emergency lending to our banks with
medium-term, affordable, official financing in a way that can restore confidence among
other potential lenders in the liquidity position of our banks.
• We will end further asset transfers to NAMA, which are unlikely to improve market
confidence in either the banks or the State.
• We will ensure that an adequate pool of credit is available to fund small and mediumsized
businesses in the real economy during the re-structuring and down-sizing
programme.
• We will introduce a comprehensive special resolution regime for dealing with bank
insolvencies.
• The Government accepts that enabling provisions in legislation may be necessary to
extend the scope of bank liability restructuring to include unsecured, unguaranteed senior
bonds.
• The new Government will seek to dispose of the public stakes in the banks as soon as
possible at the best possible return to the taxpayer.
• We will create an integrated decision making structure among all relevant State
Departments and Agencies to replace the current fragmented approach of State bodies in
dealing with the financial crisis.

A key challenge for the new Government will be to make our banking system an engine of
economic recovery by restoring public and market confidence in its financial health,
management competence and ethical integrity.
• The new Government will re-structure bank boards and replace directors who presided
over failed lending practices. We will ensure that the regulator has sufficient powers of
pre-approval of bank directors and senior executives. To expedite this change-over we
will openly construct a pool of globally experienced financial services managers and
directors to be inserted into key executive and non-executive positions in banks receiving
taxpayer support.
• We will insist on the highest standards of transparency in the operation of NAMA, on
reduction in the costs associated with the operation of NAMA, and that decision-making
in NAMA does not delay the restoration of the Irish property market.
• Once the banking sector has been restored and is functioning effectively, we will
introduce a bank levy based on the size of a bank’s liabilities (other than shareholder
capital).
• We will establish a Strategic Investment Bank
• We recognise the important role of Credit Unions as a volunteer co-operative movement
and the distinction between them and other types of financial institutions. In Government,
we will establish a Commission to review the future of the credit union movement and
make recommendations in relation to the most effective regulatory structure for Credit
Unions, taking into account their not-for-profit mandate, their volunteer ethos and
community focus, while paying due regard to the need to fully protect depositors savings
and financial stability.
• We support the future development of the IFSC as a source of future employment growth,
subject to appropriate regulation. We will establish a taskforce on the future of the
financial services sector to maximise employment opportunities in financial services for
staff leaving employment as a result of downsizing.
• We will ensure that the investigations into failures in the banking system are adequately
resourced.
• All remuneration schemes at banks subject to state support will undergo a fundamental
review to ensure an alignment of interest between banks, their staff and the taxpayer.

 

[tommy271]

INTERVIEW-Moody's signals no imminent Irish rating cut

* Says negative outlook reflects risks over 12-18 mth period
* Rating wld be reassessed if Ireland wins new bailout terms
* Does not expect framework changes to bailout deal
* Too early to say Ireland will miss 2011 fiscal target


By Carmel Crimmins


DUBLIN, March 7 (Reuters) - Moody's is monitoring the new Irish government's attempts to win easier terms for its loans under an EU/IMF rescue deal and signalled on Monday that another rating cut for the euro zone struggler was not imminent.
The agency slashed Greece's credit rating on Monday on fears the country's efforts to cut its debts will fall short, heaping further pressure on EU leaders to ease its repayment terms as part of an EU-wide solution for the region's debt crisis.
Ireland's prime-minister-in-waiting Enda Kenny is seeking better repayment terms on Dublin's bailout package. Moody's cut Ireland's rating by five notches to Baa1 in December and put the country on negative outlook, meaning more downgrades could follow, amid fears further bank losses will hit the public purse and further weaken economic growth prospects.
"The negative outlook reflects ... risks in the next 12 to 18 months. We are currently monitoring how things develop in Ireland and we will act when deemed appropriate," Dietmar Hornung, vice president and senior credit officer at Moody's, told Reuters in an interview.
Ireland agreed an 85 billion euros bailout with the EU and the IMF last year to try and resolve a prolonged banking crisis, but investors fears the deal will bankrupt the former "Celtic Tiger" economy.
Kenny has less than three weeks to persuade Europe's paymaster Germany to reduce the interest rate on the EU's 40 billion euros plus contribution and give Dublin more time to restructure its banks before a hoped-for EU-wide deal on the debt crisis is hammered out at a March 24-25 summit.
Hornung said he would assess the impact of any concessions Ireland might be able to win from Europe but said he did not expect the overall targets in the EU/IMF deal to be altered.
Ireland's new government said over the weekend it would adhere to the fiscal goals laid down in the agreement.
"I don't expect the broad framework as laid out in the EU/IMF package will be changed. Certainly from an Ireland perspective if there were changes to the interest rate that could reduce the debt burden somewhat," Hornung said in a telephone interview.
"The current Baa1 rating is on the basis of the EU/IMF support package as it is and if there are amendments we will look into them."
Ireland has pledged to shrink its budget deficit, currently proportionally the highest in the euro zone, to 9.4 percent of gross domestic product (GDP) this year from nearly 12 percent last year but weak consumer demand could hamper its goal.
Tax revenues in February were below target but Hornung said it was too early to say whether Dublin would miss its fiscal target this year.
"Certainly we do have the austerity and growth issue in Ireland and the feedback effect on government revenues are all things that need to be looked at and that is what we are doing."
​

 

[tommy271]

Irlanda, Enda Kenny eletto primo ministro

mercoledì 9 marzo 2011 15:34



DUBLINO, 9 marzo (Reuters) - Il leader del partito di centro-destra Fine Gael, Enda Kenny, è stato eletto primo ministro oggi in un voto parlamentare che gli ha dato mandato per guidare gli sforzi per rinegoziare un impopolare piano di salvataggio.
La sua coalizione con il partito laburista di centrosinistra ha ottenuto una maggioranza record dopo una vittoria elettorale storica dominata dalla rabbia degli elettori per un piano di salvataggio da 85 miliardi di euro con Ue e Fmi.
Kenny ha promesso di negoziare termini più favorevoli sui prestiti dai partner Ue come parte di un accordo regionale per risolvere la crisi del debito sovrano in Europa nel summit del prossimo 24 e 25 marzo.



***
Giusto in tempo per presenziare, con la compagine governativa, al primo Summit di venerdì ...

 

[tommy271]

Crisi: da Bce 116,9 mld a banche Irlanda

Ben oltre gli 89,4 miliardi di febbraio 2010

11 marzo, 17:32




(ANSA) - ROMA, 11 MAR - I prestiti della Banca centrale europea alle banche irlandesi ammontavano a 116,9 miliardi a fine febbraio, in calo rispetto a un mese prima ma ben al di sopra degli 89,4 miliardi di febbraio 2010. Lo si rileva dai dati pubblicati dalla Banca d'Irlanda, che essa stessa ha aumentato i prestiti a 70 miliardi agli istituti nazionali sotto forma di ''liquidita' straordinaria di assistenza''. La cifra e' in forte aumento rispetto ai 51,1 miliardi di fine gennaio.

 

[tommy271]

Euro, respinte le richieste dell’Irlanda.


Bruxelles, 12 mar. (Adnkronos) – Dopo una maratona durata oltre sette ore e conclusasi all’1,30, i leader dei 17 Paesi dell’eurozona hanno raggiunto un accordo sul nuovo Patto per l’euro, deciso di rafforzare la capacità del fondo salva-stati e di ridurre il tasso di interesse sul prestito alla Grecia, il cui rimborso è stato esteso da tre a sette anni e mezzo.

Scontro, invece, sull’Irlanda, che si è presentata a Bruxelles con una serie di richieste, “nessuna delle quali è stata accettata”, ha detto il presidente del Consiglio Silvio Berlusconi.

Fresco vincitore del voto del 25 febbraio scorso, il premier irlandese Edna Kenny ha insistito per una rinegoziazione delle condizioni del prestito accordato a dicembre dall’European financial stability facility (Efsf), in particolare una riduzione dei tassi di interesse, attualmente intorno al 5,8%, ed un’estensione del rimborso.

Ma il capo del governo di Dublino si è trovato di fronte al muro franco-tedesco che, in cambio della rinegoziazione, esige dall’Irlanda un aumento della tassa sulle società, che è al 12,5% e che Parigi e Berlino ritengono “distorsiva della concorrenza”.

“L’Irlanda non ha rispettato i requisiti richiesti per ottenere la riduzione dei tassi di interesse”, ha detto il presidente del Consiglio europeo Herman Van Rompuy in una conferenza stampa alla fine del vertice, precisando che a Dublino non erano state poste “condizioni precise, ma un impegno costruttivo sul coordinamento fiscale”.

“Non abbiamo potuto decidere niente oggi sull’Irlanda – ha lamentato la cancelliera tedesca Angela Merkel – Non siamo ancora veramente soddisfatti di quello che l’Irlanda ha proposto ed è per questo che la riduzione dei tassi di interesse è stata decisa solo per la Grecia (di 100 punti base, dal 5,2 al 4,2%, ndr), che è pronta a nuovi sforzi supplementari”.

Delle richieste dell’Irlanda e delle condizioni per una rinegoziazione del prestito si riparlerà al prossimo vertice dell’Ue del 24 e 25 marzo a Bruxelles, ha assicurato il presidente francese Nicolas Sarkozy. “Molto soddisfatta” si è invece detta la Merkel per l’accordo trovato a Bruxelles tra i leader dell’eurozona sulle “grandi linee di un pacchetto complessivo” per affrontare la crisi del debito sovrano.

Ugualmente soddisfatto il premier Berlusconi: “Missione compiuta” su debito e Mezzogiorno. L’Italia “ha raggiunto i due obiettivi” con i quali si era presentata al vertice dei leader dell’Eurogruppo. “Abbiamo ottenuto di poter introdurre facilitazioni per le aree depresse, quindi per il nostro Sud – ha spiegato il premier – fiscalità di vantaggio o anche altre cose”. E sul debito, ha detto Berlusconi, è passata la richiesta dell’Italia di considerare “la finanza privata” come fattore rilevante nella considerazione della sostenibilità dei conti pubblici di un Paese.

I capi di Stato e di governo dell’Eurogruppo hanno poi raggiunto un accordo per rafforzare la capacità dell’Efsf, che potrà contare sulla “piena disponibilità” dei 440 miliardi di euro di garanzie (finora ne erano spendibili solo 250, ndr), e del futuro Esm (meccanismo di stabilità europeo), che avrà una dotazione di 500 miliardi. Inoltre, questi strumenti saranno “più flessibili”, ha assicurato Van Rompuy, e “avranno la capacità di intervenire sul mercato primario” dei titoli. Il presidente del Consiglio europeo si è infine detto “felice di annunciare che oggi sono state prese importanti decisioni: è stato raggiunto un accordo sul Patto per l’euro ed un’intesa di principio su altri elementi del pacchetto economico” per il rafforzamento della governance e “questo ci permetterà di voltare pagina”. Prossimo appuntamento tra due settimane a Bruxelles per la nuova riunione dei leader dei 27.


***
Altre news e commenti sul thread "Grecia".

 

[tommy271]

BRACCIO DI FERRO FRA IRLANDA E UE



BRUXELLES - Braccio di ferro tra il governo irlandese e la Ue. Il primo chiede di rinegoziare - come fatto dalla Grecia - le condizioni sui prestiti ricevuti, a partire dal tasso di interesse giudicato senza mezzi termini «usuraio». La seconda è pronta a prendere in considerazione la richiesta solo se Dublino innalzerà l'aliquota della corporate tax, la tassa agevolata sulle società che gli irlandesi considerano l'artefice del boom degli anni scorsi.
Il nuovo governo dell'ex Tigre Celtica sembra più che mai intenzionato a difendere la tassa: lo ha detto a chiare lettere il premier Enda Kenny ai colleghi del'Eurozona venerdì scorso, lo ha ribadito con forza ieri il ministro delle Finanze Michael Noonan al tavolo dell'Eurogruppo. Ma se un'apertura sembra essere arrivata dal presidente dei ministri di Eurolandia, Jean-Claude Juncker, da parte della maggioranza dei Paesi si opta per la linea dura.
«Se l'Irlanda non cambierà la corporate tax, è molto difficile che gli Stati membri prendano in considerazione un ribasso del tasso di interesse sui prestiti concessi a Dublino», ha ribadito il ministro delle Finanze francese, Christine Lagarde. Aggiungendo: «Spero che da qui a fine marzo (quando si svolgerà il Consiglio europeo) l'Irlanda faccia progressi in questa direzione».


(Corriere del Ticino.ch)

 

[tommy271]

CRISI: REHN, STRESS TEST SU BANCHE IRLANDESI DEVONO ESSERE RIGOROSI


(ASCA) - Bruxelles, 14 mar - ''E' importante che gli stress test in Irlanda siano condotti in maniera rigorosa'',cosi' Olly Rehn, commissario europea agli affari economici e monetari. Il nuovo round di stress test su 88 banche europee avra' luogo a partire da aprile e i risultati verranno pubblicati a giugno.

Lo scopo del test e' accertare la solidita' patrimoniale delle principali banche dell'unione europea a shocks economici e finanziari. Il precedente round era stato fatto lo scorso anno, i risultati furono pubblicati a luglio ed i gruppi bancari irlandesi avevano superato l'esame. Dopo appena 3 mesi, le principali banche dell'ex Tigre celtica sono state oggetto di un salvataggio finanziato attraverso il prestito salva stati da 67 miliardi di euro fornito dalla Ue e dal Fondo Monetario Internazionale.

Nel frattempo, il ministro delle finanze dell'Irlanda, Michael Noonan, continua a chiedere la rinegoziazione del prestito (allungamento dei tempi di rimborso e riduzione del tasso di interesse, attualmente al 5,80%), sottolineando come la prima tranche da 10 miliardi del finanziamento non sia assolutamente sufficiente a coprire il buco delle banche.

Stasera faccia a faccia stasera Noonan ed il Presidente della Bce Jean Claude Trichet.

 

[tommy271]

Ireland’s Kenny Says Taxpayers Shouldn’t Bear All Bailout Cost

By Sandrine Rastello and Margaret Brennan - Mar 17, 2011 1:00 AM GMT+0100 Thu Mar 17 00:00:01 GMT 2011

Irish Prime Minister Enda Kenny said it’s “grossly unfair” that taxpayers alone should carry the cost of bailing out the country’s banks as he pushed for lower rates on a European-led rescue loan.
Kenny, on a visit to Washington where he says he’s trying to repair Ireland’s “damaged” reputation, called for changes to the rescue package by the European Union and the International Monetary Fund to avoid a situation where Ireland struggles to pay back its loan and can’t generate economic growth.
“It is grossly unfair to expect the taxpayer to have to pay 100 percent for the reckless lending practices of banks which caused this in the first instance,” Kenny said yesterday in an interview with Bloomberg Television’s “InBusiness With Margaret Brennan” that will be broadcast today. The 5.8 percent average rate Ireland pays for its loans is “too severe,” he said.
Kenny’s Fine Gael party took power last week after pledging to seek a European agreement on sharing the cost of rescuing the financial system with senior bank bondholders. His government is counting on ongoing stress tests to reveal the full extent of potential losses at the country’s lenders, after injecting 46.3 billion euros ($64.4 billion) into the financial system over the past two years.
Kenny stopped short of saying who should pay along with taxpayers. Asked about the treatment of senior bondholders, Kenny said that his government will put no additional cash into banks “until you see the scale of what the liability is, until there is an understanding of what might be here.”


Tax Incentive

He also vowed to keep the nation’s corporate tax rate “intact” to attract foreign investors, adding that his country is “open for business.”
Less than a week after failing to obtain a discount on the rate charged by the EU because of Ireland’s refusal to increase the country’s 12.5 percent company tax, Kenny repeated he is not willing to negotiate it.
“It’s not correct to equate a conditionality of a reduction in interest rates with the condition that a corporate tax is increased,” he said. “I am not prepared to compromise on something that is the individual competence of each country in respect of our corporate tax rates.”
French President Nicolas Sarkozy and Germany Chancellor Angela Merkel at a March 11 euro-area leaders summit refused to extend a cut in Greece’s borrowing costs to Ireland as Kenny pushed back on taxes.
Ireland has used its corporate tax rate, which compares with an EU average of about 23 percent and even higher rates in Germany and France, to lure companies such as Hewlett-Packard Co. and Pfizer Inc.
Ireland pays an average 5.8 percent interest rate on the 67.5 billion euros of aid from the IMF and the EU. Kenny said he expects to obtain “some flexibility” from Europe.


(Bloomberg)



***
A mio parere gli irlandesi si muovono con il piede sbagliato, non devono porre pregiudiziali intorno alla questione della tassazione al 12,5%.
Il muro contro muro, non serve a nessuno.