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Strong demand for EU € 4 billion 15y bond in support of Ireland and Portugal

The European Union (EU) placed yesterday a € 4 billion bond with 15 years maturity, notifying strong investors' demand for this benchmark bond. The operation took place under the European Financial Stabilisation Mechanism (EFSM) and was carried out by the European Commission on behalf of the EU. From the proceeds Ireland and Portugal will receive € 2 billion each as further loans as part of their financial assistance packages, in line with the overall funding requirements.

Ireland - Luxembourg: AIB sues six senior executives over sale of services subsidiary

Irish Times and Reuters report: six senior AIB executives secretly and systematically colluded in preparing and executing a premeditated strategy to undermine and damage the bank’s international financial services business for their own gain, the High Court heard yesterday. Michael McDowell SC, for AIB, told Mr Justice Barry White that following an internal investigation the bank had been shocked at the conduct of the six top managers. The court ordered the six managers to preserve all documents and computer records pending the full trial of the proceedings.

Statement by the European Commission, ECB and IMF on the first quarterly review mission to Ireland

Staff teams from the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) visited Dublin from 5 to 15 April for the first quarterly review of the Irish Government’s economic programme. The objectives of the programme are to address financial sector weaknesses and to put Ireland’s economy on a path of sustainable growth, sound public finances and job creation. Maintaining social fairness in shouldering the burden of adjustment is one of the programme’s priorities.

The teams’ assessment is that the programme is on track, but challenges remain and steadfast policy implementation will be key.

Ireland is making good progress in overcoming the worst economic crisis in its recent history. The implementation of the programme has been determined, despite the period of political change and an uncertain external environment. The new government, through its Programme for Government and its decisive approach to banking sector reforms, has taken full ownership of the goals and key elements of the programme supported by EU and IMF.

Irish banks require an extra €24 billion recapitalisation

Ireland’s beleaguered banking sector is to be recapitalised by a further €24 billion and restructured around two core retail banks under the Government's plan to finally draw a line under the banking crisis.

irishtimes.com -

Last Updated: Thursday, March 31, 2011, 20:34 EOIN BURKE-KENNEDY 

here

IT

Ireland: Banks will not be able to challenge stress test findings

The Central Bank has resolved that Ireland’s banks will not be able to challenge the findings this week of crunch stress tests, an exercise which will clear the way for the fifth bank bailout since the 2008 guarantee.

The participating institutions – Bank of Ireland, Allied Irish Banks, Irish Life Permanent and the Educational Building Society – will not be able to seek any lower loan loss estimates in the tests or revised capital requirements.

The tests are expected to show a further capital hole at the lenders of between €18 billion and €23 billion. This could push State injections into the banks from €46 billion to between €64 billion and €69 billion.

Irish banks may need 27.5 billion euros more aid

Ireland’s government may have to inject an additional 27.5 billion euros into the country’s banks after a third round of stress tests next week, according to a survey of analysts and economists. That will exhaust about 80 percent of the 35 billion-euro fund set up last year in Ireland’s international bailout to shore up the country’s lenders, according to the median estimate of 10 analysts and economists surveyed by Bloomberg News.

Ireland: GDP down 1.0% in 2010, GNP down 2.1%

Annual declines in GDP and GNP

Preliminary estimates for the year 2010 indicate annual declines of 1.0 per cent in GDP and 2.1 per cent in GNP. While 2010 is the third year of falling output the annual rate of decline in both GDP and GNP has moderated compared with the 2008 and 2009 results. On a seasonally adjusted basis, constant price GDP for the fourth quarter of 2010 fell by 1.6 per cent compared with the previous quarter while the corresponding quarterly change for GNP was an increase of 2.0 per cent.

The Economic Adjustment Programme for Ireland Occasional Papers 76 Directorate-General for Economic and Financial Affairs

 

The Economic Adjustment Programme for Ireland

European Commission

Directorate-General for Economic and Financial Affairs

Occasional Papers 76 February 2011

EUROPEAN ECONOMY


ACKNOWLEDGEMENTS

Emergency loans to Irish banks rose €19bn in February 2011 while the net increase was €10bn

EMERGENCY LOANS to Irish banks rose by as much as €19 billion last month as the European Central Bank (ECB) changed collateral rules, forcing the lenders to borrow more from the Irish Central Bank.

The banks increased their borrowing under exceptional liquidity assistance (ELA) to as much as €70.1 billion at February 25th from €51.1 billion in late January. A further €116.9 billion was borrowed by the banks at the ECB, a decrease from €126 billion the previous month.

This brought the borrowings of the banks in Ireland from the central banks in Frankfurt and Dublin to €187 billion, a net increase of €10 billion during the month.

Irish handbags: Irish Prime Minister Kenny Rejects Merkel’s Bailout Terms

Irish Prime Minister Enda Kenny rebuffed German Chancellor Angela Merkel’s conditions on easing bailout terms, setting up a clash as European Union leaders struggle to break a deadlock on tackling the debt crisis.

Kenny, arriving for his first summit as Ireland’s leader, rejected Merkel’s position to harmonize the corporate tax base in the euro region. Greece has already dismissed selling state- owned land to cut debt, her other prerequisite for reducing the cost of rescue loans.

“I’ve come here in two days in government with a very strong mandate from the Irish people,” Kenny told reporters in Brussels today. Late yesterday, he said, “I would not support any adoption of a common corporation tax rate.”

EU leaders are entering the final round of bargaining as they attempt to hammer out a package to snuff out the euro-area crisis by a March 25 deadline. Bond yields in Greece and Portugal touched euro-era records this week and debt ratings of Greece and Spain were cut.

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