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Irish Times: Rehn visit to hammer home reality of €15bn nightmare

ANALYSIS: If there is a silver lining it is that the move marks a decisive step towards providing some certainty for people, writes STEPHEN COLLINS

THE GOVERNMENT’S decision to opt for a budget adjustment of €15 billion over the next four years, with a significant proportion of that figure being front-loaded into next year, has put the challenge facing the country into sharp focus.

Ireland - haunted by Ghost Estates - bank costs climbing - video report

The issue of ghost estates in Ireland is more than empty houses. It's a symbol of the country's descent from the Celtic Tiger leading the European charge of prosperity to a broken state, crippled by what most would agree was a universal greed: greed of consumers, developers and those who Irish people blame the most, the banks.

Dissecting Irish Zombie Banks

RGE Strategy View by Jennifer Kapila: The final quarter of 2010 looks quiet for most Irish banks, with the exception of Anglo Irish, which faces maturities totaling €1.6 billion. The balance sheets of the major banks have been sliced and diced to reflect transfers to NAMA, disposal groups and the longer-term continuing business. Market risk remains high, and near-term volatility will have a severe adverse effect on Irish names. Liquidity may be plentiful but margins are thin, interest-generating assets are shrinking and regulatory solvency is increasingly meaningless amid regulatory forbearance and regulatory change.

Ireland Puts Price on Anglo Irish; Deficit at 32% of GDP

Ireland's central bank has put a 34 billion euro price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional 3 billion euros by the end of the year. The country's budget deficit will balloon to 32 percent of gross domestic product this year, but Ireland aims to cut it to the European Union-agreed 3 percent by 2014, the Finance Ministry said.

NTMA sells Irish bonds worth €1.5 billion at auction

The National Treasury Management Agency (NTMA) sold €1.5 billion of bonds in a monthly auction this morning, meeting its target of raising €20 billion in 2010 and is now fully funded through the first half of next year. In what was being seen as a key test of the market, there was plenty of demand for the securities despite recent turmoil. The agency sold €1 billion of eight-year bonds at an average yield of 6.023 per cent, compared to 5.088 per cent in June. Bids received were 2.9 times the amount allocated.

Ireland's Burial Plan for Anglo Irish Keeps Cost Question Alive

Irish Finance Minister Brian Lenihan’s plan for “finality” on the cost of bailing out Anglo Irish Bank Corp. has left one question alive: The cost. Lenihan said yesterday that Dublin-based Anglo Irish will be split into a so-called good bank, which will retain the lender’s deposits, and an asset-recovery bank, which will run down its loans over time. The central bank will determine by October how much new capital will be needed.

Professor Patrick Honohan has been appointed the new Governor of the Central Bank of Ireland

honohanProfessor Patrick Honohan has been appointed the new Governor of the Central Bank of Ireland

Lenihan set to face questions on NAMA

Minister for Finance Brian Lenihan is to appear before the Joint Oireachtas Committee on Finance when this is posted to answer questions on the proposed legislation to establish the National Asset Management Agency.

Ireland: Adviser criticises 'guess' on Nama loans

A special economic adviser to Minster for Finance Brian Lenihan has said a call by 46 economists for the National Asset Management (Nama) project to be reconsidered was based on a “careless use of numbers”.

Economist Alan Ahearne said a claim by 46 economists that the Government will pay significantly above market value for the bad loans advanced by the banks and would end up buying loans with a true value of €30 billion was a “terrible estimate, a guess”.

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