reflections on the irish business class - cpi public meeting, 29 march 2014
DESCRIPTION
Presentation at the Communist Party of Ireland event, "We All Partied? They Partied, We Paid". Connolly House, 29 March 2014.TRANSCRIPT
![Page 1: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/1.jpg)
![Page 2: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/2.jpg)
![Page 3: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/3.jpg)
![Page 4: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/4.jpg)
DREAM…
![Page 5: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/5.jpg)
INNOVATION
![Page 6: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/6.jpg)
![Page 7: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/7.jpg)
![Page 8: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/8.jpg)
![Page 9: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/9.jpg)
![Page 10: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/10.jpg)
![Page 11: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/11.jpg)
![Page 12: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/12.jpg)
![Page 13: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/13.jpg)
![Page 14: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/14.jpg)
![Page 15: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/15.jpg)
![Page 16: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/16.jpg)
![Page 17: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/17.jpg)
![Page 18: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/18.jpg)
![Page 19: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/19.jpg)
![Page 20: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/20.jpg)
![Page 21: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/21.jpg)
![Page 22: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/22.jpg)
![Page 23: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/23.jpg)
![Page 24: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/24.jpg)
![Page 25: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/25.jpg)
NAMA PROPERTIES = c.16,000
![Page 26: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/26.jpg)
“The problem here is that, when one looks at the top 190 debtors in the NAMA universe with debts of €62 billion, a relatively small number of people were chasing the same assets and it was like a Ponzi scheme. They overborrowed and were overlent to by banks. There was huge inflation of asset values and this was not sustainable in the context of the economy. There was a disconnect between the economy growing at 8% or 9% per annum and lending by banks growing at 35% or 40% per year. The problem was caused by overpaying for assets.”
Brendan McDonagh, Chief Executive, NAMA, in evidence to the Public Accounts Committee, 26 October 2011
![Page 27: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/27.jpg)
![Page 28: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/28.jpg)
![Page 29: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/29.jpg)
![Page 30: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/30.jpg)
![Page 31: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/31.jpg)
Irish Executives in the six lenders must have been rubbing their hands with glee as the State-sponsored €400 billion insurance policy covers commercial, institutional and interbank deposits, and investors who have bought some of their debt.
The State guarantee allows the six lenders to borrow more freely and more cheaply for short-term funding that had become scarce due to the global credit crunch.
![Page 32: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/32.jpg)
Mr. Lenihan said on Tuesday that the increase on the cap on deposit guarantees up to €100,000 from €20,000 last month covered 97 per cent of customer deposits so the guarantee has clearly been included for the benefit of the banks rather than the savers…
![Page 33: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/33.jpg)
“Denis Casey, chief executive of Irish Life and Permanent, said the guarantee would allow Permanent TSB and the other Irish banks covered to borrow more cheaply.
“The oxygen supply for Irish banks was being cut off and healthy banks were starting to gasp for breath. This guarantee turns on the oxygen supply.”
![Page 34: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/34.jpg)
![Page 35: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/35.jpg)
![Page 36: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/36.jpg)
![Page 37: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/37.jpg)
![Page 38: Reflections on the Irish Business Class - CPI Public Meeting, 29 March 2014](https://reader035.vdocument.in/reader035/viewer/2022070319/557cfdbed8b42a071b8b4f31/html5/thumbnails/38.jpg)