Debt and Development Coalition talk Oct 2014

1. Mission Accomplished:
Austerity as National Investment Policy
Dr. Conor McCabe
UCD School of Social Justice
Oct. 2014

26. 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.

27. 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…

28. “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.”

31. “Eurostat, the EU
Commission’s data
agency has calculated
the cost of the
banking crisis in each
EU country. The
following focuses on
the cost to general
government budgets.
Ireland has really
taken one for Team
EU.”
A Really Really Special Case
Requires a Really Really
Special Solution
Michael Taft, 15 Jan 2013