Fuck me, i have tried my best to stay upbeat, but as they said on that film with brad pitt as a tinker "we are proper fucked" its mindwobbling how out of touch your average punter is, the media said its like waking up from a party with a hangover, i think 2010 is going to be waking up with a hangover every day for 20 years plus like groundhog day, i fully believe the gombeen republic FF hacks cannot hide this can of shit forever, " i hear the train a coming" they will split before this if they can or pass the bucket of shit to FG, Mcwilliams makes a good point today that if there is even a small crisis either economic or political or financial, we will either (a) no be able to borrow anymore or (b) crazy high rates, on a final film/tv analagy (full of them tonight ) when Carcetti got in as mayor in the wire the lst white mayor said to him, " be prepared to eat bowls of shit for 4 years" i think I know what he means now

I don't understand how all the liabilities of Anglo will not be considered part of the national debt, that is, why would all 110 bn of liabilities not now be national debt?

Consider, 50 bn is depositors money and 20 bn is institutional deposits. If any of these people want their money back, Anglo (and so now the government) has to pony up.

Add to this the NAO (National Audit Office) in the UK ruled that all Northern Rock and Bradford & Bingley's liabilities had to be added to the UK national debt.

Fuck me, i have tried my best to stay upbeat, but as they said on that film with brad pitt as a tinker "we are proper fucked" its mindwobbling how out of touch your average punter is, the media said its like waking up from a party with a hangover, i think 2010 is going to be waking up with a hangover every day for 20 years plus like groundhog day, i fully believe the gombeen republic FF hacks cannot hide this can of shit forever, " i hear the train a coming" they will split before this if they can or pass the bucket of shit to FG, Mcwilliams makes a good point today that if there is even a small crisis either economic or political or financial, we will either (a) no be able to borrow anymore or (b) crazy high rates, on a final film/tv analagy (full of them tonight ) when Carcetti got in as mayor in the wire the lst white mayor said to him, " be prepared to eat bowls of shit for 4 years" i think I know what he means now

Can anyone explain the following,

Theres a load amount of bonds maturing on the same date. 15th Jan 2014. Just in time for the new government's 2nd budget. 9.9 billion. With 6 billion maturing on 18th April 2013. How can this principle be paid? Is this Judgement day for the next government?

http://www.ntma.ie/GovernmentBonds/Dail ... anding.pdf
http://www.ntma.ie/Publications/2009/Auctions_2009.pdf
http://www.ntma.ie/Publications/2010/Auctions2010.pdf

yeah, from what I've read on the pin... they get in more money to pay off old debts.... by buying more money... which they'll have to pay back later

apologies for the high frequency of "..."s in my sentence above

Per RTE report yesterday (emphasis is mine, see original here)

“New figures from the Central Bank show that at the end of January Irish residents - mostly companies and institutions - had an outstanding debt of €1.1 trillion. Figures for issued debt securities indicate that €790 billion worth of this debt is denominated in euro, while the remaining €270 billion is denominated in foreign currencies."

Ireland, together with Britain and Greece, would face the biggest increases in costs to finance their debt burdens if world interest rates were to rise sharply, Standard & Poor's (S&P), the ratings agency, has warned in a major report.

Europe's sovereign debt may not ease soon and governments will continue to rely on open access to the world's sovereign debt market for many years to come even as countries such as Ireland cut their budget deficits, S&P said. It said eurozone countries in particular were now more "vulnerable" because government borrowings and deficits will continue to reach new peaks.

"Debt rollover ratios – the amount of long-term debt maturing plus the previous year's stock of short-term debt – are high and in many cases still rising, exceeding 20% for Belgium and Italy and just below that level for Ireland and Portugal," said S&P. The ratings agency said it forecast "significant" government deficits this year, including deficits of 12.9% of GDP in Britain, 11.7% in Ireland, 10.1% in Greece and 8.6% in France.

there is more

Ireland borrows €1bn at lowest rate since '08 crisis
By Brendan Keenan - Wednesday March 17 2010

IRELAND yesterday borrowed €1bn at the lowest interest rates since the depth of the financial crisis in 2008.

The improving sentiment towards Ireland and euro-area debt generally was reflected in a yield of 4.426pc on bonds repayable in 2020.

This is 1.26pc more than the rate on equivalent German bonds and the lowest such spread since December 2008.

It is also 1.58 percentage points below the peak spread recorded 12 months ago. The National Treasury Management Agency (NTMA) also auctioned €500m of bonds that are due for repayment in 2016.

Finance Minister Brian Lenihan welcomed the fall in yields.

He commented: "This lower spread shows the level of international confidence in Ireland's prospects and the actions taken by the Government.

NTMA sells €1.5bn in bonds at lowest spread since 2008
CAROLINE MADDEN - The Irish Times - Wednesday, March 17, 2010

IRELAND SOLD €1.5 billion in bonds yesterday at the lowest spread since 2008.

In an auction yesterday, the National Treasury Management Agency (NTMA), which manages the State’s debt, sold €500 million of a bond maturing in 2016 and €1 billion of a 10-year paper.

The yield of 4.426 per cent, at which the benchmark 10-year 2020 bond was sold at the auction, represented the smallest premium over the equivalent in safer German government bonds since December 2008, the NTMA said. Moreover, it was 1.58 per cent below the peak spread in March 2009.

Commenting on the bond issuance, Minister for Finance Brian Lenihan said the lower spread indicates the level of international confidence in the State’s prospects. “There is room for further improvement in our spreads,” he said.

Meanwhile, the national debt is expected to rise to €94bn by the end of this year and to €112bn by the end of 2011, from just over €50bn at the end of 2008, the Oireachtas Public Accounts Committee has been told today.

Chief Executive of the National Treasury Management Agency John Corrigan said the cost of servicing the national debt this year will be about €5bn.