Mick Wallace Would be good if #mainstreammedia held #FiannaFail + #FineGael to account for voting for a terrible #CAP that aband… https://t.co/RFUXVmKnea
Mick Wallace The #EU needs to do more to stop the Collective Punishment of the people of #Tigray - This is a form of Genocide b… https://t.co/G5c6hiCa2q
Mick Wallace RT @wallacemick: The lack of concern shown by the #EU for the people of #Venezuela has been shocking and says much about their so called 'E…
Mick Wallace RT @wallacemick: #EU says they're interested in Dialogue - So why don't they talk to #Syria ..? They say they're interested in Rule of Law…

Finance

 Below is a statement I released to the press this evening regarding today's court proceedings.

 

STATEMENT BY MICK WALLACE

MD Wallace Construction

Monday, 10 October 2011

I consented to the judgement by the court today against my company M&J Wallace Ltd. and Mick Wallace personally. I accept the law of the land, my company borrowed the money, I personally guaranteed these borrowings, and now the company cannot pay it back. However, I do have serious reservations regarding the manner in which some banks are operating. While I have accepted full responsibility today for my company’s debt to ACC/Rabobank, I do believe that serious discussions must take place in relation to the lenders’ responsibility to their customers. Facilities repayable on demand are unrealistic. Though facility letters commonly state the right of the bank to do this, it was never anticipated that a bank would demand and expect full repayment overnight. Regulation needs to be put in place to ensure that the terms of every loan are realistic and that they reflect reasonableness.

My company is clearly in a difficult place, owing money to subcontractors, the Revenue, and the banks. I sincerely regret this. We will continue to do our utmost to meet repayments and maximise the return to our creditors.

ENDS

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Yesterday evening (October 5th), the Dáil heard statements on recent developments in the Eurozone in advance of the next Eurozone Heads of State and Government meeting. In his speech, Mick again highlighted the fact that austerity is not working and called on the government to stop payments to senior unsecured bondholders and instead use the money for investment in the domestic economy. See below for the transcript or watch Mick's comments here.

We can accept at this stage that all is not well in Europe. We have the threat of a Greek default and the insolvency of the banks and now that Italy has entered the equation, the current problems have dramatically worsened. Austerity fatigue has set in both in Greece and elsewhere and will probably come to a town near all of us. Bailout fatigue has emerged in Germany and growth is slowing because austerity is killing it. While I accept that not everything wrong in Europe is the Minister’s fault and it would be unfair to blame him for everything, the Government needs to take a new approach. It is time to challenge current thinking in Europe. The failure of austerity will be accepted eventually and the European Union will change tack. Unsecured bondholders will not continue to be paid because the sums do not add up. Most people accept that, regardless of what form it takes, Greece will default.

One need not be a mathematician to see it is impossible for that country to pay its debts. It would be wonderful if our country was the first to stand up and say this is not the way forward. It is difficult because we are a minor player but we would gain much respect for doing that.

Our next payment on an unsecured bondholding is €700 million. Let us keep that for ourselves and spend it on the domestic economy, investing it in our own society. After the Great Depression in the 1930s and the problems Europeans had after the Second World War, the attitude was different. John Maynard Keynes’s philosophy was to restore economies and save societies. It worked. There was 3% growth from 1936 until 1971, when we invented neoliberalism. Average world growth has only been 1.9% since then.

I find it hard to credit that the markets and the neoliberals are being allowed to dictate how we think about all of this because they have been proved inefficient. I refer to one section of an article yesterday by Fintan O’Toole on how people coped in the post-Depression years. He states: “Crucially, it focused very heavily on the human and social consequences of the crisis. Its primary insight was that you can’t save an economy by destroying a society. Jobs, housing, pensions, healthcare and education were at the very heart of the response to the crisis, not as the areas to be attacked but as the springboards for recovery.”

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efsfThe European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011 was before the Dail on Wednesday September 21st. The EFSF was set up in June 2010 to assist Euro Area countries who find themselves locked out of the international markets. The EFSF issues bonds on the market to raise the funds needed to provide loans to countries in financial difficulties such as Ireland and Greece. These  issues are currently backed up by guarantees of up to €440 billion given by the Eurozone Member States. Mick argues that the money available is no where near the amount needed to support the countries who in time will need it. He goes on to discuss the implications of the facility as well as the deepening financial crisis across Europe. As expected, opposition concerns fell on deaf ears and the bill passed through the Dail. The full speech is outlined below while you can watch it live here.

Members will vote on this EFSF proposal and while I am not an economist, if anyone on the Government benches is interested in having a bet with me on whether it will work, we can meet outside to put down a wager, as I do not believe it will. Having started with 17 countries in the eurozone, three have been bailed out, which means the other 14 will guarantee borrowings for three. When that number increases to four, only 13 will remain to do so. This group could then fall to 12 countries and could eventually fall to just ten countries. I do not see how it will stack up in the long term and cannot envisage its survival. Moreover, I do not believe many people in Europe can envisage it working out either. I wish to cite a small piece from today’s edition of the Financial Times by Peter Spiegel that discusses this very topic. He wrote:

The sum of €440bn was intended to “shock and awe” financial markets ... in May 2010 during the first Greek crisis. The EFSF has since evolved from a temporary set-up to help small peripheral countries into a multipurpose firefighter to assist large banks and bigger eurozone economies such as Italy and Spain. Most analysts believe it is too small for the tasks it will soon be called on to perform. Because increasing the size of the fund has proved controversial in many creditor countries – particularly Germany, Finland and the Netherlands – senior officials have tried not to discuss options publicly for fear of spooking parliamentarians who must approve the new powers...

The hurdles to increasing the fund are not just political. For some countries, bigger contributions to the EFSF will add ... pressure to their already strained public finances. Daniel Gros, director of the Centre for European Policy Studies think-tank, estimated that under some scenarios, the EFSF – and its successor, a permanent agency called the European Stability Mechanism – would have to be as big as €4,000bn.

Given the Italians owe €1,900 billion and realisation is slowly dawning that Italy’s position is much worse than had previously been known and that, in recent weeks, matters have begun to unravel for French banks, developments in Europe have amounted to sticking plasters. No real solutions to the financial crisis that is swamping the whole of Europe have been put in place. The reason the Germans, who are the kingmakers, have been sitting on the fence to an extent is that they cannot make up their minds as to whether they really want a European Union that is a fiscal union. Such a union is coming down the tracks if the Germans choose it. Their alternative is an exit from the euro and they are yet to make up their minds as to which option to choose. Either way, the idea that Ireland will retain much financial sovereignty is pretty fanciful at this point.

The transfer of private banking debt to sovereign debt, with three years of deflationary budgets across Europe, has proved too much to bear. For some reason, Ireland does not seem to be interested in being active, rather it is reactive. Things happen to us, not because of anything we are doing but because something happens elsewhere in Europe which has an impact on us. We have become the victim of the impact of other serious matters in Europe. However, we are not doing anything ourselves or making anything happen. We are not dealing with our problems. What has been done for the domestic economy? I run wine bars and coffee shops, while my son runs clothes shops, and the system is failing. The amount of money in the pockets of those coming through the doors is decreasing. That is what austerity does. We have to invest, as what we are doing is not working. We are draining the system. That people will have more money in their pockets if it is constantly taken from them is akin to taking blood from a patient and thinking he or she will be well afterwards.

Not just Ireland but Europe also will eventually do a U-turn on the austerity philosophy. In the past few weeks the Bank of England and the Federal Reserve in America have rethought the matter and are starting to turn. The world economists with the highest stature, Paul Krugman and Joseph Stiglitz, have been shouting from the rooftops for three years. Unfortunately, the neoliberal agenda has kept their philosophy out of the equation up to now but eventually we will listen to them and start doing things their way.

Reforms are required in countries throughout Europe, including our own. The issue of waste needs to be tackled. A lot of things have got out of control and it is only right that we sort them out. However, that does not make the austerity package introduced by the Government right, as we are hitting the most vulnerable in society.

On SNAs, I listened to the Taoiseach this morning as he tried to defend the situation at St. Senan’s and it was hard to take. He is economical with the truth and how he uses words. I will give him credit for the way he does it, in the sense that he is crafty, but there is no honesty. I have spoken to many of the parents and met the children involved and what is happening is draconian. Children with SNAs who were in mainstream classes are not attending them this year. They were progressing at a fantastic rate and the parents were delighted with them. Now, however, they are back at square one and regressing. I know the Government inherited a poisoned chalice from the previous Government which destroyed the place. However, surely it must believe the primary purpose of any Government is to look after those in society who most need our help, but that is not happening.

We will vote on the Bill, but I am sure it will be passed because the Government has the numbers. However, it will not mean an awful lot in the long term because it will not work.

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mw
On Thursday, June 23rd Mick sought
clarification from Minister Howlin on the
proposed changes to the workings of NAMA, in particular who will be accountable now for the agency. The exchange, which was during the debate on the Ministers and Secretaries Bill, is detailed below. You can watch the debate here.
  Mick Wallace (Wexford, Independent)  I am very confused about the lack of accountability in NAMA and do not understand it. Did the Minister state it would not come under his wing?
Brendan Howlin (Minister, Department of Public Expenditure and Reform; Wexford, Labour)
The Minister for Finance will retain NAMA.
Mick Wallace (Wexford, Independent) 
Right. There seems to be a lack of accountability in regard to NAMA. Who decided what the wages would be? Brendan Howlin (Minister, Department of Public Expenditure and Reform; Wexford, Labour)
That is a very good question.
Mick Wallace (Wexford, Independent)
Who decided who would get the jobs? I have encountered many people who worked for banks and in real estate who have moved into NAMA. It seems they are getting more money now than they ever got in their previous jobs. I do not understand that, given that they are doing much the same type of work. It is questionable whether they should have got the work when one considers that they were part of this mess in the first instance. Why are they getting much more money now that they are working for the State, which is pretty short of money? Who should I ask these questions of? Brendan Howlin (Minister, Department of Public Expenditure and Reform; Wexford, Labour)
The Deputy raises some very pertinent questions. I made my general view clear yesterday, when I announced the new cap on salary levels within the public service. I said that nobody in the public service should earn more than €200,000, which is a healthy top-level salary, and that nobody in the commercial semi-State sector should earn more than €250,000. The exception to that will be the National Treasury Management Agency and its subsets, one of which is NAMA. Deputy Fleming will be much more familiar with this than I am. Did he participate in the famous all-night sitting on the NAMA legislation?
Seán Fleming (Laois-Offaly, Fianna Fail) 
No, I was not on that committee. Brendan Howlin (Minister, Department of Public Expenditure and Reform; Wexford, Labour)
The Deputy was not part of that. He was spared that ordeal. As he is aware, the NAMA legislation was passed by this House during an all-night session. I remind the Deputies opposite who spoke about rushed legislation that it was decided that the NAMA Bill could not wait until daylight. It had to be passed during the night. Deputy Wallace will be aware that a Wexford man - Dr. Bacon - was the genesis of this device. Perhaps I should not be name-checking people. As I understand it, Dr. Bacon was brought in as a consultant to the then Minister for Finance. He devised the NAMA concept as a vehicle for deleveraging the banks’ burden of impaired assets and loans. That was the policy platform of the previous Administration. This Administration is determined not to go ahead with the second tranche of it. The Acting Chairman will stop me any moment now because what I am saying is not appropriate to the debate on this Bill. Jack Wall (Kildare South, Labour)
I understand that. Brendan Howlin (Minister, Department of Public Expenditure and Reform; Wexford, Labour) 
It is a matter primarily for the Minister for Finance, who is responsible for NAMA. He will ensure it continues to function in the best interests of the economy. I am sure the Minister, Deputy Noonan, will make any changes that are required in that context. Jack Wall (Kildare South, Labour)
If Deputy Wallace tables questions to the Minister for Finance on the matter, I am sure he will get some replies. Mick Wallace (Wexford, Independent) 
I have some very interesting questions for him.

Good heartiness is a result of proper nutrition and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are various. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the unimprovable treatment variant for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to remember about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile dysfunction, including many blood pressure medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may turn on erectile dysfunction remedies or hormone treatments.

namaleaks

THE TRUTH IS COMING....

Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.

VISIT THE WEBSITE

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