by Conor McCabe
108 Nama: Frequently Asked Questions, Annex I, Supplementary Budget, April 2009, http://www.budget.gov.ie/Budgets/2009Supp/2009Supp.aspx (Accessed 19 February 2011).
109 NAMA Indicative Term Sheet – Proposed Asset Management Company, Annex H, Supplementary Budget, April 2009, http://www.budget.gov.ie/Budgets/2009Supp/2009Supp.aspx (Accessed 19 February 2011).
110 Annex 2: Methological Paper for Eurostat on Classification of NAMA and SPV, Eurostat advice provided, 2009, http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Annex%202_Methodological%20paper%20for%20Eurostat%20on%20classificat.pdf (Accessed 20 February 2011).
111 Preliminary view on the ESA95 accounting treatment of the National Asset Management Agency (NAMA) and related majority privately owned SPV, Eurostat advice provided, 2009, http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Irish_letter_19_10_2009.pdf (Accessed 20 February 2011).
112 Eurostat Preliminary View on the Operations of the National Asset Management Agency in the National Accounts, Deparment of Finance press release, 20 October 2009, http://www.finance.gov.ie/viewdoc.asp?DocID=6025&CatID=1&StartDate=01+January+2009 (Accessed 20 February 2011).
113 ‘Eurostat Number-crunching Fails to Impress Fitch’, Sunday Tribune, 25 October 2009.
114 ‘Impact of TASC budget proposals’, Progressive Economy, 15 October 2009, Comment No.8, http://www.progressive-economy.ie/2010/10/impact-of-tasc-budget-proposals.html?showComment=1287226868232#c8610633249622185368 (Accessed 20 February 2011).
115 The Irish Times, 15 October 2008. Subsequent quotes from the minister’s speech are taken from this source.
116 Ibid., 8 March 2010. The twenty-eight signatories were: Prof. Terrence McDonough, Department of Economics, NUI Galway; Prof. Ray Kinsella, Smurfit Business School, UCD; Prof. David Jacobson, Dublin City University Business School; Prof. Paul Teague, School of Management and Economics, Queen’s University Belfast; Prof. Peadar Kirby, Department of Politics and Public Administration, University of Limerick; Prof. Rob Kitchin, National Institute for Regional and Spatial Analysis, NUI Maynooth; Prof. James Wickham, Department of Sociology, Trinity College Dublin (TCD); Prof. Seán Ó Riain, Department of Sociology, NUI Maynooth; Prof. Mark Boyle, Department of Geography, NUI Maynooth; Dr Jim Stewart, senior lecturer in finance, School of Business, TCD; Dr Joe Wallace, Kemmy School of Business, University of Limerick; Dr Michelle OSullivan, Kemmy School of Business, University of Limerick; Dr Daryl D’Art, Dublin City University Business School; Dr Roland Erne, UCD School of Business; Dr Proinnsias Breathnach, Department of Geography, NUI Maynooth; Dr Mary Murphy, Department of Sociology, NUI Maynooth; Dr Colm O’Doherty, Department of Applied Social Studies, Tralee Institute of Technology; Paul Sweeney, economic adviser, the Irish Congress of Trade Unions; Sinéad Pentony, head of policy, TASC; Dr Nat O’Connor, TASC; Tom O’Connor, lecturer in economics, Cork Institute of Technology; Rory O’Farrell, European Trade Union Institute (Brussels); John Corcoran, lecturer in economics, Limerick Institute of Technology; Michael Burke, economic consultant (London); Peter Connell, TCD; Patrick Kinsella, DIT, and Tony Moriarty and Michael Taft, Unite Trade Union.
6. THE OTHER SIDE OF THE SHOW
1 Commission of Investigation into the Banking Sector in Ireland, Misjudging Risk: Causes of the Systemic Banking Crisis in Ireland (Dublin: Stationary Office, 2011), 11, http://www.bankinginquiry.gov.ie/Home.aspx (accessed 25 June 2013).
2 Misjudging Risk, 11.
3 Ibid.
4 The Irish Independent, 24 June 2013.
5 Ibid., 25 June 2013.
6 The Sunday Independent, 21 July 2013.
7 Broadsheet.ie, 5 July 2013, http://www.broadsheet.ie/2013/07/05/handling-the-truth/ (accessed 5 July 2013)
8 The Irish Times, 8 May 2008.
9 RTÉ News, 20 May 2011, http://www.rte.ie/news/business/ 2011/0519/301284-irishnationwide/ (accessed 3 Aug 2013).
10 The Irish Times, 2 July 2011.
11 Ibid.
12 IBRC, Annual Report and Accounts 2011 (Dublin, 2012), p.3, http://www.ibrc.ie/About_us/Financial_information/Annual_Report/Annual_Report_2011.pdf (accessed 1 July 2013).
13 EU/IMF Programme of Financial Support for Ireland 16 December 2010, p.5, http://www.finance.gov.ie/documents/publications/reports/2011/euimfrevised.pdf (accessed 7 July 2013).
14 Programme of Financial Support, pp.10-11.
15 NAMA Key Figures, http://www.nama.ie/about-our-work/key-figures/ (accessed 8 July 2013).
16 Commission Decision in Case NN 12/2010: Capital support measure in relation to Anglo Irish Bank Corporation Limited (31 Mar 2010), p.3, http://ec.europa.eu/competition/state_aid/cases/235166/235166_1110647_39_1.pdf (accessed 23 Jul 2013).
17 Commission Decision SA.32504: Joint restructuring plan for Anglo Irish Bank and Irish Nationwide Building Society (29 Jun 2011), p.7, http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=3_SA_32504 (accessed 23 Jul 2013).
18 Prime Time 24 November 2010, http://youtu.be/YK7w6fXoYxo (accessed 23 Jul 2013).
19 Commission Decision N725/2009: Irish Asset Relief – NAMA (26 Feb 2010), p.4, http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=3_n725_2009 (accessed 23 July 2013).
20 Parliamentary Question no. 91 to the Minister for Finance, 21 March 2013, http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013032100054?opendocument#WRH01650 (accessed 24 Jul 2013).
21 The Irish Times, 30 August 2011; Karl Whelan, ‘ELA, Promissory Notes and All That: The Fiscal Costs of Anglo Irish Bank’ (UCD: September 2012), p.2, http://www.karlwhelan.com/IrishEconomy/Whelan-PNotes-September2012.pdf (accessed 28 Jul 2013).
22 The Irish Times, 26 October 2011.
23 Ibid., 4 December 2010.
24 The Irish Examiner, 9 February 2011, http://www.irishexaminer.com/breakingnews/ireland/fg-not-another-cent-for-anglo-492818.html (accessed 9 July 2013).
25 Irish Examiner, 10 February 2011, http://www.irishexaminer.com/ireland/not-a-cent-more-for-the-banks-vows-fg-144826.html (accessed 9 July 2013).
26 The Irish Times, 1 April 2011.
27 Ibid.
28 Anglo is not our debt! Stop the repayments! http://www.notourdebt.ie/campaign (accessed 24 Jul 2013).
29 The Irish Times, 3 November 2011.
30 The Irish Times, 11 December 2011.
31 Bloomberg, 9 February 2012, http://www.bloomberg.com/news/2012-02-09/ireland-s-kenny-says-country-won-t-impose-losses-on-bondholders.html (accessed 9 July 2013).
32 The Irish Times, 17 January 2012.
33 Ibid., 20 January 2012.
34 Ibid., 28 January 2012.
35 The Promissory Note Stitch-Up, http://www.notourdebt.ie/infographic-promissory-note-stitch-up (accessed 28 Jul 2013).
36 Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages (6 February 2013), p.99, http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013020600099?opendocument (accessed 30 July 2013).
37 Written Answers – State Banking Sector 27 Sep 2011, http://debates.oireachtas.ie/dail/2011/09/27/00080.asp (accessed 28 July 2013).
38 The Irish Times, 16 February 2012.
39 Direction issued under Section 14 of the NAMA Act 29 March 2012, http://www.nama.ie/governance/legislation/ (accessed 29 Jul 2013).
40 Promissory Note Arrangements: Announcement by Minister for Finance 29 March 2012, http://debates.oireachtas.ie/dail/2012/03/29/00015.asp (accessed 28 Jul 2013).
41 The Irish Times, 31 May 2012.
42 Ibid., 30 March 2012.
43 The Irish Independent, 30 March 2012.
44 RTÉ News, 31 March 2012, http://www.rte.ie/news/2012/0329/315493-anglo-promissory-payment/ (accessed 28 Jul 2013).
45 ECB Press Conference, Frankfurt, 4 April 2012, http://www.ecb.int/press/pressconf/2012/html/is120404.en.html#qa (accessed 28 July 2013).
46 The Irish Examiner, 2 May 2012.
47 Medium-Te
rm Fiscal Statement November 2012, p.32, http://budget.gov.ie/budgets/2013/Documents/Medium%20Term%20Fiscal%20Statement%20November%202012.pdf (accessed 28 July 2013).
48 Independent.ie 30 March 2012, http://www.independent.ie/breaking-news/irish-news/sinn-fein-criticises-debt-deal-26838572.html (accessed 28 July 2013).
49 Noonan’s ‘miracle’ Anglo deal didn’t stop us paying in full (11 May 2012), http://www.notourdebt.ie/noonans-miracle-anglo-deal-didnt-stop-us-paying-in-full (accessed 28 Jul 2013).
50 The Irish Examiner, 10 December 2012.
51 Irish Bank Resolution Corporation Bill 2013: Second Stage (6 February 2013), pp.80-81, http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013020600080?opendocument (accessed 30 July 2013).
52 Ibid.
53 Ibid.
54 The Irish Independent, 15 April 2012.
55 The Irish Times, 7 February 2013.
56 Ibid.
57 ‘Q&A – IBRC Liquidation,’ p.6.
58 Irish Bank Resolution Corporation Act 2013, section 1, p.3, http://www.irishstatutebook.ie/pdf/2013/en.act.2013.0002.pdf (accessed 2 August 2013)
59 The Irish Times, 8 March 2013.
60 Ibid., 8 February 2013.
61 Ibid., 16 March 2013.
62 RTÉ News, 7 February 2013, http://www.rte.ie/news/2013/0207/366634-david-hall-promissory-note-supreme-court/ (accessed 3 Aug 2013).
63 Irish Bank Resolution Corporation Act 2013, section 17, p.15.
64 ECB Press Conference, 7 February 2013, http://www.ecb.int/press/pressconf/2013/html/is130207.en.html (accessed 30 July 2013). Subsequent quotes from this press conference are from this source.
65 The Irish Times, 16 February 2013.
66 Ibid., 20 March 2013.
67 Ibid., 9 February 2013.
68 Ibid., 22 March 2013.
69 IBRC Liquidation, 21 Mar 2013, http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013032100041?opendocument#OO01350 (accessed 3 August 2013).
70 The Irish Times, 22 March 2013.
71 Dearbhail McDonald, Bust: How the Courts Have Exposed the Rotten Heart of the Irish Economy (London, 2011), p.219.
72 The Irish Examiner, 26 July 2013.
73 Thomas Herndon, Michael Ash and Robert Pollin, ‘Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff,’ PERI Working Paper Series, no. 322 (April 2013), http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_301-350/WP322.pdf (accessed 19 June 2013).
74 Carmen M. Reinhart and Kenneth S. Rogoff, ‘Growth in a Time of Debt,’ American Economic Review: Papers and Proceedings 100 (May 2010), 573, http://scholar.harvard.edu/files/rogoff/files/growth_in_time_debt_aer.pdf (accessed 19 June 2013).
75 Olli Rehn, Letter to ECOFIN ministers 13 February 2013, http://ec.europa.eu/commission_2010-2014/rehn/documents/cab20130213_en.pdf (accessed 22 June 2013).
76 Oliver Blanchard and Daniel Leigh, ‘Growth Forecast Errors and Fiscal Multipliers,’ IMF Working Paper Series WP/13/1 (Jan. 2013), http://www.imf.org/external/pubs/ft/wp/2013/wp1301.pdf (accessed 23 June 2013).
77 The Financial Times, 9 March 2013. Subsequent quotes from Caldwell are from this article.
78 United States Permanent subcommittee on Investigations, Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals Majority Staff Report (October 2011), p.34, http://www.hsgac.senate.gov/download/?id=a17c69df-38f1-479e-8612-a165e33b29a5 (accessed 10 November 2012).
79 Gerald Epstein and Dorothy Power, ‘Rentier Incomes and Financial Crises: An Empirical Examination of Trends and Cycles in some OECD Countries’, Political Economy Research Institute, Working Paper Series, No.57 (2003).
80 At the end of 2011, for example, food production, fisheries and agriculture accounted for ten percent of employment and over ten percent of exports, with two-thirds of all land in the Republic marked as agricultural land. See, Department of Agriculture, Food and the Marine, ‘Fact Sheet on Irish Agriculture – April 2012’, http://www.agriculture.gov.ie/media/migration/publications/2012/FactsheetonIrishAgricultureApr12.pdf (accessed 26 May 2013).
81 Opening Statement of Sen. Carl Levin: Offshore Profit Shifting and the U.S. Tax Code, Part 2 (Apple Inc.), 21 May 2013, http://www.levin.senate.gov/newsroom/speeches/speech/opening-statement-of-sen-carl-levin-offshore-profit-shifting-and-the-us-tax-code-part-2-apple-inc (accessed 19 July 2013).
82 United States Senate Permanent Subcommittee on Investigations Committee on Homeland Security and Governmental Affairs, Exhibits 1-19 for May 21 2013 Hearing, p.2, http://www.hsgac.senate.gov/subcommittees/investigations/hearings/offshore-profit-shifting-and-the-us-tax-code_-part-2 (accessed 16 July 2013).
83 Collins to Levin and McCann, 29 May 2013, http://www.finance.gov.ie/documents/pressreleases/2013/mn226.pdf (accessed 20 July 2013). Subsequent quotes from Collins are from this source.
84 Levin, McCain Statement on Letter from Irish Ambassador to the United States, May 31, 2013, http://www.levin.senate.gov/newsroom/press/release/levin-mccain-statement-on-letter-from-irish-ambassador-to-the-united-states#sthash.EpWIeitk.dpuf (accessed 20 July 2013).
85 Le Monde, 30 Apr 2013, http://www.lemonde.fr/idees/article/2013/04/30/l-irlande-n-est-pas-un-paradis-fiscal_3168278_3232.html (accessed 20 July 2013).
86 Daily Telegraph, 17 June 2013, http://www.telegraph.co.uk/news/worldnews/g8/10125317/Companies-have-moral-duty-to-reveal-owners.html (accessed 21 July 2013).
87 Richard Murphy, Pot of Gold or Fool’s Gold? (Belfast: ICTUNI, 2010), p.4.
CONCLUSION
1 For more on corruption in Irish life, see Sinn Féin/the Workers’ Party, The Banks (Dublin: Sinn Féin, 1976); Gene Kerrigan & Pat Brennan, This Great Little Nation; The A-Z of Irish Scandals & Controversies (Dublin: Gill & Macmillan, 1999); Paul Cullen, With a Little Help from my Friends: Planning Corruption in Ireland (Dublin: Gill & Macmillan, 2002); Colm Kenna, The Ansbacher Conspiracy (Dublin: Gill & Macmillan, 2003), and Simon Carswell, Something Rotten: Irish Banking Scandals (Dublin: Gill & Macmillan, 2006).
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