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The government and some creative accounting

ei.sdraob · 2010-04-24 11:17:24

Looks like the government are at some creative accounting in order to funnel few more billions into Anglo http://trueeconomics.blogspot.com/2010/04/economics-23042010-further-details-on.html

24-04-2010 11:17AM

#1

ei.sdraob

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Looks like the government are at some creative accounting in order to funnel few more billions into Anglo

In other words:
The Government has by-passed voted-in Budgetary procedures to inject €2.5 billion in additional funding into Anglo by front-loading future NPRF funds into 2009 provision. There was no Dail vote on this.

The Government pretended that the additional 2010 funds injected were not borrowed for under General Government Balance, thereby de facto claiming a right to transfer future expected receipts into 'liquid' current receipts. There was never any Dail vote to allow for this, as far as I know.

This is not the only time that the Government exceeded its remit in by-passing the Dail vote in relation to recapitalizations. One can argue that the entire Anglo recapitalization was planned and committed in advance of the Dail vote on the issue.

http://trueeconomics.blogspot.com/2010/04/economics-23042010-further-details-on.html

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