€17.5 Billion Being Taken From NPRF

Byron85

Just been announced on the news. The EU are demanding "we" shoulder some of the burden so €17.5 billion is being taken from the NPRF to "plug the hole" in the banks.

I'm not sure what else there's to say.

RonMexico

Mugged in broad daylight by our European "friends".

born2bwild

Byron85 wrote: »

Just been announced on the news. The EU are demanding "we" shoulder some of the burden so €17.5 billion is being taken from the NPRF to "plug the hole" in the banks.

I'm not sure what else there's to say.

We'll be working for peanuts for the next few decades (assuming there are any jobs left at all) and then we'll retire at about the age of 70 and die in poverty.

Emigration?

Stark

Better than borrowing the 17.5bn at 5.8% interest rate.

ei.sdraob

Oh noes there goes Labour's plan to spend the fund on a "stimulus"

now what?

zig

I never in my life thought id say this, but it looks like my vote will be either going to Sinn Fein or the socialist party.

ei.sdraob

zig wrote: »

I never in my life thought id say this, but it looks like my vote will be either going to Sinn Fein or the socialist party.

where will the lefties get the money from now ....

lyndonjones

So how bad could it be?

or is this best medicine we could have hoped for?

leeroybrown

If fairness. The issue isn't using the NPRF - it actually makes a lot more sense to spend it and borrow later than borrow now at high interest - the issue is how we commit to re-financing it.

homolumo

are the senior bond holders taking a hit?

Bob_Latchford

Stark wrote: »

Better than borrowing the 17.5bn at 5.8% interest rate.

They dont have 17.bn in cash i would imagine, so Its a firesale of its assets with then an interest free loan to the banks?

Doesnt sound good to me.

RealityCheck

ei.sdraob wrote: »

Oh noes there goes Labour's plan to spend the fund on a "stimulus"

now what?

That was also FGs plan. Well at least its accounted for now. No more talk of stimulus.

Yitzhak Rabin

Bob_Latchford wrote: »

They dont have 17.bn in cash i would imagine, so Its a firesale of its assets with then an interest free loan to the banks?

Doesnt sound good to me.

Is there anywhere you can look up and see what the NPRF is invested in. If its a firesale people are going to want to get out before the value of the investments plummet.

RealityCheck

homolumo wrote: »

are the senior bond holders taking a hit?

No

Bob_Latchford

yekahs wrote: »

Is there anywhere you can look up and see what the NPRF is invested in. If its a firesale people are going to want to get out before the value of the investments plummet.

Suppose it depends when its drawn down, still lkooks like a poor deal for pension fund imo

The Volt

Clever political move. Castrate the country's finances so that the next few governments can do nothing then BAM FF back in power 2021.

leeroybrown

It appears to be €5bn cash and €12.5bn NPRF.

Based on the figures we won't have to immediately draw down the NPRF funding as it's part of the €25bn.

Teclo

Its interesting that Mr Junkers introduced this as an effort to stabilize euroland, not Ireland. Our banks were part of euroland therefore all of euroland should share the blame. €17.5 bln invested by them would be appropriate penance.

BeeDI

Isn't this fund an investment of taxes collected from the private sector, held by the state to help pay pensions for public service employees from the year 2025.

Why should money belonging to us all, be used soley for the benefit of a few in the first place.

leeroybrown

Actually, correction to what I said above. I'd assume that the NPRF will need to take a €5bn hit as part of the €10bn before the other funds become available.

tommy21

BeeDI wrote: »

Isn't this fund an investment of taxes collected from the private sector, held by the state to help pay pensions for public service employees from the year 2025.

Why should money belonging to us all, be used soley for the benefit of a few in the first place.

Let me guess, your not in the public service!

Teclo

BeeDI wrote: »

Isn't this fund an investment of taxes collected from the private sector, held by the state to help pay pensions for public service employees from the year 2025.

Why should money belonging to us all, be used soley for the benefit of a few in the first place.

because they're worth it :rolleyes:

gottcha_goin

A worrying sign tbh. Again, a lack of forsight by the Government/EU seeing that the Pension Reserve fund is critical to future generations. Come 2025 there will be only a 2:1 ratio of people in the workforce to those retired. How are we going to fund our pensions then?? The young people of Ireland will be the most indebted generation in the history of the State and then after being killed in taxes we won't get peanuts for a pension when we retire. Absolute joke.

Lack of long-term planning has got us in this mess. Should of had a 4 year plan 4 years ago..would of had btr use.

tommy21

I can see Ireland turning into a European India or China. Today's parents will be forced to depend on their offspring in their dotage.

Teclo

Poor man, he looks like they didn't even offer him a drink.

Bob_Latchford

Pension portion is in fact cash and liquid assets earning 1%

Thats alot of cash in Pension fund just sitting there.

sceptre

yekahs wrote: »

Is there anywhere you can look up and see what the NPRF is invested in. If its a firesale people are going to want to get out before the value of the investments plummet.

Have a look a the end of year report from 2009. There are quarterly updates since. It won't tell you exactly what (apart from the 7 billion already in bank shares as directed by Brian Lenihan last year) but it'll give you a good idea - it's sorted by type of investment, the investment firms etc.

BeeDI

Joan of Arc, very upset that the pension money labour had ear market for stimulus, is now gone into the bank black hole.

zig

ei.sdraob wrote: »

where will the lefties get the money from now ....

Yes it would have helped while we default, id prefer to use the money to ease the pain of a default rather than bail out banks. Whatll happen now is we default in a few years with no pension reserve fund to work off.

bondjames

ei.sdraob wrote: »

Oh noes there goes Labour's plan to spend the fund on a "stimulus"

now what?

no stimulus because of banker scumbags

bondjames

BeeDI wrote: »

Isn't this fund an investment of taxes collected from the private sector, held by the state to help pay pensions for public service employees from the year 2025.

Why should money belonging to us all, be used soley for the benefit of a few in the first place.

Most of it comes from the public sector wage bill
Most of yea doesn’t understand that the public sector pays on average 10% in to there pension
As it stands the employees in the dept of education pay more into there pension fund than what is paid out in pension
I assume this goes in to the fund??????????