Are the teachers and nursing unions representing the LUAS drivers now too?
PS by bloated pensions you mean the terms and conditions they worked under for forty years, is that correct?
How did the company that runs the Luas get the name TransDev?
Was the father of the Fianna Fail party in fact the mother of the Fianna Fail party?
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Wife bonuses. This is capitalism manifest.
When are the ECB going to give us our "helicopter cash "? And how much can I expect ?
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What’s your justification for the little chopper pal?
How much you get will be the least of your worries if it happens, what you can buy with it will be.
[quote] The State has issued debt with a 100-year maturity for the first time, raising €100 million in a bond which will be repaid in 2116.
The sale follows an approach to the National Treasury Management Agency from an institution seeking to make very long-term investment in Irish debt.
The deal, which closed yesterday, is believed to have been concluded with a single investor in continental Europe with operations in the life insurance or pension sectors. Such firms have a particularly long investment horizon in light the the long-term commitments undertaken by their business.
The transaction comes in a week in which Ireland commemorates the centenary of the 1916 Rising. The bond, which carries an annual yield of 2.35 per cent, will be repaid during the bicentenary of the Rising.
Little more than two years after Ireland’s exit from the EU/IMF bailout, the treansaction reflects international appeal for Irish sovereign debt.
“This ultra-long maturity is a significant first for Ireland and represents a big vote of confidence in Ireland as a sovereign issuer,” said Frank O’Connor, NTMA director of funding and debt management.
The issuance of the 100-year debt provides a pricing reference point for potential investors who may seek to buy other long-dated Irish debt.
For example, the record of the date and pricing of century-debt would provide some guidance to investors who might have an interest in buying bonds with a 50-year or 70-year maturity.
“We might never do another one,” Mr O’Connor said. “We get reverse enquiries, lots of queries. Many times we came close to maybe doing a small deal. This gained a bit of traction. It took a couple of weeks eventually.”
The debt was issued under the NTMA’s euro medium term note programme, under which it can issue debt to any maturity in a number of currencies. “In theory we could issue as long under that programme as we want,” Mr O’Connor said.
The note was sold by private placement via two of the NTMA’s primary dealers, Goldman Sachs International * and Nomura International. Prior to the deal, Ireland’s longest-dated debt in issue to private investors was a 30-year bond.
The Beglian authorities sold €50 million in 100-year debt at an annual yield of 2.5 per cent last August.
[/quote]
Considering the wars, crises, etc. of the past 100 years, why would anyone take a bet on anything for an entire century? Why would anyone take a punt on a government that basically went bankrupt just a couple of years ago?
So, this “single investor in continental Europe with operations in the life insurance or pension sectors” that likes loaning money to bankrupt governments for a hundred years (and at a rate that’s likely below inflation) - what’s in it for them?
*I always get suspicious when I see these guys mentioned, mostly because of their ties to that UUCOAM, Peter “Suds” Sutherland. I don’t see this playing out well…
What do you think could go wrong ironmoth? I agree it seems lunacy for the bond purchaser but where is downside for NTMA?
TransDev situation gone quiet. Wouldnt surprise me if their next step was to walk away (or threaten to) from the contract entirely. Their huge losses consistently flagged as excuse for refusal to pay the increases so how far off it being wound up and rescind contract on inability to perform? I don’t know if there is a contract gtee from violia which would be a different story if not then it’s a strong card. Pascal have some headache then
Have you not been listening to the radio this morning?
It’s blown up spectacularly
Whats happened runt?
Mulvey, the independent negotiator, said Siptu are a bunch of a cunts.
Kieran Mulvey did an interview this morning where he expressed how disatisfied he was SIPTU, how they had got an incredibly good deal and that they never came back to him to explain why it was rejected. He fairly tore into them.
Jack O’Connor was on an hour later and he was absolutely seething, in the pig ignorant way only he can. He called for Mulveys resignation and said he bizzarely that Mulvey should never have intervened in the dispute in the first place. Gave some waffle that before Mulveys intervention “the word around town” was that the head of the Congress of Trade Unions was going to intervene and resolve the issue, but that Mulvey ruined it. Repeated a few lines about how no self respecting trade unionist could accept the offer that was on the table, while ignoring the fact that it was his officials that brought the deal back to the members and had expressed before bringing it back that it was a good deal. Interviewer should have crucified him but O’Connor was giving it the “I’m not paid to answer your questions” from the get go.
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Mulvey said most union representatives would get a “standing ovation” if they returned to their members with the proposals put forward by Transdev.
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If something seems too good to be true, it usually is. And if recent history has taught us one thing, it’s that when the financial shit hits the fan it’s not the bond-holders that pay…
be careful kid, this place is run and densely populated with Jack O’Connor acolytes
Hadn’t heard that. Thanks for the summary!!!
Not sure it covers my v point though that TD might just run a mile altogether
Paschal was on after Jack O’Connor and from the bit I heard he backed up Mulveys position and said he would most certainly not be getting involved in the dispute.
Paschal has his work cut out for him. They cede this there will be some stampede
I hope they hire in scab labour to replace the runts.
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