This was promised both by Fine Gael and Labour in their pre-election campaigns.
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With the public clamouring for relief, Mr Kenny and his Government should get their act together and prepare the strongest possible case for a debt writedown.
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With no end in sight to Ireland’s travails, the economic crisis looks set to run and run. It is a worrying outlook.ĭespite the political achievement of EU leaders in reaching agreement on a fiscal treaty, a deal which may yet be put to a referendum here, economists have warned the world could be plunged into even deeper recession if the eurozone crisis intensifies. This major revision of earlier projections is based on falling demand for exports and weakening domestic demand. Meanwhile, according to the Central Bank prediction, Ireland’s GDP, which includes multinationals, will grow by 0.5% this year and not the 1.8% previously envisaged. However, he omitted to recall saying in a state of the nation address that the people were not to blame.Īt Davos, he also omitted to refer to the lack of state regulation, greedy bankers and avaricious developers who were largely responsible for causing the economic Ireland’s debacle, leaving taxpayers to repay borrowings of €64bn to bail out the banks. That the Taoiseach is inclined to rewrite economic history was seen at the world economic forum in Davos where he blamed the Irish people for the country’s woes. So what’s going on? If what the Taoiseach said is true, then what of Ms Creighton’s assertion? If a writedown was not sought, why is the Government blaming the troika and the ECB for not getting one? And if, as Mr Kenny categorically states, no writedown was requested, the question is why not? Bank reconciliations are completed at regular intervals to ensure that the company’s cash records are. Reconciling the two accounts helps identify whether accounting changes are needed.
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We’ve never looked for a debt writedown.” A bank reconciliation statement is a document that compares the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. However, in the course of the Dáil debate on the Government’s controversial decision to pay €1.25bn to unsecured bondholders of former Anglo Irish Bank, the Taoiseach insisted: “We are not going to have the name ‘defaulter’ written across our foreheads. Ms Creighton has said on television that a writedown was sought. The need for clarity on this point, a question first raised by journalist Vincent Browne, is all the more pressing given the conflicting views on the issue between Mr Kenny and Lucinda Creighton, the European affairs minister.