Monday, Feb 6th 2012
The Miracle of Solvency | Golem XIV - David Malone
David Malone looks at the end of the year auditing reconciliations in the Banking sector and notices that auditors are very forgiving of lies - here’s the Irish angle, as once again, Irish banks are no angels.
“And what of the Risk Officers and Risk and Audit [...]
Gillian Tett | Shadow spreading across international banking
Gillian Tett is looking at investment firms and hedge funds and explains how ‘non-banking’ (and non-regulated) firms are expanding rapidly and taking business from the banks that are now being more highly regulated. They’re also lining up to buy up state assets and it seems are preparing the [...]
How to Make Money in Microseconds | Donald MacKenzie in London Review of Books
Fascinating account of how trades on stock exchanges, and across different exchanges are conducted in microseconds using automated algorithms. It introduces you to the “most common execution algorithm, known as a volume-weighted average price or VWAP algorithm (it’s pronounced ‘veewap’)”, used to [...]
This is an extract from a just published paper prepared for Action from Ireland (Afri), December 2010. Click the link to access the full paper (PDF): The IMF and Ireland: What We Can Learn From The Global South.
The Politics of Denying Democratic Choice
Ireland has been a member of the IMF since 1957.[1] Despite [...]
Statement from the Communist Party of Ireland
The announcement by Bank of Ireland that it would be cutting its workforce by 750 jobs to be imposed over the next two years is clearly just the beginning. These job losses come on the back of thousands of jobs already gone from the financial services sector and at [...]
This is just a quick response to the latest truism that wage inflation undermined the Irish economy.
Basically, what we see in Ireland over thirty years is that the average industrial wage and inflation oscillate around each other quite closely. As inflation drops/rises, wages follow, and vice-versa.
Constantin Gurdgiev | Anglo Moving Staff and Loans to NAMA
Constantin Gurdgiev has been talking to a source close to Anglo Irish Bank who has indicated that the bank is making certain structural changes now in anticipation of the yet to be voted upon NAMA.
For example:
100 staff members are being transferred [...]
Donagh writes:
As Nat O’Connor on Progressive Economy pointed out, the NAMA Bill does not define what ‘systemically important’ means, when it states: “The Minister shall not designate an applicant credit institution as a participating institution unless he or she is satisfied that— (a) the applicant credit institution is systemically important to the financial system in [...]
Does the thought of NAMA concern you? And is the economic crisis and the proposed part solution, the McCarthy Report, a source of anxiety? Are you a bit puzzled as to the rhetoric surrounding it, after all the principals involved seem somewhat hazy on precisely what the effects of the implementation of both those will [...]
So what is the purpose of NAMA, or indeed the other idea for resolving the current banking crisis, the temporary nationalisation of Irish banks? With all the debate about the details of NAMA, whether it leads to the tax payer or the shareholder getting burned, what value will be set for the assets used as [...]
