Remember last week that Yehudi Lenihan announced the creation of Special Purpose Vehicles (Spivs) so that the NAMA banking bailout wouldn’t appear on the balance sheet and therefore wouldn’t increase the national debt?
It was the same as shouting Look over there!
All the international institutions would be completely fooled and just not notice that the government was deepening the hole we’re in by €54 billion.
It was brilliant, except for those pesky meddlers in the Fitch rating agency.
Fitch are one of the agencies that determine our credit rating as a country, and yesterday they downgraded us again, this time by two whole notches, to “AA-‘ from ‘AA+’.
Among the reasons they gave was the debt burden associated from establishing the National Asset Management Agency (NAMA).
Damn! They noticed. Better call the Minister quick.
Aaah, Brian? About those Spivs?