NAMA, SPVs and the National Debt – Fitch Downgrade Ireland’s Credit Rating

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?



OECD warning

Banker Mathews

23 replies on “NAMA, SPVs and the National Debt – Fitch Downgrade Ireland’s Credit Rating”


It seems they (FF) omitted to tell their hopefully soon to be erstwhile coalition partners about the spivs as well. Conveniently too I might add, just before their recent vote on staying in government.

There are a few heckles being raised within the Green Party about it but unfortunately it doesn’t look like the spineless holier than thou fuckers are going to do anything about it.

It’s pretty obvious that they really don’t give a flying f*ck what we or anyone else thinks!

They could insist on saying that the sky is red and despite the man and the dog on the street telling them otherwise they still wouldn’t listen.

I am reminded of the Kings new clothes. The notion of the Government walking around naked is almost as revolting as N.A.M.A itself. On the positive side they might die of hypothermia. But not to worry Folks Ireland Inc. is well and truly screwed for generations to come. Perhaps we could sell it to the Chinese? Perhaps not I forgot we already have.


Fianna Fail & Grenna Fail have already decided to cause a reaction fron the public sector unions leading to strikes.

They will then call in the IMF and let them do the dirty work.

They will stay in power until the last minute.

The protest today is for EVERYONE all the people of Ireland. The so called Government need to know that if they do not get their act together they may find themselves hanging by the ankles from lampposts .

Alan Dukes was on the radio the other day, he is the “Public Interest” Director of Anglo now. He mentioned something about a few hundred Anglo staff moving over to work in NAMA soon. The interviewer didnt seem to find this in any way remarkable. I was slack jawed listening to this, especially the casual nature of its announcement. Its like we’re in Alice in Wonderland or something.

EssoDee welcome to the world of Capitalistic Economics. It’s very simple really the rich win the peasants pay. Now have we all got that?

No Gary, today’s protest is not for everyone. When it was originally announced it was specifically to protest against salary cuts in the public service. In the meantime the public service unions have cleverly skewed the intentions and now they claim that the protest is for everyone to display their disaffection for the government and their handling of the current financial crisis, including NAMA. Don’t be fooled. This protest is to protect the pampered overpaid elements of the public service and serves no other purpose. You can march if you want to but I know where I’ll be…. At work trying to hang on to the job that I have. And by the way, this post was written during a very late and abbreviated lunch break.

Wrinkley amusing enough I know about the things which I write. I hope you manage to keep your job. You will not enjoy Social welfare.

It would be interesting to know what was the breakdown of public/private sector workers demonstrating to-day , how many of the private sector could afford to take time off to demonstrate ?
So ironic to see Jack OConnor of SIPTU yell from the pulpit reminiscent of Lech Walensa he must have been watching reruns of old newsreel all week, Mr Walensas boots he would not qualify to lick, easy to shout the odds when he is sitting on 140 k per annum plus pension plus security, horrible little beardy bollix.

@ Gary Ireland


More like the feudal rule of a new aristocracy. (Politicians, Bankers, Builders, Union Leaders, Public Sector
Mandrins, Hospital Consultants, Lawyers, Accountants etc). Oh, and our new green leaders.

Probably about 250,000 in all. But not capitalism.

spoken like a true non unionised pleb at the beck and call of your profit taking (at the expense of the worker)employer that answers to the dividend taking shareholder, that we the demonstrators(private and public sector workers) are bailing out via NAMA.
Join a union and protect yourself.

Brian — I agree with the protest but I’m afraid what you just wrote was incomprehensible nonsense.

Sorry. You’ll have to write English in future, as required by the comments policy.

Brian w Thanks for the opinionated judgemental view, i’m a non everything, No union would have me mostly because i don’t hold with inappropriate wages , money for nothing…..m..m…m ya maybe your kicks for free.
More divisive bullshit, neither an employee or employer, however it’s interesting to see how some people just have to catogorise.
If joining a union is your best advice, I will pass thanks.
Workers are a very broad spectrum of people,
Wrinkly Joe 9 summed it all up, thats precisly the way it is.

I think the McCarthy report will create great hardship, Personally to answer your question Bock, I think absolutly no cuts should be made in frontline staff delivering frontline services, eg. Nurses, Gardai, Firemen, prison officers, etc etc all areas of health, education and protection of citizens ,
That is basic intrinsic structure.
Cuts in Social Welfare may well be vital, but only after reform of the entire system, there may well be huge savings to be had by people just taking the piss out of the system but it’s a reality that cutting it across the board will wreak havoc in peoples lives.
Huge cuts should be made in upper management of the entire civil service, The HSE is in dire need of massive investigation and reform.
Workers at the frontline services are putting their necks on the line day in day out and need our support.
I very unfortunatly ended up once in A&E on day one of nurses strike back in 2000 or 2001, can’t remember, It really was my worst nightmare, I would hate to think of anyone having to go through what i did.

Bock I am of the opinion that I shall see you on the picket line or the bread line. That applies to all. We may even meet on the barricaded who knows? Try to exchange some food for some balm for your chains where they chaff. Either we lie down and take it or we do not. Unions are the members People real one’s not snivelling forelocking entities.

Very good article in Irish Times to-day, can’t give you the link but the headline is.
How inertia became the Iron Law of Irish Politics.
We will surely continue to discuss the many and various symptoms of the extreme illness this country is suffering and we have moved very far from the root cause, Its as if it’s too late to address that cause, that source, because the symptoms are so dire and overwhelming in peoples lives, But no progress can be made by trying to continually tick off one symptom at the time.
Gary. We could in all reality revert to an exchange or barter system, not unlikely at all, as for ” balm fot chains ” we’ll have to brew it up on our own fires !

“whether it be nobler in the mind to suffer the slings and arrows of outrageous fortune or by opposing end them?” Some may be of the opinion that when rape is inevitable the best thing to do is lie back and enjoy it. I do not share this opinion. I shall not “suffer the slings” I and many thousands like me shall oppose. N.A.M.A. shall rescue the Golden Circle and allow them to ride over the peasants in their gilt carriages to their hearts content.
Goldman Sacks are giving themselves allegedly $23 Billion in bonus because they are doing God’s work!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.