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THE IRISH FISCAL Advisory Council has been critical of the government’s decision to exit our bailout without a precautionary line of credit, saying that it will make it more difficult for us to access this support in the future.
In its Fiscal Assessment Report, published today, the council reiterated its previous position that a credit line should be applied for.
“Provided it had come with reasonable terms and conditions, such a facility would have provided valuable additional protection against any renewed funding pressures as Ireland exits the EU/IMF assistance programme,” it said.
The council’s chairman, Professor John McHale, said that while the option to apply is “always there”, the easiest time to get a credit line is at a time when a country is in a good position – like when it is exiting a bailout.
It would be more difficult to put one in place once the markets turn against you.
McHale said he has seen “nothing the government has said that would rule out applying for a precautionary line of credit in the future.”
He also said that it will become harder to access the the ECB’s Outright Monetary Transaction programme, under which the bank would purchase the bonds of a member state that has asked for financial assistance.
However he pointed to other potentially available credit lines from the ESM and the IMF and the council’s chief economist Diarmuid Smyth commented that the government has a “cash buffer” of €73 billion in place.
Changes to Budget 2014 adjustment
Though the council’s report points to progress being made in repairing public finances, the changes to the planned budgetary adjustments in Budget 2014 have removed the “margin of safety” we otherwise would have had.
McHale said that the probability of breaching the 3 per cent Stability and Growth Pact deficit ceiling is now an estimated one-in-two and that risks to forecasts are “tilted to the downside”.
Growth this year is being depressed by a number of factors, according to the report. These include a background of ongoing balance sheet repair, budgetary consolidation and weak demand in Ireland’s main trading partners. The pharmaceuticals “patent cliff” is also reducing the growth of net exports.
Overall, the council said the government’s planned fiscal stance is assessed to be “conductive to prudent economic and budgetary management”.
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There is some amount of degenerative retrobates around the streets..
Its getting sadder.
@Shayne O’Donoghue: place landmines in the field. That will learn them.
@ben: it would teach them to keep the ball up.
@Shayne O’Donoghue: what’s more sadder is that there is people /organizations out that defends them and makes excuses for them. by saying its society that causes people to behave in such a way! they are called do gooders.
@ben: might make mowing a bit tricky
This ‘lockdown’ is bringing into sharp focus the lack of respect and regard some people have for their fellow citizens and public property. it also isnt solely a Dublin problem, its country wide
@alphasully: Irish people don’t vote for authoritarian politicians; So this sort of behaviour will never cease.
@Pat Coyne:
“Irish people don’t vote for authoritarian politicians”
Should we??
@brendan fitzsimons: I’m just stating the facts, there is little point in complaining about lawlessness, when those advocating a more stringent law enforcement policy get demonised by the media and don’t get voted for by the electorate.
@Pat Coyne: Ireland has very low crime rate. Some idiots driving on pitches does not alter that.
@Pat Coyne: bring back the old days when parents could actually chastise their kids.. I don’t mean bate the be janey out of them but a clip around the ear and a smack on the backside!!! That and of course common sense to ‘guide’ their kids not try to be their friend!
@Lydia McLoughlin: and while we’re at it can we bring back some kind of authority for the man of the house? I don’t mean bate the be janey out of the wife but a slap with an open hand. That would guide them not to over cook the dinner, be her husband not her friend.
Doesn’t sound so good does it?
@Conor McCabe: Or maybe we could make examples of the parents of law breaking children. We could make them do the time to fit the crime, or pay the fine…. I see where you’re coming from, but I also see where Lydia is coming from too. But if we just debate what’s needed instead of acting on it. Then the good guys out there will get pissed off being left behind.
@Paul Linehan:
Imagine if the kid didnt have a good relationship with the parents.
Or undiagnosed behavioural or mental issues.
Imagine if the parents were afraid in their own home.
Or there wasnt a parent to begin with.
Debate is needed to determine a proper resolution. Half baked ideas create further injustice.
A pitch isn’t the worst of issues at the moment while public gatherings are disallowed
@Pat Coyne: WTF are you on about
@Pat Coyne: what a ridiculous statement. Authoritarians aren’t lawful. If they were, they would respect laws and constitutions that limit their power. Authoritarians are corrupt. Corruption doesn’t respect law. Authoritarians do not respect civil liberties. The most basic and fundamental laws. The middle east is full of authoritarian leaders. Is that the model you’re going for? Just a ridiculously uneducated statement.
@Jarlath Coady: A observation is not an endorsement.
If we keep up with the current policy of soft policing these low life’s, Ireland will be a complete cesspool in 20yrs time.
@Seán Dillon: It already is!!!
@James Browne: still a few decent people and places left, unfortunately those degenerates are breeding with other degenerates exponentially and we’re paying their dole and childers allowance.
@James Browne: drama queen!
@Seán Dillon: its already a sesspool
Is regrettable that the judiciary let these people off with a slap on the wrist. Understandable that the Garda couldn’t be bothered. All the more so when people know who they are.
@Dnom: good point. Why would a guard be bothered when they know a solicitor is just going to stand up, plead their innocents and milk the system dry by claiming legal aid.
@aidan mccormack: I know where you’re coming from but with that mindset there’s no incentive to do anything about anti social behaviour in this country. I’ve seen a lot of vandalism reported in my area over the past while and it’s sad to see it become normalised.
Do other countries have these $cumbags like we do? Spitting at gards, coughing in ministers faces, coughing in anyone’s face, vandalising things, treating humans and animals in a despicable way, just $cum. I’d have grabbed them by the scruff of the neck and thrown them in a cell.
@Anne: I’d hazard a guess and say yes
@Anne:
Hard labour!
I’ve just come back from Perth and we visited Kings Park in the city. Huge park, overlooking the city, open 24/7 to the public, people come at night just to see the lights. Not a speck of dirt or litter anywhere!
I remarked to family members about the cleanliness, saying that it wouldn’t happen in Ireland!
@Mary Walshe:
“I’ve just come back from Perth and we visited Kings Park in the city. Huge park, overlooking the city, open 24/7 to the public, people come at night just to see the lights.”
Now we know where the next Covid hot-spot will be!
@brendan fitzsimons: Pre-COVID-19.
Ffn was scrotes,as if the emergency services weren’t stretched end
I’m quite sure their parents are proud of their spawn and boast about how great their kids are.
@Justice Mickey: the parents probably dont care either way
Payment for damages should be taken from either their wages or social
Hose pipe over the legs every day for a week should sort that out
Time to bring in boot camps see them squall for their mammies then
Knackers – Enough Said
That’s them in for the night! Say’s nobodys Ma ever
If only they crashed and burned
Don’t mention “caravan” “culture” “inbred” or anything thats 1% controversial or comment GONE
Lock them back up in St. Pat’s…….Oh no that might upset the do gooders who said St. Pat’s was too harsh
Must be the first time in a while the journal hasn’t labeled the whole place district k
I was listening to RTÉ yesterday evening and in passing talk about emergency legislation still on the books from 1948 they said that flogging was still on the books…I would have no problem volunteering to wield the sally stick.
Shur they emptied the prisons what do u expect
Mulhuddart is West County Dublin.. Duh!! Just because its under Fingal doesn’t make it North. We have enough shite credited to us without taking the Mulhuddart boyos on as well!!
Regular occurrence
Dirt!!
Fcking scrotes,as if the emergency services weren’t stretched end
THERE IS NO REAL PUNISHMENT FOR CRIME IN IRELAND
Kn@ckers
Problem is we don’t take motoring crimes seriously in this country. The Gardai rarely prosecute the “minor” stuff, and the fines are tiny. Even if you kill somebody you’ll probably be let off with a driving ban which you can ignore, since if you’re caught it’s again, a tiny fine and a driving ban.
Imagine if a sniper was set up nearby and imagine what would follow. This kind of behaviour (sniping) is of course against the law and can’t be condoned.
These teenagers need the birch. Let’s see them cry like like the babies they really are.
Little ballbags!
All sports events cancelled untill further notice hope it is repaired bt then
A community only reaps what it sows. If parents have no respect for public property due to illegal dumping etc well then their off-springs are going to follow through to form.
Bad parenting and spongers.
I am not a violent man, and I despised the IRA, but I actually would love to see these degenerates kneecapped by the IRA.
When are we going to start cracking heads with these people? Driving through Dublin yesterday it’s startling how many scrumbags are roaming the streets with impunity.
Fkn scrotes,as if the emergency services weren’t stretched end
There’s no place in society for these people.
hopefully this virus will cull the herd of these oxygen thief’s
more scxnbags.. who rears these ?
Those cowboys in there….
have your say