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LAST UPDATE | 13 Nov 2018
SINN FÉIN LEADER Mary Lou McDonald has said she is writing to the Taoiseach today seeking a private briefing for all party leaders on the state-of-play in the Brexit talks.
British Prime Minister Theresa May has said Brexit negotiations are now “in the endgame” as a deal continues slipping out of grasp despite intense talks between her government and the European Union.
May spoke to leaders of London’s City financial district with anxiety mounting over the doomsday possibility of Britain leaving the soon-to-be 27-nation bloc in March without an agreement.
The British prime minister hopes to seal divorce terms that can maintain frictionless trade — and assure there is no panic on the markets — by the end of November.
But the latest in a series of crunch meetings between top negotiators in Brussels broke up without a breakthrough in the early hours of yesterday morning.
“The negotiations for our departure are now in the endgame,” May’s office quoted her as telling a reception in the heart of London’s financial district.
“And we are working extremely hard, through the night, to make progress on the remaining issues in the withdrawal agreement, which are significant.”
Speaking to the media this morning, McDonald said she was still concerned that the Taoiseach had not clarified his intentions about a possible backstop review mechanism being acceptable.
She added that if reports are true, and the ‘end game’ in the negotiations is approaching, any sort of time limited backstop would be “wrong” and a bad idea.
When?
A UK government source has said a deal must happen by tomorrow if there is any hope of an extraordinary EU summit this month to sign the withdrawal agreement.
The crisis could otherwise drag on until a regular EU summit on 13 December.
This would dramatically curtail the time May will have to get any agreement past a rebellious British parliament before Brexit day on 29 March.
The pound dropped to $1.285 from Friday’s close of $1.297 amid fears of the saga ending in a messy divorce that fails to establish short-term trading rules between one of Europe’s biggest economies and the rest of the bloc.
Not at any cost
The talks are stuck on the question of a “backstop” arrangement to prevent the return of border checks between Northern Ireland and the Republic if the sides fail to agree a free trade pact.
“Some key issues remain under discussion, in particular a solution to avoid a hard border between Ireland and Northern Ireland,” the European Commission said yesterday.
The Financial Times briefly lifted markets by reporting yesterday that chief EU negotiator Michel Barnier told European ministers that the outlines of a deal were now “very largely defined”.
But both British and EU officials took pains to quickly play down the report.
Tániste and Foreign Affairs Minister Simon Coveney saw no substantive progress after meeting Barnier.
“The two teams have really intensified their engagement,” Coveney said yesterday.
We’ll have to wait to see where that goes. The issues aren’t new. We need to give the teams the time and space now.
Britain’s latest concerns are focused on how it might be able to exit the “backstop” arrangement and start negotiating its own trade deals.
But signs last week that the sides were nearing a compromise looked far less promising after May came under attack from key British players for giving away too much ground.
May’s Northern Irish allies in the Democratic Unionist Party — a group of 10 MPs that props up her government — and eurosceptics in her own party have accused the prime minister of negotiating away Britain’s sovereignty.
Their main fear is that Northern Ireland will be left partially under EU regulation after the rest of Britain breaks free.
May appeared to be addressing those fears by telling City officials yesterday that there “will not be an agreement at any cost”.
Mystery Cabinet meeting
May will host a weekly Cabinet meeting today that she had initially hoped would sign off on a deal struck over the weekend with the EU.
But a British source has said there is “no agreement for them to discuss” Brexit after the talks fell through. The deal is meant to finalise Britain’s exit bill of around £39 billion (€45 billion).
It must also guarantee citizens’ rights and launch a 21-month transition during which London will follow EU rules.
British and European negotiators will launch more ambitious talks during this transition period on future trading and legal relationship. But May is facing increasing pressure from all sides in her Conservative party over the mooted plan.
Eurosceptics have long warned against staying too close to the Brussels. There are also growing indications that pro-Europeans are gearing up to block the Brexit deal and seek a brand new referendum on the country’s future course.
If a deal is struck, it will have to be passed by the UK parliament. The Sinn Féin leader was again asked if there was any circumstances in which her members would take their seats at Westminster, just on this occasion, in order to vote on the Brexit deal.
When asked if Sinn Féin votes might matter, she said, “it might and it might not, all of that is speculative”.
McDonald said since Brexit happened there have been arguments made that Sinn Féin votes in Westminster could change the course of Brexit, however, she said as the votes have happened that has never been the case.
“If we were, which we are not, minded to enter Westminster just watch the law of unintended consequences. Be very sure that it would have a political affect in terms of remain Tories and so on, and I think anyone who knows the political acoustic of Westminster would tell you straight out,” she said.
McDonald said her party do represent their constituents in the North who have turned away from Westminster, and highlighted the number nationalists that recently wrote to the Taoiseach, which said did not happen by accident.
She said Irish interests need to be protected by the Irish government and its EU partners.
“We are an Irish republican party, and we do not contenance taking an oath to a foreign crown and sitting at Westminster at any stage, that is not on the cards.”
- © AFP 2018 with reporting by Christina Finn
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Very interested to see the reasons the commenters will give to explain to us how this is a terribly bad thing. I’ll stick my neck out and say this is good news…
And you’ll have my support. I’m seeing it in front of me in my day job. The Recovery is On.
Great news only another €62 billion to be recovered. How’s Kenny getting on with his systemic shift? Last I’d heard he was hopefully on progress at some stage…
@kerry- this second bailout of yours? Still as confident?
€62 billion in hock Vincent. Can you tell me when Enda will show up with his systemic shift? He called it 3 times last year and his latest comment is at some stage. As I mentioned last night unsustainable debt as did Colm McCarthy just doesn’t work. Do the sums and come back to me. Hint search the Irish Independent site and McCrthy’s articles.
@kerry- you keep looking for that magic wand whereby our debt in its entirety disappears overnight. It doesn’t exist. This is how it happens. Bit by bit. Over a long time. So anyway- I was asking you about your absolute assertion that we’d require a second bailout?
Vincent, only one problem with your assumption there is the debt seems to be going in the wrong direction.
http://www.financedublin.com/debtclock.php
.
1st january 2010 the figure was
€ 74,231,851,887 in debt
.
its nearly doubled in 3 years. and the link to the debt clock does not include NAMA debt.
Abject lack of transparency and democratic oversight for one thing.
Colm, you haven’t looked at the growth and unemployment figures, then? It’s gotten worse, not better under this government. This is what matters to me, not “market confidence”, not “green shoots” in the financial sector and not the wealthy getting wealthier.
This is great to hear. The sooner we exit the Troika bale-out the better.
What does the purchaser of bonds get in return?
They get bonds.
Hmmm makes sense..
The promise of repayment with interest by a proven credit worthy establishment
This darn good news just keeps coming.
What will 50% of the commenters on here do if they have less and less to moan about ??
Answer:the Irish peoples souls..
Never fear there is always something to moan about weather seems to be second most popular
I know everyone say’s the sooner we exit the Troika bale out the better, but did we forget a little thing about the Fiscal treaty compact that we signed up to, that still allows Europe to control our budget and fine us for breaking criteria. . We have basically signed up to never get our sovereignty back again. It’s all a smoke screen. But hey ho profit is profit. Lets hope they can use the monies returned to help stimulate the economy and jobs..
Simon i pointed that out yesterday,the most thought out response i could equate to was “d’uh?”.
To be fair, there does seem to be sustained momentum behind us. Onwards & upwards.
Good news
It’s small but a momentum in the right direction
In 2009 all the momentum was down
If everyone gives a little push, the momentum will accelerate
Lets push people, we will be fine
We will be fine
Use it as a mantra and it will happen
It’ll take more than mantra to start eating away at our debt. which is currently rising at €276 per second
There’s been some great news over the last few weeks and days. Bit by tiny bit it’s starting to turn, can’t wait.
All in the first weeks of our Presidency, amazing.Yet they want a deal on the debt with all this good news why would Europe, more importantly Germany bother?
I think some of this good news will buy us some goodwill. They should be using us a case study; play the game by the rules and be rewarded, and if they don’t? Well we’ll bounce back anyway.
Because, Norman Europe needs a success story- a vindication of the austerity strategy….definitive proof that Europe is turning the corner.
You loan your friend money when hes in trouble,he tells you constantly he will pay back all he owes and is doing so.Also telling you how great things are going for him,then he says by the way will you knock a few “quid” off that money i owe you.I’m curious why would you bother?
because he’s your friend
Plus we’re not saying things are going great, far from it, but they are starting to head in the right direction. It takes time for market good news to filter down into the real economy. The markets started getting very dodgy in late 2006 early 2007 yet it was until late in 2008 that things really started to hurt. Same thing here, but in reverse.
Vincent you are aware of the IMF’s stance in relation to austerity here,also their calling on Europe to honour a debt deal which they have failed to do.Europes paymasters Germany have no desire to bailout a country that they saw as having gone mad on credit.Even though there is no “bailout”just rather profitable loans been made to us.Where did they get the idea we went “mad”.Think back to Enda’s speech in Davos.
David if you are assuming what the ECB done to this country was an act of friendship…..well aren’t we lucky they like us.Imagine what they would have done if they didn’t?
I think it was an act of necessity. I’m betting on an act of friendship from them this year.
David don’t bet more than you can afford,Angela is going for election and its not our votes she wants.
Norman
Just stand back and admire the seriously talented handiwork of our Government doing what they were elected to do!
Michael is your stint in the big top over already?is there no late show tonight.
Michael, the level of sarcasm you used in that last statement was hard to find, but by jove I found it..
Usual Blueshirt apologists are kinda desparate to talk up some very trivial news, for some unknown reason, which would of course by no means be party political.
Personally, I’m looking at the unemployment, growth and child poverty figures as my yardstick of progress, and these speak for themselves – there is no recovery.
Such bull looking for a clap on the back , wonder what will they spend the 10 million someone’s pension .
Ah sure why bother with this whole markets thing anyway? Let’s cut ourselves off from the world. Ground the planes, impound the ships, cut the cables, kill the bankers & businessmen and live off the land. Works great for them Nart Koreans lads.
Couldn’t of put it better :-)
You clearly dont know how the world of economics worse ur best off posting on the call card article and leave the political economic commenting to people who see the good in this
We seem to be making a lot of steps but are getting no where.
The only people that seem to be sitting pretty are the Politicians and the Bankers.
10 million profit? Whoop whoop! Does Noonan not know how much interest we are paying daily to service his debt?
Worth noting – Bank of Ireland were charged 10% for this money as well.
You seem to have not spotted the €1b figure there, boys.
10% of 1 billion is 100million
The pat Kenny show yesterday had an interview with an economist who stated that this transaction was done at a loss of income of €67 million per year to the taxpayer. So much for the good news.
I’d love to believe this is good news but sale of Boi coco, 2.5 billion bond at 3.35% all in the first real week of the EU Presidency while HVR is here.
All while were still borrowing 15b a year and fully loaded with an unsustainable debt.
On same day all other PIGS yields go up.
If its too good to be true it’s probably not true. I’m thinking Maple10 but sincerely hope I am wrong
And I’m an optimist….
Anyone know where this money goes? Do we as a nation see any of it?
More green shoots guff
That €10M should pay for all the audis
The audis were given to the free from audi they can jus wire the 10 mill t me ill look after it
Fascinating article on France’s impending implosion. But wait. The worst is over right?
http://finance.fortune.cnn.com/2013/01/09/france-economy-crisis/
The worst is over for Ireland, I truly believe. Now it’ll be a slow crawl upwards for us. The worst isn’t here yet for the core economies of the EU. But I’m not gloating; what’s bad for them is in no way good for us.
@scrap- nothing personal, but don’t you ever tire of the cynicism and the naysaying?
Vincent u shud quit with the cookie clearing and red/green thumbing to promote ur point of view. Try to stand on ur arguments alone
As for nay-saying, u have me wrong there. I’m only looking for the truth. This whole back to the markets is a set up. A ponzi scheme. It will be proven to be so although I wish it were not. Who in their right mind wud lend money to a country already crippled with an unsustainable debt and who is running a massive, massive deficit?
Even if we owed nothing at all we’d be in serious doodoo in 5 years because of the deficit
Vincent he veiws himself as a realist,you veiw him as a naysayer.One of ye is correct,only time will tell which.
Correct Norman. Having said that I enjoy Vincent’s company and online sparring immensely. He’s an intelligent (if misled) individual. I don’t agree with most of what he says but I’d die for his right to express himself
Through Scrap at least Vincent stays away low brow insulting attacks.
Norman, I have the figures written on a bettin slip in front of me. @950 and @951 views (2seconds apart) here’s the thumb figures:
#mins means mins since comment made
Green thumb
950 #mins. 951. Contributer
28. 18. 42. NK
20. 16. 33. CF
32. 25. 38. ac
23. 18. 33. VD
Red thumb
950 #mins. 951. Contributer
0. 4. 10. AM
26. 25. 38. DL
17. 21. 25. PN
I’ve noticed this trend a lot when VD is on a roll. His viewpoint gets “magic” green thumbs and his opposing view point gets magic red thumbs.
I don’t mind. Alls fair in love and war. Am just on to it ;-). Journal should consult their access logs to confirm its the same IP address
Scrap thumbs regardless of colour mean nothing to me.But there is a pattern on all articles where “good news” is being put forward.As my son says”whatever floats your boat”.I could care less.I read and comment here for fun,i would not trust any Irish based news media to give me the “real” news,outside are always objective no agenda or party to pander to.
I don’t see how this drop in the ocean is giving people hope even after they sell the other 8billion that’s only 900mllion including this,thats nearly 1/15 of what we borrow every year..
Not even enough to pay the 166 td’s wages for a year
It’s actually quite funny how some people on here equate the number of green or red thumbs with the validity of their argument. It usually goes along the lines of “well judging by the number of red thumbs you got, it seems you’re wrong”…
Not to weigh in on either side here, but “all’s fair in love and war”? There isn’t any war at all, as far as I can see. It’s a couple of lads egging each other on for the fun of it because they enjoy the scrap ( no pun intended ). It’s not bullying and it’s not really that much related to the topic of the article. Nothing wrong with that, but I’d imagine that you’re all well aware of what you’re doing, so there’s not much point claiming that you’re shocked and offended by it all.
@Scrap- By the way- I don’t quite understand what I’m being accused of above. But I would suggest that since you have that betting slip out you should tip down to Paddy Powers in the morning with it and put a score on Enda Kenny remaining Taoiseach after the next election.
@MVM – A man could say that an ocean is nothing but a drop and another drop and another drop… It all adds up. Very slowly of course, but it does add up.
Also cookie clearing. No idea what that is. And unless you can do it with an iPhone, not guilty……
Scrap
Hey Scrap you really show how little you know . You wanta see how much profit my pension took in the past four months by ignoring you silly advice. We grew by twenty three per cent and got out without looking too greedy!
Vincent even a bondholder wouldn’t give you odds on that one,too many young turks.
I fully retract the accusation of cookie clearing Vincent. I have no hard proof and therefore should not have mentioned it.
I could also be entirely wrong.
My apologies Mr. Dolan.
@croke iv clashed with Vincent a few times having a little quarrel here and there but I don’t think he is at that iv had more green thumbs than him at Times maybe his view on certain topics are the same as the majority reading hence green..
If true it will be good but what exactly are your facts based on ?
Seriously. What’s cookie clearing? My understanding of cookies is that they’re the signature you leave behind as you surf the web and its used for advertisers, for example to track you? What that has to do with red or green thumbs, I’ve no idea.
@norman- if Enda holds this coalition together until the next scheduled election he will be untouchable. The Coveneys and Varadkars can wait.
Vincent you are a clever guy,i’m sure if you apply yourself you can figure out the point of deleting cookies on this site.
@vincent. Methinks the lady doth protest too much
Hopefully ur all right and everything’s heading rosy direction. Personally I don’t buy it but I’ll be the first to hold my hand up if I’m wrong.
No. Dog with a bone now. If you delete your cookies, your signature is cleared and you can tick a thumb again & again? 1). No idea how to delete cookies. 2). Could give a flying **** how many red or green thumbs I get. Most of the time I’m accused of being a troll. My contributions tend not to be the work of a man courting popularity. Anyway. Enough.
@ SCP1 You can’t manually clear the tracking history on the iPhone/iPad journal.ie app unless you (a) delete the app and re-install it, or (b) log out of the Facebook/Twitter account and log back in under another account. Both seem too much hassle to be worth doing. The only other option on an iPhone is to view journal.ie through a web browser rather tan through the app, and that way it would be possible to clear cookies via the web browser settings. I’m not saying that VD is doing this, I’m only saying how it would be possible to do what you’re suggesting on an iPhone. Maybe people agree with him.
@john. Easy to do on a PC
@vincent. I accept fully I was wrong to accuse u of cookie clearing as I’ve no evidence. I’ll add another heartfelt apology to the one above. Goodnight sir. Looking forward to tomorrow
@ SCP1 Yes, very easy to do on a PC but he says above that he uses an iPhone to view TheJournal. All I wrote was how it would be possible to give multiple thumbs on an iPhone. Maybe VB is lying and is secretly using a PC. Maybe he’s lying and is an excellent hacker who’s hacked the iPhone app to allow him to give multiple thumbs. Maybe he’s an alien. Some things you just have to take at face value. I’m interested in the technical side of what you suggested, but I’m not really interested in the “lover’s tiff” angle of what’s going on between you two.
I think we’re losing sight here gentlemen of the core question: why would one be bothered doing it? Anywho…
That mean taxpayers get money back then?
Nope , good business deal , isn’t it
It should be extremely worrying France is in trouble because if the EU states do crap it will have a huge impact on us making any ground we have made eroded quickly.
Unfortunately we are far from been out of the woods more like still trying to find the centre before we can find a way out.
The bond market is all about people with lots of money getting rich at taxpayers expense. This system sucks.
All we need to do now is sell our Children into slavery and we’ll be Quids in.
Sorry I forgot – we already have .
How can yee give me red thumbs for that. Our Children will be paying for for this till the year 2040 – Without a doubt.
Truth is hard to swallow for some
So when all this is paid back do we get lovely tax cuts ? Rebates ?
Probably not. Hopefully this money goes to aid stability and sustainability, which is more I portent in the long-term, in my opinion. Recovery will mean quite a few hard years for us, but that doesn’t make the recovery any less real.
Important. Apologies for the typing.
If love to know where the other €90M went so.
€1B = 1,000,000,000
10% of €1B = €100M
Government made €10M profit..
Do the maths folks, that’s 1% not 10%
10m profit from the sale today, also 10% annual return on the bond while the state held it..
10% per year on the initial outlay investment in 2011, €10m profit on sale. The 2 aren’t related.
Sorry your maths is backwards a bond is a loan , we pay 10%.
These bonds are bought by the same groups of people who have already speculated against Ireland going bust and made massive profits. These same groups will make ever more money with the interest charged on the bonds when maturity kicks in and a win win for such people.
Jesus 10 percent if I had anything I’d buy them as they are guaranteed by ecb. Could have got it at 3.3 percent on the market it’s all pr to make bank look good. It was subscribed 7 times as it was a huge bonus for bond holders ……again.
10% return for the Irish tax payer, I doubt any of us will ever see a cent of that! Especially as we’re all paying more than twice that in additional taxes since 2008.
have your say