The EU is well aware that politics in Ireland requires the appearance of a spine now. The deal has already been done, low CT rate and good record as a debtor and the EU will shovel over more Euro to ease the pain. For a few more years!

The Depression tends to last decades….. I can't wait to see the first non-deficit budget! Maybe in 2016?

Captain Con O'Sullivan – Senior Member

Its an open goal on FF [Fianna Fail] and their entire crew of backers as well as far as I can see. I suppose now we'll find out what the style of cooperation is between the political class party hacks.

Its beat them or join them time for FG [Fine Gael, Prime Minister Kenny's ruling party, WbIRL] and Labour and if they don't do it to the full extent the rest of the country wants to see then they'll very quickly solidify who exactly the internal enemies are for most Irish people.

I have taken the liberty of sharing your posting and some of the comments here on PoliticalWorld.org – an Irish political forum.

Here are some responses:

C. Flower – Founding Member

Thanks for posting this, Whistleblower. I think this is really getting to the heart of it although my view is that the entire global financial system is in crisis by its very nature, and it is not really a question of Ireland vs Germany, apart from in the way that the politicians parse it.

Captain Con O'Sullivan – Senior Member

Oh boy oh boy … I love hearing from WhistleblowerIRL and Golem and I think I see something any Irishman or Irishwoman simply cannot resist from reading my history and my sense of the Irish character.

I'm tired of worrying. Have we horses outside?

C. Flower – Founding Member

Now that Fine Gael are in Government – mainly as a result of the Bank Guarantee carte blanche to bankers – is there anything to stop them carrying out a proper investigation into liquidity breaches and acting on it?

At this stage I'm very confused about the full extent of what is and is not being investigated, but surely Fine Gael should be reinforcing the feeble gestures so far with a belt and braces approach ?

Here is the link to the thread:
PoliticalWorld.org

Regards,
WhistleblowerIRL
UniCredit Ireland's EX Risk-Manager

Ever get the feeling you've been lied to all along? She describes it as 'another black hole'. Feels it’s the same black hole to me, it just wasn't adequately assessed in the first place.

Good to hear from you. I agree that leaders are seeing if who amongst them can manage not to tell their citizens anything by forcing other countries to be their fall guy. Perhaps I am too naive to hope that some country can start a rebellion that brings the entire game down.

And yes the HRE/Depfa nightmare does make more sense when seen from Deutsche's position. Germany was and is protecting its own TBTF banks and then trying to blame Ireland to cover the truth.

I wish I could share your enthusiasm for Fine Gael's alleged appetite to go after the "banksters" as you call them, but I'm afraid my experience thus far prevents me from doing so. The reason is simple, here is a quote from an email I received from the office of one of Fine Gael most senior deputies:

"Deputy X has been in touch with the Financial Regulator, and set out the concerns raised at the meeting [a meeting between the Deputy and myself, WbIRL] on the matters which do not appear to have been addressed. I understand that these concerns are being followed up by the Regulator who has promised Deputy X a reply in due course."

I received this e-mail in JUNE 2010. I'm sorry to report that NOTHING was received from the distinguished deputy since then. It took until November last year before the issue was raised in the Dail (Irish parliament) by Joan Burton of the Labour party. UniCredit is still laughing loudly at the charade that is Irish banking. I know, the IFSC is a small place.

Here is another interesting point in question: why can we not get the truth about the hasty sale of Anglo's Austrian operation shortly before the parent bank in Dublin was nationalised? Kathleen Barrington of the Sunday Business Post has repeatedly raised the issue; as recently as last February she approached Anglo-Irish, now headed by Alan Dukes – a dedicated Fine Gael man, for replies. Alas, silence prevails.

Here is Barrington's most recent article about Anglo Vienna:
"How FitzPatrick sent a €600m deposit book waltzing to Vienna" –
http://kathleenbarrington.blogspot.com/2011/02/how-fitzpatrick-sent-600m-deposit-book.html

@Golem

Re your comment of "I want the honest society." – my impression is that the 'burn the bonholders' game is simply a poker game in which political leaders are trying to see who can hold out the longest in not having to tell their electorate the truth. Frau Merkel certainly does not want to have to explain to every German taxpayer why they will have to continue cough up money for the bail-out of HRE/Depfa. Enda Kenny would much rather have us, the Irish public, believe that the source of all evil are those nasty continental Europeans, rather than have to instigate proceedings against Irish politicians and senior civil servants who have let criminal 'banksters' get away with it. The liquidity regulations over which I resigned in 2007 clearly state a possible penalty of FIVE years in prison for failing to adhere to liquidity requirements. The entire Irish banking system almost collapsed in Sept 2008 as it had run completely dry of liquidity. Who is to blame? No one. Who is paying for it? Everyone.

Ulster Bank employees are running around Ireland (North and Republic) telling all about their fantastic year-end results for 2010; they all seem to happily ignore the fact that had it not been for the UK tax-payer bailing them out, none of them would have jobs. RBS is Ulster Banks' parent bank…

Merkel and Kenny and their respective domestic banks are just an example for what has happened all over Europe. There are some clues to solving the mystery – notice how the the bailout of HRE/Depfa makes perfect sense through the eyes of Deutsche Bank shareholders, or have a look at the mock arrest of Anglo-Irish bank's ex CEO and the subsequent tapes that appeared in the public domain not too long after.

Regards,
WhistleblowerIRL
UniCredit Ireland's EX Risk-Manager

PS
Links to all relevant official debates and regulation documents can be found on my blog.