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Hola a todas y todos<br>
<br>
Os envio el resumen que nos han hecho llegar las compañeras de la
Debt and Development Coalition Ireland y AFRI (contaremos con Andy
Storey de Afri en el encuentro de Madrid), sobre la auditoria de la
deuda en Irlanda. <br>
<br>
Está en inglés y es algo técnico (de hecho, el informe de la
auditoria es muy técnico= , pero si pensáis que vale la pena, igual
alguien que lo podria traducir al castellano. Yo ya no doy para más
... <br>
<br>
besos<br>
<br>
iolanda<br>
<br>
<br>
<a class="moz-txt-link-freetext" href="http://www.debtireland.org/resources/publications/an-audit-of-irish-debt/">http://www.debtireland.org/resources/publications/an-audit-of-irish-debt/</a><br>
<h1>An Audit of Irish Debt</h1>
Summary
<p>This is an audit of Irish sovereign debt, and as such seeks to
quantify and explain the debts, both real and contingent, for
which the Irish people have become responsible. As such, our main
focus is bonds issued directly by the Irish government and
long-term liabilities of the banks which are guaranteed by the
Irish government. In addition to this we examine some market
activity including short selling and credit default swaps, in
order to explain how they impact on the market for sovereign debt.
We have three aims. As an audit, we aim to collate and verify data
to produce as comprehensive and accurate a picture of Irish debt
as possible, including the origin and scale of the debts. There is
a public education role, in which we seek to create an accessible,
comprehensible description of Irish debt to help people to
understand a very complex situation. Finally, through the
provision of detailed references to source material, we hope this
provides a useful foundation to others for future work in the
area.</p>
<p>Irish government debt, the total of bonds issued directly by
government, has increased sharply in recent years, as the domestic
banks were recapitalised. The Irish state has not borrowed on the
markets since September 2010, but the bonds continue to be traded
among investors on the secondary market. Because of the way in
which this is done, through a clearing house, the identity of the
bondholders at a given time is not known. This anonymity is
discussed in the conclusion to this audit, and contrasted with the
position of shareholders. The limited information available on the
identity of the holders of Irish government bonds, as discussed in
Section 2 of the report, indicates that most are not Irish
resident.</p>
<p>Apart from directly issuing bonds, the Irish government has
contingent liabilities for other debt, including deposits in Irish
banks, bonds issued by NAMA, and the bank guarantees of 2008 and
2009. This latter guarantee, known as the ELG scheme, guarantees
some of the bonds issued by the covered banks. These are dealt
with in Section 4 of the report. It is worth noting at this point
that there are other bonds issued by Irish banks, commonly
referred to as the unguaranteed bonds, which are not specifically
covered by the government guarantee. These may be further divided
between senior and subordinated bonds, the latter being
higher-risk instruments, which reduced rights to repayment. To
date, the state-owned banks have continued to make repayments to
the senior bonds.</p>
<p>As well as guaranteeing bonds under the ELG scheme, the Irish
state has provided support to the covered banks through the issue
of promissory notes throughout 2010 to Anglo Irish Banks, Irish
Nationwide and to a lesser extent the EBS. These promissory notes
are treated as an asset on the books of the bank, enabling them to
use them as collateral to borrow. From the perspective of the
Irish government, they are a liability, similar to an IOU, and so
need to be repaid to the bank over a period of time.</p>
<p>In addition, the Irish government provides Emergency Liquidity
Assistance (ELA) to the covered banks. This is a very short-term
lending facility, providing liquidity to the banks for periods
from 1 day to a week or two. ELA lending effectively transfers
risk away from the banks to the Irish state.</p>
<p>There are several potentially confusing circular relationships in
the ownership of bank and government debt. For example, the Irish
banks covered by the government guarantee (the "covered
institutions") themselves hold Irish government bonds, making them
lenders to the government as well as borrowers. It seems likely
that the promissory notes issued to the banks by the government
are also used by the banks as collateral to borrow more under the
ELA scheme. The ECB has been buying Irish bank bonds under their
Securities Markets Programme. The covered institutions also hold
each other's bonds, and also issue bonds to themselves. These "own
use bonds" are both a liability and an asset, and in the latter
capacity are used as collateral to borrow money overseas.</p>
<br>
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