Doomed Fine Gael/Fianna Fail Coalition

March 4, 2016

'Apart from reform things, what do you do?'

‘Apart from reform things, what do you do?’

Democracy is good. We are lucky to have it.

Thinking how those without democracy could fend off of a regime like the one we’ve had, gives me the shudders.

We should be careful who we elect, have a look at this on Trump:

Worst thing that can happen following the collapse of Fine Gael and Labour is that Fianna Fail and Fine Gael would form a coalition.

This would betray all those voters who voted for independents and Fianna Fail including this blogger.

It would most likely lead to a split in both the Fianna Fail and  Fine Gael party.

It might help Kenny and Noonan escape their just rewards from  bad judgement  failure to come up to the mark on matters relating to the management of our debt.  The burden for which was  taken from the shoulders of the rich during their reign. The burden was heaped on the poor creating homelessness, crises in A&E and a false and broken property market.

What needs to happen is that a stable government be formed by a coalition of Fianna Fail and independents with independents coming together in a structure to allow them  formulate consensus on policy issues.

Such a structure with majority consensus and free debate could revitalise decision-making in Dáil Éireann.

It would also fit in with the declared aim of Fianna Fail to reform the Dáil. Free from the party whip this would allow Independents make a huge contribution to stable governance.

We would no longer have a FG/LB economic management committee that could bypass the Dáil and sign off on another bailout costing tax payers tens of billions, €67 billion being the start of the last bailout.

Trying to cobble a coalition together with enough votes to get him over the line as Taoiseach is probably Kenny’s last chance saloon before he’s ousted by the party.

He won’t succeed.unclean-waterhigh

Meanwhile  Fine Gael needs  to get its act together.

Kenny should go immediately having led his party into the Battle of Waterloo (no pun intended ) with such poor judgement reaping its devastating consequences for so many Fine Gael deputies who’ve lost their seats.

Likewise Burton should immediately go having brought the party close to annihilation.

Its ironic this so-called left of right party will likely support Fine Gael if Kenny is proposed as Taoiseach!

Michael Noonan, Minister for Finance, should step down and spend his time answering some of the following questions before the Dáil Public Accounts committee.

Its long been contended in this blog that Ireland has performed abysmally in vindicating its right to debt write down and debt forgiveness at European level.

Alongside its capitulation to European demands that Ireland alone should shoulder over 40% of the total exposure of European banks to the financial collapse of 2008, is this reason enough we should join Brexit and leave Europe to develop  fairer free trade agreements with European Scandinavian and UK partners?

But let’s leave that argument aside for the moment and examine another part of the fallout of bailout in Ireland, NAMA.

Mandy McAuley uncovers a scandal at the heart of the billion-pound sale of Northern Ireland property loans.

Critical of NAMA from its inception we need answers to the following brought to us through the recent Spotlight investigation for the BBC:

First shown: 8:30pm 29 Feb 2016 Spotlight NI

It’s an incredible story.

NAMA took over circa 900 properties in NI representing loans gone bad from developers 55 of them but the biggest loans managed by a handful, worth approx £4.5billion.

NAMA set up an advisory committee on which sat leading NI businessman and friend of Patrick Robinson,  Frank Cushnahan.

Ian Coulter, managing partner in one of NI’s biggest law firms, Tughan’s is now being investigated regarding accounts resting in an Isle of Mann account allegedly as a fixer fee for the following.

The matter is also subject to criminal and police investigation.

According to Mick Wallace TD a kick back to a politician. £7 million sterling ended up in an Isle of MAN bank account under suspicious circumstances.

The matter has been reported to US Securities and Exchange Commission reported by a whistle-blower.

Cushnahan previously was successful in persuading the NI Housing Executive to forgive most of Red Skies debts allegedly negotiating debts of quarter million sterling down  to £20000.

A director  of Red Skies he was also previously a member of NI Housing executive with allegations of conflict of interest.

He was later to be involved in a deal with NAMA.

NAMA has held a world-beating £60 billion property portfolio.

With £4.5 billion of Nama debt related to NI, NI was terrified of a firesale.

NAMA set up an advisory committee, hand-picked to sit on this was none other than Frank Cushnahan that gave Frank influence and insider track with NAMA and NI politicians.

Nama is precluded by law from selling back an asset to a defaulting debtor.

When NAMA called in  administrators for the Kennedy chain of hotels in NI,  Finance minister Sammy Wilson phoned Frank Daly chairman of Nama re concerns.

A few weeks later seemingly out of the blue PIMCO with access to trillions of investors money appeared on the scene.

PIMCO behind NAMA’s back met officials Peter Robinson and Sammy Wilson, Ian Coulter and Frank Cushnahan were at the meeting. Daly was not invited.

Nama’s NI portfolio was on the auction block but Nama did not even know. Frank Cushnahan hadn’t  told Nama he was setting up the biggest property deal in NI’s history.

Subsequently the deal went through selling the NI portfolio at massive £3 billion discount. Selling for £1bn representing a loss of £3 bn for Irish taxpayers.

Michael Noonan is silent on the issue.

NAMA has refused to appear before NI committee investigating aspects of the above.

The matter should be further investigated by the police investigating pay off’s and double dealing and conflict of interest.

NAMA’s at best incompetent handling of the above under Minister Michael Noonan should be a matter for the Dail Dublin Accounts Committee.

There is plenty of prima facie evidence something very rotten is in the state of Denmark. NAMA does operate under its own radar safeguarded from public investigation and inquiry.

Minister Noonan has direct responsibility and should bring these NAMA matters to account.

Much needs to be uncovered.

till again


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