Noonan fears further pain for taxpayers’

first_img Previous articleThreat to future of St Paul’s Nursing HomeNext articleWillie in Wonderland admin House prices could lose half their value, says Goodbody’s THE Government has forced NAMA to use out-of-date, inaccurate information to  overvalue bank loans, according to Fine Gael’s Michael Noonan. Goodbody’s prediction that house prices will end up falling by 50% before levelling  out, he said, spells yet more  trouble  for  NAMA and further pain for taxpayers,  “The  prediction that house prices will lose half their value is desperate news for struggling homeowners.  This  outcome would send thousands more tumbling into negative equity.Sign up for the weekly Limerick Post newsletter Sign Up “The  consequences for  NAMA and the taxpayer are equally worrying. NAMA’s so-called  ‘business  plan’ is based on the assumption that property prices will  rise  from  the  levels  of  last November – the reference period for determining  the  current market values of the banks’ toxic developer loans that  NAMA  is  buying.“ But  according  to  Goodbody’s,  house prices have continued to plummet since then and are set to fall by a further 16% in the immediate future”.It was bad enough, continued deputy Noonan, that the taxpayer was being forced to pay far more than current  market  values  for  toxic  developer loans in a tumbling property market on the basis of their ‘long-term economic value.“But making matters even worse is the fact that NAMA is forced by the Government legislation to estimate  this  long-term value using outdated and inaccurate information.“Only last week  the  ESRI  predicted  that  the  Irish  labour force and population would  shrink  in the coming years because of recession-related emigration. This will mean lower demand for property. But in estimating the long-term value  of the property-related assets that it is buying, NAMA is prevented from using economic and demographic projections from beyond last January.  At  that  time, the CSO was still predicting a growing population for Ireland in the coming years”.There were, he continued, certain accountancy rules which require banks to  state  their  asset  value  on the date of audit, and prevent them from predicting a declining market, but that no such constraints applied to NAMA. “The  chances  of NAMA recovering taxpayers’ money, he concluded, seemed slimmer by the day. Advertisement WhatsApp Linkedin Emailcenter_img Twitter NewsLocal NewsNoonan fears further pain for taxpayers’By admin – July 22, 2010 507 Print Facebooklast_img read more

Record-breaking months of rain sink Torpids dreams

first_imgOXFORD’S ROWERS are struggling to find any positives after 2014’s record-breaking rainfall forced the entire cancellation of Torpids, the prestigious rowing event which has taken place each Hilary term for over 175 years.This year’s iteration was scheduled to take place on the Isis between Wednesday and Saturday of seventh week, but was officially called off by an Oxford University Rowing Clubs (OURCs) email sent to all college captains on Monday morning.After OURCs initially only called off the first two days of racing, there had been hopes that, despite rivers around the country flowing higher and faster than usual following the recent weather, racing would have been able to go ahead on Friday and Saturday.However, in announcing the event’s first full cancellation since 2007, Senior Umpires (SU) spokesperson Rachel Quarrell explained, “You won’t be surprised, if you were listening to last night’s rain, to hear that the river’s gone back up way too high for us to be able to run any Torpids at all… We’re a long way off even red-flag racing.”The decision to cancel the event was made by the SUs and, as OURCs’ Secretary Scott Houghton explained, was backed by “both the OURCs committee and the Environment Agency.”Houghton went on to say that because of the rain on Friday and Saturday, “Prior experience shows that there is no way it would drop to a level where racing would be possible.”The heavy rainfall has decimated rowing this term, with crews having been unable to train on their usual stretches of the Isis since Michaelmas.As well as racing being rendered unsafe, the Isis’ water level is currently too high to move houseboats moored on the river. Temporarily altering the river’s flow to move the houseboats in order to make room for potential racing has been ruled out for safety reasons. Quarrell explained, “It was hoped, a few days ago, that we might reach a point where the lock could be shut in artificially for a few hours to shift a small number of houseboats, but it is obvious that now can’t happen since yesterday’s rain has filled up the water table again to the point where artificial shut-ins would cause flooding in residential areas.”The four days of Torpids will be sorely missed by both participants and observers, as the event typically draws large crowds. Pembroke captain Camilla O’Driscoll commented that, “When the river gods are being kind and racing goes ahead, Torpids is usually a very exciting event – its historic rivalries make it the main fixture of collegiate rowing in Hilary.“There is always plenty of action in the lower divisions where ability varies hugely between crews (so dramatic bumps are more likely); and in the top divisions, feuds between boat clubs vying for higher positions can go on for years.”The cancellation also represents a blow to novice rowers who have already been affected by limited training opportunities. O’Driscoll told Cherwell, “While in Summer Eights many top division crews will be bolstered by returning Blues team rowers, Torpids crews tend to have a few more seats available for novices who competed in the Christ Church Regatta in Michaelmas to show how much they have progressed.”Jesus’s Anna Turner-Major, one of the first-years to miss out on the competition commented, “My stomach sank when I heard the news that any chance of racing had been blown right out of the water. It was a shame to waste all those early mornings, but at least everyone’s in the same boat.”The Senior Umpires’ statement said that, “It is extremely disappointing for the many crews who have trained hard on land and water, but [cancellation] was sadly unavoidable.” Quarrell explained that the Senior Umpires and OURCs were considering alternatives which could replace the event, but that “at the moment there is no route to convert Torpids into Isis Winter League-style (time-trial based) racing.”Despite the setbacks, Pembroke’s O’Driscoll remained positive. She said, “I’m sure nobody feels that this term has been a waste: the rigorous training undertaken for Torpids has benefited our overall strength and fitness, and the crews that have worked hard this term will find themselves strongly placed to do well in Summer Eights next term.”Crews’ entry funds have been fully refunded, OURCs confirmed, but the OURCs secretary was apologetic, “This will do little to raise the spirits of enthusiasts who have seen a third of the year’s rowing cut short.”Despite the cancellation, some rowers are still hoping to celebrate in traditional style, with Exeter College Boat Club optimistically planning for a Saturday barbecue.last_img read more

South Beds More positive outlook

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

BI to remain standby buyer for Indonesia’s government bonds in 2021

first_imgThe government has projected the budget deficit to reach Rp 971.2 trillion, or 5.5 percent of gross domestic product (GDP), in 2021 as the government looks to continue its stimulus spending to support economic recovery. The government plans to issue more sovereign debt papers (SBN), global bonds, retail bonds and sharia-compliant bonds to fund the deficit.Finance Minister Sri Mulyani Indrawati said on Aug. 14 that the government would continue to work with the central bank and allow it to buy government bonds directly at auctions as a standby buyer.Perry assured that the central bank would have the capacity to be the standby buyer next year because it had only bought a total of Rp 42.96 trillion (US$2.91 billion) in government bonds from the market since April.“The figure is only a small fraction of the total amount of government bonds issued to the market,” he said. Bank Indonesia (BI) has expressed its commitment to continue its role as a standby buyer for government bonds until 2021 to help fund the state budget deficit during the pandemic.BI Governor Perry Warjiyo said on Wednesday that the central bank would continue its role as a non-competitive bidder in government bond auctions next year, while assuring that it would have the capacity to do so.“We will only bid when the market is not capable of absorbing [the bonds]. We will have further discussion with the Finance Minister on the market capacity and the government funding strategy,” he said during a livestreamed press briefing. Data from the Finance Ministry’s financing and risk management office show that the government issued a total of Rp 630.5 trillion in government bonds in the first half of this year, or 41.2 percent of the total gross issuance in 2020, Kontan reported.Read also: Government to offer $62.3b in bonds in H2 to finance coronavirus fightPerry also announced that the central bank’s board of governors had decided to maintain its benchmark interest rate — the seven-day reverse repo rate — at 4 percent after lowering it four times this year by a total of 100 basis points (bps).  Lending and deposit facility rates were also kept at 3.25 and 4.75 percent, respectively.“The decision is consistent with maintaining external stability amid low inflation that is expected to persist until the end of the year,” he said, adding that BI expected inflation to fall at around 2 percent this year.BI is also committed to continuing its quantitative easing by providing liquidity for banks by lowering the average primary reserve requirement (GWM), and for the government by being a standby buyer and participating in bond private placement.In a burden-sharing scheme agreement with the government, the central bank has purchased the government bonds through a private offering. The one-off policy that was only agreed for this year was aimed to help finance the widening budget deficit that was caused by the government’s COVID-19 response.“So far, we’ve bought Rp 82.1 trillion worth of government bonds through private placement,” he said.Read also: Bank Indonesia buys $5.6b in govt bonds in burden-sharing schemeMirae Asset Sekuritas economist Anthony Kevin lauded the government’s decision to allow BI continue its role as standby buyer as it could help to improve market confidence in government funding next year.He also said BI’s call to maintain the rate at 4 percent was the “correct call” despite wide-open room for another round of policy rate cuts.“I believe BI should refrain from [lowering rates] to maintain the interest rate differential in order to keep the rupiah on the appreciation path against the US dollar,” he said.He also added that the high trade balance surplus, low inflation and narrowing current account deficit could also help strengthen the rupiah against the greenback to Rp 14,400 per US dollar by the end of the year.The rupiah closed at Rp 14,770 per US dollar on Wednesday, 0.4 percent stronger than the day before. However, it has depreciated more than 1 percent over the past month.Trimegah Sekuritas economist Fakhrul Fulvian said the central bank’s decision to maintain rates would help to appreciate the rupiah since fears over huge monetary expansion could hamper recovery of the currency.Although he agreed that BI would receive a positive response from the market for its plan to continue as a standby buyer, he said it would ultimately depend on the central bank’s exit strategy from the burden to support the government.“It’s very important for BI to communicate to the market on its exit strategy once the economy recovers from the crisis,” he said.Topics :last_img read more

Clippers players go to the tape together to problem-solve

first_imgBut there’s another remedy that’s proved effective this season for the Clippers – who play at Phoenix (24-34) on Wednesday (6 p.m., Fox Sports Prime Ticket) – whenever they’ve started to slip: Players-only film study.The Clippers (38-19) had plans to practice on Sunday, but Rivers revised the agenda at the last minute. He opted instead to hold a film session, probably because his players had already started the work.“Came in as a team and watched film,” Clippers forward JaMychal Green said. “Just kind of critiqued everything, made some changes for our mistakes. We’re a smart team, a lot of players with a lot of years under their belt. The IQ on this team is very high so, it’s pretty much easy.”“I’m up in the office with my coaches and they all watch the game together,” Rivers concurred. “But they’ve been doing that, I don’t think the game (against Sacramento) is what prompted it.“What I love, what they’re doing that really I’ve never done, is they send the clips of what they’re not sure of, what they need explanations on, things they think they should have done better. They’re self-critiquing. And, from a coach’s standpoint, it’s been great for me because I can see what they’re thinking. I don’t know who came up with it, but it’s been good for me.” Clippers’ Paul George: ‘If I make shots, this series could be a little different’ Rivers described sitting down with one of the team’s video coordinators after the players have identified the clips that illustrate concerns or questions.“So, when we come together, I can explain what they don’t understand, and we can get on the same page about things,” Rivers said. “I question why I haven’t done it before.”Maybe because not every group is equipped to take on such a process responsibly and constructively?“You have to have the right group, that’s honest enough,” Rivers said. “And they’ve been honest enough with the film.”“Got to,” Green said. “That’s the only way it’s gonna work. This is a team where you can be yourself and be real and not bite your tongue; we know ain’t nobody saying anything in a bad way, so don’t nobody take it in the wrong way.”Center Ivica Zubac said there’s always something to learn from game video, and something to be gained by watching it with teammates: “We usually agree on the stuff and it’s helpful to get it out there and solve the issues together.”THE SAME, BUT DIFFERENTForgive Paul George if it takes him a minute to get used to saying “Marcus.”Related Articles Game 4 photos: Luka Doncic, Mavs shock Clippers in overtime That’s because last season in Oklahoma City, he played with Markieff Morris, who, like his identical twin, Marcus, is a tough-playing veteran forward.Marcus joined the Clippers at the trade deadline as part of a three-team deal; Markieff signed with the Lakers this week.“It was weird at first,” George said. “‘What’s up, Marcus, nice to meet you.’ And instantly after that, ‘Hey Kieff!’ It’s going to take a second, give me a second.“They’re different, but they’re the same. They have different mentalities, but they are the same kind of person in terms of how they approach the game and how they play the game. So it’s dope to be teammates with both of them and see the differences and see the similarities. It’s pretty unique.” What the Clippers are saying the day after Luka Doncic’s game-winner tied series, 2-2 center_img For Lakers’ LeBron James, Jacob Blake’s shooting is bigger issue than a big Game 4 victory Newsroom GuidelinesNews TipsContact UsReport an Error LOS ANGELES — The Clippers shot 39.1 percent on Saturday, turned over the ball 19 times, recorded just 20 assists and lost to a Sacramento Kings team that appears lottery-bound.On Tuesday, Doc Rivers’ squad shot 50 percent, limited their turnovers to 12, and compiled 33 assists, the second most this season, as it trounced the potentially playoff-bound Memphis Grizzles by 27 points.Turns out it helps a team’s performance – and its spirit – to have a fully healthy roster, something the Clippers have experienced only five times this season.Timing is a thing, too: The Clippers were shaking off All-Star break rust while the Kings had warmed up by beating the Grizzlies; the Grizzlies had just lost two consecutive games and their second-leading scorer, Jaren Jackson Jr., to a sprained knee. Clippers hope they can play to their capabilities, quell Mavericks’ momentum last_img read more