RSS FeedNo Earthquakes At The Bank Of Ireland EGM
Posted by Senan
Earthquakes ZEST4AXB3MCV
With AIB already having done so, Bank Of Ireland held their EGM yesterday to vote in the NAMA intervention. New-ish chairman Pat Molloy did a great job of saying absolutely nothing, committing to absolutely nothing and satisfying absolutely no-one. He couldn't be drawn on the proposed banking inquiry, when asked about past mistakes he insisted on focussing on the future, and there was no sign of retribution from the board for their actions. And as if to highlight how much of a straight-jacket the shareholders are in currently, all motions proposed by the board sailed through approval unhindered.
So, not much earth shattering there. Spare a thought then today for a corner of the world that did have an earth shattering experience yesterday. Thousands are feared dead in Haiti as an earthquake measuring 7.0 on the Richter Scale, and several aftershocks, rocked the state.
Snow and The Thaw
It's been claimed that the recent adverse weather conditions in Ireland has caused a loss of approximately €700m. A huge sum given the state business finances are already in. Apparently though the Christmas period was relatively 'bumper' (Tesco just reported best Christmas sales in 3 years) so hopefully the hit was softened. And now that the thaw is well and truly underway it seems we need to worry about floods and wind. Might just start building my ark now!
Rain
It never rains but it pours. Ireland will probably be one of the laggards in the global economic recovery. So, when Europe is back at full steam - possibly later this year - and Mr. Trichet decides to up interest rates to curb over-enthusiasm, expect us poor Irish to be hard-hit given our over-indebtedness, our shrinking wage packets, and our sharp economic decline. The ECB will tomorrow (14th) announce this months stance on interest rates. The base rate is expected to remain at 1% for a few months yet thankfully.
What do you think will happen with interest rates this year and into 2011? Let us know.
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13 January 2010, 15:42
wudnt necesarily agree with you Senan on the rates.We're a dot in the European ocean. If Germany gets going we're screwed and rates will go up.
13 January 2010, 20:51
I hope you're wrong Laura. As a tracker holder myself, and as someone who ha taken a cut in pay, I'm hoping for the best from the ECB. OK, we're climbing our way slowly out of recession, but we could have a long way to go yet! Let's see what happens tomorrow for a start...