Key Post Astonishingly good summary of the bailout; Promissory Notes, Tracker mortgages etc

[Brendan Burgess]

I have just come across this paper today by Pat McArdle and it is a great source and summary of information on so many topics. Don't be put off by the title. I have opened up separate threads on some of the key issues raised.
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Some common misconceptions corrected

• our budget arithmetic is better as a result of the bailout!
• Senior bondholders in Anglo and Irish Nationwide were owed only €5 billion when the guarantee ran out

Some great tables

• Table 1 How much recapitalisation each bank got and where the money came from
• Table 2 Current valuations of the state's stake in the banks
• Page 11 Liabilities guaranteed by the state in Sept 2008
• Table 4 Summary of bondholders at 31 Dec 2010
• Table 5 The net cost of the Promissory Notes

Evaluation of the 4 solutions to our debt problems

1. The ECB should write off the Irish Debt(Peter Matthews)
2. The ECB should extend the repayment period for ELA (Karl Whelan)
3. Substitute EU bailout fund money for the PNs (The Troika approach)
4. Substitute ESM paper for the PNs

This report should be required reading for anyone who wants to comment on any of these issues.