Irish Life&Per. Unentdeckter Vervielfacher?

Even if the €3.1bn promissory note payment was made, the target would have been met comfortably (--€5.7bn versus --€6.9bn).

Given this performance, is there anywhere that Irish officials may get a wrap on the knuckles? It is likely that public pronouncements by the troika following the review will be similar to the fifth review that "fiscal targets were met with a margin", but there are some elements of expenditure where tough questions will need to be answered by the Irish officials.

In the first three months of 2012, headline expenditure was €294m higher than expectations (allowing for a reclassification of €207m in PRSI).

Three departments were guilty of overspending in the first quarter of 2012. Social Protection is 9pc ahead of forecast, Health is 3pc ahead, but the Department for Public Expenditure and Reform is 30pc ahead of the expected profile.

This sends out all the wrong signals to other departments. This new department was set up because of the enormity of the task of matching revenues with expenditures.

While it is still early in the year, it is somewhat concerning and very ironic that the department responsible for reining in public spending overall is seeing the largest overspend.

The most controversial elements of the talks during the troika visit will revolve around the banking sector once again. Troika officials will be interested in the progress on the reorganisation of the banking sector, particularly following the recent acquisition of Irish Life for €1.3bn.

Further reorganisation of the sector will require the support of the troika, with recent speculation suggesting that the problems of expensive tracker mortgages on the books of state-owned AIB and Permanent TSB could be put into some sort of NAMA-for-mortgages vehicle in IBRC.

This could also provide a neat solution as the amount of tracker mortgages in the banks is similar to the value of promissory notes.

Given the difficulty that the Irish government had in agreeing a solution to the €3.1bn payment at the end of last month, don't hold your breath for a broader solution to the banking problems in the latest visit.

www.independent.ie/business/banks-and-overspending-to…

So, jetzt geht's ans Eingemachte ! Jetzt heisst es Daumen drücken damit die Troika der von Noonan vorgeschlagenen Bereinigung der tracker mortgages zustimmt.
Wenn das so kommt, dann sieht die Zukunft von TSB wieder viel besser aus.
Von daher, es stehen spannende Teiten vor der Tür