Sins of the Father (37 page)

    
1
   Commission of Investigation into the Banking Sector in Ireland,
Misjudging Risk: Causes of the Systemic Banking Crisis in Ireland
(Dublin: Stationary Office, 2011), 11,
http://www.bankinginquiry.gov.ie/Home.aspx
(accessed 25 June 2013).

    
2
   
Misjudging Risk
, 11.

    
3
   
Ibid
.

    
4
   
The Irish Independent
, 24 June 2013.

    
5
   
Ibid.
, 25 June 2013.

    
6
   
The Sunday Independent
, 21 July 2013.

    
7
   
Broadsheet.ie
, 5 July 2013,
http://www.broadsheet.ie/2013/07/05/handling-the-truth/
(accessed 5 July 2013)

    
8
   
The Irish Times
, 8 May 2008.

    
9
   
RTÉ News
, 20 May 2011,
http://www.rte.ie/news/business/
2011/0519/301284-irishnationwide/ (accessed 3 Aug 2013).

  
10
   
The Irish Times
, 2 July 2011.

  
11
   
Ibid
.

  
12
   IBRC,
Annual Report and Accounts
2011 (Dublin, 2012), p.3,
http://www.ibrc.ie/About_us/Financial_information/Annual_Report/Annual_Report_2011.pdf
(accessed 1 July 2013).

  
13
   
EU/IMF Programme of Financial Support for Ireland 16 December 2010,
p.5,
http://www.finance.gov.ie/documents/publications/reports/2011/euimfrevised.pdf
(accessed 7 July 2013).

  
14
   
Programme of Financial Support
, pp.10-11.

  
15
   
NAMA Key Figures
,
http://www.nama.ie/about-our-work/key-figures/
(accessed 8 July 2013).

  
16
   
Commission Decision in Case NN 12/2010: Capital support measure in relation to Anglo Irish Bank Corporation Limited
(31 Mar 2010), p.3,
http://ec.europa.eu/competition/state_aid/cases/235166/235166_1110647_39_1.pdf
(accessed 23 Jul 2013).

  
17
   
Commission Decision SA.32504: Joint restructuring plan for Anglo Irish Bank and Irish Nationwide Building Society
(29 Jun 2011), p.7,
http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=3_SA_32504
(accessed 23 Jul 2013).

  
18
   
Prime Time
24 November 2010,
http://youtu.be/YK7w6fXoYxo
(accessed 23 Jul 2013).

  
19
   
Commission Decision N725/2009: Irish Asset Relief – NAMA
(26 Feb 2010), p.4,
http://ec.europa.eu/competition/elojade/isef/case_details.cfm?proc_code=3_n725_2009
(accessed 23 July 2013).

  
20
   
Parliamentary Question no. 91 to the Minister for Finance, 21 March 2013
,
http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013032100054?opendocument#WRH01650
(accessed 24 Jul 2013).

  
21
   
The Irish Times
, 30 August 2011; Karl Whelan, ‘ELA, Promissory Notes and All That: The Fiscal Costs of Anglo Irish Bank’ (UCD: September 2012), p.2,
http://www.karlwhelan.com/IrishEconomy/Whelan-PNotes-September2012.pdf
(accessed 28 Jul 2013).

  
22
   
The Irish Times
, 26 October 2011.

  
23
   
Ibid.
, 4 December 2010.

  
24
   
The Irish Examiner
, 9 February 2011,
http://www.irishexaminer.com/breakingnews/ireland/fg-not-another-cent-for-anglo-492818.html
(accessed 9 July 2013).

  
25
   
Irish Examiner,
10 February 2011,
http://www.irishexaminer.com/ireland/not-a-cent-more-for-the-banks-vows-fg-144826.html
(accessed 9 July 2013).

  
26
   
The Irish Times
, 1 April 2011.

  
27
   
Ibid
.

  
28
   
Anglo is not our debt! Stop the repayments!
http://www.notourdebt.ie/campaign
(accessed 24 Jul 2013).

  
29
   
The Irish Times
, 3 November 2011.

  
30
   
The Irish Times
, 11 December 2011.

  
31
   
Bloomberg
, 9 February 2012,
http://www.bloomberg.com/news/2012-02-09/ireland-s-kenny-says-country-won-t-impose-losses-on-bondholders.html
(accessed 9 July 2013).

  
32
   
The Irish Times
, 17 January 2012.

  
33
   
Ibid.
, 20 January 2012.

  
34
   
Ibid.
, 28 January 2012.

  
35
   
The Promissory Note Stitch-Up
,
http://www.notourdebt.ie/infographic-promissory-note-stitch-up
(accessed 28 Jul 2013).

  
36
   
Irish Bank Resolution Corporation Bill 2013: Committee and Remaining Stages
(6 February 2013), p.99,
http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013020600099?opendocument
(accessed 30 July 2013).

  
37
   
Written Answers – State Banking Sector 27 Sep 2011
,
http://debates.oireachtas.ie/dail/2011/09/27/00080.asp
(accessed 28 July 2013).

  
38
   
The Irish Times
, 16 February 2012.

  
39
   
Direction issued under Section 14 of the NAMA Act 29 March 2012
,
http://www.nama.ie/governance/legislation/
(accessed 29 Jul 2013).

  
40
   
Promissory Note Arrangements: Announcement by Minister for Finance 29 March 2012,
http://debates.oireachtas.ie/dail/2012/03/29/00015.asp
(accessed 28 Jul 2013).

  
41
   
The Irish Times,
31 May 2012.

  
42
   
Ibid.
, 30 March 2012.

  
43
   
The Irish Independent
, 30 March 2012.

  
44
   
RTÉ News
, 31 March 2012,
http://www.rte.ie/news/2012/0329/315493-anglo-promissory-payment/
(accessed 28 Jul 2013).

  
45
   ECB Press Conference, Frankfurt, 4 April 2012,
http://www.ecb.int/press/pressconf/2012/html/is120404.en.html#qa
(accessed 28 July 2013).

  
46
   
The Irish Examiner
, 2 May 2012.

  
47
   
Medium-Term Fiscal Statement November 2012
, p.32,
http://budget.gov.ie/budgets/2013/Documents/Medium%20Term%20Fiscal%20Statement%20November%202012.pdf
(accessed 28 July 2013).

  
48
   
Independent.ie
30 March 2012,
http://www.independent.ie/breaking-news/irish-news/sinn-fein-criticises-debt-deal-26838572.html
(accessed 28 July 2013).

  
49
   
Noonan’s ‘miracle’ Anglo deal didn’t stop us paying in full
(11 May 2012),
http://www.notourdebt.ie/noonans-miracle-anglo-deal-didnt-stop-us-paying-in-full
(accessed 28 Jul 2013).

  
50
   
The Irish Examiner
, 10 December 2012.

  
51
   
Irish Bank Resolution Corporation Bill 2013: Second Stage
(6 February 2013), pp.80-81,
http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013020600080?opendocument
(accessed 30 July 2013).

  
52
   
Ibid.

  
53
   
Ibid.

  
54
   
The Irish Independent
, 15 April 2012.

  
55
   
The Irish Times
, 7 February 2013.

  
56
   
Ibid
.

  
57
   ‘Q&A – IBRC Liquidation,’ p.6.

  
58
   
Irish Bank Resolution Corporation Act 2013
, section 1, p.3,
http://www.irishstatutebook.ie/pdf/2013/en.act.2013.0002.pdf
(accessed 2 August 2013)

  
59
   
The Irish Times
, 8 March 2013.

  
60
   
Ibid.
, 8 February 2013.

  
61
   
Ibid.
, 16 March 2013.

  
62
   
RTÉ News
, 7 February 2013,
http://www.rte.ie/news/2013/0207/366634-david-hall-promissory-note-supreme-court/
(accessed 3 Aug 2013).

  
63
   
Irish Bank Resolution Corporation Act 2013
, section 17, p.15.

  
64
   ECB Press Conference, 7 February 2013,
http://www.ecb.int/press/pressconf/2013/html/is130207.en.html
(accessed 30 July 2013). Subsequent quotes from this press conference are from this source.

  
65
   
The Irish Times
, 16 February 2013.

  
66
   
Ibid.
, 20 March 2013.

  
67
   
Ibid.
, 9 February 2013.

  
68
   
Ibid.
, 22 March 2013.

  
69
   
IBRC Liquidation, 21 Mar 2013,
http://oireachtasdebates.oireachtas.ie/debates%20authoring/debateswebpack.nsf/takes/dail2013032100041?opendocument#OO01350
(accessed 3 August 2013).

  
70
   
The Irish Times
, 22 March 2013.

  
71
   Dearbhail McDonald,
Bust: How the Courts Have Exposed the Rotten Heart of the Irish Economy (
London, 2011), p.219.

  
72
   
The Irish Examiner
, 26 July 2013.

  
73
   Thomas Herndon, Michael Ash and Robert Pollin, ‘Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff,’
PERI Working Paper Series
, no. 322 (April 2013),
http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_301-350/WP322.pdf
(accessed 19 June 2013).

  
74
   Carmen M. Reinhart and Kenneth S. Rogoff, ‘Growth in a Time of Debt,’
American Economic Review: Papers and Proceedings
100 (May 2010), 573,
http://scholar.harvard.edu/files/rogoff/files/growth_in_time_debt_aer.pdf
(accessed 19 June 2013).

  
75
   Olli Rehn, Letter to ECOFIN ministers 13 February 2013,
http://ec.europa.eu/commission_2010-2014/rehn/documents/cab20130213_en.pdf
(accessed 22 June 2013).

  
76
   Oliver Blanchard and Daniel Leigh, ‘Growth Forecast Errors and Fiscal Multipliers,’
IMF Working Paper Series
WP/13/1 (Jan. 2013),
http://www.imf.org/external/pubs/ft/wp/2013/wp1301.pdf
(accessed 23 June 2013).

  
77
   
The Financial Times
, 9 March 2013. Subsequent quotes from Caldwell are from this article.

  
78
   
United States Permanent subcommittee on Investigations, Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals Majority Staff Report
(October 2011), p.34,
http://www.hsgac.senate.gov/download/?id=a17c69df-38f1-479e-8612-a165e33b29a5
(accessed 10 November 2012).

  
79
   Gerald Epstein and Dorothy Power, ‘Rentier Incomes and Financial Crises: An Empirical Examination of Trends and Cycles in some OECD Countries’, Political Economy Research Institute, Working Paper Series, No.57 (2003).

  
80
   At the end of 2011, for example, food production, fisheries and agriculture accounted for ten percent of employment and over ten percent of exports, with two-thirds of all land in the Republic marked as agricultural land. See, Department of Agriculture, Food and the Marine, ‘Fact Sheet on Irish Agriculture – April 2012’,
http://www.agriculture.gov.ie/media/migration/publications/2012/FactsheetonIrishAgricultureApr12.pdf
(accessed 26 May 2013).

  
81
   
Opening Statement of Sen. Carl Levin: Offshore Profit Shifting and the U.S. Tax Code, Part 2 (Apple Inc.),
21 May 2013,
http://www.levin.senate.gov/newsroom/speeches/speech/opening-statement-of-sen-carl-levin-offshore-profit-shifting-and-the-us-tax-code-part-2-apple-inc
(accessed 19 July 2013).

  
82
   United States Senate Permanent Subcommittee on Investigations Committee on Homeland Security and Governmental Affairs,
Exhibits 1-19 for May 21 2013 Hearing
, p.2,
http://www.hsgac.senate.gov/subcommittees/investigations/hearings/offshore-profit-shifting-and-the-us-tax-code_-part-2
(accessed 16 July 2013).

  
83
   
Collins to Levin and McCann, 29 May 2013
,
http://www.finance.gov.ie/documents/pressreleases/2013/mn226.pdf
(accessed 20 July 2013). Subsequent quotes from Collins are from this source.

  
84
   
Levin, McCain Statement on Letter from Irish Ambassador to the United States, May 31, 2013,
http://www.levin.senate.gov/newsroom/press/release/levin-mccain-statement-on-letter-from-irish-ambassador-to-the-united-states#sthash.EpWIeitk.dpuf
(accessed 20 July 2013).