Phoenix FM Interview Ben About The National Lottery

92.5 Phoenix FMBen was interviewed today by Sean Lawlor of Phoenix FM. Sean took an interest in People For Economic Justice when the video Constitution Halts Sheriff went viral on the internet earlier this year. Over the course of the interview Sean and Ben discuss the grossly inappropriate behaviour by KPMG. They discuss The National Lottery’s apparent lack of concern regarding this behaviour. They discuss the banking crisis in general. They discuss mortgage arrears and those dealing with them.

Also discussed is Direct Democracy Ireland. Direct Democracy is a political policy that allows citizens of an applicable country to call for a referendum at any time, on any topic, by simply gathering enough signatures of citizens who wish to see such a referendum commence. This was a power granted to the Irish people in the first version of the Irish Constitution: Bunreacht Na hÉireann. This was removed from the Constitution (without a referendum) in the early years of the Irish Freestate. It is currently operated in Switzerland to great effect.

The Interview With Phoenix FM

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We would like to thank Sean and Phoenix FM for his interest, professionalism and for his helping to spread People For Economic Justice’s message. It is a pity KPMG and The National Lottery opted not to comment on the topic on air. Phoenix FM attempted to contact both at the same time as he contacted People For Economic Justice. They received a very short response from The National Lottery:

Hi Sean,
Many thanks for your email.
The National Lottery will not be commenting on this matter.
Kind regards,
Eleanor

Eleanor did not give her title or position so we are uncertain as to what department of The National Lottery she represents. KPMG declined to respond.

Source: Phoenix FM, Listen to more of their interviews here.

Bank of Ireland Divests (Sells) 5 Billion Euros of Loans

DUBLIN (Reuters) – Bank of Ireland said it has sold or accepted repayment of 5 billion euros (4.4 billion pounds) of loans in the United States, Britain, Europe and the Middle East at a discount of around 9 percent, putting it on track meet its targets under an EU-IMF bailout.

Ireland’s government pledged to radically shrink its domestic banking sector after a disastrous binge on property loans, and Bank of Ireland, the country’s largest lender, is to sell 10 billion euros in loans and accept repayment of another 20 billion euros worth by the end of 2013.

Bank of Ireland, the only domestic lender to avoid falling into state control, said it had raised 4.54 billion euros from the sale of the loan books, a higher price than expected, meaning there was no impact on its core tier one ratio.

Bank of Ireland had a pro forma core tier one ratio, a key measure of financial strength, of 15.4 percent at the end of June.

Ireland’s banks need to shrink their loan books to reduce their dependence on emergency funding from the European Central Bank and the Irish central bank, which at the end of September stood at 153.6 billion euros.

Bank of Ireland needs to dispose of another 5 billion euros worth of loans by the end of 2013, and it said it was making good progress.

It said it was in advanced talks with potential purchasers of project finance loans.

The loans already sold include a U.S. commercial real estate portfolio valued at $1.13 billion, some 1.33 billion pounds of UK commercial property loans sold to Kennedy Wilson and institutional partners for 1.07 billion pounds, and 1.23 billion pounds of British residential mortgages sold to a unit of Britain’s Nationwide Building Society for 1.13 billion pounds.

Bank of Ireland also sold a portfolio of project finance loans with total commitments of 670 million euros to GE Energy Financial Services . The loans relate to a portfolio of energy assets across North America, the UK, continental Europe and the Middle East.

Source: http://www.reuters.com