June 5, 2015

Crony News: FG Loots National Pension Reserve Fund For Incinerator

 Sepp Blatter would be embarrassed by the known cronies funding the proposed Stalinist incinerator in Dublin Bay:

  • Socialised Irish Banks (AIB, BOI, Ulster/RBS), Barclays, Macquarie Bank: € 250 Million
  • Secret investors, equity firms & bailed out bondholders (?): € 150 Million.
  • National Pension Reserve Fund.   € 44 Million.
  • Dublin City Councils (family home taxes): € 97 Million.
  • Environment Department (Labour, FG): € 7.5 Million.
  • Covanta (Serial US Lawbreaker): € 150 Million.

Per head Germany has ten times as many expert consultant doctors as Ireland.  Even the UK has a multiple of Ireland's numbers of nurses.  Hundreds of millions of taxpayer money that could fund hospital consultants and nurses is instead being used to fund a US lawbreaking incineration company.  Any profits will be exported via Luxembourg.  Health impacts from incineration will be socialised.

Criminal bank Barclays has been fined $ 2,500 million for multiple illegal activities.  Anglo-Irish, AIB and BOI are bankrupt Irish banks funded by taxpayers - their 'accounts' present a legal but totally false picture of their under-water assets.

FG's Kenny/Hogan and Labours Quinn met Covanta during the 2011 general election campaign.  The FG & Labour election organisers apparently received funding from a Covanta agent.  After the election Kenny-Hogan and Quinn met Covanta's wishes - permits and bank funding.  The debts of these banks have been socialised and paid for by a near-doubling of death taxes from 20% to 35%, VAT to 23%, USC, new family home taxes, new waste taxes/fees, additional water taxes, pension fund looting and hospital finance diversions.

The Known Unknown: What else is Malta resident Denis O'Brien trying to hide?  It is not publicly known if Denis is an investor in the incinerator or whether he benefited as one of the socialised bondholders in Anglo-Irish, AIB and BOI.   Denis now enjoys a near-zero interest rate from AIB for his patriotic investments in water infrastructure and is legally exploiting a €100 million write-off in Siteserv arranged by the FG administration.   To be clear Denis is a man of the highest integrity - check the tribunals.

After burning €100 million on the proposed incinerator Mr Tierney was promoted to Irish Water by FG's Phil Hogan.   A large portion of the €100 Million went to english 'consulting' company RPS.   Mr Tierney's daughter was employed to work on water infrastructure by RPS in Perth, Australia, where nobody would smell a rat.  RPS employees are now on the payroll of Irish Water.  It's all good man Tierney has a Doctorate in Corporate Governance,


From RTE Prime Time:

20 October 2014
 The first major investment by the Ireland Strategic Investment Fund is going to help fund construction of the Poolbeg incinerator in Dublin.

RTÉ ‘s Prime Time tonight revealed that €44m of public funding is going towards the build from the Ireland Strategic Investment Fund – despite the legislation to establish the fund not being commenced.

Ireland Strategic Investment Fund is the new body that is about to take control of the National Pension Reserve Fund.

Official USA corporate filings by Covanta, which is the majority shareholder in Dublin Waste to Energy Ltd, show that of the €500m construction costs- €125m will come directly from the firm- with a further €125m coming from private investment and equity firms.

But €250m core funding is coming from a group of lenders comprising the Ireland Strategic Investment Fund, state-owned AIB, Bank of Ireland, Ulster Bank, Barclay's and Macquarie Bank.
AIB declined to disclose how much money it is investing.

Dublin's four councils have already spent over €97m and the Department of the Environment €7.5m in pre-construction costs for Poolbeg.
With the new €44m in state funds, the Irish taxpayer has committed at least €150m, making it the biggest single investor in the plant.

The National Pension Reserve Fund told Prime Time it was behind the €44m loan.
The Department of Finance said Minister Noonan has no role in such discretionary investments.

No comments: