What is wrong with us thicks?

[The Liffey Lip]

AIB gets a 20 yr stay on paying any tax here and it is 70% state owned. I need John M to explain the logic to me. How the fuck does this get to happen? How does revenue countenance this? John, will you log on and calm me down please. I'm starting to agree with Mary-Lou in her description of Leo's elitist republic of opportunities.

[mercenary for hire]

Maybe sell the remaining shares for more money?Erm will know.Maybe.

[Rat Catcher]

I suspect there's an element of shit stirring in the CEOs 20 year estimate. All businesses can offset historic losses against future profits, we've probably all done it ourselves in the not too distant past. However, there is a new levy on banks that it'll have to pay.

[The Liffey Lip]

Ah, but as Mary-Lou told Leo...the small people seem to be the ones you crucify...how many sole-traders forced the IMF and ECB's hand?

[Rat Catcher]

That's another issue. Similarly, one could question why a tiny little backward country intent on continuing the boom/bust cycle needs so many banks, surely bailing one out would have sufficed. There was a provision to prevent banks carrying forward losses but it was reversed and replaced with a levy. Sole traders, like ourselves, who carried forward losses weren't subject to any levy. In fact, we got an additional tax credit in respect of earned income.

[The Liffey Lip]

That's another issue. Similarly, one could question why a tiny little backward country intent on continuing the boom/bust cycle needs so many banks, surely bailing one out would have sufficed. There was a provision to prevent banks carrying forward losses but it was reversed and replaced with a levy. Sole traders, like ourselves, who carried forward losses weren't subject to any levy. In fact, we got an additional tax credit in respect of earned income.

And there we have it....

[Rat Catcher]

Nothing to do with tax, though. More to do with Paddy being too stubborn (or too thick) to learn from past mistakes... maybe a product of assuming that a man who was handy with a hurley stick will be good at governing a nation?

[The Liffey Lip]

The tax thingy is secondary...I'm all about us being thick cunts.. We send the infantryman to jail for firing the shot while the officer puffs away on his pipe shaking his head in condemnation at him having carried out his instruction to the letter.

[Rat Catcher]

Indeed. Perhaps taxation on banks' profits was a poor example. As far a s agreeing with the shiners economic theories goes, your probably not the first (presumably) non member to do so.

[The Liffey Lip]

Got cut off there...nah what I meant was he tax thingy and AIB striking a deal with Hall from the mortgage holders crowd..same day release...might not be seen as a wolf in sheep's clothing with the distraction...up to me eyes here with my nephew asking me to play Tour of Duty..

[john m]

After AIB sold off their worthless or non performing loans to NAMA at a huge discount they showed a loss on the disposal of those assets .Those  losses were recorded on their books and offset against future profits until those losses were covered .Noonan changed the law to allow banks carry forward losses accrued in any year against future profits .

 It was never intended that any Bank would be forced to offload any assets to NAMA for a loss so the difference between what the banks valued the pre boom assetts and what they actually got for them will be made up by the state in the form of tax credits .Bank shares will recover so pension funds will see a return and Father Thomas Breslin and Schoolmam Deborah Kinsella who held shares in their pension funds will once again believe in the system and encourage their Children and their Childrens children to invest money in a pension fund .

[Rat Catcher]

I don't really see why a distraction would be considered desirable, Hippo. The levy dictates that banks are getting a worse deal than anyone else as far as carrying forward losses goes. Maybe the PAYE sector wouldn't fully appreciate that but, even so, as you note the state holds considerable equity in the banking sector so, to that extent, levies/corpoation tax only serve to move money from one hand to the other.

[Rat Catcher]

.Noonan changed the law to allow banks carry forward losses accrued in any year against future profits .

He changed it back to what it always was by removing a then new provision preventing banks from carrying forward losses. He then introduced a new levy.

[john m]

I don't really see why a distraction would be considered desirable, Hippo. The levy dictates that banks are getting a worse deal than anyone else as far as carrying forward losses goes. Maybe the PAYE sector wouldn't fully appreciate that but, even so, as you note the state holds considerable equity in the banking sector so, to that extent, levies/corpoation tax only serve to move money from one hand to the other.

  As part of the Money go Round Rodent a new bank levy is introduced as Mickie Noo knows the government have to get a few coppers from somewhere to buy votes .The Middle classe will see their house prices and their pensions increase in Value .Nobody gives a shit about the Dole  or homeless they dont vote and if the do the vote for wasters like SF or Profit From The People so the bit of Brass they get from the banks will go to the pensioners who spent their lives voting for cunts who destroyed the place in the first place and will continue to vote for them if they get a fiver increase in the Old Age Pension .Its really very simple .The Lunatics are back in control of the asylum and the banks and big business are running the country .

  Profit from the People and SF think the won the Water Charges debate .Olivia DeLa Rue over in Foxrock will now not pay water charges but .Fran,His bird and his three Unemployed Kids wont get any increae on the Dole because the government have to pick up the water bill it wont pay itself .So they might of gotten an extra 3 YoYo a week of an increase if we all paid for water but they didint because we don So Franks family are subsidising Olivias water to the tune of 780 yo yo a year .SOCIALISM you got to love how it works its where the poor subsidise the rich but think they are the winners .

[Rat Catcher]

Socialism is starved of resources, Capitalism is devoid of common sense.