Dublin - Event Notice
Thursday January 01 1970

Take Action On October 1st - No Billion Euro BailOut #YouAreNotaLoan

dublin | rights, freedoms and repression | event notice

Wednesday September 26, 2012 07:06

by Occupier - #OccupyDameStreet

AIB - We Are The Incoming Missile
No Billion Euro BailOut
Take Action On October 1st
#YouAreNotaLoan

AIB - We Are The Incoming Missile

'Austerity' in Ireland - the transfer of wealth from the majority to the few- is slowly tearing the lives of ordinary people apart. The stresses of impossible debts, unemployment, and insecurity, are eroding the fabric of society in Ireland. Can anyone blame those young people who are emigrating in droves, for leaving in search of some kind of future? The country is being gutted.

Each autumn, the government embarks on a terrorising rampage against the people. Household taxes, property taxes, water charges, social welfare cuts, cuts to state pensions, cuts to public services, cuts to carers allowances. Measures that make the difference between life and a living death. This horror show has no taboos. To top it all, we are told to be thankful that the punishment is not even worse.

Anyone can see by now that the stance of the current government, and the 'Troika' that commands them, is that the financial crisis provoked by wealthy speculators will continue to be paid for by ordinary people, starting with the weakest. For ordinary people, there will be no recovery. The Troika regime will continue to strip the flesh from the bone, until we stand up and stop this process in its tracks.

As autumn turns to winter, we are making a call to other people to stand alongside us. We want you to join us, to stand against the obscenity of billion euro payouts in public money, diverted away from hospitals, schools and social services, to unsecured bondholders in Irish banks.

Next week, one billion euro will be paid by AIB, which is basically owned lock stock and barrel by the State, to unknown, unsecured senior bondholders. These speculators took a gamble on the Irish economy and lost. But the government and the Troika agreed that ordinary people in Ireland would cover these losses, through cuts to health services, cuts in benefits, and the imposition of a host of taxes that burden the poor and benefit the few. Banking debt is now the tool used to dismantle democracy, and to reshape Ireland and other countries across Europe into societies based on despair for the many and immense riches and privileges for the few.

Take action with us on the 1st of October. Let us stand together for a society based on real democracy and solidarity, not servitude and fear. We call on others to join in this action and make it their own by getting together with their friends, workmates and families and making their presence felt at their local AIB branch. Our intent is to be loud - but resolutely non-violent. We ask those supporting this call to treat AIB frontline staff with the same respect with which we would like to be treated in such a situation. They are ordinary people too. The destructive payment of these unsecured senior bonds will affect them and their families too.

This obscenity cannot be allowed to continue unopposed. We have to make it clear that these payments do not have our consent. Let us bring an end to the paralysis induced by fear, by acting together in hope. We invite others to sign this call alongside us. We are the ones we have been waiting for. We always were.

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Comments (1 of 1)

Today every man, woman and child paid €220 to poor bondholders or over €500 per working person

by T

Mon Oct 01, 2012 23:27

Today was supposed to be the day that the government was handing over our money to some poor unfortunate AIB bondholders. They've really had a rough time worrying whether we would be kind enough to give them the money, but they shouldn't have worried because we haven't disappointed any of them in the last 3 years.

Given that the population is around 4.5 million, this means that for every man, woman and child in the country, approximately €222 was handed over for just today. But if we re-calculate this in terms of the number of people working which is approximately 1.8 million then the figure is even higher at €555 per person after tax and this can work out from (in terms of before tax income) anything from €840 at 30% tax and €1,110 for 50% tax. The tax is calculated from the 20% and 40% rate with an extra 10% added due to universal social charge and PRSI

But it's even worse because you probably haven't realized it, that so far this year Irish Banks have paid €18 billion or ( €18,000 million) to bondholders this year. I wonder what we paid last year and the year before?

When we work this out per working person for this year we get for the two different tax rates used above:

@ 30% (=20% rate + USC + PRSI) €15,120
@ 50% (=40% rate + USC + PRSI) €19,800

But remember, the bailout was for €90 billion not €18 billion and it is quite likely there is other money not officially on the books but for which we would likely pay for. Anyhow using the official figure, then the above figures become:

@ 30% (=20% rate + USC + PRSI) €76,500
@ 50% (=40% rate + USC + PRSI) €99,000

Lets put those figures in perspective. For lower figure of €76,500 this would be for a tax rate of someone earning probably less than €33k per year and it is more than twice their salary. In the old pre-bubble days, what a bank would lend you for a mortgage was about 2.5 times your salary. This is a mortgage and you don't even get to own anything at the end of it. Whats more you probably have to pay your real mortgage out of the same wage even though your real mortgage is probably at least €150,000+ higher than it should be thanks to the nexus of banking-developers-estate-agents-media during the bubble years with a little bit of help from Bertie and the boys in FF.

And for the €99,000 well what can you say. Its just that much more madding than the lower figure

And please remember while you are paying the speculator mortgage, your own mortgage and you have probably had a wage cut of 15%, you are paying more for the rapidly deteroriating health service, more for schools and college, household tax, water charges shortly and very likely high road tax, energy bills and everything else. But sure the Irish don't mind. We're not like the Greeks.

If you think that is okay, then I should point out that I didn't even count in the interest payments on the €90,000 million which could be very high over the period we are stupid enough to continue paying

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Take Action On October 1st - No Billion Euro BailOut #YouAreNotaLoan

Comments (1 of 1)