@sportingintel Hi Nick. Great reporting. Check Jody Mc Intyre tweet about the Independent Football Regulator. It shows all the main players on the political side. Very Interesting and the power City have behind tthem.
This man could be key in deciding the fate of Man City’s owners.
But did you know that Independent Football Regulator chair David Kogan has funded SEVERAL Labour MPs, including the Culture Secretary?
I’ve been doing some digging, and I can’t believe what I’ve found:🧵
John FitzGerald writes in today’s @IrishTimes that Ireland and the other former “PIIGS” dealt with their debt problems a decade ago.
🔹But there is another side to that history which Ireland still has not properly confronted.
🔹Substantial parts of the banking system’s liquidity problem were hidden — and we now know that part of the cost of repairing it was quietly transferred onto SMEs and mortgage holders?
🔹In April, this issue reached Westminster.
🔹A Westminster Hall debate examined the hidden-credit-line scandal: that banks attached undisclosed derivative credit liabilities to SME lending, weakening borrowers’ credit positions and, when rates collapsed, helping push viable businesses into covenant breach, restructuring and insolvency.
🔹That is not a minor footnote to the financial crisis. It raises a fundamental question about how bank balance sheets were repaired.
🔹Then look at Irish mortgage holders.
🔹The Tracker Mortgage Examination ultimately identified tens of thousands of affected customers and hundreds of millions of euro in redress and compensation.
🔹Subsequent enforcement findings established prolonged overcharging, contractual and regulatory breaches and, in some cases, the loss of family homes and other properties.
🔹So perhaps we need to reconsider what we mean when we say Ireland “dealt with” its debt.
🔹We know about the visible bailout: taxpayers recapitalised banks and sovereign debt exploded.
🔹But there was another, much less visible transfer.
🔹SMEs stripped of businesses and assets.
🔹Mortgage holders overcharged and pushed into arrears.
🔹Property lost.
🔹Credit withdrawn.
🔹Borrowers deleveraged.
🔹Banks repaired.
🔹If hidden liquidity shortfalls were being plugged partly through value extracted from customers, economically that resembles a covert bail-in of the real economy, without ever being called one.
🔹The critical question is therefore not simply how quickly Ireland reduced its sovereign debt.
It is:
🔹Where did the money used to repair the banks actually come from?
🔹Debt can be repaid.
🔹Losses can be recognised.
🔹But losses can also be transferred.
🔹Until Ireland traces the hidden liquidity shortfalls through the banks, the SME derivative/credit-line exposures, mortgage overcharging, enforcement and asset disposals, I do not believe we have established the complete economic cost of the banking crisis — or who ultimately paid it.
🔹Senan Allen accepted the seriousness of my Protected Disclosures in August 2015 - until in early September, he did an about turn. At whose behest? and why?
@Wftproof@stevemiddi1@ArturNadol7566
https://t.co/yDaqHj99Wn
@stehoare They do not understand football. Imagine the songs of cheaters and the banners with shambolic club, at every away game they play. They will be an embarrassment to the premier league.
the people who did this walk among us. we are rehabilitating those in the biden admin who facilitated this already. the trump admin is continuing it. the triggermen get to roam our streets and those who demand accountability for this heinous crime are treated like criminals.