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News : International Last Updated: May 31, 2011 - 7:39 AM


Markets News Afternoon: Noonan rules out second EU-IMF bailout; Germany to phase out nuclear power by 2022
By Finfacts Team
May 30, 2011 - 5:51 PM

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Central Bank Governor Patrick Honohan said today that it can be difficult for Government ministers to combine openness and willingness to communicate with the public with trying to ensure statements are not misinterpreted by the markets.

He made his comments at a press conference on the publication of the Bank's Annual Report and a performance report.

The governor said that Ireland had to focus on achieving what it could deliver to borrow from the markets in future.

Transport Minister Leo Varadkar had speculated at the weekend that Ireland may need a second package of loans next year.

Minister for Finance Michael Noonan ruled out seeking further bail-out funds for Ireland.

Speaking to a group of Chartered Accountants in Limerick today, Noonan said the country is currently on target and meeting commitments under the EU-IMF bail-out programme.

Last week, the Taoiseach Enda Kenny has also said there will be no requirement for a second IMF/ EU bailout for Ireland

Also today, Jobs, Enterprise & Innovation Minister Richard Bruton has said Ireland will return to the international markets for funding in the second half of next year.

Minister Noonan said the Government may go back to the money markets 'in a tentative way' in 2012, depending on our progress under the programme this year. He said the Government will be advised by the National Management Treasury agency on this.

Bond yields on two-year Greek debt rose to above 25%.

Irish ten-year bond yields climbed to over 11.00%.

ECB Could Refuse to Accept More Greek Debt: There is very little the European Central Bank can do about re-profiling of Greece�s deficit but it can refuse to accept further Greek government debt as collateral, Kathleen Brooks, research director at Forex.com told CNBC. "If they were to do that that could unleash a whole new wave of this crisis," she added:

Germany: The German government today announced the phasing out of nuclear power by 2022, in a reversal of its previous policy. However there is not unanimity on the wisdom of the decision and one newspaper compared the move to the fall of the Berlin Wall and another said it will harm future generations.

The decision is a U-turn on policy because of the public reaction to the radiation leaks and explosions at the Fukushima nuclear power plant in the aftermath of Japan's March 11th devastating earthquake.

The World Nuclear Association says Germany's electricity production in 2007 was 637bn kWh gross, about 6300 kWh per capita. Coal provides about half of the country's electricity. Gas supplied 12%, wind 6% in 2007. Electricity exports exceed imports by about 15bn kWh, but Germany is one of the biggest importers of gas, coal and oil worldwide, and has few domestic resources apart from lignite and renewables.

The country's 17 operating nuclear power reactors, comprising 20.6% of installed capacity, supply about one quarter of the electricity (141bn kWh net in 2008). Many of the units are large (they total 20,339 MWe), and the last came into commercial operation in 1989.

“Germany will be even more dependent on fossil fuels and imports and its electricity will be more expensive and polluting,”French Industry Minister Eric Besson said in a statement. German households pay twice as much for power than homes in France, where 80% of electricity comes from nuclear plants, he said.

SEE: Der Spiegel report

Finfacts articles:

Climate-policy goals of German government no longer attainable after decision to phase out nuclear power

German anti-nuclear NIMBYs now protest against green "energy autobahns"

US Markets

US markets are closed Monday for the Memorial Day holiday.

Live US Indices

European Markets

The pan-European Dow Jones Stoxx 600 slipped 0.08% Monday.

In Dublin the ISEQ has dipped 0.38%.

CRH fell 1.33%; Elan climbed 0.60%; Kenmare Resources has dipped 3.81%.

European benchmarks

Irish share prices

Euribor Interest Rates

Commodities

Crude oil for July delivery is currently trading on the Chicago York Mercantile Exchange (CME/Nymex) at $100.35 per barrel down 24 cents from Friday's close. In London, Brent for July delivery is trading on the International Commodities Exchange at $114.74.

Currencies

The euro is trading at $1.4273 and at £0.8672.

Gold

Gold is trading at $1,539.00 per oz in New York.

The Finfacts Gold Page

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© Copyright 2011 by Finfacts.com

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