Economy – Page 56 – Slugger O'Toole

“The relationship is not only special and strong..”

Pete Baker on March 4, 2009, 4:35 am

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The simple fact is that, in order to be the first European leader to meet US President Barack Obama, Gordon Brown had to travel to the USA this week. Regardless of the circumstances. Otherwise he’d risk competing for headlines with Taoiseach Brian Cowen and that soon to be destroyed “lovely bowl”. [Of ‘hopeful’ shamrock? – Ed] Indeed. It’s a month-long celebration now! Apparently.. Well, they do all share the hope that the current crisis will be short-lived. As long as …

Irish banking system in a “very fragile position”

Pete Baker on March 4, 2009, 12:39 am

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WorldbyStorm spots Ireland’s contribution to the mis-placed fortunes of Warren Buffett – with the help of a couple of Irish banks. Meanwhile, Cian wonders whether Irish credit unions are also vulnerable. And, as the Irish government sketches out the detail of what Taoiseach Brian Cowen mentioned at the weekend, on the subject of Irish banks and the economy RTÉ reports The Financial Regulator has admitted the banking system is in a ‘very fragile position’ and Ireland in the ‘middle of …

“Fingers crossed”, indeed.

Pete Baker on March 3, 2009, 10:24 pm

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You wouldn’t know it from the ministerial press release, but what the Northern Ireland Finance Minister, the DUP’s Nigel Dodds, actually announced in the Assembly today was that the administration “of all the talents” has a current over-commitment of £63million. Perhaps he could mention that figure in the discussions with the UK Treasury.. Below the fold the UUP’s David McNarry makes it £75million, by adding another £12million over-spend on capital projects. That’s on top of an estimated £1billion shortfall in …

By-passing the local administration?

Pete Baker on March 3, 2009, 12:16 am

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As Brian noted, the House of Commons Treasury Committee, chaired by John McFall, MP, was at Stormont today. And what they heard from several businesses and lobby groups strongly suggests that the banks are ignoring Northern Ireland’s Government administration “of all the talents”.. And, as Jamie Delargy pointed out on UTV Live, only one of the banks here is owned by a UK-based parent company. Towards the end of the clip [6min 40s in] John McFall addresses what the UK …

Not like other devolved administrations..

Pete Baker on March 2, 2009, 10:32 pm

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After confirming the freeze on regional rates, and before welcoming the lowering of the maximum capital value for rating purposes, the Northern Ireland Finance Minister, the DUP’s Nigel Dodds, was on Stormont Live to talk about those populist measures and promises made in a “different economic place”. He also takes a swipe at the Conservatives and Unionists and, whilst emphasising the fairness of rates here compared to council tax levels elsewhere, takes the line that our Government administration “of all …

About the economy, Minister..

Pete Baker on March 1, 2009, 10:52 pm

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On the Politics Show today, the Economy Minister for Enterprise, Trade and Investment, the DUP’s Arlene Foster, gave a competent performance whilst publicly backing the political chugging of the government administration “of all the talents”, and warned that the Tories would cut donations further. [In response to noises off? – Ed]. Probably. That’s despite acknowledging that we are in a “different economic place” than when “promises were made” and populist policies proclaimed. [What’s that ticking sound? – Ed] Indeed. Pete …

“Good old days indeed.”

Pete Baker on March 1, 2009, 3:38 am

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RTÉ does a good job of collating the speeches at the Fianna Fáil Ard Fheis today [Check against delivery – Ed] with Taoiseach Brian Cowen promising a new financial watchdog, warning that in this fight for Ireland’s economic life taxes would rise and services would suffer in the short term, and that recovery will be tough but as a small nation Ireland can adapt radically – “we have submitted our targets and proposals for this to the European Commission. And …

Fianna Fáil to join European Liberal, Democratic and Reform Party

Pete Baker on February 28, 2009, 12:08 am

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For the first time Fianna Fáil are to join a pan-European party – the European Liberal, Democratic and Reform Party – and may affiliate to the ALDE Group within the European Parliament. The announcement proposal was made by Taoiseach Brian Cowen at the Official Opening of 72nd Fianna Fáil Ard Fheis. Full text here. “This is a time when parties who support Europe from all parts of the Union must work more closely together. They must make sure that the …

“I would harbour that ambition..”

Pete Baker on February 27, 2009, 11:07 pm

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The Guardian reports that Reg Empey has stated that, as part of those new arrangements, he has a commitment from the Conservatives to designate Northern Ireland as an “enterprise zone” “What we have agreed is that all of Northern Ireland will be designated as an enterprise zone,” the UUP leader said. “It allows us to start to work on tax issues.” Asked if that would allow Northern Ireland to set a lower corporation tax, Empey said: “I would harbour that …

Of all the talents?

Pete Baker on February 27, 2009, 3:56 am

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With the issue of future efficiencies and past mis-accountancies still unresolved, Fionnuala O’Connor provides a useful reminder that Northern Ireland’s government administration “of all the talents” has had it easy, so far. [What about those experts? – Ed] Indeed. Pete Baker

“We’re fighting for our economic lives.”

Pete Baker on February 27, 2009, 2:26 am

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Mick flagged this up in advance. It is somewhat of an ambush, and Irish Junior Finance Minister Martin Mansergh does have a valid point about being questioned about a specific case without knowing all the relevant facts. But his reaction.. Anyway, listen out for his comments about funding of projects in Northern Ireland. There’s also a priceless moment when he reaches for an example of North/South co-operation and plucks his borrowing of an expert from the NI Department of Finance …

Mansergh gets rattled on Hearts and Minds tonight…

Mick Fealty on February 26, 2009, 8:55 pm

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Hearts and Minds should be worth watching tonight… Self styled ‘Socialist’ Fianna Fail TD Martin Mansergh gets pretty vexed during a debate with journalist Margaret Ward. In Margaret’s own words: …he stormed out claiming I was a populist and he couldn’t believe someone with views like mine worked for the Irish Times! Basically, I asked him some hard questions, challenged his views and he did not like it. I guess he is not used to people standing up to him. …

Financial Regulator refers ‘certain [Anglo Irish] matters’ to gardai

Pete Baker on February 26, 2009, 1:11 am

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In addition to the searches of the Anglo Irish Bank’s Dublin headquarters, as part of the investigation by the Office of the Director of Corporate Enforcement, RTÉ reports that a spokesman [for the Irish Financial Regulator] has “said the regulator had concluded that ‘certain matters’ were of such a serious nature that it was appropriate to refer them to gardaí.” Which ‘certain matters’, in particular, isn’t entirely clear.. But the iol report says, “It is understood that gardaí have been …

Fianna Fail heading for ‘toxic Government’ status?

Mick Fealty on February 25, 2009, 7:35 pm

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There is a lot of anger and speculation about early elections about the way the Fianna Fail led government has conducted itself in the face of the recent crisis. I was particularly struck by commenter Oilifear’s observation that: Cowen, Coughlan and Lenihan have made a subtle move from calling on someone to take decisive action to realising that they are the Government and that it is up to them to take decisive action. From there, they made the quiet transition …

Ireland’s economy is at the eleventh hour…

Mick Fealty on February 25, 2009, 2:34 pm

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P O’Neill on A Fistful of Euros has been at the papers already and picked up some deeply worrying signs… Not least this dire warning of a collapse in confidence amongst foreign investors from Shane Ross in the Seanad: Nobody should be in any doubt that billions of euro left this country for overseas destinations last week. Presumably billions of euro are still leaving as panic is beginning to occur in the money and currency markets. That is an indication …

Gardaí search Anglo Irish Headquarters

Pete Baker on February 24, 2009, 10:29 pm

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The Irish Transport Minister, Noel Dempsey is talking about “economic treason” in the shenanigans at the Anglo Irish Bank – whether that’s a ‘charge’ which anyone will actual face is another matter. But search warrants were issued by Dublin District Court and this morning Gardaí attached to the Office of the Director of Corporate Enforcement began searches of the bank’s Dublin headquarters. The warrant allows officers seize books and enter premises. Eight gardaí, a detective inspector, two detective sergeants and …

“The sort of figures that are being talked about..”

Pete Baker on February 24, 2009, 7:18 pm

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With our two lyncathropes summoned to a summit meeting of regional First Ministers by the UK’s Prime Minister, the Belfast Telegraph reports suggestions of an additional shortfall of up to £200million for the Northern Ireland administration to, erm, administer next year. Then there’s the abandoned Workplace 2010 to account for.. and confidential memos revealing that HRConnect is misfiring.. How are those assets anyway? That Treasury Committee meeting could be very interesting.. Time to revisit those subsidies? [What!? Make an un-populist …

Top journalist knows the identity of one of the Golden Circle?

Mick Fealty on February 23, 2009, 11:30 pm

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Not sure who ‘jack’ is in this thread, but accroding to him “bloggers are impostor journalists, a form of low-life nestled at the bottom of the media pyramid and living off the droppings from above”… Hmmm… He can’t be reading Gavin who takes Senator Shane Ross (aka the business editor of the Sunday Independent) seriously enough to dig up some of his work from the past, and finds that as a journalist he has legitimate knowledge of at least one …

Putting the cart before the horse

Pete Baker on February 23, 2009, 10:28 pm

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On Stormont Live today there was a quick mention of some property speculation by the Northern Ireland Assembly Commission. David Gordon noted the details in Friday’s Belfast Telegraph. The 13 acre site, including the disused listed property Ormiston House, was purchased by the Commission in September 2001 for £9million, there has been an additional £1.35million spent and, according to the anonymous NI Assembly spokeswoman and the Land and Property Services agency, the value in today’s deflated property market is an …

Qué caradura! Indeed.

Pete Baker on February 23, 2009, 2:37 am

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If you were wondering where former Taoiseach, and blank-cheque-signing former Finance Minister, Bertie Ahern was as financial matters hit the fan, in Saturday’s Irish Times Miriam Lord provided the answer – Honduras. This public-speaking lark is turning into a nice little earner for the small to medium enterprise that is now Senor Bertie, TD SME, who must view his substantial Dáil salary and pension as little more than a sideline. Mind you, if he’s so good, why isn’t he helping …