Economy – Page 60 – Slugger O'Toole

Will the Republic ‘get it’ going forward?

Mick Fealty on January 20, 2009, 2:41 pm

| Readers 12

In the Washington Times Kishore Mahbubani, a former Singapore diplomat and author of “The New Asian Hemisphere – The Irresistible Shift of Power to the East”: “…being globalized has its downside – when the world economy stutters, the more open economies feel the pain first.” It also has this to note from Michael Hennigan, founder of the Irish financial Web site Finfacts.com, which echoes some of the conversation in last Friday’s podcast: “Huge inward investment from the U.S. triggered the …

The Department of Everything?

Pete Baker on January 20, 2009, 1:31 am

| Readers 2

Also in the Northern Ireland Assembly today, the ‘premature’ DUP motion calling for a reduction in the number of Assembly departments was passed. In favour were the DUP, UUP and Alliance Party, SDLP opposed the motion – after having an amendment of their own rejected – and Sinn Féin reportedly abstained from voting.. [What could they be waiting for? – Ed]. Whether the First and deputy First Ministers pay any attention to the putative legislative Assembly’s vote is, of course, …

“It is not a bail out..”

Pete Baker on January 19, 2009, 10:44 pm

| Readers 0

On Stormont Live today the Northern Ireland Finance Minister, the DUP’s Nigel Dodds, was asked to “break down” the reported “support package of up to £8million” to local Councils amid warnings of large rates rises. The answer is in the ‘notes to editors’ in the ministerial statement – which also points out that he’ll need new subordinate legislation to finesse the figures.. 1. The sums owed from all councils, as a result of the BT and MOD settlements amount to …

Super Ken will steady Tory nerves, if given his head…

Mick Fealty on January 19, 2009, 3:32 pm

| Readers 1

Not sure I entirely buy Andrew’s idea that David Cameron needs rescuing. The UK economy is the thing that’s in peril; and that’s still Brown’s responsibility. As was made clear on Friday’s podcast; bailing money into banks that have not been straight with you about their debts and liabilties is not the straightest way out of the current nose dive. Mind you, until now, the response from the Tories has been neither consistent, not focused on the fundamentals. Super Ken …

“they were the best 20 years in our history..”

Pete Baker on January 19, 2009, 4:22 am

| Readers 0

Irish Minister of State Martin Mansergh was one of the 11 junior ministers reported to be willing to fall on their swords. But according to this iol report he had added a caveat The Minister of State at the Department of Finance said last week that he was willing to put his job “at the disposition of the Taoiseach” but that his constituents would not be happy if he was demoted. Quite. And, whilst Finance Minister Brian Lenihan is reportedly …

“There’s nothing straightforward about it.”

Pete Baker on January 17, 2009, 9:33 pm

| Readers 5

Following on from yesterday’s Emergency General Meeting (EGM) of Anglo Irish Bank, the Irish Times has a number of articles on the nationalisation of the “fundamentally unsound” bank – notably the potential cost of that nationalisation, the major shareholders, and how the taxpayer is now playing banker to property investors. Meanwhile in the US troubled Citigroup is to split in two, “Citicorp and Citi Holdings, to focus its executives’ attention on its stronger remaining businesses while winding down its money-losing …

“business as usual” at Anglo Irish Bank?

Pete Baker on January 17, 2009, 2:54 am

| Readers 5

Some interesting snippets of information to emerge from the, by all accounts, understandably somewhat heated EGM of the soon to be nationalised Anglo Irish Bank today at the Mansion House in Dublin. From the various linked reports “Newly-appointed chairman Donal O’Connor revealed directors’ loans were given a ’no-risk’ bill of health and were not closely monitored.” “Controversial former Anglo-Irish Bank chief Sean FitzPatrick secretly borrowed €129m from the lender, it was revealed tonight. The personal loans were used to buy …

“Executive has done everything it can..”

Pete Baker on January 16, 2009, 11:11 pm

| Readers 4

The Northern Ireland Executive may have done everything it can to assist the Presbyterian Mutual Society [PMS] following the run on the Society by its own members in Oct/Nov last year. And the NI Enterprise Minister, the DUP’s Arlene Foster, has certainly done all she could – by creating a new, and specific, legislated administration option. Whether there is, as the BBC report the Minister saying, a “moral duty” on the UK Treasury to “act now to assist the members” …

“It’s like defusing a bomb when you are not sure whether to cut the red wire…”

Mick Fealty on January 16, 2009, 10:45 pm

| Readers 8

We had our first Slugger Live podcasting session in a while this morning. We were lucky enough to have a fine panel of southern economists with us to pick over the wreckage of the Anglo Irish Bank, and upon which there was remarkable unanimity about what should be done with it: ie, let it collect all the toxic assets of the other Irish banks, then tow ‘out to sea’ and sink it in a box for thirty years and then …

“the first transnational Geopark in the world..”

Pete Baker on January 16, 2009, 9:24 pm

| Readers 7

Speaking at an event attended by Irish Minister for Agriculture, Fisheries and Food, Brendan Smith TD, the Northern Ireland Enterprise Minister, Arlene Foster, has welcomed the launch of the UNESCO approved expansion of Marble Arch Caves Geopark into County Cavan, making it the world’s “first transnational Geopark” [No passport required – Ed]. The [NI] minister said: “Today’s expansion announcement places the Marble Arch Caves firmly on the map as the first transnational Geopark in the world. “Geoparks are territories where …

“Calm Down Dear, it’s only a recession…”

Mick Fealty on January 16, 2009, 5:23 am

| Readers 32

Tomorrow Slugger will be hosting a live podcast on the Republic’s economy; particularly in light of the announcement of nationalisation of the Anglo Irish Bank tonight. Joining us will be Gerard O’Neill of Turbulence Ahead; Stephen Kinsella of his own eponymous blog; and Michael Taft of Notes on the Front who will hopefully help us tear at the problem from different angles. As Michel de Montaigne once said: Of the hundred parts and aspects that a thing has, I take …

Anglo Irish Bank nationalised…

Mick Fealty on January 16, 2009, 1:32 am

| Readers 3

Gavin has the full statement… Mick FealtyMick is founding editor of Slugger. He has written papers on the impacts of the Internet on politics and the wider media and is a regular guest and speaking events across Ireland, the UK and Europe. Twitter: @MickFealty

Voluntary cull for dioxin contaminated beef

Pete Baker on January 16, 2009, 12:02 am

| Readers 5

I’ve yet to see an update on the reported talks between Northern Ireland Ministers, Arlene Foster and Michelle Gildernew, and the Republic of Ireland’s government about access to the €180m contingency fund “to cover costs arising from the recall of pig meat following the dioxin contamination” – and what news there is isn’t good. Now the Northern Ireland Agriculture Minister, Sinn Féin’s Michelle Gildernew, is, according to the BBC report, “urging farmers to take advantage of the voluntary cull to …

“an act of self-flagellation

Pete Baker on January 15, 2009, 6:36 pm

| Readers 0

The Irish Times reports that Fianna Fáil backbench TDs are angry at the eagerness of three junior Ministers to fall on their swords whilst the Irish Examiner reports that the number willing to do so has increased to 11 out of the 20 – “Seven junior ministers, including two who are on the Taoiseach’s trade mission to Japan, could not be contacted for comment yesterday.” Pete Baker

Jury sworn in for Northern Bank money-laundering trial

Pete Baker on January 15, 2009, 12:38 am

| Readers 9

Officially charged last March, today saw the jury sworn in and “not guilty” pleas entered in the case of Timothy (Ted) Cunningham and his son Timothy John Cunningham Junior – who, combined, face a reported 24 charges. The Irish Times details seven of the charges relating to the attempted laundering of money – £3,010,389 – “knowing or believing it represented the proceeds of the robbery at the Northern Bank cash centre, Donegall Square West, Belfast.” The trial is expected to …

The Republic’s little domestic problem…

Mick Fealty on January 14, 2009, 3:43 pm

| Readers 1

Newton Emerson with a sustained allegorical re-telling of the Irish Government’s fraught relationship with the social partners, cast in a domestic environment. It ends thusly: Mutual respect is the basis of any successful relationship. If you feel that your wife is not giving you all the respect you deserve, back her into a corner and threaten to wreck the house. Remind her that although nothing is ever your fault or your sole responsibility, you are otherwise more important than her …

“people within the system must not be allowed to resist that because of their own prejudices..”

Pete Baker on January 11, 2009, 10:27 pm

| Readers 8

Not content with lobbying his own departmental officials, on behalf of individual planning applications, the Northern Ireland Environment Minister, the DUP’s Sammy Wilson, has now publicly criticised Planning Service for refusing a planning application for what would have been Belfast’s tallest building – the 109 metres tall, 37 storey, Aurora tower. From the iol report The East Antrim Assembly member, who is also a Belfast City councillor, said if he had the power to the make the call on the …

ON Seven Days this afternoon…

Mick Fealty on January 11, 2009, 1:48 pm

| Readers 7

I’ll be on a panel with economist Mike Smith, playwright Damian Gorman on Radio Ulster’s Seven Days programme. We’ll be talking about what’s to become of savers now that interest rates are paying them next to nothing. And why Northern Irish people find it so easy to take sides in the Israel/Palestine conflict? Or perhaps rather, why does it always have to be about us? Should be a bit of crack! Mick FealtyMick is founding editor of Slugger. He has …

“In taking my decision to retire now..”

Pete Baker on January 10, 2009, 7:06 pm

| Readers 2

The Irish Department of Finance is predicting a €20billion deficit for 2009 and, having apparently promised the EU Commission €2billion of additional cuts, Taoiseach Brian Cowen is listening to those unelected “social partners”. The other Brian, Finance Minister Brian Lenihan, has a suggestion and is also looking somewhat enviously at the neighbouring currency. Meanwhile Patrick Neary, the Chief Executive of the Irish Financial Regulator, is to retire early “at a time of great financial turbulence..” As the Anglo Irish Bank’s …

“we could pay up to a maximum of £3m..”

Pete Baker on January 9, 2009, 8:11 pm

| Readers 1

Northern Ireland Water have revealed that it will cost up to £3million to alter the £70million seven-year contract with the Xansa-led Crystal Alliance consortium for the provision of a customer billing and collections system for water charges – previously noted here. It was part of the recommendations of the 2007 review of water and sewerage services. It’s a small price to pay to allow the semi-detached polit-bureau to claim that they haven’t introduced an additional water charge – since it’ll …