Economy – Page 64 – Slugger O'Toole

“The Directors are rightly asking for time to handle the situation in the best way for everyone..”

Pete Baker on November 12, 2008, 8:45 pm

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Will Crawley spots the latest victim of the global credit crunch, the Presbyterian Mutual Society. And, as he also notes, the Presbyterian Moderator “has written a letter to the Prime Minister encouraging a positive response to the request that the guarantee offered to savers be extended to apply in these circumstances.” More from the BBC report. [Enterprise Minister Arlene Foster] said her department was “looking at the options available to the society” and would do all they could to help. …

“That’s an issue that the city treasurer is currently working on..”

Pete Baker on November 6, 2008, 10:39 pm

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In addition to the £46million dual carriageway, over £19million has been spent on securing an unrestricted airport licence for the City of Derry Airport, with £4-5million coming from Derry City Council. The rest was part of the funding offer from the UK and Irish governments – and then there’s the secret deal with Ryanair.. From the Derry Journal report Deputy Town Clerk John Meehan said the costs are likely to be reflected in next year’s rates estimates but added it …

“Ireland must wean itself from dependence on FDI..”

Pete Baker on November 6, 2008, 6:33 pm

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Despite mixed messages during the election campaign, there’s still a reported expectation that President Obama will attempt to renegotiate trade agreements to focus on US jobs and economic strength. Meanwhile, as Simon notes the Republic of Ireland’s one remaining economic pillar (Foreign Direct Investment), Foreign Affairs Minister Micheál Martin told the Dáil: “regarding the suggestion that the new [US] administration may seek to disincentivise companies moving overseas in terms of deferral tax, subsidiaries and other means, we must take this …

“Change has come..”

Pete Baker on November 6, 2008, 4:15 pm

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After the election.. the Dow Jones Industrial Average fell 5.2%, California joined Florida and Arizona in constitutionally banning same-sex marriages – Obama in 2004, “my religious beliefs say that marriage is something sanctified between a man and a woman” while vice-president-elect Joe Biden agreed with Sarah Palin. And in Iraq.. [Iraqi Foreign Minister Hoshiyar] Zebari said he believed Obama would take conditions on the ground into account before any withdrawal. “When there is a reality check, I think any U.S. …

“assess the impact of recent changes in the financial and property markets..”

Pete Baker on October 31, 2008, 5:49 pm

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Northern Ireland Enterprise Minister, the DUP’s Arlene Foster, is on a seven day Trade and Investment Mission to the USA to follow up on the investment conference in May.. And good luck with that, minister.. Meanwhile the Department of Finance is reported to have suspended the procurement stage of Workplace 2010 until early 2009 amid speculation that the two bidding companies may merge. They’ve been evaluating those bids since April this year. From the BBC report. A spokesman for the …

“While the scheme has its merits..”

Pete Baker on October 29, 2008, 1:54 am

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Halifax Bank of Scotland have decided not to join the Republic of Ireland’s bank guarantee scheme, despite previously saying they would join to ensure “a level playing field”. They’ve cited the UK government’s banking bail-out. From the Irish Times report. “While the scheme has its merits, and it may suit some of our competitors to join, from our strong financial position it doesn’t suit us,” Mark Duffy, chief executive officer at Bank of Scotland (Ireland), said in a statement. “It …

“may be penalised for allegedly being too generous or lenient in the administration of EU finances.”

Pete Baker on October 28, 2008, 6:34 pm

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According to the Northern Ireland Agriculture Minister, Sinn Féin’s Michelle Gildernew, she “will fight this on all possible fronts.” This being the European Commission Audit’s disallowance of £28.5million in EU subsidies paid out to Northern Irish farmers during the period 2004-2006. Back to the Minister – “The next step in line with Commission protocol is to take our case to the Conciliation Body and that is what we will do.” If that proves unproductive, as the Irish News report puts …

“to the dismay of their political leaders..”

Pete Baker on October 26, 2008, 7:55 pm

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On the Politics Show, BBC NI’s Dublin correspondent Shane Harrison sketches out the historical relationship between the Republic of Ireland and the EU, and sees a second referendum on the Lisbon Treaty as being “most likely”. Pete Baker

“money was used to part finance the purchase of shares in Anglo Irish Bank..”

Pete Baker on October 24, 2008, 11:46 pm

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There’s a detailed iol report, and a BBC report, on the record fines [€3.25million] imposed by the Republic of Ireland’s Financial Regulator on Quinn Insurance Ltd, and on Sean Quinn personally [€200,000]. Sean Quinn has resigned as chairman and as a director of that company, but not from the Quinn Group, following a lengthy investigation by the Financial Regulator which found reasonable cause to suspect “contraventions by QIL of obligations under the Insurance Acts and Regulations, including failure to notify …

“will result in criminal gangs being disrupted..”

Pete Baker on October 24, 2008, 8:28 pm

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Northern Ireland Justice Minister, Paul Goggins, MP, welcomes the recovery of criminal assets to the value of £1,905,445 in the first quarter of 2008/9. Of course, that doesn’t include the recently recovered criminal assets of Thomas Murphy et al.. [Is he still a “good republican”? – Ed] Pete Baker

“George Parr, thank you very much.”

Pete Baker on October 23, 2008, 5:53 pm

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Robert Peston is concerned [Should I buy or sell? – Ed] about “a new and worrying phase” of the credit crunch. Meanwhile, if you don’t understand what all the fuss is about, let the two Johns, Bird and Fortune, explain.. The Guardian helpfully adds the transcript. Pete Baker

“If a company can not pay its interest..”

Pete Baker on October 22, 2008, 12:31 am

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One of Mick’s picks for his Blog Rush ealier today, Simon at Irish Election, noted that “THE IRISH Financial Services Regulatory Authority has instructed accountants PricewaterhouseCoopers (PwC) to assess the extent to which the banks are delaying the collection of interest payments on loans to builders and property developers.” If banks are not collecting interest on loans it is pretty clear that with the current state of finance they consider that there is no money to collect. If a company …

“we need to know that our government is putting its own difficulties behind it”

Mick Fealty on October 21, 2008, 9:23 pm

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Whilst those inside the Stormont bubble speculate on the outcome of the negotiations without end, the retail trade is getting seriously worried but that little mentioned economic downturn. Northern Ireland Independent Retail Trade Association (NIIRTA) along with the IoD, Ulster Farmers Union and about five or six other business organisations had a meeting with the First and Deputy First Minsters, their advisors, and the head of the Northern Ireland Civil Service [for all the good it will do them – …

“it’s a lovely looking bridge..”

Pete Baker on October 21, 2008, 1:02 am

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When it was last mentioned on Slugger it was partly due to the unseemingly ministerial struggle to claim the credit, but for the first public view of the proposed design of the Narrow Water bridge linking the Omeath to Newry Road in Co Louth with the A2 Newry to Warrenpoint road, Co Down, it was SDLP MLA PJ Bradley who got the invite to the Stormont Live studio. The unveiling of the design is part of the public consultation process …

“Now we potentially have the worst of all worlds..”

Pete Baker on October 19, 2008, 7:16 pm

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In the Sunday Business Post, David McWilliams spots another potential problem with the Republic of Ireland’s bank guarantee scheme, “by placing the weaker banks in the state on a par with the stronger ones”, and he invokes Gresham’s Law – named after Sir Thomas Gresham (1519-1579) founder of the Royal Exchange. By way of an aside, interesting to note that Gresham’s Law, “bad money drives out good”, could actually be called Copernicus’ Law.. but then it did take the administrative …

“it belongs to another world that has long passed…”

Pete Baker on October 18, 2008, 2:02 am

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The First and deputy First Ministers may have had separate, but equal, meetings with Taoiseach Brian Cowen today [more on that stalemate here] against a backdrop of internal Fianna Fáil dissent over the medical card confusion, growing unease about the Home Choice Loans scheme, and criticism from the Church of Ireland, if not any mention, yet, of the Lisbon manoeuvring.. And, in referencing Brian Lenihan’s comments, Henry McDonald makes an important observation in his Guardian article – just as protest …

“Valuations would be done by the State..”

Pete Baker on October 17, 2008, 3:32 am

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At IrishElection.com Cian has already noted this, but it’s worth quoting the criteria under which the Republic of Ireland’s government proposes to extend loan facilities to first-time buyers.. Under the Home Choice Loan scheme, the Government will lend up to 92% of the value of a home to an individual buying a new house, provided they are a first-time buyer and earn in excess of €40,000 a year. They must also be in permanent employment for at least two years, …

Ireland after its belated Age of Aquarius…

Mick Fealty on October 16, 2008, 5:39 pm

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On Sunday Killian Forde picked up a theme, I vaguely touched on a few weeks ago on Brassneck, the similarity between the current crisis and a pyramid selling scheme. John Banville takes a more human look at the roller coaster ride some Irish people have been on over the last year or so… (H/T Susan!) …the start of our Age of Aquarius can be dated to that week in the spring of 1992 when the news broke in Ireland that …

Lenihan levy shows little confidence in tax system

Mick Fealty on October 16, 2008, 1:11 pm

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P O’Neill nominates the 1p and 2p levies as the single most damning aspect of Brian Lenihan’s budget. Not for what it says about the budget, but for the questions is raises about a tax system that may no longer be fit for purpose: …it reveals a belief (which he confirmed yesterday) that he went for a levy because he did not trust the income tax system to fairly distribute the burden of higher taxes: upper income people would have …

“this was the consequence if people opted to buy in another State..”

Pete Baker on October 16, 2008, 1:26 am

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Here’s a fascinating report from RTÉ on comments by the Republic of Ireland’s Finance Minister Brian Lenihan, responding to queries about the Budget on RTÉ Radio this morning. The Minister for Finance has said an increase in the number of people travelling North of the border to do their shopping had made things ‘very, very difficult’ when he was framing the Budget. He said there was huge loss of revenue to Northern Ireland, because of the number of goods and …