News: EU fairness questioned in Cyprus crisis
Thursday, April 11th, 2013The EU’s handling of the Cypriot financial crisis has serious consequences for consumers and smaller European countries, according to Fianna Fáil leader Micheál Martin. “Everyone in Europe should take it as a failure that four years into the financial crisis, we can still have the ECB threatening to effectively close down a country’s banking system unless it immediately agrees terms,” Martin told the Dáil. He pointed out that capital controls, which had previously been prohibited in the single market, were now being re-introduced. Taoiseach Enda Kenny has said that the bail-out...[full story]
News: New ports policy demands value for money
Thursday, April 11th, 2013Transport Minister Leo Varadkar has announced a major overhaul of ports policy with the Government taking a more active role as a shareholder and allowing a larger role for the private sector. Ireland has 19 ports which handle commercial freight. “I am firmly of the view that government must be a more active and demanding shareholder,” Varadkar stated. “This will include a re-emphasis on the ports’ commercial remit with a requirement that they adhere to a dividend policy and invest and develop on a sound commercial basis. “While no ports are earmarked for privatisation, private...[full story]
News: European focus for St Patrick’s visit
Thursday, April 11th, 2013Ireland promoted itself as an EU leader during this year’s St Patrick’s Day visits to the USA. The Irish EU presidency added to the nation’s influence in America on St Patrick’s Day, as visiting political figures discussed trans-Atlantic trade and immigration in Washington. Tánaiste Eamon Gilmore and US Secretary of State John Kerry discussed Northern Ireland, the proposed EU-US trade agreement, Syria and immigration reform when they met. Gilmore then reported back to a meeting of EU foreign ministers in Dublin later in the week. Enda Kenny, meanwhile, focused on a shared Irish-American...[full story]
News: Social contract for welfare claimants
Monday, October 29th, 2012A social contract is needed whereby “as citizens of this State we support people who have become unemployed but equally those unemployed have a responsibility to get themselves job ready,” Social Protection Minister Joan Burton told eolas during the summer. She has since launched Intreo, an employment and support service provided by the Department of Social Protection. Intreo’s five main elements are an integrated ‘one-stop-shop’ reception service. This will replace the three previously separate services from FÁS, the department and the Community Welfare Service. A single decisions...[full story]
News: Banks to pay €350 million into resolution fund
Monday, October 29th, 2012Following the bank bailout which cost tax-payers €64 billion, the Government has signed into law the regulations for a resolution fund which requires credit institutions to pay €350 million by 30 September 2013. As part of its restructuring of the banking sector, the Central Bank and Credit Institutions (Resolution) Act 2011 allows for the Central Bank to intervene when a credit institution is in difficulty. As well as the resolution fund, its tools include transfer orders, special management orders, the establishment of a ‘bridge bank’, a modified liquidation process and the...[full story]
News, Transport: Commission to examine Ryanair bid
Friday, August 31st, 2012European officials have launched an in-depth investigation into Ryanair’s most recent takeover bid for Aer Lingus to determine how seriously competition would be hit. Ryanair, which already owns 29.8 per cent of Aer Lingus, offered €1.30 per share in June, valuing Aer Lingus at €694 million. The Commission’s preliminary investigation into the proposed takeover indicated potential competition concerns. “Ryanair and Aer Lingus are the main operators out of Dublin airport. On a large number of European routes, mainly out of Ireland, the two airlines are each other’s closest...[full story]
News: New Director of Corporate Enforcement
Friday, August 31st, 2012Ian Drennan has been appointed the new Director of Corporate Enforcement. He became Director on 29 August, replacing Paul Appleby, the first director of the Office of the Director of Corporate Enforcement (ODCE). An accountant by profession, Drennan was the first Chief Executive Officer of the Irish Auditing and Accounting Supervisory Authority, from 2004 to 2012. He previously worked as an auditor in the Office of the Comptroller and Auditor General, the Department of Finance and several accountancy practices. Enterprise Minister Richard Bruton said that Drennan brings “a wealth of...[full story]
Housing: Housing action essential for economy: O’Sullivan
Tuesday, May 29th, 2012Mortgage arrears is “one of the most pressing economic and social challenges facing the Government and the nation,” Housing Minister Jan O’Sullivan has emphasised. “If we do not properly address it, we will jeopardise progress we have made in other areas to restore some stability to our fiscal and economic position.” She made a keynote speech to the Housing Practitioners Conference in Limerick. The Department of the Environment, Community and Local Government has started pilot projects on mortgage-to-rent schemes i.e. allowing distressed borrowers surrender their...[full story]
Workers' rights: Collective bargaining call dismissed
Monday, May 28th, 2012IBEC has dismissed the need for new collective bargaining legislation, after union demands to make good on a Programme for Government commitment. Impact President Kevin O’Malley had called on the Government to fulfil its pledge to reform the law on collective bargaining, to comply with European Court of Human Rights judgments. This followed on from Labour’s general election manifesto, which condemned “unscrupulous employers” and promised to prohibit any discrimination against employees for union membership. No timescale was set out but O’Malley wants legislation in place before...[full story]
Euro crisis deepens: Potential impact on euro zone
Monday, May 28th, 2012G8 leaders met in Camp David for two days on 18-19 May amid a backdrop of continuing uncertainty about the euro and Greece’s presence in the euro zone. The contrasting emphases of growth (championed by Obama and Hollande) and fiscal rectitude (advocated by Merkel and Cameron) were juxtaposed in the summit’s communiqué. All governments “need to take actions to boost confidence and nurture recovery including reforms to raise productivity, growth and demand,” it stated. Leaders also endorsed “sound and sustainable fiscal consolidation policies that take into account countries’...[full story]
