DUBLIN, Jan 25 (Reuters) – Ireland’s government on
Wednesday announced plans to slash the time it takes to be
discharged from bankruptcy to three years from 12 and proposed a
new non-judicial route for struggling mortgage holders to
discharge their debt.
Finance Minister Michael Noonan said the non-judicial
schemes would not increase bad loan costs to banks as they would
allow more flexibility and make it easier for lenders to avoid
the costly process of bankruptcy and foreclosure.
DUBLIN, Jan 25 (Reuters) – An unemployed Irish artist
has built a home from the shredded remains of 1.4 billion euros
($1.82 billion), a monument to the “madness” he says has been
wrought on Ireland by the single currency, from a spectacular
construction boom to a wrenching bust.
Frank Buckley built the apartment in the lobby of a Dublin
office building that has lain vacant since its completion four
years ago at the peak of an ill-fated construction boom, using
bricks of shredded euro notes he borrowed from Ireland’s
DUBLIN, Dec 20 (Reuters) – Europe should consider
additional support for Ireland to ensure the success of its 85
billion euros EU-IMF bailout in the face of a deepening euro
zone crisis, the International Monetary Fund said on Tuesday.
Europe’s financial woes are jeopardising Ireland’s ambition
to return to market funding in 2013 and the IMF suggested a
range of options to help the country’s banks and improve its
appeal to private investors.
DUBLIN, Dec 16 (Reuters) – Ireland’s economy
contracted at its fastest pace in over two years in the third
quarter after a global slowdown hit export growth, casting doubt
over Dublin’s ability to transform itself into the euro zone’s
Gross domestic product slumped 1.9 percent on a seasonally
adjusted basis, compared to a Reuters poll forecast of a 0.5
percent fall, making Ireland the worst euro zone performer in
the third quarter apart from Greece, which no longer publishes
seasonally adjusted figures.
DUBLIN (Reuters) – After the Celtic Tiger died, Anthony Slattery quit his job as an accountant and bought some cows.
With food and drinks exports rising by close to a billion euros a year and food firms among the best performers on Ireland’s bruised stock market, agriculture beckoned as one of the few sectors to survive a devastating property collapse.
DUBLIN/LONDON, Dec 14 (Reuters) – Ireland warned on
Wednesday its financial services industry may be at risk from
Britain’s opt-out from closer EU integration but the damage for
Dublin could go a lot deeper without its closest neighbour at
the European negotiating table.
The Irish government is scrambling to limit the diplomatic
damage after Britain last week refused to join the European
Union’s other 26 countries in working towards a new fiscal
union, leaving Dublin more exposed to German and French calls
for tighter financial regulation.
DUBLIN, Dec 13 (Reuters) – The owner of struggling
Irish telecoms group eircom has asked its most senior lenders to
accept a 25 percent haircut on their debt and wants a guarantee
any money it invests is protected if Ireland leaves the euro, a
source told Reuters on Tuesday.
Singapore Technologies Telemedia (STT) submitted a proposal
to eircom independent directors and senior lenders on Monday to
restructure the operator’s 3.75 billion euros debt pile in a bid
to keep hold of the company.
DUBLIN (Reuters) – Ireland’s government imposed further spending cuts on Monday with possibly more still to come as the European debt crisis throws up a disturbing cocktail of slowing growth and zealous austerity across the currency bloc.
Ireland is only half-way through an eight year cycle of singeing spending cuts and tax hikes as it seeks to get its budget deficit, currently the biggest in the industrialized world, under control as part of an EU-IMF bailout.
DUBLIN, Dec 5 (Reuters) – Ireland’s government on
Monday unveils what it hopes will be the toughest budget of its
five-year term, but as it tries to keep the public onside
economists are warning that a global downturn means the worst
may be yet to come.
Prime Minister Enda Kenny, who came to power in February,
has pledged to get Ireland’s budget deficit, currently the worst
in the industrialised world, under an EU limit of three percent
of GDP by 2015 from an estimated 10 percent.
DUBLIN (Reuters) – Irish Prime Minister Enda Kenny Sunday made the first televised address to the nation in a quarter of a century to warn of more economic pain ahead, saying many people’s situation would get worse before it gets better.
Kenny, who was swept to power with a record majority in February on a wave of voter anger over the country’s economic collapse and the harsh rescue terms laid down by its European partners, is bidding to keep the public onside during years of austerity.