Padraic's Feed
Oct 22, 2013

Insight – Ireland’s bailout report: Good, now fix public debt

DUBLIN (Reuters) – At the height of the euro zone’s debt crisis in July 2011, Ireland’s bailout looked doomed. Its credit rating had been cut to junk and borrowing costs hiked to an eye-watering 15 percent.

Nonetheless, Bank of Ireland convinced a group of North American investors to part with 1.1 billion euros and help stave off a state takeover. It was an early sign that Ireland could do what was needed to turn itself around.

Oct 22, 2013

Ireland’s bailout report: Good, now fix public debt

DUBLIN, Oct 22 (Reuters) – At the height of the euro zone’s
debt crisis in July 2011, Ireland’s bailout looked doomed. Its
credit rating had been cut to junk and borrowing costs hiked to
an eye-watering 15 percent.

Nonetheless, Bank of Ireland convinced a group of
North American investors to part with 1.1 billion euros and help
stave off a state takeover. It was an early sign that Ireland
could do what was needed to turn itself around.

Oct 15, 2013

Ireland to close Apple’s tax loophole, but leave bigger one open

LONDON/DUBLIN (Reuters) – Ireland said on Tuesday it planned to shut down a much-criticized tax arrangement used by Apple Inc to shelter over $40 billion from taxation – but will leave open an even bigger loophole that means the computer giant is unlikely to pay any more tax.

A U.S. Senate committee investigation revealed in May that Apple had cut billions from its tax bill by declaring companies registered in the Irish city of Cork as not tax resident in any country. Senator Carl Levin said the company had achieved the “holy grail of tax avoidance” with the structures.

Oct 15, 2013

Irish banks hit with levy, tax change eases blow

DUBLIN, Oct 15 (Reuters) – Ireland hit its already battered
banks with a three-year levy on Tuesday, ordering them to pay a
total of 150 million euros ($202 million) a year for their role
in the economic crisis but offered other measures to soften the
blow.

Irish banks faced huge losses after property prices began to
tumble in 2008, pushing all but Bank of Ireland into
full state ownership, forcing others to close and eventually
leading the government into an 85 billion euro EU/IMF bailout.

Oct 15, 2013

Ireland eases back on austerity as bailout exit beckons

DUBLIN (Reuters) – Ireland eased back on its austerity program on Tuesday, giving voters a modest break from six years of pain as it aims to become the first euro zone country to pull out of an international bailout.

Presenting the 2014 budget, Finance Minister Michael Noonan announced Dublin would impose fewer savings than originally planned on a people worn down by the years of tax increases, spending cuts, high unemployment and heavy debts.

Oct 10, 2013

Ireland’s tourism sector fears having to go it alone

DELGANY, Ireland, Oct 10 (Reuters) – Reducing sales tax for
Irish hotels, restaurants and other tourist businesses has paid
dividends, a fact the country’s finance minister was reminded of
upon checking into his hotel room for a party conference last
month.

The initiative created over 15,000 jobs in two years and
helped visitors to Ireland rise by over six percent this year,
the minister and other members of his Fine Gael party were told
in carefully-placed pamphlets by the Irish Hoteliers Federation.

Oct 8, 2013

Ireland gets green light to ease austerity as growth falters

DUBLIN (Reuters) – Ireland’s international lenders have given it the green light to ease up on austerity in its 2014 budget, the government said on Tuesday, easing pressure on an economy officials admitted would grow far slower than previously thought.

Ireland has been the euro zone’s bailout success story and is on track to exit its international aid programme later this year, while other bailed-out countries struggle to hit their deficit targets.

Oct 8, 2013

Bailed-out Ireland gets green light to ease up on austerity

DUBLIN (Reuters) – Ireland’s international lenders have given it significant leeway to ease up on austerity in its 2014 budget after it promised to keep hitting all its main targets under a bailout agreement, the government said on Tuesday.

Ireland has been the euro zone’s bailout success story and is on track to exit its international aid programme later this year, while other bailed-out countries struggle to hit their deficit targets.

Oct 5, 2013

Irish voters reject Prime Minister’s call to scrap Senate

DUBLIN (Reuters) – Ireland voted to retain its upper house of parliament on Saturday, rejecting Prime Minister Enda Kenny’s call to scrap a chamber where the likes of William Butler Yeats once sat but the government saw as redundant.

In a campaign backed by some of the opposition and not seen as a chance to punish the government for austerity policies imposed as part of an EU/IMF bailout, 51.7 percent of the electorate voted against the proposal.

Oct 4, 2013

Diageo’s ‘Arthur’s Day’ faces backlash in home of Guinness

DUBLIN (Reuters) – The Irish are famous around the world for their convivial drinking culture and the cosy pubs that have been copied around the world – but it seems they do not want to be cajoled into an annual celebration of their best-known beer.

An Irish minister on Tuesday criticised the international drinks firm Diageo for inventing a “pseudo-national holiday” to market its products, not least the Dublin-brewed Guinness – part of a growing backlash against “Arthur’s Day”.