Padraic's Feed
Jul 2, 2013

Some lawmakers balk at limited abortion legislation in Ireland

DUBLIN (Reuters) – Four lawmakers from Irish Prime Minister Enda Kenny’s party came out on Tuesday against a move to legalize abortion under certain conditions but are unlikely to be able to scuttle the measure or threaten his comfortable majority.

Kenny’s government is proposing access to abortion when a woman’s life is in danger and both sides of the debate have staged protests on an issue that has long polarized the overwhelmingly Roman Catholic country.

Jun 28, 2013

Ireland risks slip from EU poster boy to problem child

DUBLIN, June 28 (Reuters) – As Ireland teetered on the edge
of bankruptcy in October 2008, its then-finance minister Brian
Lenihan hailed the government’s rescue of its banks as the
“cheapest bailout in the world”.

Five years later, the bank rescue has cost 64 billion euros
- 40 percent of annual output – and condemned Ireland’s 4.6
million people to years of austerity.

Jun 28, 2013

Irish recession may ease a touch in second quarter, data shows

DUBLIN (Reuters) – Irish retail sales and property prices showed signs of stabilization last month, with data on Friday suggesting the economy may have performed better in the second quarter after falling back into recession.

The economy unexpectedly slid into recession late last year and continued to contract in the first quarter, according to data this week that dented European hopes that Dublin would show some rewards for its tough austerity policies.

Jun 28, 2013

Irish recession may ease a touch in Q2, data shows

DUBLIN, June 28 (Reuters) – Irish retail sales and property
prices showed signs of stabilisation last month, with data on
Friday suggesting the economy may have performed better in the
second quarter after falling back into recession.

The economy unexpectedly slid into recession late last year
and continued to contract in the first quarter, according to
data this week that dented European hopes that Dublin would show
some rewards for its tough austerity policies.

Jun 26, 2013

Irish central bank probes whether tapes show rule-breaking

DUBLIN, June 26 (Reuters) – Ireland’s central bank will
investigate whether tapes of senior bankers laughing at
regulators contain evidence rules were broken during the 2008
rescue of failed lenders that eventually led to the country’s EU
bailout.

In a statement on Wednesday, the central bank said it would
liaise with police over the probe into whether breaches of
regulatory requirements had occurred. “The Central Bank is
carefully studying the various transcripts emerging. This is
something that is viewed very seriously,” it said.

Jun 26, 2013

Ireland may empower bank probe after leaked tapes anger voters

DUBLIN, June 26 (Reuters) – Ireland could try to beef up an
inquiry into the 2008 rescue of failed banks that eventually
forced the country into an EU bailout, after embarrassing
revelations that a major lender may have misled the central
bank.

With public outrage growing over bankers who were taped
laughing about the unfolding crisis, a government source said a
referendum rejected by voters in 2011 to give lawmakers powers
to point the finger of blame at individuals might be re-run.

Jun 21, 2013

Irish mortgage arrears rise again

DUBLIN (Reuters) – Non-performing property loans in Ireland rose in the first quarter, highlighting the failure of the country’s banks to tackle arrears on residential mortgage payments and raising eyebrows among policymakers.

Ireland’s stock of bad property debt is one of the major impediments to the economic recovery it needs to set in place by the end of this year if it is to exit its EU/IMF bailout successfully and on schedule.

Jun 21, 2013

Irish mortgage arrears rise again, central bank frets

DUBLIN, June 21 (Reuters) – Non-performing property loans in
Ireland rose in the first quarter, highlighting the failure of
the country’s banks to tackle arrears on residential mortgage
payments and raising eyebrows among policymakers.

Ireland’s stock of bad property debt is one of the major
impediments to the economic recovery it needs to set in place by
the end of this year if it is to exit its EU/IMF bailout
successfully and on schedule.

Jun 18, 2013

Royalty drops hostile bid for Ireland’s Elan

DUBLIN (Reuters) – U.S.-based Royalty Pharma has dropped a hostile bid worth up to $8 billion for Elan (ELN.I: Quote, Profile, Research, Stock Buzz), leaving the Irish drug maker free to seek other suitors having put itself up for sale last week.

Royalty ROYPH.UL on Tuesday withdrew its appeal against a ruling by Ireland’s regulator on takeovers, meaning the offer automatically lapses and bringing an end to a bitter, four-month battle that involved court hearings, injunctions and a war of words between the two sides.

Jun 17, 2013

Royalty hostile bid for Elan in doubt after vote

DUBLIN, June 17 (Reuters) – Elan shareholders
approved a share buyback on Monday, meaning U.S.-based Royalty
Pharma’s hostile bid for the Irish drug firm will
lapse unless it succeeds in a legal challenge.

Royalty, hoping to convince Elan’s owners to accept its bid
in the face of opposition from its target’s board, last month
made its takeover offer conditional on shareholders voting down
all resolutions at Monday’s meeting.