Padraic's Feed
Nov 5, 2013

Soccer-O’Neill to be new Irish boss, Keane assistant

DUBLIN, Nov 5 (Reuters) – Ireland is set to appoint Martin O’Neill as manager and Roy Keane as his assistant, more than a decade after the former captain walked out on the team at the 2002 World Cup, FAI chief executive John Delaney said on Tuesday.

Delaney said that the pair had still to sign contracts but that he saw no impediment to O’Neill taking over from Giovanni Trapattoni, who quit in September, and that the former Aston Villa and Celtic boss would be unveiled on Saturday.

Nov 1, 2013

Bank of Ireland margins up as refinancing plans boosted

DUBLIN, Nov 1 (Reuters) – Bank of Ireland’s net
interest margin continued to grow in the third quarter and
analysts welcomed clarification from a regulator over the
refinancing of 1.8 billion euros ($2.5 billion) of state
preference shares.

The 15 percent state-owned bank, the only Irish lender to
escape nationalisation after a huge property crash, is
recovering far quicker than rivals that are hampered by larger
loan losses and weaker margins and will be slower to emerge from
state bailouts.

Oct 30, 2013

C&C says battered Irish pubs may have turned the corner

DUBLIN, Oct 30 (Reuters) – Cider maker C&C said on
Wednesday that the Irish pub market may have turned a corner
after its volume of sales in bars there outperformed
off-licences for the first time in seven years.

The maker of Magners and Bulmers saw its operating profit
rise by 7.9 percent year-on-year to 71.1 million euros ($97
million) in the six months to the end of August and reaffirmed
its guidance for full-year growth of between 10 and 16 percent.

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.