Padraic's Feed
Jul 25, 2014

Ireland keen to repay bailout loans early – minister

DUBLIN (Reuters) – Ireland would like to secure agreement from its European Union partners to allow it to repay some of its bailout aid early and reduce the cost of carrying its debt, a government minister said on Friday.

Enterprise Minister Richard Bruton made the comments after the Irish Times reported that Ireland was taking soundings on whether its EU partners would allow it to repay the loans provided by the International Monetary Fund ahead of schedule.

Jul 25, 2014
via FaithWorld

U.N. rights body criticizes Ireland on abortion, church homes


(A woman walks past posters advertising a candlelit vigil at the University Hospital Galway in Galway, Ireland November 15, 2012. Ireland’s government on Thursday pledged to clarify its abortion laws after a woman, who was denied a termination, died from septicaemia in an Irish hospital. REUTERS/Cathal McNaughton)

A United Nations human rights panel has told Ireland it should revise its highly restrictive abortion laws and that allegations of abuse of women and children at Catholic-run homes must be better investigated.

Jul 16, 2014

Ireland’s NAMA to repay bulk of debt ahead of schedule

DUBLIN, July 16 (Reuters) – Ireland’s National Asset
Management Agency (NAMA) plans to repay a minimum of 80 percent
of its senior debt by the end of 2016, two years earlier than
planned, a government review of the state-run “bad bank” said on

Seen as a major liability for Dublin’s finances until quite
recently, NAMA has been taking advantage of a surge in demand
for Irish real estate and already expects to pay back half its
30 billion euros ($40.5 billion) of senior debt by year end.

Jul 4, 2014

Ireland’s Labor Party elects Joan Burton as new leader

DUBLIN (Reuters) – Ireland’s social protection minister, Joan Burton, was elected new leader of the Labor Party, junior partner in government, on Friday with the task of arresting a collapse in support that led to a local election hammering. Burton takes over from former deputy prime minister Eamon Gilmore, who resigned in May after Labor were punished by voters for implementing an austerity program that has put the country’s finances back on track.

Burton, the first woman to lead the center-left party, has said she would stick to EU-imposed deficit reduction targets but that austerity had reached its limits in Ireland ahead of the coalition’s final round of budget cuts in October.

Jul 3, 2014

Irish economy bounces back, improving outlook for budget

DUBLIN (Reuters) – Ireland’s economy grew by 2.7 percent in the first quarter and new European Union rules on calculating output significantly increased the size of the economy, raising the chances the government can ease its austerity measures later this year.

Employment and consumer sentiment had been improving for the past 18 months, until an unexpected drop in fourth-quarter gross domestic product set back a recovery that had been gathering strength since the completion of an EU/IMF bailout last year.

Jun 23, 2014

ECB bank watchdog says markets favourable for capital raising

DUBLIN, June 23 (Reuters) – There is sufficient liquidity in
the market if euro zone banks want to raise more capital as they
prepare for pivotal stress tests later this year, the bloc’s top
regulator said on Monday.

The ECB’s Single Supervisory Mechanism (SSM) is preparing to
run the rule over almost 130 lenders it will begin supervising
from November in stress tests billed as the toughest yet after
previous exercises failed to convince markets.

Jun 10, 2014

U.S. billionaire Wilbur Ross cashes out Bank of Ireland stake

LONDON/DUBLIN (Reuters) – U.S. billionaire Wilbur Ross sold his entire shareholding in Bank of Ireland for almost half a billion euros on Tuesday, to almost triple the value of a shrewd investment made at the height of the euro zone crisis.

Ross has said he would sell his 5.5 percent stake three years after his pioneering investment kept the struggling bank out of state hands, and his holding was snapped up at 0.265 euros a share.

Jun 10, 2014

Wilbur Ross sells 477 mln euro Bank of Ireland stake

LONDON/DUBLIN, June 10 (Reuters) – The sale by billionaire
investor Wilbur Ross of his entire shareholding in Bank of
Ireland (BoI) was priced at 0.265 euros a share,
Deutsche Bank, the placing’s bookrunner, said in a statement.

Ross announced on Monday that he would sell his 5.5 percent
stake three years after his pioneering investment kept the
struggling bank out of state hands, but he added that he
remained confident about its prospects.

Jun 9, 2014

Child graves prompt Irish to ask why so many babies died in Church care

CASTLEPOLLARD Ireland (Reuters) – In the leafy grounds of a center for the disabled in rural central Ireland, a small tombstone hints at the building’s previous role as a “mother-and-baby home”. It reads: “In Memory of God’s Special Angels”.

No names, no dates, just an acknowledgement that buried in the garden of the Manor House in Castlepollard are children born to unwed mothers at the Church-run institutions that dotted Ireland half a century ago.

Jun 6, 2014
via FaithWorld

Irish Catholic Church says horrified by children’s mass grave


(The entrance to the site of a mass grave of hundreds of children who died in the former Bon Secours home for unmarried mothers is seen in Tuam, County Galway June 4, 2014. REUTERS/Stringer )

Ireland’s Roman Catholic Church told the order of nuns who ran the former home where a mass grave of almost 800 children was found that it must co-operate with any inquiry into the discovery.