Padraic's Feed
Jul 30, 2014

Ireland has too much to lose to deter U.S. companies re-homing

DUBLIN (Reuters) – Ireland is in the firing line from Washington again for luring U.S. companies to its shores for tax benefits, but despite contrite noises coming from Dublin, it has too much to lose to discourage U.S. firms bent on shifting their tax domiciles.

Ireland’s low corporate tax rate of 12.5 percent is a natural lure for U.S. companies looking to set up an overseas hub, and for Dublin the pay-off is new jobs, but in so-called inversion deals the company then switches its overall tax domicile from the United States, where the rate is 35 percent, to its new home.

Jul 30, 2014

Allied Irish returns to profit as bad loans fall sharply

DUBLIN, July 30 (Reuters) – Allied Irish Banks (AIB)
returned to profit in the first half of the year as bad
debts fell sharply, marking a milestone in the bank’s recovery
that potentially paves the way for Ireland to start selling its

The Irish government has already cut its holding in
part-state owned Bank of Ireland and is keen to offload
the remaining stakes acquired when it had to rescue the
country’s banks during the financial crisis.

Jul 28, 2014

Ireland says IMF backs its plans to refinance loans

DUBLIN, July 28 (Reuters) – The IMF is in favour of Ireland
refinancing its bailout loans and Dublin would like to begin the
process this year if it can get agreement in Europe, finance
minister Michael Noonan said on Monday.

Ireland is seeking to reduce the cost of carrying its debt
by repaying its more expensive IMF loans early, before it repays
aid from the euro zone bailout fund, but needs agreement from
its partners in Europe to change the repayment terms.

Jul 28, 2014

Ryanair lifts profit guidance after blowout first quarter

DUBLIN (Reuters) – Ryanair boosted its annual profit guidance on Monday after rivals cut theirs as the Irish budget airline more than doubled its first-quarter profit citing a boost from its drive to improve customer service.

Europe’s biggest budget airline last year vowed to improve its service, adding seat allocations, easing restrictions on hand luggage and cutting penalty charges.

Jul 28, 2014

Ryanair lifts profit guidance after first quarter surge

DUBLIN, July 28 (Reuters) – Ryanair boosted its
annual profit guidance on Monday as rivals cuts theirs after the
Irish airline booked a better-than-expected first quarter in
which net income rose 152 percent from a year earlier.

Europe’s biggest budget airline raised its forecast for
full-year profit to between 620 million euros ($832 million) and
650 million euros in the year to March 2015, up from a range of
580 million euros to 620 million euros previously.

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.