Padraic's Feed
Feb 8, 2013

Ireland needs Europe’s help for debt deal to deliver

DUBLIN, Feb 8 (Reuters) – Ireland promised austerity-weary
voters that a bank debt deal struck this week will soften future
budget cuts but its improved fiscal sums still rely on the
European outlook improving, a risk that could yet trip the
government up.

Irish Prime Minister Enda Kenny hailed the long-awaited deal
with the European Central Bank to ease the country’s debt
burden, which sent borrowing costs down to pre-crisis levels.
as an “historic step” on the economy’s road to
recovery,

Feb 7, 2013

Ireland hails historic debt deal with ECB

DUBLIN (Reuters) – Ireland clinched a long-awaited deal on Thursday to ease the burden of its bank debts, sending its borrowing costs falling to pre-crisis levels and bolstering its chances of ending its reliance on EU-IMF loans this year.

After nearly 18 months of negotiation, Prime Minister Enda Kenny won European Central Bank (ECB) approval to stretch out the cost of bailing out Anglo Irish Bank, slicing billions off the country’s borrowing needs and cutting its budget deficit.

Feb 7, 2013

ECB close to Irish debt deal as Anglo liquidated

DUBLIN/FRANKFURT (Reuters) – The European Central Bank moved towards agreeing a deal on Thursday to ease Ireland’s debt burden after Dublin rushed through emergency legislation to liquidate the failed Anglo Irish Bank.

Prime Minister Enda Kenny has staked his administration’s reputation on cutting the cost of bailing out Anglo Irish, now known as Irish Bank Resolution Corp, or IBRC, and the ECB’s governing council in Frankfurt was considering a fresh proposal after a previous plan was rejected last month.

Feb 6, 2013

Ireland to liquidate Anglo Irish in bank debt deal

LONDON/DUBLIN (Reuters) – Ireland’s government presented emergency legislation to parliament on Wednesday to liquidate the failed Anglo Irish Bank as part of a hoped-for deal with the European Central Bank (ECB) to ease the nation’s debt burden.

Prime Minister Enda Kenny had staked his government’s reputation on cutting the 28 billion euro cost of bailing out Anglo Irish, now known as Irish Bank Resolution Corp (IBRC), and the ECB’s governing council was considering the new plan after a previous proposal was rejected last month.

Feb 6, 2013

Irish PM called on to apologize for Magdalene Laundries

DUBLIN (Reuters) – Irish Prime Minister Enda Kenny was criticized by his government’s junior coalition partner on Wednesday for not issuing the state apology sought by ex-inmates of the notorious Magdalene Laundries following a damning report.

More than a quarter of the women and girls subjected to harsh discipline and unpaid work at the 10 laundries, run by Catholic nuns, were sent there by the Irish state, an official report that ran to almost 1,000 pages said on Tuesday.

Feb 6, 2013

Irish PM criticised for lack of apology on Magdalene Laundries

DUBLIN (Reuters) – Irish Prime Minister Enda Kenny was criticised by members of his own government on Wednesday for not issuing the state apology sought by ex-inmates of the notorious Magdalene Laundries following a damning report.

More than a quarter of the women and girls subjected to harsh discipline and unpaid work at the 10 laundries, run by Catholic nuns, were sent there by the Irish state, an official report that ran to almost 1,000 pages said on Tuesday.

Feb 6, 2013

Ireland plans to liquidate Anglo Irish Bank -source

LONDON/DUBLIN, Feb 6 (Reuters) – Ireland plans to liquidate
failed Anglo Irish Bank as part of a deal it seeks with the
European Central Bank (ECB) to ease its bank debt burden, a
source familiar with the discussions said on Wednesday.

The ECB rejected Ireland’s preferred solution to reschedule
part of its bank bailout bill when its board discussed the plan
for the first time last month, EU sources familiar with the
talks told Reuters.

Feb 6, 2013
via FaithWorld

Irish state held responsible for Magdalene Laundries run by Catholic nuns

Photo

(Mary Smyth who was born in a “Magdalene Laundry”, reacts during a “Magdalene Survivors Together” news conference in Dublin February 5, 2013. REUTERS/Cathal McNaughton)

Many of the women and girls subjected to harsh discipline and unpaid work in Ireland’s now-notorious Magdalene Laundries were sent there by the Irish state, an official report said.

Feb 6, 2013

Elan seeks acquisitions after $3.25 billion MS drug deal

DUBLIN (Reuters) – Irish drugmaker Elan (ELN.I: Quote, Profile, Research) is raising more than $3.25 billion (2.07 billion pounds) by selling its interests in its main drug and will splash out most of the proceeds on acquisitions, effectively reinventing itself as a company.

Under a deal announced on Wednesday, Elan’s partner Biogen Idec (BIIB.O: Quote, Profile, Research) will take full ownership of blockbuster multiple sclerosis (MS) treatment Tysabri and will make an upfront payment to the Irish group plus royalties on future sales.

Feb 6, 2013

Biogen pays Elan $3.25 bln to take over MS drug

DUBLIN, Feb 6 (Reuters) – Biogen Idec is to take
full ownership of blockbuster multiple sclerosis drug Tysabri
after agreeing to pay Irish partner Elan $3.25 billion
plus future royalties on sales of the drug.

The deal gives Elan strategic flexibility to buy new assets
but leaves unclear the future direction of the company, since
Tysabri was by far its most important product.