Padraic's Feed
Feb 26, 2013

Senior Irish civil servants urged to reject new pay deal

DUBLIN (Reuters) – Senior Irish civil servants and managers were urged by their trade union on Tuesday to reject a public sector pay deal in a warning shot to the government that it faces a challenge in implementing the new agreement.

The government agreed with the largest public-sector trade unions on Monday to extend a three-year-old pay deal that has been credited with avoiding the kind of industrial unrest seen in other euro zone countries hit by debt woes.

Feb 26, 2013

Ireland says will stay on bailout exit track regardless of Italy uncertainty

DUBLIN (Reuters) – The Irish government, seeking to return fully to bond markets and move on from its international bailout, said on Tuesday it would not be put off track by any euro zone uncertainty stemming from Italy’s election.

Actions by European partners, in particular the European Central Bank’s pledge to buy bonds if needed, were still in place.

Feb 25, 2013

Royalty Pharma proposes $6.6 bln bid for Elan

DUBLIN, Feb 25 (Reuters) – Investment firm Royalty Pharma
has made a $6.6 billion bid approach to Elan, seeking to
scupper the Irish drugmaker’s plan to spend most of the proceeds
from a major drug sale on deals and instead give the money to
shareholders.

Royalty Pharma, which buys royalty streams of patented
drugs, said on Monday it planned to offer $11 per share, a 4
percent premium to Elan’s closing share price on Friday
in New York, where the company has its primary listing.

Feb 22, 2013

Ireland not rushing new 10-year bond – finance minister

DUBLIN (Reuters) – Ireland is unlikely to issue a new 10-year bond planned for the first half of the year over the next two weeks, Finance Minister Michael Noonan said on Friday after returning from three days of meetings with investors in London.

Ireland’s debt agency, which has begun to gradually return to capital markets and pave the way toward exiting an EU/IMF bailout, plans to launch the new benchmark issue ahead of the resumption of regular bond auctions later this year.

Feb 21, 2013

Ireland’s ‘bad bank’ may swell on leftover Anglo loans

DUBLIN, Feb 21 (Reuters) – Ireland’s “bad bank” could see
its balance sheet swell by close to 50 percent as it assumes the
assets of the liquidated former Anglo Irish Bank.

Ireland’s government rushed through emergency legislation
earlier this month to liquidate the failed Anglo Irish Bank as
part of a deal struck with the European Central Bank to ease the
country’s debt burden.

Feb 20, 2013

Ireland hand debuts to Jackson and Marshall

DUBLIN (Reuters) – Ulster flyhalf Paddy Jackson will make his Ireland debut with provincial team mate Luke Marshall in Sunday’s Six Nations match against Scotland after coach Declan Kidney relegated Ronan O’Gara to third choice number 10.

Jackson and Marshall, both 21, replace regular flyhalf Jonathan Sexton and centre Gordon D’Arcy who were among four players to join Ireland’s long injury list during the 12-6 defeat to England last time out.

Feb 20, 2013

Rugby-Ireland hand debuts to Jackson and Marshall

DUBLIN, Feb 20 (Reuters) – Ulster flyhalf Paddy Jackson will make his Ireland debut with provincial team mate Luke Marshall in Sunday’s Six Nations match against Scotland after coach Declan Kidney relegated Ronan O’Gara to third choice number 10.

Jackson and Marshall, both 21, replace regular flyhalf Jonathan Sexton and centre Gordon D’Arcy who were among four players to join Ireland’s long injury list during the 12-6 defeat to England last time out.

Feb 19, 2013

Canada’s Great-West Lifeco buys Irish Life for $1.7 billion

DUBLIN (Reuters) – Canadian life insurer Great-West Lifeco (GWO.TO: Quote, Profile, Research, Stock Buzz) bought state-rescued insurer Irish Life for 1.3 billion euros ($1.7 billion) on Tuesday in a deal that increases its presence in Ireland and lightens the Irish government’s debts.

Ireland last year paid the same amount to take over Irish Life, formerly the insurance arm of bailed-out Irish Life & Permanent, after the euro zone debt crisis forced the suspension of its sale in late 2011.

Feb 14, 2013

Irish debt deal offers little to forgotten generation

BORRIS-IN-OSSORY, Ireland, Feb 14 (Reuters) – A hard-won
bank debt deal has been hailed by the Irish government as an
historic step towards recovery, but from the
unemployment-scourged ghost estates of the midlands, the feted
rebound feels more like a mirage.

The long-awaited deal, struck with the European Central Bank
last week following talks that had preoccupied the nation for
nearly two years, sliced billions off Dublin’s funding needs and
saw its borrowing costs fall to pre-crisis lows.

Feb 12, 2013

Ireland moves to quell horsemeat fears, calls meeting

BRUSSELS/DUBLIN (Reuters) – Ireland said on Monday it would order Irish meat processors to carry out DNA tests to reassure consumers worried by the discovery of horsemeat in some beef products and called a meeting of European ministers to discuss a wider response.

The horsemeat scandal affecting a growing number of European countries began in Ireland after its food safety authority discovered horsemeat in frozen beef burgers.