Padraic's Feed
Jan 15, 2015

Anglo Irish should have been allowed to fail in 2008: central bank

DUBLIN (Reuters) – Anglo Irish Bank, the lender at the heart of Ireland’s banking crisis, should have been allowed to fail instead of being included in government guarantees on bank liabilities in 2008, central bank governor Patrick Honohan said on Thursday.

Like all Irish lenders, Anglo’s years of reckless lending helped push Ireland into a bailout in 2010. It was put into liquidation two years ago in deal with the European Central Bank (ECB) to ease the state’s debt burden.

Jan 5, 2015

Ireland says 2014 budget deficit likely to be higher than expected

DUBLIN (Reuters) – Ireland’s budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping.

Dublin emerged from an EU/IMF bailout just over a year ago after a seven-year austerity drive, which has helped restore investor confidence but took some 30 billion euros (23 billion pounds), or about 20 percent of annual output, out of the economy.

Jan 5, 2015

New Irish party to sound a centrist voice

DUBLIN (Reuters) – The growth of extremist groups in Europe should not obscure the huge potential for centrists, a former Irish minister who is creating her own her new party said on Monday.

Dublin’s former minister for Europe, Lucinda Creighton, laid out plans last week to form the as-yet-unnamed party ahead of wide open elections next year that could give the former ally of Prime Minister Enda Kenny influence over any new coalition.

Jan 5, 2015

Ryanair shares hit all-time high on further surge in passengers

DUBLIN, Jan 5 (Reuters) – Ryanair shares rose to an
all-time high on Monday after passenger numbers surged for a
second successive month and the budget airline’s expanding fleet
had fewer empty seats than a year ago.

Just over six million people flew with Europe’s largest
low-cost carrier in December, a year-on-year rise of 20 percent
that Ryanair attributed to lower fares, a drive to sell more
tickets earlier and improvements to its much maligned customer
service.

Jan 2, 2015

Ex-Irish minister to form new party ahead of wide open election

DUBLIN (Reuters) – Ireland’s former Europe minister Lucinda Creighton said she will form a new political party ahead of scheduled parliamentary elections next year that polls predict will signal a major shift away from dominant parties.

Despite an upturn in the economy, government support slumped throughout last year at the expense primarily of independents, raising the prospect that any new party could have a considerable say in the forming a fresh coalition in 2016.

Dec 12, 2014

Protest and political strife: Inside Europe’s fastest growing economy

DUBLIN, Dec 12 (Reuters) – Fergus Reynolds has supported
Ireland’s governing Fine Gael party for 43 years, but this week
he joined tens of thousands of people to march against them and
pledged never to vote for Prime Minister Enda Kenny again.

Since taking voluntary redundancy five years ago, the
62-year-old former bank worker’s income has been stretched by a
new pension levy and a property tax. When his son-in-law lost
his job, he began to help pay his mortgage as well as his own.

Dec 11, 2014

Irish economy ekes out growth in third quarter, on track for strong 2014

DUBLIN (Reuters) – Ireland’s economy grew just 0.1 percent in the third quarter as an austerity-weary public appeared to refrain from spending, but the country is still set to be the fastest-growing economy in Europe this year, data showed on Thursday.

That was weaker than some analysts expected, but a surge in gross domestic product in the first six months of the year means little if any quarter-on-quarter growth is now needed to meet government projections for GDP to expand almost 5 percent this year.

Dec 10, 2014

Tens of thousands protest against Irish water charges

DUBLIN (Reuters) – At least 30,000 people marched on the Irish parliament on Wednesday in a third day of mass protests against new water charges that have spurred the biggest opposition movement since the financial crisis erupted in 2008.

Ireland is expected to be Europe’s fastest-growing economy this year after its exit from an international bailout in 2013, but the water issue has touched a raw nerve in a public wearied by years of austerity and frustrated by an uneven recovery.

Dec 4, 2014

Irish PM’s party slumps to third place in opinion poll

DUBLIN (Reuters) – Irish Prime Minister Enda Kenny’s Fine Gael party slumped into third place behind Sinn Fein in an opinion poll on Thursday as its popularity collapsed to an 11-year low amid a surge in support for independents.

Kenny’s party emerged from an international bailout Ireland completed a year ago as the most popular party but has had a wretched year, with recent mass protests against new water charges exposing frustration over an uneven economic recovery.

Dec 4, 2014

Ryanair raises profit forecast after surge in passengers

DUBLIN (Reuters) – Ryanair (RYA.I: Quote, Profile, Research, Stock Buzz) raised its profit forecast for the second time in a month on Thursday following a 22 percent jump in passenger numbers in November as new high-frequency routes to mainstream European airports proved popular.

Since a pledge last year by outspoken Chief Executive Michael O’Leary to stop “unnecessarily pissing people off,” Ryanair has also shifted its focus to business travellers while cutting use of small regional airports.