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01/10/2008
Ireland's Financial Practices Face Total Overhaul
Government decisions in the last few days are to profoundly reshape the way Ireland will operate financially.
Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
The move is in essence an ideological shift, a rejection of Ireland's journey towards a free market economy, and is potentially a nationalisation of the major financial institutions in the state.
The Bill gives the Minister for Finance unprecedented powers to stop financial institutions from collapsing, and allows for competition law to be set aside to allow previously outlawed bank mergers to take place.
In another historic move, mirroring a recently failed deal in the United States, the Irish government have provided a state guarantee for the six main Irish banks, in scheme that will use €400 billion of public money as guarantor to help stimulate the market.
The move is widely being seen as very risky, as the €400 billion guarantee is more than double Ireland's GDP of €190 billion, and has the potential to bankrupt the entire country.
Announcing the 'Credit Institutions (Financial Support) Bill', the Minister for Finance, Brian Lenihan, told the Dáil last night that it was not about protecting the interests of the banks but about safeguarding the economy and everyone who lived and worked in the country.
He added that the guarantee to the banks was not "free" and taxpayers would be remunerated for the value of the support provided.
The Labour however wanted the Government to go one step further, and are seeking an amendment to the bill to seek a cap on the salaries of bank bosses.
The proposal is amongst 12 amendments sought by the party, which a spokesman said are designed to protect the taxpayers money, provide for increased supervision by the Oireachtas of the rescue package, and allow for the establishment of an independent oversight board.
(DW)
Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
The move is in essence an ideological shift, a rejection of Ireland's journey towards a free market economy, and is potentially a nationalisation of the major financial institutions in the state.
The Bill gives the Minister for Finance unprecedented powers to stop financial institutions from collapsing, and allows for competition law to be set aside to allow previously outlawed bank mergers to take place.
In another historic move, mirroring a recently failed deal in the United States, the Irish government have provided a state guarantee for the six main Irish banks, in scheme that will use €400 billion of public money as guarantor to help stimulate the market.
The move is widely being seen as very risky, as the €400 billion guarantee is more than double Ireland's GDP of €190 billion, and has the potential to bankrupt the entire country.
Announcing the 'Credit Institutions (Financial Support) Bill', the Minister for Finance, Brian Lenihan, told the Dáil last night that it was not about protecting the interests of the banks but about safeguarding the economy and everyone who lived and worked in the country.
He added that the guarantee to the banks was not "free" and taxpayers would be remunerated for the value of the support provided.
The Labour however wanted the Government to go one step further, and are seeking an amendment to the bill to seek a cap on the salaries of bank bosses.
The proposal is amongst 12 amendments sought by the party, which a spokesman said are designed to protect the taxpayers money, provide for increased supervision by the Oireachtas of the rescue package, and allow for the establishment of an independent oversight board.
(DW)
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28 July 2009
Northern Confidence Rising, Says Bank
A new survey in the North has revealed a significant reduction in the number of people there who are pessimistic about their anticipated financial position over the coming year. Consumer confidence in Northern Ireland rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
Northern Confidence Rising, Says Bank
A new survey in the North has revealed a significant reduction in the number of people there who are pessimistic about their anticipated financial position over the coming year. Consumer confidence in Northern Ireland rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
30 September 2008
'No Frills' Bank Accounts Urged To Combat Financial Exclusion
Universal, no-frills bank accounts should be introduced to bring financially excluded people into the banking system, the Combat Poverty Agency has urged. The agency said that 10% of Irish adults do not have any type of bank account and one in five households do not have a current account.
'No Frills' Bank Accounts Urged To Combat Financial Exclusion
Universal, no-frills bank accounts should be introduced to bring financially excluded people into the banking system, the Combat Poverty Agency has urged. The agency said that 10% of Irish adults do not have any type of bank account and one in five households do not have a current account.
02 October 2008
Government Move May Drive Up Bank Charges
Today's unprecedented move by the Irish Government to put €400 billion of taxpayers money up as a guarantee for Irish banks, may have had unforeseen consequences in the form of spiralling bank charges. Reports this morning (Thursday) have revealed banks are poised to increase credit card rates, current account charges and overdraft costs.
Government Move May Drive Up Bank Charges
Today's unprecedented move by the Irish Government to put €400 billion of taxpayers money up as a guarantee for Irish banks, may have had unforeseen consequences in the form of spiralling bank charges. Reports this morning (Thursday) have revealed banks are poised to increase credit card rates, current account charges and overdraft costs.
02 March 2009
Ahern's Anger Sparks Robbery Action
Hours after the biggest bank robbery to date left a senior Government Minister seething, a review of security at the main financial institutions is to take place. Dermot Ahern, the Irish Justice Minister, is infuriated that agreed procedures weren't followed by the bank staff.
Ahern's Anger Sparks Robbery Action
Hours after the biggest bank robbery to date left a senior Government Minister seething, a review of security at the main financial institutions is to take place. Dermot Ahern, the Irish Justice Minister, is infuriated that agreed procedures weren't followed by the bank staff.
10 February 2010
Cowen Reassures As Opposition Panics Over Bank Withdrawal
The Taoiseach has stepped in to reassure Halifax customers after the bank announced this morning it was pulling out of the Irish market. Meanwhile however, the Opposition party Fine Gael have been prompted to ask if other banks are following the move.
Cowen Reassures As Opposition Panics Over Bank Withdrawal
The Taoiseach has stepped in to reassure Halifax customers after the bank announced this morning it was pulling out of the Irish market. Meanwhile however, the Opposition party Fine Gael have been prompted to ask if other banks are following the move.
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
