All posts in Business News

21 Oct 2013

Concerns over ESB pensions scheme changes

Emails between senior managers at the ESB seen by RTÉ’s This Week programme have raised what Sinn Féin’s Mary-Lou McDonald has described as “serious concerns”.
In 2010, unions and the ESB concluded an agreement to address a €2bn deficit it the company pension scheme.

17 Oct 2013

Noonan to continue seeking bank recapitalisation

Ireland will continue to campaign for retrospective direct recapitalisation of its banks by the ESM fund despite continuing German opposition to the move, Minister for Finance Michael Noonan said yesterday.

17 Oct 2013

Coalition looks to bailout exit as Ministers defend tough budget

TDs in both Coalition parties have expressed relief at the public reaction to the budget.

Senior figures from both parties believe the budget marks the turning point in the lifetime of the Coalition, with austerity and high unemployment about to give way to growth and jobs.

17 Oct 2013

International reaction to Budget 2014

Much of the international coverage of the budget focused on Minister for Finance Michael Noonan’s pledge to tackle the use of stateless Irish companies by US multinationals to lower their taxes . However in France and Germany, coverage of austerity featured strongly.

17 Oct 2013

Five things you won’t see in this year’s budget

A cut in the number of Dáil deputies:

Ireland currently has 166 TDs representing 43 constituencies throughout the State. Although the Government said it would reduce the number of TDs back in 2011, it proposed cutting deputies by only eight overall.

17 Oct 2013

SFA Budget 2014 Reaction

Roll over relief on Capital Gains Tax positive for entrepreneurs and small business

Concerns bank levy will be passed onto business and consumers

Continued pension funds money grab very negative

16 Oct 2013

Budget 2014 in quotes

As Budget speeches go, it was workaday performance from Michael Noonan to a nation jaded by austerity.
Hardly renowned for barnstorming theatrics, the Finance Minister delivered his latest multibillion-euro package of cutbacks and tax hikes with near resignation.

Apart from a flourish of humanity, borrowed from poet and one-time senator WB Yeats, Mr Noonan stuck to his straight-speaking style for a measured delivery which was quietly absorbed.

More spirited was Brendan Howlin, Minister for Public Expenditure and Reform, as he took the baton to detail the public spending cuts. Heckles, if not histrionics, were raised as he took aim at Fianna Fáil on the Opposition benches, whom he blamed for putting him in the position he was in.

Quotes of the day included:

:: “There will be no promissory notes, there will be no Anglo Irish Bank and there will be no bank guarantee. We will have exited the programme and Ireland will have been handed back her purse.” – Mr Noonan on a post-bailout Ireland in the new year.

:: “The last six years has left both emotional and physical scars on this country.” – Mr Howlin on measures to deal with the housing crisis, including a package for Priory Hall.

:: “Even the dead are not safe from this Government” – Michael McGrath, Fianna Fáil finance spokesman, on the cuts to bereavement grants.

:: “As WB Yeats said in Easter 1916, ’too long a sacrifice can make a stone of the heart’. I know that there is a view that the consolidation should go further, but people have already made many sacrifices.” – Mr Noonan, claiming the Budget could have been worse.

:: “What have you got against young mothers?” – Mr McGrath to the finance minister on maternity benefits cuts.

: “We’ve just been told we can be seen from space for the first time with all the hi-vis jackets.” – A protester outside Leinster House on the number of gardai compared to the low turnout of demonstrators.

:: “Making my estimates speech last year, I said I was confident that, as a people, we would come through this mess – a mess created by those opposite and which endangered the very viability of our State. Today I am more than confident, I am certain.” – Mr Howlin on the past and the future.

:: “The tax rate is settled policy. We are 100% committed to the 12.5% corporation tax rate. This will not change.” – Mr Noonan stands firm but says Ireland will tighten laws linked to tax avoidance.

:: “You are pitting grandparent against grandchild to make pitiful savings and people can see through it.” – Pearse Doherty, Sinn Féin finance spokesman, berates the Government over the Budget.

:: “This is a generation that if it doesn’t have it doesn’t spend.” – Eamon Timmins, of Age Action, on budget cuts on the elderly.
:: “Nobody is ideologically committed to austerity. Austerity is what is left, after Fianna Fáil in government drove the economy into the ground and led us beholden, like the famine victims of old, to seek relief outside this country.” – Mr Howlin takes aim at the Opposition benches, as he defends his spending cuts.

“Taoiseach and Tánaiste, you have dried the marrow from the bones of ordinary Irish working people the length and breadth of this State.” – Mr Doherty on the years of austerity under the Fine Gael/Labour coalition.

“This is not in the best interest of women, their children or indeed society as a whole.” – Orla O’Connor, director of National Women’s Council of Ireland (NWCI), on maternity benefits cuts.

“Enda has great hair, speaks great Irish, looks good for the cameras – but it’s all a facade.” – Activist Liam Mac an Bhaird at a small demonstration outside Leinster House.

16 Oct 2013

No repayment likely from EU for our bank bailouts

GERMAN Finance Minister Wolfgang Schaeuble has said Europe’s bailout pot is unlikely to be available to help Ireland recover part of the cost of our bank bailouts.

16 Oct 2013

Ireland’s bailout programme ‘a success’ – Asmussen

Jörg Asmussen, a member of the European Central Bank executive board, has said that he expects Ireland to exit the bailout by the end of the year.

He said Ireland’s bailout programme had been a success, but he said there were still “pending risks” in the banking sector.

16 Oct 2013

Budget 2014: What it means for business

The decision to reduce the size of fiscal adjustment from €3.1 billion to €2.5 billion was the correct one and will soften the negative impact of the budget on economic growth. The budget also included a number of welcome initiatives to support business and