Sinn Féin tries to form Dáil grouping

Sinn Féin tries to form Dáil grouping
Updated: 11:29, Saturday, 27 November 2010

Sinn Féin is attempting to form a new technical group in the Dáil after Pearse Doherty's victory in the Donegal South West by-election yesterday.


Pearse Doherty - Elected as TD for Donegal South West
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Sinn Féin is attempting to form a new technical group in the Dáil after Pearse Doherty's victory in the Donegal South West by-election yesterday.
The party has already approached the Independent TD for Dublin North Central Finian McGrath.
It is understood Mr Doherty will discuss the proposal with Independent TD Maureen O'Sullivan over the weekend.
The group of seven TDs would be entitled to extra speaking time in the Dáil if an agreement is reached.
Sinn Féin could also move its motion of no confidence in the Government.
There are tactical arguments against such a move, as it may encourage Government TDs to close ranks, but it would certainly put pressure on the Government and the other Opposition parties.
Mr Doherty was elected after the fourth count without reaching the quota.
He took the seat vacated by Fianna Fáil's Pat 'The Cope' Gallagher, who was elected to the European parliament in June 2009

€13 billion outflow of AIB deposits

Updated: 18:39, Friday, 19 November 2010

AIB has said the amount of money on deposit at the bank has fallen by €13 billion since the start of the year.

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AIB trading statement - Profits down in all businesses

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Business Today: Conor Brophy looks in detail at AIB's latest trading update

AIB has said the amount of money on deposit at the bank has fallen by €13 billion since the start of the year. The figure came in a trading update issued by the bank this afternoon.

The bank said the reduction was mainly due to an outflow of money from companies and financial institutions. Most of the outflow occurred in the third quarter of the year.

AIB said funding conditions for the bank in recent months had been increasingly tough, and as a result it had received a range of funding from central banks.

The bank said talks going on at the moment between the Government, EU, IMF and others were likely to affect the banking sector.

It said profits in all of its businesses - excluding loan losses - were lower compared with last year, with income affected by lower business volumes and the higher costs of the Government guarantee scheme.

AIB said the percentage of its mortgage customers in arrears continued to rise in the three months to the end of September, though not as quickly as in the second quarter. 2.6% of its owner-occupier mortgages are in arrears for more than 90 days compared with 2.1% at the end of June. It said future changes in these figures would be strongly influenced by the rate of unemployment.

The bank said the number of loans in danger of not being re-paid, known as 'criticised' loans, increased again in the third quarter of this year, especially in Ireland, as the property market remained weak. It did not give detailed figures, however. One factor in the increase is €4.4 billion of loans which will not now be transferred to the National Asset Management Agency. The Central Bank has estimated that losses on these will be 56%.

AIB also plans to raise more money to meet the €10.4 billion target set by the Central Bank as a result of its decision to halt the planned sale of its UK business. The bank now aims to raise €6.6 billion, rather than the previous €5.4 billion. This will be underwritten by the National Pensions Reserve Fund Commission, meaning the State is likely to have to take an even bigger stake than previously thought.

The bank said staff numbers at the bank had fallen by 600 over the last 12 months.

Shares in the bank closed up 4.6% at 44 cent in Dubli
n

Welcome from Jerry Cowley General Election Candidate for Mayo

Welcome from Jerry Cowley General Election Candidate for Mayo

Thank you for taking the time to visit my web pages. Some people may be familiar with my long and impressive track record as a campaigner on a range of community issues in Mayo and as an effective and energetic representative of the county in the Dail in the period between 2002 and 2007.

In April 2010, I joined the Labour Party, this is a significant step for me personally and it is a step that I hope will contribute to the expansion and development of the Labour Party in the West of Ireland.

I am proud of what I managed to achieve for the people of Mayo as a TD between 2002 and 2007, but the experience also conveyed to me the limits of what an Independent could do. I am convinced that the Labour Party will be in government after the next election and I want to see a Labour TD returned for Mayo to be part of Eamon Gilmore's team.

I have greatly admired Eamon Gilmore's approach since he was elected Leader of the Labour Party. I have been impressed by his determination to expand the Labour Party in the West of Ireland. As a native of this region, he understands the concerns and values of the people of the West of Ireland.

I look forward to working with Labour to bring about the change of government that is now so essential for national recovery.

Regards

Jerry

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TEEU calls for civil unrest campaign

TEEU general secretary Eamon Devoy says country is on the brink of significant civil unrest. Photograph: Matt Kavanagh

MARTIN WALL, Industry Correspondent

One of the country’s largest trade unions has passed a motion calling for a campaign of civil disobedience if the Government does not hold a general election.

An overwhelming majority of the Technical Engineering and Electrical Union (TEEU) voted in favour of the motion at the union's biennial conference in Galway today.

The emergency motion, which was put forward by the union’s executive, “condemns the Government for its criminal negligence in the management of the economy and for colluding with the banks in misleading the Irish people as to the seriousness of the crisis we face”.

It says that “this policy of economic sabotage has led to the betrayal of our country and to the loss of the last shreds of our economic sovereignty.

“We now call on the Government to resign, hold a general election and face the verdict of the electorate.

“If the Government persists in clinging to power we call on the Irish Congress of Trade Unions and other civil society organisations to launch a campaign of civil disobedience to force an election on a regime that has no principles and no objective beyond staying in office for as long as possible”.

Separately, it is understood the European trade union organisation Etuc has urged that the IMF/European Commission/ European Central Bank team in talks on the proposed rescue package for the State should meet the social partners.

The request was made by the general secretary of Etuc John Monks in a letter sent yesterday to the EU commissioner for economic and monetary affairs Olli Rehn.

Yesterday Shay Cody, general secretary of Impact, the largest public service union in Ireland, also urged that such a meeting should take place.

In his address to the TEEU conference today, the general secretary of the union, Eamon Devoy, is expected to argue that “we are on the brink of significant civil unrest in this country, the like of which has not been witnessed in this jurisdiction for decades”.

It is understood that he will strongly criticise the Government’s plan to take €6 billion out of the economy in the next budget.

“When the draconian measures being proposed are heaped on top of the €14.5 billion cuts already implemented in the last three brutal budgets, life in Ireland will be unbearable.”

Mr Devoy is expected to urge union members that in the next election, they should “vote for candidates who address the needs of working people”

The Taoiseach has rejected Opposition calls for him to resign,

The Taoiseach has rejected Opposition calls for him to resign, saying the Government has a job to do to address the Budget and the four-year economic plan.

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Brian Cowen - Govt seeking best outcome for Irish people

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One News: Taoiseach rejects Opposition calls for his resignation

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Morning Ireland: Remainder of IMF delegation arrives to discuss support

Taoiseach Brian Cowen has rejected Opposition calls for him to resign, saying the Government had a job to do to address the Budget, a four-year economic plan and problems facing the euro.

Labour Party leader Eamon Gilmore had called on Mr Cowen to step down, after what he called the 'blackest week' in Irish history since the Civil War.

Fine Gael leader Enda Kenny said Mr Cowen and his Government should resign in disgrace, while Sinn Féin TD Caoimhghín Ó Caoláin said they should resign in shame.

Mr Cowen said that talks between the Government and officials from the International Monetary Fund, the European Commission and the European Central Bank on Ireland's debt crisis were going well.

The Government is seeking 'the best possible outcome for the Irish people', he added, and planned to chart its own way forward.

He said that while the country would keep many of the economic gains it had made, the talks could mean Ireland would have to take a step back in order to progress again.

Mr Kenny voiced his anger saying: 'The Government's appalling incompetence has resulted in the arrival of the IMF in this country and the potential sacrifice of our hard-fought economic sovereignty.

'The Government does not have the mandate or the authority to negotiate on behalf of the Irish people with the IMF and the EU.'

Green Party leader John Gormley has meanwhile rejected calls for a General Election, saying the country is facing important decisions that cannot be taken during a campaign.

Mr Gormley said the arrival of the IMF could be a 'positive', as it offers the opportunity to restructure Ireland's economy in a way that should have been done years ago.

The Minister for the Environment told RTÉ News that if an election was called, there would be a caretaker Government that would have to conduct negotiations with the IMF, with no Opposition in place.

He said an election date could have been worked out when Opposition leaders met the Government to discuss a possible consensus, but it became clear that there was no prospect of cooperation.

Asked about Government denials of talks with the IMF, he said the distinction between discussions and negotiations 'was a Jesuitical one' that went over the heads of most people.

Mr Gormley acknowledged that there was a need for better communication by the Government.

However, he said that the Green Party was in Government to do its best to secure necessary changes.

Rabbitte accuses Govt of destroying economy

Last night, Labour Party TD Pat Rabbitte accused the Government of destroying the economy and of engaging in lies over the weekend.

Speaking on RTÉ's Prime Time, Mr Rabbitte directed his comments at the Government representative on the programme, Minister for Community, Equality & Gaeltacht Affairs Pat Carey.

However, Mr Carey accused Mr Rabbitte of engaging in polemic and of offering no solutions to the current difficulties.

He said the Government was determined to face up to its responsibilities.

Meanwhile, Minister for Health Mary Harney has said blame for the country's financial state lies with bank regulators, not with the Government.

She said the situation the country found itself in was completely unacceptable and very sad.

Speaking at a function in St Vincent's University Hospital in Dublin, Minister Harney also questioned whether the benchmarking process should have been introduced.

She said that in hindsight, public sector pay should have been compared with public sector pay in other countries, instead of private sector pay here.

The Government's four-year plan will be published early next week and was almost finished, following an eight-hour Cabinet meeting yesterday, she added

Palin believes she could beat Obama in 2012

Updated: 15:54, Thursday, 18 November 2010

Former Republican vice-president candidate Sarah Palin says she thinks she could beat President Barack Obama in 2012, sending more signals she may run in the next election.

'Sarah Palin's Alaska' -Promotes the scenic wonders of her home state and stars Ms Palin and her family

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Former Republican vice-president candidate and Tea Party champion Sarah Palin says she thinks she could beat President Barack Obama in 2012, sending more signals she may run for the Republican presidential nomination in the next election.

Ms Palin was John McCain's vice presidential nominee in 2008 and a former governor of Alaska.

She is doing nothing to discourage speculation she might join what is expected to be a large Republican field of presidential contenders.

The latest signal from Ms Palin came in an interview with ABC News on 'Barbara Walters' 10 Most Fascinating People show to air 9 December.

'I'm looking at the lay of the land now, and ... trying to figure that out, if it's a good thing for the country, for the discourse, for my family, if it's a good thing,' Ms Palin said.

Asked by Ms Walters, 'If you ran for president, could you beat Barack Obama?'

'I believe so,' Ms Palin said.

She has been getting publicity lately with a programme on the TLC network called 'Sarah Palin's Alaska', which promotes the scenic wonders of her home state and stars Ms Palin and her family.

The eight-part TV series coincides with a 16-stop tour she begins next week for her second book, 'America by Heart'.

Ms Palin talked about her presidential prospects in an interview with The New York Times Sunday Magazine, which published a profile yesterday.

She usually restricts her interviews to Fox News, where she is a paid political commentator.

'I'm engaged in the internal deliberations candidly, and having that discussion with my family, because my family is the most important consideration here,' she told the magazine.

She said 'proving my record' would be her biggest hurdle.

'That's the most frustrating thing for me - the warped and perverted description of my record and what I've accomplished over the last two decades,' she said.

President Obama suffered a serious reverse two weeks ago when Republicans defeated his Democrats in midterm elections, winning control of the House of Representatives.

The 46-year-old is viewed warmly among the conservative Republican base but sceptically by other Americans.

A Gallup Poll last week said 52% of Americans viewed her unfavourably, the highest percentage holding a negative opinion of her since the 2008 campaign.

A host of other Republicans are also pondering a run for their party's 2012 nomination for the right to challenge Mr Obama.

They include former Massachusetts Governor Mitt Romney, outgoing Minnesota Governor Tim Pawlenty, former House Speaker Newt Gingrich, Mississippi Governor Haley Barbour and South Dakota Senator John Thune.

Mr Gingrich told reporters in Iowa on Tuesday he would make a decision probably in February or March.

The first Republican presidential debate is planned for spring at Ronald Reagan's presidential library in Simi Valley, California

Honohan Says Ireland Likely to Tap `Substantial' EU-IMF Loan

By Dara Doyle and Simone Meier - Nov 18, 2010 9:46 AM Gnt

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Irish central bank Governor Patrick Honohan. Photographer: Andrew Harrer/Bloomberg

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Nov. 18 (Bloomberg) -- Bloomberg's Elliott Gotkine reports from Dublin on European Union talks with Ireland on accepting a bailout for its national finances and the banking system. (Source: Bloomberg)

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Nov. 18 (Bloomberg) -- Will Duff Gordon, senior research analyst at Data Explorers, talks about Irish bond purchases. He speaks with Maryam Nemazee on Bloomberg Television's "On The Move." (Source: Bloomberg)

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Nov. 18 (Bloomberg) -- Andre Sapir, a senior fellow at Bruegel, talks about European sovereign debt and the Irish economy. He speaks from Brussels with Maryam Nemazee on Bloomberg Television's "Countdown." (Source: Bloomberg)

The city centre and the River Liffey is viewed across Dublin's skyline. Photographer: Crispin Rodwell/Bloomberg

Irish central bank Governor Patrick Honohan said he expects the country to ask for a bailout from the European Union and the International Monetary Fund worth “tens of billions” of euros to rescue its battered banks.

Ireland will probably pay an interest rate close to 5 percent, he said in an interview with Irish state broadcaster RTE today. A final decision hasn’t been reached, he said. A 5 percent rate would be similar to that offered to Greece when it requested a bailout in April.

“It is my expectation that will happen, absolutely,” said Honohan, who was speaking from Frankfurt, where he is attending a regular European Central Bank Governing Council meeting. “It will be a large loan because the purpose of the amount to be advanced, or to be made available, is to show Ireland has sufficient firepower to deal with any concerns of the market. We’re talking about a substantial loan.”

EU, IMF and ECB officials fly into Dublin today to study the books of the country’s lenders as European policy makers put pressure on Ireland to accept a bailout to prevent contagion spreading through the euro area. Honohan is the first Irish official to say publicly that the country will need aid. Finance Minister Brian Lenihan said after a meeting of euro-region finance ministers on Nov. 16 that aid was “not inevitable.”

‘Take the Money’

Irish Energy Minister Eamon Ryan said today that Honohan had “put it well” and that he had “no problem” accepting aid on the right terms if it was needed. RTE said an announcement on aid could be made in two weeks, without citing anyone.

“There is no point in being in denial anymore,” said Alan McQuaid, chief economist at Bloxham Stockbrokers in Dublin. “We need to take the money and get on with it.”

Irish bonds rose after the remarks, pushing the yield on the country’s 10-year debt down 10 basis points to 8.22 percent as of 9:43 a.m. in Dublin. The premium investors charge to hold the bonds rather than benchmark German bunds narrowed to 537 basis points from 554 basis points yesterday. The so-called yield spread reached a record 652 basis points on Nov. 11.

“The purpose of this whole exercise is to provide reassurance to international markets, to our partners in Europe, that the policy stance that the government is adopting is designed, and will be effective in, getting us back on a stable debt trajectory,” Honohan said. “They will also want to provide assurance” that the banks have “adequate capital resources.”

‘Spilling Over’

EU Economic and Monetary Affairs Commissioner Olli Rehntold reporters on Nov. 16 that Ireland’s banking woes are “spilling over to the sovereign.” Euro-region finance ministers said in a statement the same day that they will take “determined and coordinated action to safeguard the financial stability of the euro area, if needed.”

“The question is the size of the program,” said Juergen Michels, chief euro-region economist at Citigroup Inc. in London, who estimates any loan would have to be about 90 billion euros to 100 billion euros. “Even with a package, it won’t solve the problem in the longer run. Markets could well start to focus on Portugal or Spain.”

Honohan said it’s “true that the banks need additional confidence” even after the government pumped billions of euros into lenders including Allied Irish Banks Plc and Anglo Irish Bank Corp. “Our efforts, the huge sums put in by the government to support the banks, have not generated sufficient confidence yet” among investors,” he said.

ECB President Jean-Claude Trichet may make his first public comments on a potential Irish bailout when he speaks on a panel at 2:30 p.m. in Frankfurt today. Trichet is disappointed that Ireland didn’t apply immediately for aid two days ago, the Irish Times said today, citing an EU diplomat