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23/04/2010
Report Sees Ireland Slide Below Greece
Ireland's financial standing in Europe has taken a dramatic shift this morning after a European ruling that it's bailing out of Anglo was not an investment but "spending".
The ruling by Eurostat, the European commission's statistical body, yesterday forced the Government retrospectively to revise up its deficit figures for 2009 from €19.35 billion to €23.35 billion.
This means Ireland had the biggest deficit – or difference between borrowing and capital - in the European Union last year, even larger than both the struggling Greece and the UK.
Speaking in response to the news, Finance Minister Brian Lenihan said: "This is a once-off impact, and will not affect the Government’s stated budgetary aim of reducing the deficit to below 3% of GDP by 2014.”
Mr Lenihan called the finding a "technical reclassification” and said there was no additional borrowing associated with it.
However, Fine Gael's Richard Bruton said the Government had, yet again, got their Budget figures wrong and that the EU had "shot down" Fianna Fáil claims that Anglo bail out monies of €4bn last year were a financial investment.
Mr Bruton said: "Eurostat has this morning confirmed that the Taoiseach and his Minister for Finance were wrong on this issue because there is no prospect of a return on this bail out. The Anglo bail out monies are now to be counted as spending for deficit purposes with the result that Ireland now has a higher deficit than Greece and is worst placed of all EU members on this front.
"The budgetary impact of today’s news is very serious. It means that if the Government is to meet its 3% budget deficit figure by 2014, as agreed with the European Commission, it will have to find significant additional savings. With an estimated €21bn to be pumped into Anglo and INBS over the next ten years the Government will have to find an average of €2bn in extra savings each year for the next four years just to meet their own targets.
"To put that into context, the total savings made last year from public sector pay cuts was just over €1bn."
(DW/BMcC)
The ruling by Eurostat, the European commission's statistical body, yesterday forced the Government retrospectively to revise up its deficit figures for 2009 from €19.35 billion to €23.35 billion.
This means Ireland had the biggest deficit – or difference between borrowing and capital - in the European Union last year, even larger than both the struggling Greece and the UK.
Speaking in response to the news, Finance Minister Brian Lenihan said: "This is a once-off impact, and will not affect the Government’s stated budgetary aim of reducing the deficit to below 3% of GDP by 2014.”
Mr Lenihan called the finding a "technical reclassification” and said there was no additional borrowing associated with it.
However, Fine Gael's Richard Bruton said the Government had, yet again, got their Budget figures wrong and that the EU had "shot down" Fianna Fáil claims that Anglo bail out monies of €4bn last year were a financial investment.
Mr Bruton said: "Eurostat has this morning confirmed that the Taoiseach and his Minister for Finance were wrong on this issue because there is no prospect of a return on this bail out. The Anglo bail out monies are now to be counted as spending for deficit purposes with the result that Ireland now has a higher deficit than Greece and is worst placed of all EU members on this front.
"The budgetary impact of today’s news is very serious. It means that if the Government is to meet its 3% budget deficit figure by 2014, as agreed with the European Commission, it will have to find significant additional savings. With an estimated €21bn to be pumped into Anglo and INBS over the next ten years the Government will have to find an average of €2bn in extra savings each year for the next four years just to meet their own targets.
"To put that into context, the total savings made last year from public sector pay cuts was just over €1bn."
(DW/BMcC)
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14 June 2010
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
15 May 2014
Co Antrim Firm Wins New £10m Manufacturing Contract
Toomebridge, Co Antrim-based firm SDC Trailers have won a new £10m contract to supply trailers to hire company Hireco. It follows the news that the company won a £1.25m contract with Saudi company Rezayat Group in February. The new Hireco contract will bring the total number of trailers manufactured by SDC for the firm to 5,000.
Co Antrim Firm Wins New £10m Manufacturing Contract
Toomebridge, Co Antrim-based firm SDC Trailers have won a new £10m contract to supply trailers to hire company Hireco. It follows the news that the company won a £1.25m contract with Saudi company Rezayat Group in February. The new Hireco contract will bring the total number of trailers manufactured by SDC for the firm to 5,000.
28 July 2009
Consumer Confidence Rising, Says Bank
A new NI-based survey has revealed a significant reduction in the number of people who are pessimistic about their anticipated financial position over the coming year. Local consumer confidence rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
Consumer Confidence Rising, Says Bank
A new NI-based survey has revealed a significant reduction in the number of people who are pessimistic about their anticipated financial position over the coming year. Local consumer confidence rose to its highest level in 10 months in June suggesting that economic stability is helping to shed some of the recessionary gloom.
20 April 2004
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
11 July 2001
SAFEWAY MAKE STRONG START TO NEW FINANCIAL YEAR
SAFEWAY has recorded significant sales increases in the first quarter of the financial year for all its retail operations throughout the province. Overall sales, stimulated by the growth of new stores opened last year, grew by 6.3 per cent compared with last year.
SAFEWAY MAKE STRONG START TO NEW FINANCIAL YEAR
SAFEWAY has recorded significant sales increases in the first quarter of the financial year for all its retail operations throughout the province. Overall sales, stimulated by the growth of new stores opened last year, grew by 6.3 per cent compared with last year.
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
