Schools' work experience programme extended

Schools will be able to employ teachers and other staff without paying them as part of a FÁS work experience Slave Labour programme that has been extended today.

Schools will be able to employ teachers and other staff without paying them as part of a FÁS work experience programme that has been extended today.

Under the Work Placement Programme, schools will be able to employ for up to 40 hours a week and for up to nine months people who are currently unemployed.

Tánaiste and Minister for Education Mary Coughlan said the move would help unemployed people keep their skills up and gain valuable work experience.

Anyone brought in under the work experience scheme cannot displace another staff member and cannot fill a vacant post.

Schools may use the Work Placement Programme to engage teachers as well as non-teaching graduates and non-graduates.

The announcement comes after the Department of Education on Friday announced a freeze on the filling of vacant permanent teaching posts.

On Friday, the department also instructed schools to cut the pay of secretaries and other ancillary staff by 5%.

http://www.rte.ie/news/2010/1129/education.html

Government Statement on the announcement of joint EU - IMF Programme

Government Statement on the announcement of joint EU - IMF Programme for Ireland.

The Government today agreed in principle to the provision of €85 billion of financial support to Ireland by Member States of the European Union through the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism; bilateral loans from the UK, Sweden and Denmark; and the International Monetary Fund's (IMF) Extended Fund Facility (EFF) on the basis of specified conditions.
The State's contribution to the €85 billion facility will be €17.5 billion, which will come from the National Pension Reserve Fund (NPRF) and other domestic cash resources. This means that the extent of the external assistance will be reduced to €67.5 billion.

The purpose of the external financial support is to return our economy to sustainable growth and to ensure that we have a properly functioning healthy banking system.

The external support will be broken down as follows: €22.5 billion from the European Financial Stability Mechanism (EFSM); €22.5 billion from the International Monetary Fund (IMF); and €22.5 billion from the European Financial Stability Fund (EFSF) and bilateral loans. The bilateral loans will be subject to the same conditionality as provided by the programme.

The facility will include up to €35 billion to support the banking system; €10 billion for the immediate recapitalisation and the remaining €25 billion will be provided on a contingency basis. Up to €50 billion to cover the financing of the State. The funds in the facility will be drawn down as necessary, although the amount will depend on the capital requirements of the financial system and NTMA bond issuances during the programme period.

If drawn down in total today, the combined annual average interest rate would be of the order of 5.8% per annum. The rate will vary according to the timing of the drawdown and market conditions.
The assistance of our EU partners and the IMF has been required because of the present high yields on Irish bonds, which have curtailed the State's ability to borrow.
Without this external support, the State would not be able to raise the funds required to pay for key public services for our citizens and to provide a functioning banking system to support economic activity. This support is also needed to safeguard financial stability in the euro area and the EU as a whole.

Programme for Support
 
The Programme for Support has been agreed with the EU Commission and the International Monetary Fund, in liaison with the European Central Bank. The Programme builds on the bank rescue policies that have been implemented by the Irish Government over the past two and a half years and on the recently announced National Recovery Plan.

The Programme lays out a detailed timetable for the implementation of the measures contained in the National Recovery Plan.

The conditions governing the Programme will be set out in the Memorandum of Understanding and the Government will work closely with the various bodies to ensure that these conditions are met. The funding will be provided in quarterly tranches on the achievement of agreed quarterly targets.

The Programme has two parts - the first part deals with bank restructuring and reorganisation and the second part deals with fiscal policy and structural reform.

The requirement for quarterly progress reports covers both parts of the programme. When the documentation on the Programme is finalised, it will be laid before the Houses of the Oireachtas.

Bank Restructuring and Reorganisation

The Programme for the Recovery of the Banking System will be an intensification of the measures already adopted by the Government. The programme provides for a fundamental downsizing and reorganisation of the banking sector so it is proportionate to the size of the economy. It will be capitalised to the highest international standards, and in a position to return to normal market sources of funding.

Fiscal Policy and Structural Reform 

The Ecofin has acknowledged the EU Commission's analysis that a further year may be required to achieve the 3% deficit target. This analysis is based on a more cautious growth outlook in 2011 and 2012 and the need to service the cost of additional bank recapitalisations envisaged under the programme.

The Council has today extended the time frame by 1 year to 2015.

The Programme endorses the Irish Government's budgetary adjustment Plan of €15 billion over the next four years, and the commitment for a substantial €6 billion frontloading of this plan in 2011.

The details of the Programme closely reflects the key objectives set out in the National Recovery Plan published last week.

The adjustment will be made up of €10 billion in expenditure savings and €5 billion in taxes.
The Programme endorses the structural reforms contained in the Plan which will underpin a return to sustainable economic growth over the coming years.

The Government welcomes the support shown to Ireland by our Eurozone partners and in particular by the United Kingdom, Sweden and Denmark who have expressed their willingness to offer bilateral assistance.
The Government also welcomes the assistance of the IMF.

As part of the Programme, Ireland will discontinue its financial assistance to the Loan Facility to Greece. This commitment would have amounted to approximately €1 billion up to the period to mid-2013.

http://www.rte.ie/news/2010/1128/govtstatement.html

Eurozone agrees €85bn deal for Ireland

The European Union and the Government have announced they have agreed that Ireland will be provided with €85 billion in financial support.



Chair of the Eurogroup Jean Claude Junker said that the €85bn being made available to Ireland includes €10bn for recapitalisation of the banks, €25bn for banking contingencies and €50bn for budgetary financing needs.

The Government said in a statement that the State's contribution to the facility will be €17.5 billion, which will come from the National Pension Reserve Fund and other domestic cash resources.

http://www.rte.ie/news/2010/1128/economy.html

Thousands march against austerity measures

A crowd of up to 50,000 people have marched in protest against the introduction of spending cuts and tax increases by the Government.

More like 100,000 but thats RTE for ya!

Thousands of people have marched in protest against the introduction of spending cuts and tax increases by the Government.

Gardaí said that around 10,000 people started the march, however the crowd swelled to around 50,000 people as it moved down the quays.

Speakers at the march had estimated that the crowd was between 100,000 and 150,000.
A small group of around 400 protestors gathered outside Leinster House after the main rally had ended.
Bangers were lit and thrown among the gardaí along with snowballs and eggs. Some of the protestors were wearing masks and a poster with a picture of Brian Cowen on it was set on fire.

Kildare Street was closed to traffic for a short while, but many of the protestors have now left and the street has been re-opened.


http://www.rte.ie/news/2010/1127/economy.html

Cowens 4 year plan

ICTU Demonstration 27th November

Here are the details of the ICTU march planned for 27th November. As I have said in a previous thread - I have lost a lot of respect for the Trade Union movement but, nonetheless, I will be there on the day.

Assembly is at Wood Quay at 12.00 noon.

This is the moment we have to stand up and fight this corrupt government.
http://www.ictu.ie/

Irish government unveil 4 yr plan - Attempt to kill the poor

The Irish government today unveiled their 4 year plan Joke .

The plan attempts to kill of the poor and low piad whilst leaving the higher paid senior public servants virtually untouched.

Expect Riots on the streets of Dublin within a few weeks.


Main developments:
* €15bn correction over four years
* Public expenditure down €10bn, tax up €5bn
* Irish bank shares see big falls
* Corporation tax will remain at 12.5%
* Social Welfare to be cut by €2.8bn by 2014
* VAT will rise to 23% by 2014
* Health spending to fall by €1.4bn over term of the plan
* Minimum wage to fall to €7.65 per hour
* Property tax in place by 2012
* Domestic water charges to be in place by 2014
* Plan includes 'full implementation of the Croke Park deal
* New entrants to public service will face a 10% pay cut
* Public service pensions to be cut by an average of 4%



Leaflet

IMF urges cuts in minimum wage and dole payments and reduce payments the longer you claim.

THE INTERNATIONAL Monetary Fund has recommended gradually reduced dole payments and a drop in the minimum wage in a new position paper approved by its lead negotiator in Ireland.

The measures, which also advocate that more resources be given to Fás, are contained in an IMF staff position note posted on its website yesterday. It states that the document is approved by its head of mission in Ireland, Ajai Chopra, who is also the IMF’s deputy director in Europe.

The paper has examined the priorities for structural reform and governance in the euro area. In its country specific recommendations, it has stated that Ireland needs to introduce measures to tackle its high unemployment rate.

It recommended a “gradual decrease of benefits over time of unemployment and stricter job search requirements”. It also states that more resources should be provided to Fás to provide efficient job search assistance.

The paper has recommended a review of the minimum wage “to make it consistent with the general fall in wages”. This measure already forms part of the four-year austerity plan, to be published tomorrow.
It also suggests that public resources should be targeted to the “knowledge-based economy”.
In relation to attracting women into the labour force in several countries including Ireland it urges tax changes and better child care. The report says that “cutting labour income taxes paid by women by 5 percentage points” would increase the GDP by 1¾ percentage points.

The Government’s four-year plan will include measures to drive down costs to business in order to increase competitiveness, the Government’s economic adviser Alan Ahearne disclosed yesterday.
He said the plan would seek reductions in the costs of electricity, waste disposal, broadband and professional services such as legal fees.

The plan had been due to be published today but has been delayed for 24 hours because of efforts by the Green Party and by the Department of the Taoiseach to have key measures included in the document.

STATEMENT BY THE TAOISEACH AND FIANNA FAIL MEMBERS OF GOVERNMENT ON MONDAY, 22nd November 2010

There are occasions when the imperative of serving the national interest transcends other concerns, including party political and personal concerns.

This is one such occasion.

The vital national interests of this country require that financial stability be achieved:

by publishing a Four-Year Plan which sets out how the necessary €15 billion adjustment will be implemented by 2014;

by adopting a Budget which effects a €6 billion adjustment in 2011;

by taking the necessary legislative and other measures to give effect to the terms of the Budget; and

by concluding negotiations on a Programme for support from the European Union, the ECB and the IMF. These negotiations, in turn, are taking place in the context of the budgetary arrangements coming into effect.

It is a matter of the highest importance that Dáil Éireann should continue to consider and enact the relevant measures, and that the Government should continue to discharge its obligation to bring forward the necessary proposals.

There will be a time for political accountability to the electorate. The interests of the electorate, of all our people, will not be served by delaying, or worse still casting into doubt, the steps which are necessary to secure our economy and financial stability.

The Government will publish its Four-Year Plan next Wednesday; it will continue the negotiations with the EU, the ECB and with the IMF; it will present a Budget to the Dáil on 7th December and it will introduce the necessary Resolutions and legislation to give definitive effect to those measures.

We believe that there is a clear duty on all members of Dáil Éireann to facilitate the passage of these measures in the uniquely serious circumstances in which we find ourselves. The political and financial stability of the State requires no less.

It is the Taoiseach’s intention, at the conclusion of this budgetary process with the enactment of the necessary legislation in the New Year, to seek a dissolution of Dáil Éireann and to enable the people to determine who should undertake the responsibilities of Government in the challenging period ahead.

Gardai attack man protesting at government.

The Irish Garda attacked a man for protesting at the Irish government today after Brian Lenihan the Irish finance minister announced the government were set to ask the EU/IMF for a bail out.

Lenihan: Ireland to apply to IMF for rescue package

EU Finance Ministers are due to hold a conference call later this evening during which Ireland is expected to make a formal request for a financial rescue package.


An EU source said the request would be approved during the call.

It follows confirmation by Minister for Finance Brian Lenihan that he would be recommending to the Cabinet this afternoon that an application be made to the European Union and the International Monetary Fund.

Speaking on RTÉ's This Week, Mr Lenihan said he will propose the application to this afternoon's meeting of the Cabinet.

The Minister confirmed that discussions with the agencies had concluded yesterday evening.
Ireland will now be formally applying for a rescue programme and formal negotiations will begin.
He confirmed that the amount of money involved amounted to 'tens of billions' of euros but denied suggestions it would be as much as €70 or €80bn.

http://www.rte.ie/news/2010/1121/economy.html

Fianna Fail and the Greens new flag

Traitors of Ireland

Over at Politics.ie they have started a good thread in regards to Traitors of Ireland. You can Link directly to the thread HERE.

The ones that have made the list so far are as follows;

Sean Fitzpatrick

Brian Cowan

Da Bert

Charlie Mc

George Lee

Fianna Fáil and their cronies.

Cox

Sutherland

Greens

FF

Harney

Bankers

Enda Kenny

Senator Harris

Irish Financial Regulator

Central Bank of Ireland

Senior civil servants

Fine Gael and Labour as a pathetic opposition

Fianna Fail for behaving like a mafia without the violence

Brian Lenihan

Sean Fingelton

John Gormley

Mary Harney

Bertie Ahern,

Charlie McCrevy

Mr.(forget his first name) Neary

John Hurley

Secretary General of the dep. of Finance

Micheal McDowell

Gay Byrne

Joe Duffy

Ivor Calelly

Lowry and Jackie Healy-Rea

To see the full and growing list follow the link above

Enterprise minister says talks with EU and IMF like a poker game

Speaking at the Silicon Valley Comes to Ireland event in Dromoland Castle last night, Minister for Enterprise Batt O'Keeffe described the situation as being akin to a poker game.

"We've got to play poker over the next couple of days to see what cards these people have to play, what exactly they have in mind. We would like to see the colour of their money," Mr O'Keeffe said referring to any offers of financial assistance from the ECB or IMF.

He also said the Government "almost had" European Commission approval for the outline of its four-year plan which would be finalised in the coming days.

http://www.irishtimes.com/newspaper/frontpage/2010/1118/1224283628311.html

Keiser Report No 95

Keiser Report №95: Markets! Finance! Silver!

Lenihan on Newsnight 9th November 2010

Max Keiser talks about Ireland

Max Keiser

40,472 mortgage`s in arrears for more than 90 days, In value terms, €7.8 billion

The Central Bank of Ireland today published the latest data on mortgage arrears and repossessions for the period ended September 2010. The figures show that at end September 2010 there were almost 789,000 private residential mortgage accounts held in Ireland to a value of €117.4 billion. Of these 40,472 were in arrears for more than 90 days. Furthermore, the data shows that overall mortgage debt outstanding for private residential mortgages decreased by €316 million since the second quarter of 2010.

1. Arrears Data

As at end September 2010, 40,472 mortgage accounts, or 5.1%, were in arrears for more than 90 days of which 28,049, or 3.6% of the total mortgage accounts, were more than 180 days in arrears. In value terms, €7.8 billion was owed in relation to all accounts more than 90 days in arrears, of which €5.5 billion was owed for accounts more than 180 days in arrears. Mortgage accounts in arrears for more than 90 days increased by 11.1% since the end of June 2010.

There was an increase of 2.1% in the number of formal demands outstanding which have been issued by mortgage lenders bringing the total number outstanding to 5,576. In these cases the level of arrears amounts to €92.8 million on outstanding mortgages totalling just over €1.2 billion. There was also an increase in the level of outstanding arrears cases where court proceedings had been issued to enforce the debt/security on the mortgage. At the end of September 2010 there were 3,054 such cases which is an increase of 1% since the end of June 2010. In these cases the level of arrears amounted to €101.8 million on outstanding mortgages totalling €694 million

http://www.financialregulator.ie/press-area/press-releases/Pages/LatestArrearsandRepossessionsFiguresshow51ofmortgageaccountsinarrearsformorethan90days.aspx

Deferred mortgage interest scheme plan

The final report from the Expert Group on Mortgage Arrears and Personal Debt says the group is not recommending a formal debt forgiveness scheme.

The report from the group, chaired by Hugh Cooney, issues recommendations on measures to help in dealing with the difficulties created by the country's growing level of mortgage arrears.

The report has concluded that arrears levels will persist for some time and may get worse before they get better. However, it says that repossession levels in Ireland remain substantially lower than those seen in the UK and it also found that forbearance is working and is having a beneficial impact.

Today's report says that around 90% of mortgage accounts are being repaid in accordance with their contracts and and two thirds of rescheduled loans are paying at least full interest on their accounts.
In the key recommendations in today's final report, the expert group says that a deferred interest scheme should be introduced for borrowers who can pay at least 66% of the interest on their loan. This would give distressed borrowers five years to get back on their feet.

http://www.rte.ie/news/2010/1117/arrears-business.html

Cowen to get 80 Bill from the IMF in pictures

Brian pleads the case for an Irish bailout at IMF HQ







Brian senses things are going well!



Meanwhile Bertie says a prayer



Brian gets the cash!

 
Brian thinks of what he can spend the money on!



Brian has a drink to celebrate!



Oh dear, Brian has drunk too much!



Night Night Brian

Ireland 'in preliminary talks with EU on bailout'

The Republic of Ireland is in preliminary talks with EU officials for financial support, the BBC has learned.

It is now no longer a matter of whether but when the Irish government formally approaches the European Financial Stability Fund (EFSF) for a bailout.

The provisional estimate for EFSF loans is believed to lie between 60bn and 80bn euros ($82-110bn; £51-68bn).

Irish officials have not denied they are in talks about accessing the EFSF but instead say "it makes no sense".
The European Commission would not formally comment on the matter.

Eurozone officials told the Reuters news agency on Friday that discussions were under way, with one saying that it was "very likely" Ireland would receive financial assistance.


http://www.bbc.co.uk/news/business-11750676

New RTE News Ident

Irish Bank Borrowings From ECB Jump To €130 Billion, Or €100,000 For Every bp In Anglo Irish Sub CDS

According to the ECB, borrowings by Irish-based lenders’ from the European Central Bank rose to €130 billion as of Oct. 29, up almost €10 billion from €121.1 billion at the end of September. Adjusted for size, this is roughly equivalent to US banks borrowing a few hundred trillion from the Fed, give or take a few trillion. "Pass thru" institutions include both international and domestic banks in Ireland. In other words, the ECB continues to buy the bonds issued by Ireland, to provide the funds to Irish banks so they can buy their own bonds, and when all this fails, the ECB can step in and provide money to the government directly. Elsewhere, the CDS of Anglo Irish bank blew out by 20% yesterday, and have surged by over 10,000 bps since the end of October to nearly 13,000. Luckily, the end game is known: Ireland will be bailed out by the ECB, the country will become another Greece, lying each and every day about its deficit and economic recovery, until yet another country gets mauled.

http://www.zerohedge.com/article/irish-bank-borrowings-ecb-jump-%E2%82%AC130-billion-anglo-irish-sub-cds-nears-13000-bps

Eggs and cheese thrown at Mary Harney's car

Protestors have thrown eggs and cheese at Minister for Health Mary Harney's car as she arrived at the Mid Western Regional Hospital in Nenagh.

Protestors have thrown eggs and cheese at Minister for Health Mary Harney's car as she arrived at the Mid Western Regional Hospital in Nenagh.
The minister was at the Tipperary hospital to open a new endoscopy unit.
The protestors said the unit is irrelevant due to what they describe as the 'ongoing downgrading of the hospital'.
The minister's car was pelted with eggs and cheese by the group of about 30 people

http://www.rte.ie/news/2010/1112/harneym.html

ESRI proposes property tax - €80 per month

New research by the Economic and Social Research Institute suggests that an owner occupier residential property tax of 0.4% of the value of each property could raise up to €1.1bn for the exchequer.

The institute's research found that the average amount of tax that a homeowner would have to pay would be around €950 a year, or around €80 a month.

The ESRI says there is a strong argument for such a tax.

It also suggests that there may be a role for a property tax on the rental sector, although the rationale would be different.

The average impact of such a tax would represent a fall of 1.3% in people's disposable income.
The ESRI suggests that as part of the establishment of the property tax, all 1.7m houses in the State would have to be valued.

But it says this could be done within two years using a computerised system combined with the skills of a team of valuers.

http://www.rte.ie/news/2010/1111/budget1.html

Healy-Rae's meet Taoiseach

PRESS RELEASE FROM JACKIE HEALY RAE T.D.

Jackie and Michael Healy Rae met with the Taoiseach today to discuss the upcoming budget and the many issues that will affect their constituents well into the future.

They raised their grave concerned with regard to any proposed cuts to the Old Age Pensions, Carers Allowance, and strongly supported the many Submissions they received.

While recognizing the terrible financial situation our Country is in they were adamant South and South West Kerry will not be forgotten and left behind but will continue to be kept their constancy at the forefront as always.

Jackie Healy Rae T.D. 

http://www.mylocalnews.ie/articles/0/8/jackie-healy-rae-1870/healy-rae-s-meet-taoiseach-25751/

Dail unites -- to give itself a pay rise

 

 

Dail unites -- to give itself a pay rise

 
 

As the country faces economic meltdown, TDs and senators are planning to improve their already plush terms and conditions. 

An official estimate of the money required to run the Dail in 2011 'sneaked' through the Dail last Thursday reveals that the recession stops at the gates of Leinster House. 

In a touching scene, deputies across all parties suspended hostilities

and agreed to the estimates without a single objection. 

The estimates reveal that the cost of a Dail which serves fewer people than the population of cities such as greater Manchester, will in 2011 come to €112,983,000 -- which represents a drop of just €1.2m (or 1 per cent) on last year's spending.

But expenditure on the perks and services enjoyed by our TDs and senators will actually increase in certain areas next year. 

The cost of salaries for TDs, senators and secretarial assistants will increase, while salaries of staff like those in catering and behind the Dail bar will decrease. 

The estimates for 2011 reveal that there will be an increase in the postal and telecommunications service, which allows TDs and senators to send out promotional literature to their constituents.

The budget for delegates to 'other parliamentary assemblies' has increased by 50 per cent and the 'grant in aid' for 'inter-parliamentary activities' has also increased by a whopping 40 per cent.

Even this, however, is dwarfed by the increase in the budget for allowances in respect of former members of the houses of the Oireachtas, which has been increased from €49,000 to €149,000.

http://www.independent.ie/opinion/columnists/john-drennan/john-drennan-divided-dail-unites--to-give-itself-a-pay-rise-2410792.html

Christmas Has been Cancelled

Source

Violence in the UK overshadows student fees protest, will out students step up their action?

There have been violent scenes as tens of thousands of people protested against plans to treble tuition fees and cut university funding in England.

Demonstrators stormed a building in Westminster housing the Conservative Party head quarters, smashed windows and got on to the roof.

Outside, a crowd of thousands surged as placards and banners were set on fire and missiles were thrown.
Student leaders condemned the violence as "despicable".

They say about 50,000 people took part in a march through Westminster earlier.
A stand-off is still taking place between about two dozen demonstrators and the police, with 32 people having been arrested so far.

Continue reading the main story

Compare this to our student demo last week, instead of them going wild it was the Gardai who were out of control. Will our students step up next time and copy their British cousins?

Congress calls major demonstration for Saturday, 27th November

Congress calls major demonstration for Saturday, 27th NovemberDate Released: 04 Nov 2010

The Irish Congress of Trade Unions is to hold a major national demonstration on Saturday, 27th November in Dublin.

The national mobilisation and demonstration has been called in support of Congress proposals on alternative ways to tackle the economic crisis, which include a focus on job creation, investment and growth.

The decision to hold the 27th November demonstration was taken at a recent meeting of the Congress Executive Council. Congress General Secretary David Begg has written to all affiliates encouraging their fullest support and participation.

David Begg said the scale of the cuts proposed for Budget 2011 were devastating and clear evidence that the Government plan is not working.

“We have had three austerity budgets to date and we are now in a worse position than when the process started. The definition of stupidity is to keep doing the same thing and expect a different outcome. Three deflationary budgets and the result is a higher deficit and more people out of work.

“The figures being talked about for Budget 2011 could truly devastate what is left of the functioning domestic economy. These cuts will throw people out of work.

Congress believes there is a better, fairer way to do this and we outlined a number of key proposals in our pre-budget submission yesterday. Simply put we need to extend the period of adjustment and focus on jobs and growth. People who want to make their voices heard should come out in force on Saturday, November 27. We cannot afford to wait, because it will be too late to protest on 8th December,” David Begg said.

David Begg said Congress would be making contact with a number of other civil society bodies in order to ensure the November 27 demonstration reflected the real concerns across all of Irish society.

Zerohedge - "The Endgame for Ireland is at most, 1 Week Away"

The endgame for Ireland is at most a week away: outcome is simple - bailout or failure. One wonders which the central bankers will pick...

Honohan: IMF Package Would Look Same As Current Policies
Honohan: Irish Bank Borrowing From ECB Exceptionally Large
Honohan: ECB Would Like Irish Banks To Get Back To Self Reliance.
Honohan: ECB Won't Curtail Irish Banks' Access To Financing.
The Irish Bunds spread has now surged to 631, +64 bps on the day!
http://www.zerohedge.com/article/ecb-imf-leave-ireland-hang-spreads-surge-again-pass-630bps-64-wider

True Ireland

Coming Soon