The EU banking union will not guarantee Irish deposits
The European banking union will not include a euro-wide deposit guarantee covering Irish banks, officials said last night.
Irish deposits will be guaranteed by an Irish fund set up specially for the purpose, European internal-markets commissioner Michel Barnier said.
A planned European bank system, announced on Wednesday, will see the European Central Bank (ECB) assume responsibility for supervising 6,000 eurozone banks, starting from the end of next year.
The plan is to co-ordinate control of banks across the eurozone. The hope is to rein in loose lending.
As well as oversight, it calls for a shared system for shutting failed banks, known as ‘resolution’. In addition, there is to be a co-ordinated deposit-guarantee scheme to cover money kept in every eurozone bank. The final step is seen as crucial in restoring the ability of banks across the single currency to raise money from depositors.
However, Mr Barnier, who is the driving force behind the bank plan, said the guarantee scheme in each country would remain self-financing.
If a national fund cannot meet the full cost of a payout, it will be able to borrow from similar funds in other countries but will have to repay that debt over time, he said.
This means that the banking union stops short of so-called ‘fiscal transfers’, where money would flow within the euro system according to where the need arises — rather than where the money comes from.
Such fiscal transfers are seen as politically sensitive in wealthier countries, notably Germany, where there are fears that it could reinforce rather than stop indiscipline.
Transfers
Despite the rescue bill staying national, Mr Barnier said that under his plan taxpayers would not be hit when lenders failed.
Instead, the guarantee scheme in each country would be funded with a levy on banks. That is already the case in Ireland under new legislation that was introduced last year.
However, those funds will take years — or even decades — to reach the scale needed to finance bank rescues, even of mid-sized lenders.
In the meantime, taxpayers may well have to shoulder the burden.
Fears that Sligo to Dublin train services could be cut next year
There is much concern locally that the current Sligo – Dublin train services stopping in Carrick-on-Shannon and Dromod could see cuts next year if demand is deemed too low.
Fianna Fáil Senator Marc MacSharry is one of many who has called on the Government to clarify the situation and intervene amid fears that the frequency of the Dublin Sligo trains could be cut.
Speaking to the Leitrim Observer about the concerns, a spokesperson for Irish Rail said “No decision has been made to change the Sligo timetable at this time. However, in view of the impact of the ongoing economic recession on our business, we have to examine the level of demand for our train services on all routes at all different times of the day and week. Where there are trains that are greatly under-utilised, it may be necessary for us to amend the schedules accordingly.”
Irish Rail said the Sligo-Dublin train schedule will not be altered for the remainder of this year. Irish Rail are required to obtain the approval of the National Transport Authority (NTA).
They also intend to publish any draft schedules on the Irish Rail website, and invite customers to give feedback as part of a public consultation on the proposed schedules. “Where timetable changes are authorised by the NTA, we would then give advance notice to the public before implementing any changes to the timetable,” the spokesperson stated.
Senator Marc Mac Sharry said, “I find it deeply worrying that there seems to be plans to cut the rail service link between Sligo and Dublin. This is a critical part of the access infrastructure of the entire region. For many people the rail link is the only viable way to commute to work on a daily basis. The massive price of petrol is precluding many people from driving and the possibility of the train service being cut will deeply distress a lot of families.
“I find it perplexing that Irish Rail was given a €36 million cash injection in July to stave off the threat of cuts to services yet here we are in August with the same threat hanging over our heads. I am calling on the Minister for Transport to clarify where the €36 million investment went and what areas of Irish Rail received the cash injection.
“The north west access is critical for tourism and business, both indigenous and through foreign direct investment, and to set about further dismantling our access medians will undermine our marketability as a location for business. The people had to fight to save this line before and will again to ensure that the Government does not target our region unfairly,” concluded Mac Sharry.
• The 07:00hrs Sligo Connolly Service was delayed by 45mins due to a signal fault at Carrick-on-Shannon last Friday, September 7. Irish Rail told the Leitrim Observer the “fault has since been rectified.” They apologised for any inconvenience caused. Also on Monday, September 10 the 07:00hrs Sligo Connolly Service was delayed by 50 minutes after the train hit sheep on the line.
We in Ireland are still trapped in a web of silence about our mental health
IT should come as little surprise that the stigma attached to mental health is still stopping people accessing the necessary support, according to a survey released as part of Suicide Awareness Week.
However, knowing where to look for help can be just as big a barrier as any associated stigma. I learnt this the hard way when I heard two words I will never forget.
At the other end of the phone line was a friend who had called me in a state of panic. He could barely get the words “attempting suicide” out of his mouth. Someone close to him was self-harming and in dire need of help.
With suicide being so prevalent in Ireland I wondered why this person whom I knew, but was not so close to personally, was calling me when his loved one was in need of urgent help. When I began frantically making phone calls trying to help I found out why.
While he was on the other line telling me he had rang several hospitals, I used my landline to dial another hospital.
I was transferred several times before I was put through to A&E. The nurse who answered told me to tell the person to come in, take a ticket and wait for the psychiatrist on duty who would then assess the patient.
I immediately wondered, with little time to spare, how long that would take. So, I then decided to ring any psychiatrist that would answer the phone and ask if they could help. Despite the urgent nature of my request, the earliest appointment I could get was in two weeks. They told me if it was urgent to go to A&E.
Luckily, through a close contact, a professional thankfully gave us advice to cope in the short term and saw the person who was in desperate need the very next day. They are now receiving the necessary help and support to help them on the road to recovery.
However, it appears when people are confronted with such a nightmare situation there seems to be little to help or guide them. In a country where such situations are sadly arising more frequently this is a disgrace.
The problem when someone is self-harming is that it falls between two stools — medical and mental health. The problem for the person left trying to cope is there is no clear course of action, because it is not something we openly discuss or are educated about.
Suicide is sadly still a taboo subject in Ireland, because for a people that love to talk, the last thing many of us want to discuss is our mental health.
While 186 people were killed on our roads in 2011, the latest official statistics show there were 525 deaths by suicide last year.
And even though suicide in Ireland can only be described as an epidemic, there seems scant support for those contemplating taking their own life.
Indeed, if we invested as much energy into suicide prevention as we do curbing fatalities on our roads the figures would be far lower.
While Suicide Awareness Week, which comes to an end on September 17, is certainly helping to raise awareness, the dialogue must continue.
Because, the fact is, if we remain silent when it comes to suicide any services provided by the health service, while much welcomed, will ultimately be tantamount to the sound of one hand clapping.
Major outcry as another gas firm increases its prices from October
Another gas and electricity provider company, Airtricity, has confirmed it is to put up its prices next month.
It means gas price increases due next month from Bord Gais, Electric Ireland, and now Airtricity, are likely to add around €70 to the average annual household gas bill.
Electricity prices will also rise next month, putting further pressure on hard-pressed homeowners who already face dearer petrol and diesel prices, the household charge and increased school costs.
Last night, Fianna Fail Energy spokesman Michael Moynihan slammed the hikes.
“I am very, very concerned about the latest price increases from Airtricity. It puts further pressure on hard-pressed families, young and old, who are finding it extremely difficult to meet household bills.”
He also questioned the role of the regulator in approving the price increases.
Airtricity said its prices will rise from October 15, with a 4.7pc rise for electricity and 8.5pc for gas customers.
The company has around 370,000 electricity and 110,000 gas customers. Customers who have difficulty paying bills and are on on pre-payment meters will not be affected.
Prices: The increases will result in an average weekly increase of €0.96 in electricity prices and an average weekly increase of €1.33 in gas prices for customers on Airtricity’s lower cost standard tariffs, it added.
The Airtricity price increase had been expected after the CER approved a Bord Gais rise earlier this month. Age Action Ireland has described the price increases as “a huge blow to many older people”.
Ulster Rugby star brother & father killed in slurry pit tragedy
A young rugby star has been killed alongside his brother and their father in a farming tragedy which also injured their sister in Northern Ireland.
Nevin Spence, 22, rose to prominence playing for Ulster Rugby and was a rising star in Ireland’s international rugby scene but died after falling into a slurry tank.
Emergency crews went to the family farm in Drumlough Road outside Hillsborough, Co Down, shortly after 6pm on Saturday following reports that four people had fallen into the slurry pit. Following a lengthy rescue operation it was confirmed that three men had died and a woman was taken to hospital for treatment for the inhalation of fumes.
Rugby players and fans paid tribute to the young player on social media as news emerged of his involvement in the tragedy.
Northern Ireland First Minister Peter Robinson said on Twitter: “Deeply saddened to hear of the tragedy in Hillsborough this evening. My thoughts and prayers are with family at this time of devastation.”
Nevin Spence was a member of the Ulster Rugby squad that reached the European Heineken cup final last season, and he was predicted to have a glittering international career ahead of him.
Lives have been lost in the past in accidents at other farm slurry tanks, but the scale of the latest tragedy caused widespread shock.
The Northern Ireland Ambulance Service (NIAS) said it responded to a 999 call at about 6.15pm following reports that at least three people had fallen into a slurry tank. It said it immediately sent three rapid response paramedics, four accident and emergency vehicles and an ambulance service doctor to the scene.
The Northern Ireland Fire and Rescue Service also attended and rescued four people from the slurry pit.
The Ulster Farmers’ Union said the tragedy had shocked the entire farming community. UFU president Harry Sinclair said; “This news has shocked the farming community. Our thoughts are with the family and friends of the three men who have so tragically lost their lives. We understand that a fourth member of the family has been hospitalised and we pray that they will make a full recovery.”
College courses, cars and more go under the hammer in once-off auction
Do you fancy a five-day trip to Hong Kong at a fraction of the high street cost? Or what about a new bathroom for your home, or a car for less than the price on the garage forecourt?
A one-off online auction is promising punters the chance to snap up everything from holidays to furniture, and sports equipment to college degree courses.
New website www.mybid.ie has teamed up with some of the country’s best-known retailers for a live auction which will be held across 11 days from September 28. Packed with bargains, categories include motors, travel, electronics and more, with savings of up to 50pc on offer.
The site, launched by Independent Newspapers, opens for registration today, and all products can be viewed online before the auction goes live.
“People can register for free, and you can register throughout the auction and get up to 50pc off products. If people register before September 28, they’re in with a chance to win an iPad,” a spokesman said.
Once the auction opens, punters can place their bids. The highest bid secures the item when the auction closes, if the reserve has been met. Payment is made online and the winner is issued with a certificate to collect the item from the store.
Bidders will receive email notifications confirming recent bidding activity or if they have been outbid on an item.
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