New lending US bank enters Irish market to support & finance Technology projects
The Minister for Finance Michael Noonan with Greg Becker of Silicon Valley Bank, which is collaborating with the Government to support technological innovation.
A new lender is to enter the Irish banking market following the announcement that Silicon Valley Bank is to lend $100 million (€78.7 million) to technology companies over a five-year period.
The move is part of a collaboration with the Irish Government, which will invest $50 million into technology-focused funds managed by SVB Capital, a division of SVB, through the National Pensions Reserve Fund (NPRF).
Eugene O’Callaghan, a director at the NPRF, the body which manages the country’s debt and invests in a range of asset classes, said the decision to invest in the SVB fund was made “entirely commercially”.
The NPRF sold existing venture capital investments in order to fund the SVB investment.
According to Greg Becker, president and chief executive of SVB, its funds give “very unique access to the best venture capital funds in the world”.
Silicon Valley Bank is a niche bank that provides banking facilities and services to companies in the technology sector.
As well as providing regular banking facilities to technology companies, it also offers term loans and working capital to early-stage companies which are not necessarily targeted by mainstream banks.
Founded in California 30 years ago, SVB has 27 offices worldwide and a presence in China, India, Israel and the UK.
It has already worked with around six Irish technology companies, including Openet, the winner of last year’s Ernst Young Entrepreneur of the Year competition, and it has extensive contacts within the Irish venture capital industry.
Somewhere between 50 and 100 Irish technology companies could be eligible for the bank financing.
Because SVB is only engaged in lending, it is not required to apply for a banking licence in Ireland.
Last week the company opened its first, full-service commercial bank branch outside the US in London.
SVB said there were no specific plans to extend its presence in Ireland to become a full-service retail bank, though it may consider partnering with another local bank who could provide day-to-day banking services.
The bank plans to retain a local representative to work directly with targeted businesses in Ireland. The NPRF will also help the bank to identify potential clients in the sector.
Mr Becker said that while the company had already considered locating in Ireland, the involvement of the NPRF had “kick-started” the process.
He praised the “proactive” approach of the Irish Government in encouraging new businesses to enter the market. The collaboration by the NPRF with Silicon Valley Bank is the latest in a number of moves by the NPRF, which is part of the National Treasury Management Agency, to invest in assets of strategic importance to the Irish economy.
The NPRF’s Irish Infrastructure Fund, which aims to invest up to €1 billion in Irish assets, earlier this week made its first investment through the acquisition of a majority stake in a portfolio of wind farms from the Viridian Group.
Galway Boy found at bottom of swimming pool fighting for his life
A seven year old boy is continuing his fight for life in a Dublin hospital today after he was found lying at the bottom of a swimming pool.
Adam Hussey was in a critical condition at Crumlin Children’s Hospital today following the incident at the Kingfisher Club swimming pool at Tuam Leisure Centre, County Galway, on Sunday afternoon.
His mother Caroline was keeping a vigil at his bedside at the hospital. The schoolboy, from Williamstown, Co Galway, was rushed to University College Hospital Galway before being transferred to Dublin.
Gardai in Tuam are investigating the incident, which happened at 2.30pm on Sunday.
The child, had been at the pool with a male relative and two other children.
Three lifeguards were on duty at the time of the incident. On seeing the child’s body lying at the bottom of the deep end of the pool, one lifeguard jumped in and pulled him unconscious from the water.
Desperate
The pool was immediately cleared and other users were kept back as staff attempted to revive the young boy. Despite desperate attempts to do so, he remained unresponsive for several minutes before beginning to breathe again.
The child was then brought to hospital under a garda escort and was later transferred to an ambulance on the way to UCHG. One witness who was at the leisure centre when the incident occurred said that only 40 people had been in the pool at the time.
“The first I knew of it, I saw the lifeguard running and someone was shouting, ‘Someone drowned, someone drowned’.
“The pool was closed straight away, everybody just left the water. It was awful, the children were very upset and they were crying,” he said.
Lifeguards
“The little boy wasn’t coming around. Then after what seemed like seven or eight minutes he started to breathe again. The shout went up that he was breathing and we were so relieved. He was a woeful colour, he was white and kind of blue,” he added.
The witness added that the young boy’s relative was distraught as lifeguards attempted to resuscitate him.
“The man who was with him was terrified. He was beating the walls and crying. He was just in an awful way, explaining to someone on the phone what had happened,” he recalled.
The pool was closed for the remainder of Sunday but re-opened yesterday. Kingfisher Club said it was not in a position to comment.
Earlier this year, a number of lights in the pool area were changed after concerns about visibility.
The bulbs, which can last for a number of years, were replaced and other maintenance was also carried out.
The latest cute baby addition to Dublin Zoo… a newborn Tapir calf
Dublin Zoo has added recently another baby to its already expansive animal stock with the birth of a Tapir calf, see above some photos of the newest arrival at the Zoo.
The team at Phoenix Park are celebrating the birth of a Brazilian Tapir who was born early on Tuesday, 5 June to mum Rio and dad Marmaduke. He is the pair’s first calf together. Rio is a first-time mum but Marmaduke is a bit more experienced…he has now fathered 17 (17!) calves.
“We are delighted with the birth of the tapir calf,” said Eddie O’Brien from Dublin Zoo. “Mum and calf are doing very well and we are really happy with how well Rio is doing as a first time mum. The calf was up and about quickly after he was born, he is really inquisitive.”
Tapir calves are born with a number of white spots and stripes which act as camouflage in the wild. The spots and stripes mimic the dappled sunlight on the forest floor but these markings disappear by adulthood.
Rio, the female tapir, arrived at Dublin Zoo from Marwell Wildlife in the UK to join Marmaduke. They’ve obviously hit it off well.
The little lad is now up and about and can be visited during opening hours. Dublin Zoo is open seven days a week from 9.30am to 6pm.
A 33 year old Sligo man is jailed for the manslaughter of five-year-old Marie Connolly-Keane
A Sligo man has today been sentenced to 13 years in prison for the death of Mari Connolly-Keane in Boyle last October.
John Lynch (aged 33) above with an address at Church View in Boyle was convicted on three charges related to the arson attack on the Connolly home on the Termon Road in Boyle on October 3 last year.
He was sentenced to 13 years for the manslaughter of the five-year-old girl who perished in the fire despite attempts by her father Richard to bring her to safety.
Lynch was also convicted of arson with intent to cause harm and assault causing harm to Mari’s father Richard who will be unable to walk unaided again following the fire.
Lynch was given an eight-year prison term for each of these convictions with all sentences to run concurrently.
In delivering his judgement at Roscommon Circuit Court this morning, Judge Tony Hunt said he was not in a position to impose the maximum or an 18-year sentence due to the mitigating circumstances to the case, noting Lynch’s guilty plea and his expression of remorse, however little comfort they bring to the Keane and Connolly families.
He stated that in all his years on the bench across the country that he had not witnessed the circumstances of unique horror as had arisen in this case and that the enormity of Lynch’s actions must have severe consequences.
Speaking to Shannonside News after the hearing, Mari’s parents Treasa Keane and Richard Connolly said they were happy with the sentence.
They said they have received justice for Mari and from today she will rest in peace.
A 24 year old Man dies after Galway road crash near Dunmore
A man (24) has been killed in a single-vehicle road crash in Co Galway. The victim died when his car left the road and hit a ditch near Dunmore shortly before midnight.
The young man’s remains were removed to University College Hospital, Galway.
The road has been closed pending a Garda forensic examination. Local diversions are in place.
Gardaí are appealing for witnesses to contact Tuam Garda station on 093 – 70840 or the Garda confidential telephone line 1800 666 111.
Sharon Osbourne’s sheds tears for Son Jack after his diagnoses with multiple sclerosis
Sharon Osbourne became very emotional while talking about her son Jack on her chat show, The Talk, on Monday.
The 26-year-old recently announced that he was diagnosed with multiple sclerosis just two weeks after the birth of his first daughter Pearl in April.
And Sharon’s voice quivered and her eyes filled with tears as she spoke for the first time on television about her boy’s battle.
“He’s great – he’s doing really, really good and I want to thank everyone for all their texts and goodwill and love they send to us,” she said after taking some time to compose herself.
“Just thank you to everyone for all their good wishes. It’s been amazing? for Jack because I really believe that vibes of prayer help.”
Jack had tweeted that he was going to “adapt and overcome” his battle with the autoimmune disease that affects the spinal cord and brain. He has already lost 60 percent of the vision in one of his eyes.
‘New Super governors’ take over Ireland's top prisons in cost savings move
Three new “super” governors have been appointed by the Prison Service over eight Jails.
They will take charge of eight jails under management structures created as a result of the Croke Park Agreement.
The moves will lead to financial savings through shared services and a reduction in the number of management teams.
Ned Whelan will take charge of the new Mountjoy campus, which will now also include St Patrick’s Institution, the Dochas women’s centre and the Training Unit.
Martin Mullen has been transferred from the Prison Serviceheadquarters in Longford to run the Portlaoise campus, which will incorporate the Midlands Prison.
And Colm Barclay has been put in control of the West Dublin campus, incorporating Cloverhill and Wheatfield.
These become the most senior operational posts in the Prison Service. The campus governors will be key members of the overall management team.
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