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Showing posts with label Irish credit union. Show all posts
Showing posts with label Irish credit union. Show all posts

Tuesday, January 27, 2015

Donie's Ireland daily news BLOG update

Irish Minister Noonan says debt conference on Greece is not necessary

  

Minister insists direct recapitalisation for funding banks is still on table. 

Minister for Finance Michael Noonan: “The issue for Greece is not debt cancellation, it’s the affordability of the debt – that means the interest rate and the maturities.”
Minister for Finance Michael Noonan has said that a proposed European debt conference is “not necessary yet” as he gave his first response to yesterday’s Greek elections which saw radical left party Syriza top the polls.
Asked about his comments earlier this month in which he indicated his broad support for a debt conference, Minister for Finance pointed out that all bailout negotiations so far had been conducted within the context of the eurogroup.
“I don’t think it’s necessary yet. Cyprus and Greece and Portugal and Ireland and Spain have all been resolved by negotiations at euro group and ecofin and there’s no suggestion that that model won’t succeed again. I have no doubt even without going to the meeting, that there’s sympathy for the Greek people and that there would be a disposition among colleagues to be helpful .”
Euro zone finance ministers are meeting today for a eurogroup meeting at which the elections in Greece will dominate discussions. Greece will be represented today by the outgoing Greek finance minister Gikas Hardouvelis.
Speaking in Brussels, Minister Noonan said that Ireland had itself contributed € 350 million to the Greek bailout , hence there was “€ 350 million of Ireland’s taxpayers’ money at play.”
Asked if a Greek debt restructuring would have implications for Ireland, Minister Noonan said that Ireland had already significantly restructured its debt, through various mechanisms such as extension of maturities, and the restructuring of IMF loans.
“The issue for Greece is not debt cancellation, it’s the affordability of the debt – that means the interest rate and the maturities,” he said pointing out that restructuring is more difficult when yields are running at close to 9 per cent as in the case of Greece, rather than 1.7 per cent in the case of Ireland. “Our debt is in a very good position now – it’s affordable and it’s repayable.”
He said Ireland’s quest for retroactive direct recapitalisation from the ESM fund for AIB and Bank of Ireland was still on the table, even though the government is looking into options for selling AIB.
“There are alternatives that might suit the taxpayer better, like selling the shares on the market. Direct recap always involved selling bank shares to the European ESM but a better alternative may be to sell on the market and that’s why we have retained financial advisors to advise us on which way to go , but both options are still there. “
He said that it was important that the newly elected government in Greece was respected fully. “Everybody has to respect that choice, and everybody has to treat them like equals in this forum here.”
“I have no doubt even without going to the meeting, that there’s sympathy for the Greek people and that there would be a disposition among colleagues to be helpful ,” he said. He pointed out that Greek people don’t get any welfare payments after being unemployed for 12 months, the minimum wage and unemployment assistance is half of what it is in Ireland, and that the country has an unemployment rate of 25 per cent.
“There’s a general appreciation that it’s difficult for a lot of people in Greece and there’s not a great surprise that that would manifest itself in the polling booth.”

Is the Irish Credit Union going to provide mortgages?

   

The Irish League of Credit Unions is looking into whether providing mortgages for members is feasible.

The league established a group last September to investigate the idea, which would be a radical departure from their core business.
In Ireland, the average credit union loan is around €6,000.
However, sources within the movement feel that larger institutions could handle the loans on a small scale and would benefit from diversifying their loan books. It is, they say “very, very early days”.
A spokesperson for the ILCU said that the league is looking into expanding the range of loans it offers.
“In September 2014, the League Board established a “Home Loan Group” to look into how Credit Unions could provide home loans to their members as a result of many credit unions being asked for additional product of this nature and as a way to diversify the existing credit union products.
This group, with the help of an external consultant have been conducting a feasibility study to scope out how home loans might be made available by the credit union movement to credit union members.
“A first draft of this initial scoping report is due to be considered by the group next week. It is intended that the report (when finalised) will be presented to the League Board by the Home Loan Group. A decision will then have to be made on whether there is a feasible project to explore further with credit unions & with the Central Bank”.
Sources say that if successful, the move can address demand, give additional choice and improve cash flow for credit unions.he

The regular over-the-counter Anticholinergic drugs like benadryl

may increase your risk of Alzheimer’s

  

A new study confirms the link between everyday drugs, those medications with anticholinergic effects, and dementia.

Anticholinergic medications span a range of common drugs and include antihistamines, sleep aids, antidepressants, cardiovascular meds, gastrointestinal drugs (for diarrhea, incontinence, diverticulitis, and ulcers), and muscle relaxants. Now, a new study confirms the link between these everyday medications and dementia. Taking anticholinergic drugs at high doses or for a long time may significantly increase your risk for developing Alzheimer’s disease and other dementias, say researchers from University of Washington School of Pharmacy.
“If providers need to prescribe a medication with anticholinergic effects because it is the best therapy for their patient, they should use the lowest effective dose, monitor the therapy regularly to ensure it’s working, and stop the therapy if it’s ineffective,” Dr. Shelly Gray, a professor and director of the geriatric pharmacy program at the UW School of Pharmacy said in a release.
On average, older people take four or five prescription drugs and two over-the-counter drugs each day. Clearly, drugs are an important part of medical care for older people; however, older people are more sensitive to the effects of many pills, including anticholinergics, which block the neurotransmitter acetylcholine and so effect the nervous system. While the drugs are too numerous to mention, those with anticholinergic effects — and these effects are sometimes dependent on the dose — include Benadryl, Sominex, Xanax, Ativan, Valium, Luminal, Skelaxin, Limbitrol, and Tavist.
For the current study, the researchers investigated a previously reported link between anticholinergics, both prescription strength and over-the-counter, and dementia by employing more rigorous methods than in the past. Specifically, the researchers conducted a longer follow-up of more than seven years and more accurate use assessment via pharmacy records, which included nonprescription choices. The team tracked nearly 3,500 seniors participating in a long-running study, the Adult Changes in Thought (ACT), a joint project of UW and the National Institute on Aging.
The most commonly used medications in the study, the researchers discovered, were tricyclic antidepressants like doxepin (Sinequan), antihistamines like chlorpheniramine (Chlor-Trimeton), and antimuscarinics for bladder control like oxybutynin (Ditropan). People taking at least 10 mg/day of doxepin, 4 mg/day of diphenhydramine, or 5 mg/day of oxybutynin for more than three years, the researchers estimated, would be at greater risk for developing dementia. Importantly, substitutes are available for some of these drugs.
While this study is the first to show a dose response — meaning, the more you use anticholinergic medications the greater your risk of developing Alzheimer’s — it also is the first to suggest this higher risk may persist, and may not be reversible, even years after you stop taking these drugs. “Older adults should be aware that many medications — including some available without a prescription, such as over-the-counter sleep aids — have strong anticholinergic effects,” Gray said.

A heart-breaking message from four motherless children to Leo Varadkar

  

Seán Rowlette and Michael Kivlehan had meeting with Minister about safety of maternity services.

Seán Rowlette said that he told his children where he was going, they sat down and wrote a letter to Minister Leo Varadkar.
“We miss our mum so much every day.”
This was the heart-breaking message from four Co Sligo children asked their father to deliver to Minister for HealthLeo Varadkar.
Seán Rowlette and Michael Kivlehan had a “productive” two-hour meeting with Mr Varadkar where they sought assurances about the safety of maternity services. Both men lost their wives following childbirth at Sligo Regional Hospital and said they wanted to ensure that no other family endured the same pain.
Mr Rowlette from Dromore West, Co Sligo brought the same message in a hand-written note from his four children.
Addressing their letter to Minister Leo Varadkar, Leanne (9) Abbie (7) Joseph (4) and sally (2) wrote: “We miss our mum so much every day. Can you please make sure this can never happen to any other mum again.

“And to make our hospitals safe”.

Mr Rowlette’s wife Sally (36) died in the Sligo hospital in February 2013, the day after her fourth child was born there.
Dhara Kivlehan (28) from Dromahair, Co Leitrim died in a Belfast hospital in September 2010, nine days after her son Dior was born in Sligo hospital. The inquest into her death was delayed for four years.
Speaking after the meeting the men said they were pleased with a number of assurances given by the Minister.
Mr Varadkar who described the meeting as “very useful” said afterwards that a new maternity strategy was being developed in 2015 which “will map maternity services for the next few decades”.
“It was a very good meeting. He listened to everything we had to say,” said Mr Rowlette.
The men’s solicitor Roger Murray from Callan Tansey said they were particularly pleased to get an undertaking from the Minister about the availability of ICU beds in specialist hospitals in the case of emergencies. At the inquest into Dhara Kivlehan’s death it emerged that there was a delay in transferring her from Sligo because of the non-availability of such beds.
“The Minister was also very clear on doctors’ duty of candour to relatives,” said Mr Murray. Both Mr Rowlette and Mr Kivlehan had criticised the attitude of some clinical staff to them in Sligo.
Mr Murray said the Minister had acknowledged the importance of making relevant doctors appear at inquests .
Mr Rowlette said Mr Varadkar had also addressed the need to have automatic inquests if a woman dies in child birth. “We had to fight to ensure there was an inquest,” he pointed out.
He said that before he left his home at 7.30am, his children had asked him where he was going. When he told them, they sat down and wrote a letter to Mr Varadkar. “The Minister was sympathetic. I showed him First Holy Communion photos taken at Sally’s grave.”
In a statement, the Minister said that while maternity services in Ireland were on a par with the rest of the western world, there had been a number of serious cases of medical misadventure in recent years, resulting in maternal and neonatal deaths “that might have been avoided”.
He added: “This gives me concern as Minister for Health.”

The smallest and most endangered sea turtle found in Rossnowlagh beach in Co Donegal

 

Foot-long marine turtle did not survive landing on rocks of Rossnowlagh beach. 

The Kemp’s Ridley turtle has been described as the world’s smallest and most endangered sea turtle.
Coastwatch Ireland has confirmed identification of a tiny reptile washed up in Donegal as a Kemp’s Ridley – described by National Geographic as the world’s smallest and most endangered sea turtle.
The foot-long marine turtle with an unusual beak did not survive its landing on rocks of Rossnowlagh beach, and was found by Coastwatch volunteer Aoife Flynn on Christmas Day.
As all appropriate laboratories were closed, she photographed the reptile from all angles and put it in her deep freeze until an autopsy could be carried out.
It was initially thought to resemble a rare hawk’s bill turtle, but an autopsy conducted in recent days by a Letterkenny vet and Coastwatch regional co-ordinator Dr Trish Murphyidentified it as a Kemp’s Ridley, which is found mainly in the Gulf of Mexico, but can migrate as far north as Nova Scotia.
Just over 40 of these have been recorded in Irish waters since records dating to 1748, and only 1,000 breeding Kemp’s Ridley females are believed to exist worldwide, due to over-exploitation of its eggs by man in past centuries.
They are known for their unusual “nesting processions”, called “arribadas”, where the females colonise entire sections of beaches to lay their eggs – having swum thousands of miles in some cases to return to their own birthplace.
As National Geographic described it, the struggle to sea by tiny hatchlings is “even more riveting”.
“Beset by predators, hatchlings make this journey at night, breaking out of their shells using their caruncle, a single temporary tooth grown just for this purpose,”the magazine says.
Their nesting grounds are subject to protective legislation. Fishing vessels have also used “turtle excluder” devices in their gear, but populations haven’t recovered.
Their life span is about 50 years if they are lucky, during which they growing to all of 2 feet or 65 cms in shell length, weighing up to 45 kilos.Favourite food is crabs and jellyfish, while they also have a penchant for munching seaweed.
Rossnowlagh, a well known surfer’s beach in Donegal bay, is not far from Murvagh where quantities of jellyfish were recorded for Coastwatch by Joe Gatins last summer and autumn.

Scientists have moved Doomsday clock a bit closer to midnight?

  
The doomsday Clock has been moved closer to midnight. The atomic scientists have shifted the clock two minutes up and now it is only three minutes away from midnight, which symbolizes the Doomsday. The readjustment has been made on 22<sup>nd</sup> January and highlights the climatic change that needs to be controlled by capping fossil fuel emissions.
The advisory board stated “World leaders have failed to act with the speed or on the scale required. In 2015, unchecked climate change, global nuclear weapons modernizations, and outsized nuclear weapons arsenals pose extraordinary and undeniable threats.”
Kennette Benedict, Bulletin of the Atomic Scientist executive director, elaborated “Today, unchecked climate change and a nuclear arms race resulting from modernization of huge arsenal pose extraordinary and undeniable threats to the continued existence of humanity.” He also mentioned that the efforts of the world leaders have not been enough to protect people from potential catastrophe.
With the readjustment of Doomsday Clock the scientists are reminding the authorities to put more efforts to reduce pollution as well as overuse of fossil fuel. They also urge to end the development of nuclear weapons, which is further endangering the planet. Benedict said “We are not saying it is too late to take action but the window for action is closing rapidly.
The world needs to be awakened from its lethargy and start making changes.” The constant climate change can be stopped only by achieving this and limiting greenhouse gas emissions. According to Richard Somerville, a member of the Science and Security Board, Bulletin of the Atomic Scientists, “Efforts at reducing global of heat-trapping gases have so far been entirely insufficient.”                     

Friday, September 6, 2013

Donie's all Ireland daily news BLOG

Ireland promised euro zone support to smooth an exit from bailout

 

Eurogroup head Jeroen Dijsselbloem, says measures will be in place for Ireland as Greece faces third rescue.

Jeroen Dijsselbloem, the Netherlands’s finance minister and president of the Eurogroup, said there would be support measures to smooth ireland’s exit from bailout.
Ireland will get euro zone support to smoothly exit its bailout programme at the end of this year, the head of euro zone finance ministers Jeroen Dijsselbloemtold the European Parliament today.“Ireland’s performed very well in its programme and will exit the programme, but there will be measures to support its gradual exit,” he said.“I can’t give you any details on the way that will be formed yet … but there will be support to make sure that it is a good exit and not a temporary exit,” Mr Dijsselbloem said.
The euro zone is also likely to decide on a third bailout for Greece in November, after international inspectors finish an assessment of Greece’s struggles to carry out painful reforms, officials said.
“As far as the potential need for a third programme for Greece is concerned, it’s clear that despite recent progress, Greece’s troubles will not have been completely resolved by 2014,” Mr Dijsselbloem told the European Parliament today.
“It is realistic to assume that additional support will be needed beyond the programme. In this context, the Eurogroup has indicated clearly that it is committed to providing adequate support to Greece during the current programme and beyond until it has regained marketaccess,” he said.
The International Monetary Fund and Greece estimate that Athens will need €10-11 billion in new financing in 2014-2015 above what the euro zone and the International Monetary Fund have agreed to so far.
This is partly because euro zone central banks refused to delay repayment of Greek government bonds, contrary to an assumption by euro zone finance ministers, the Eurogroup, when they set up the current bailout.
Greece is still deep in its worst post-war slump, and the sale of state assets is well behind plan.
Greece has already had two international bailouts since 2010, and more money for it is controversial in Germany which has elections on September 22nd. Voters there are tired of helping others after three years of the sovereign debt crisis.
Greece will not need any additional funds until the second half of 2014, but a decision must be taken in November at the latest because the IMF can only participate in the Greek bailout if the programme is fully funded 12 months ahead.
The next review of the reforms that Greece has committed to in exchange for the €172 billion financial lifeline last year, will start in late September and take several weeks to complete. It is written by inspectors from the IMF, the European Central Bank and the European Commission.
“Once this is completed, we will have an overview … of the financing of the current programme and we will have this on our agenda the next month and finalise the process in November,” Mr Dijsselbloem said.

Two major Irish Charities call for 60 cent Budget increase in cigarette prices

 

THE PRE-BUDGET CALL FROM THE IRISH CANCER SOCIETY AND THE IRISH HEART FOUNDATION IS AIMED AT TACKLING THE “ENORMOUS ECONOMIC COST OF SMOKING-RELATED ILLNESS”.

IRELAND’S SMOKERS COULD BE HIT WITH A 60 CENT INCREASE IN THE COST OF A PACK OF CIGARETTES, IF THE GOVERNMENT TAKES HEED OF A CALL FROM TWO HIGH-PROFILE CHARITIES.

The pre-Budget submission from the Irish Cancer Society and the Irish Heart Foundation calls for annual tax increases on tobacco products of 5 per cent above inflation.
The charities are also calling for a new way of regulating the industry, which would introduce a price cap on products: manufacturers would be forced to lower their own prices to below current levels, and the Government could then offset the difference by adding more taxes to the price of a pack.
Spokesperson for the Irish Heart Foundation Chris Macey said it was “bizarre” that although Ireland has regulators for everything from energy to taxi driving, there was none to cover the tobacco industry. He added:
“There is no legitimate argument for the status quo because even apart from the health catastrophe of 5,200 people killed by tobacco-related illness a year in Ireland, the tobacco industry is a drain on the nation’s economy.
“It creates virtually no employment and on Department of Health estimates the taxpayer is subsidising tobacco companies to the tune of almost €6 for every euro of profit they take out of the country.”
The charities claim that the introduction of a regulation system could generate €65 million euro for the State.

One-fifth (20%) of all Irish credit union loans are now in arrears

   

BIG CHUNKS OF THE CREDIT UNIONS LOAN BOOKS OF ARE NOT BEING REPAID, BUT THERE IS SOME EVIDENCE OF AN IMPROVEMENT IN THE ARREARS SITUATION.

Regulator for the sector Sharon Donnery  told credit union managers yesterday that 20pc of the value of all loans were in arrears.
The value of credit union loans has fallen by 11pc to €4.6bn for the 400 credit unions in the State up to June last year.
This means that the value of arrears is €920m.
Ms Donnery said: “Average sector arrears were slightly over 20pc.”
The overall arrears figure had been higher, at close to €1bn in 2011.
But a fall in the overall value of all credit union loans has meant the euro value of the arrears is down.
Loans are maturing faster than new ones being taken out, as people are taking out fewer loans because they fear that lower incomes and higher state taxes and charges mean they will not be able to repay credit union borrowings.
Ms Donnery said: “Credit unions continue to face significant challenges to their business model.”
Average dividends, or interest paid on savings, were below 1pc last year, the credit union registrar told the Credit Union Managers Association.
She said credit unions remain trusted and valued by their members.
Credit unions were encouraged to explore mergers with other community lenders.
Ms Donnery told the managers: “While I understand many of you have questions about restructuring, and indeed concerns, I would urge you to see it as a positive with the potential to build a strong and relevant credit union sector for the future.”

How shopping around in Ireland could save hard pressed shoppers up to €500 a year

 

Ireland’s householders are missing out on savings of up to €500 a year by failing to seek out the best value for services, a government agency has found.

New research shows that tiny numbers of consumers are switching health insurance, bank accounts and television service providers.
The National Consumer Agency, which commissioned the research, said people who move to a different health insurer could save €500 a year.
Those who switched energy provider can save up to €240 a year, while big savings can be made from moving waste service provider and telephone service operator.
Consumers have been accused of inertia – doing nothing and ending up paying higher prices. Just four out of every 100 have switched bank accounts in the past year, despite both AIB and Bank of Ireland introducing new charges and fees for current accounts.
And fewer than one in 10 consumers has changed health insurance provider, even though there are now four players in the market and premiums have gone up by between 10pc and 27pc in the past year.
And small numbers have moved to get a better deal on mobile phone services and broadband.
Head of the National Consumer Agency Karen O’Leary hailed the fact that one in four consumers had now changed where they do their main grocery shopping.
High numbers moved to a different car insurer. 
However, only around 16 out of 100 consumers have moved their electricity and gas accounts to a different company. 
This is despite the fact that annual gas prices will have risen by €250 in past two years when a new Bord Gais hike in prices comes into effect in October.
Ms O’Leary added: “More consumers are aware that shopping around and switching providers can save them money.
INERTIA: “However, there is still a large level of inertia, with large numbers of consumers sticking with the same provider.
“This is surprising given the pressures on people’s income and the fact that the majority of those who switched did, in fact, save money.”
Many consumers still view switching as a hassle, the head of the National Consumer Agency said.
There was a big risk that householders were not making fully informed decisions by checking out all the prices in the market.
Large numbers of people who have not switched have never checked to see if a better deal is available.
The research, carried out by Behaviour and Attitudes, found that almost half of those who have not switched gas provider had never checked to see if a better deal was on offer.
And high numbers of householders have not checked out competitor prices to see if they could get cheaper electricity and telephone landline services.
Consumers reported that one of the biggest barriers to switching was a belief that that moving provider is more hassle than it is worth, but a belief that there is not much of a price difference between providers was another strong factor.
Other barriers included a distrust of the price offered and a difficulty in comparing prices.
Ms O’Leary added: “Switching may not be as difficult as you think. In recent years it has become a much simpler process in many sectors so it shouldn’t take long to see if you can get a better deal and switch if it’s worth your while.”
She added that staying with the same provider was not in itself a bad thing, providing you made the decision on an informed basis.

Young and middle-aged men in Ireland still dominate suicide stats 

  

The latest official figures show a slight fall-off in suicide and self-harm rates. 

 

Young and middle-aged men remain most at risk from suicide in Ireland, the latest official CSO figures show.

The National Office for Suicide Prevention’s annual report indicates 495 people took their own lives in 2010, of which over 80 per cent were men.
While the figure was lower than the previous two years, it remains higher than those recorded in the years prior to the economic recession.
“The latest confirmed figures for suicide by the Central Statistics Office for 2010 indicate that suicide rates in Ireland may be stabilising,”
The director of research at the National Suicide Research Foundation (NSRF), Professor Ella Arensman, said.
However, she cautioned that the decrease in suicides coincided with an increase in deaths of “undetermined intent” which may have included “hidden cases of suicides”.
The report was one of three major reports on suicide and self-harm released today by the HSE.
The annual report of the National Registry of Deliberate Self-Harm’s revealed there were 12,010 incidents of self-harm recorded in emergency departments last year, representing a 2 per cent decrease on the previous year.
However, the self-harm rate were still 12 per cent higher than that recorded prior the downturn.
According to the registry, women aged in their late teens and men in their early 20s were most likely to hurt themselves.
The most common method used in self-harm, accounting for 69 per cent of all cases, involved an overdose of medication, with women being overrepresented, the report.
A separate report by the Suicide Support and Information System (SSIS) recorded incidences of two suicide death clusters in 2011 in Co Cork, with 13 in one 23km radius over three months, and seven over two months in a 28km area.
Minister of State with responsibility for Mental Health Kathleen said deaths by suicide were a concern to everyone.
“We have all been made aware of suicide a some stage in our lives, whether it was a family member, friend or a member of our community,” she said.
“The challenge of reducing suicide rates demands a very comprehensive and multi-layered response, with interventions at different levels and involving a range of stakeholders.”
Some advice on getting rid of wasps and a scary prediction for next year!
   
Wasps are a real nuisance at this time of the year, and unfortunately, they’ll be buzzing around annoying us for another month before they disappear for the winter. 
Rentokil says has been experiencing an increase in call-outs relating to wasps this year, in comparison to the last two years and predicts that next year will be an even bigger year for wasps. Over
Wasps are beneficial insects at the beginning of the season (May/June), as they are insectivorous they act as natural pesticides, killing other harmful insects such as greenfly.
However, they become a pest later on in the year (August/September) when they start to crave sugars due to the nest naturally breaking down and the workers becoming redundant. This is when they become more noticeable in our homes and gardens and when the risk of getting stung increases.
Dr Colm Moore of Rentokil advises: “At this time of year wasps have already performed their natural duty and worker wasps find they have increasingly fewer larva to feed rendering their role within the colony redundant.
“If you think that you may have a wasp nest in your home, we recommend a professional and safe riddance programme using insecticide, as many of the myths surrounding control measures are either unsafe or ineffective.
“Wasp populations tend to boom every three to four years. Over the last two years we have experienced fewer call-outs and now this year a substantial increase.
“If winter conditions this year are favourable we predict that next year will be an even bigger year for wasps. If you found wasps to be a nuisance this year then prepare to be inundated next year.
 

URBAN MYTHS OF METHODS TO GET RID OF WASP NESTS:

  1. • Bagging the nest and throwing it away – we don’t recommend this as not only would it not be considered humane it brings high risks to individuals getting stung, particularly by those wasps returning to the nest.
  2. • Setting the nest on fire – we strongly advise against this as the fire can quickly get out of control.
  3. • Water jets – this method is not effective or safe. It can make the wasps become aggressive and one ends up introducing a sting hazard to non-targets within the treatment area.
  4. • The only humane way to deal with a wasp nest in the home is by letting nature take its course; however, we don’t recommend this in many cases. It can be dangerous to have a nest nearby, particularly near young children, the elderly and pets. It is even more hazardous where individuals may be allergic to wasp and bee stings and who may go into anaphylactic shock if stung