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Showing posts with label Irish pension funds. Show all posts
Showing posts with label Irish pension funds. Show all posts

Wednesday, September 4, 2013

Donie's all Ireland daily news BLOG Tuesday

Cancer patients facing €12,000 costs burden on top of their health care bills

 

Some patients battling cancer are facing personal costs of more than €12,000 for the first three months of treatment while their caregivers are facing a similar bill.

Data from the National Cancer Registry looked at the additional costs heaped upon cancer sufferers as a result of loss of work time, travel costs and out- of-pocket expenses in the first three months of treatment. These significant expenses are separate to hospital costs for treatment.
It found that patients’ costs for those diagnosed with colorectal cancer amounted to an average of €12,782 for the first three months, a figure that was mirrored for caregivers. The overall personal cost borne by carers over the course of the first year amounted to an average of €29,842.
“The patient themselves receive most of the treatment over the first three or four months and then they are recuperating. There were very few things that changed the cost. We looked at gender, at age but there wasn’t a lot that changed it. Obviously, if you lived further away from where you were getting treatment, you were more likely to have higher travel costs,” explained Dr Linda Sharp of the National Cancer Registry.
The data, which was presented at the Economics of Cancer Research Symposium at NUI, Galway also assessed the cost of cancer deaths to the Irish economy. The total loss of productivity due to early death cost the country €594m a year, or 0.5pc of GDP, while the average cost per person was €260,000.
Dr Sharp told the conference that close to 20,000 people develop cancer here each year.
Dr Sharp said that as a result of our ageing population, a range of cancers in Ireland was on the rise. “We are looking at a time-bomb of cancers and we need to find ways to deal with it,” she added.
Prof John Fitzpatrick, head of research with the Irish Cancer Society, said he believed patients would play a larger role in the setting up of trials into new cancer treatments.
STAKEHOLDERS
During the symposium, Prof Ciaran O’Neill, Dean of the School of Business, Public Policy and Law at NUI, Galway announced the setting up of the Economics of Cancer Research Group.
It will bring all stakeholders involved in cancer research together, including clinicians, patient groups, policymakers and economists.

A surge in Ireland’s working class "double-jobbing" to make ends meet, CSO figures show

  

THE NUMBER OF PEOPLE WORKING SECOND JOBS HAS SOARED BY 22% THIS YEAR.

New figures from the Central Statistics Office show that there are now 16,500 people working two fulltime jobs to make ends meet.
There are 3,000 more people working two jobs than there were a year ago, which is a rise of 22pc and compares with a general increase in employment of just 1.7pc.
Overall there are 1.645m people in fulltime employment, and one in 100 of these has a second fulltime job.
Most of those working two jobs are aged over 45 and male, the latest Quarterly National Household Surveyreport shows.
Around 11,500 men have a second job compared with 5,000 women.
Farming and fishing was the single biggest sector where people were likely to be doing two jobs accounting for 5,500 of the total.
Around 9,000 doublejobbers were in the services sector which covers a huge spectrum from finance to catering.
However doublejobbing was even more common towards the end of the boom as the numbers working two jobs rose to 20,000 in early 2008.
Total fulltime employment fell by 303,100 in the last five years, the CSO figures show.

Boost for Ireland’s workers as pension market funds increase

   

Irish workers have been given a boost with the value of their private pension funds rising for the first time in five years.

Rising stock markets and better returns from bond markets sent the value of private-sector pension schemes to more than €80bn last year.
The combined value of pension funds had dropped as low as €72.3bn in 2011, due to falling share prices and poor returns from investments in bonds.
Pension funds here have suffered some of the highest losses in the Western world since the financial collapse in 2008.
VALUE: But the latest figures from the Irish Association of Pension Funds (IAPF) show that some of the losses are being clawed back.
The 11pc growth in the value of pension funds comes despite the Government extracting €500m a year from all private sector schemes in a levy that has been earmarked for job creation.
Head of the IAPF, Jerry Moriarty, said the rise in the value of funds was good news for those workers who were able to put some money aside for their retirement.
“A strong performance across international equity and fixed income markets drove much of the improvement,” he said.
Some €50.5bn of the pension fund money is in defined-benefit schemes. But most of these schemes are facing huge shortfalls.

Average height of an Irish man is now 8 cm (three and a half inches)taller than a 100 years ago

   

But they lag behind their European counterparts, says the Oxford Economics Paper

The average Irish man born in 1980 is now 1.76cm tall (5ft 9in).
Irish men are an average of 8cm or almost three and a half inches taller than they were a century ago, according to new research.
The phenomenon of each generation being taller than the last one has been confirmed in the study published in the journal Oxford Economics Paper.
The average European male born in 1980 is 11cm or four and a half inches taller than their counterparts in 1875. The increase in height has been described as “truly unprecedented” in human history by report author Prof Timothy Hatton of the University of Essex.
He said better disease control and better nutrition account for most of the increases while smaller family sizes may also be a factor.
The average Irish male is only 8cm taller than his counterpart 100 years ago, the smallest increase from the 15 countries surveyed.
Prof Hatton cautioned against reading too much into the Irish figures as he said there was very little data between 1880 and 1950.
He explained that people living in a rural environment have access to better nutrition than those brought up in the “dark Satanic mills” and most Irish people were living in a rural environment at the end of the 19th century.
The average Irish male born in 1980 is now 1.76cm tall (5ft 9ins).

Central Bank set to phase out 1 & 2 cent coins with trial test in Wexford

 

Bank to start a rounding trial on September 16th in Wexford

Newly-minted 2 cent euro coins. The Central Bank’s rounding trial in Wexford will seek to eliminate such coins as part of a trial.
Consumers in Wexford may soon find that the change in their pockets is no good, as the Central Bank starts a trial aimed at phasing out lower denomination coins.
From September 16th to November 17th, more than 240 local businesses will operate the trial, which will reduce the number of 1 and 2 cent coins in circulation; test how rounding will work in practice; and assess the reaction of consumers and retailers.
According to the Central Bank, the rounding trial rules are “simple and fair for all”. Cash transactions will be rounded to the nearest 5 cent at the till, to remove the need for 1 and 2 cent coins in change. So, for example, a transaction costing € 10.21 or € 10.22 will be rounded to € 10.20, while if it costs €10.23 or €10.24, it will be rounded to € 10.25.
Participation in the trial is voluntary, so if you want to keep using your 1 and 2 cent coins, you can.
The price of individual goods or services will remain unchanged as only the total bill will be rounded. Non-cash transactions are not affected. Ronnie O’Toole, programme manager for the National Payments Plan, says that the bank will be engaging inmarket research with consumers and retailers to assess the impact of the trial.
“All the indications are that Wexford will provide an excellent testing ground for issues that might arise and will provide a strong representative sample of experiences from local retailers and consumers,” he says.
For Senator Feargal Quinn, who is attending the launch of the trial, “one and two cent coins are a nuisance and I have questioned their relevance for some time.”

The orangutans of Borneo soon to disappear if their habitat is not saved

  

The orangutans of Borneo are a sight to behold – but they may not be around for much longer, 

His long arms reach for a lower branch. He grabs it with a strong hand and dangles while deciding which branch to move to next, the long auburn hair on his arms, his chest and his back blowing in the wind. The magnificent man of the forest is lunching on figs and that is all that matters to him.
When we set off that afternoon for our cruise along the Kinabatangan River, deep in the rainforest in the Sabah region of Borneo, our guide had cautiously advised: “You might see some interesting birds, maybe a crocodile if you are very lucky, but don’t expect anything else.”
With these words to dampen our spirits, we boarded a simple wooden boat and quietly motored down this immense river, our eyes keenly focused on its green forested banks.
Coming around the very first corner, we find ourselves face to face with a herd of pygmy elephants. At first, they are grey lumps obscured by foliage, but these hungry beasts soon demolish the obstruction in their feeding rampage. And then there they stand, mere feet from us, all tusks and flapping ears, ignoring us entirely as they eat on, a group of adolescents, a mother and a very small baby.
  Our boatman has the most eagle eyes and has already spotted a tree full of proboscis monkeys (left photo) with their outlandish droopy noses.
We are entirely enrapt when our guide lets out a whoop, loud enough to startle a lounging elephant. He has spotted orangutans. Many of them. They are high up in trees, as casual as can be, swinging lazily to the next tree, paying no heed to the giddy tourists in danger of toppling their boat with excitement.
After taking far too many pictures, we simply sit in our boat watching them; the way they hang by one hand or foot, taking in the breeze they have created while considering their next move. They always seem to be in a good mood, having cracked the secret to enjoying life. It all adds to the majesty of these glorious creatures.
This is not the first time we have seen orangutans, nor is it the closest we will get to them, but there is something magically different about seeing men of the forest – the English translation of their name – in the real jungle, before their natural habitat disappears forever, eradicated by industry.
There is a big illegal market in this endangered species, but this is not the only threat the orangutans face. The rainforest is being destroyed at a terrifying pace to satisfy the ever-increasing demand for palm oil. This, the cheapest form of vegetable oil and a source of biofuel, is increasingly used in both the cosmetic and food industries.
The giant plantations of it engulfing so much of Borneo are devastating the home of so many different species. And once the land has been transformed from a thriving forest to this mono culture, it can never be reverted back, and the many indigenous plants, insects and animals can never be reintroduced.
There is just about enough rainforest left to allow these few remaining wild orangutans to survive, but if it is depleted any further then, yes, our human greed will have wiped them out.
The figures are stark, and they’re the reason I have come to Borneo now, while it is still possible to find orangutans in their own world. More than 90pc of the orangutans’ natural habitat has been sacrificed to the chainsaw and the bulldozer. An area the size of 300 football fields is cleared every hour in Borneo and Sumatra, according to wild life protection groups.
It seems bitterly ironic that a number of the big orangutan reserves are funded by palm-oil plantations, their act of giving back.
Borneo is one of the largest islands in the world and is divided among three countries: Malaysia, Indonesia and Brunei. Sabah, one of the two Malaysian states in the north of the island, has Kota Kinabalu as its capital. KK, as the locals call it, is a modern city, all concrete blocks and shopping centres. Sabah is also home to one of the oldest rainforests in the world.
On this 10-day tour around Sabah, we have already been very close to orangutans at two different rehabilitation centres, first at the Rasa Ria centre on the outskirts of the city of Kota Kinabalu and then at Sepilok, the first rehabilitation centre on the island, established in 1964.
At these centres, you arrive at feeding time and walk along raised wooden pathways through the forest to viewing platforms beside the feeding stages, which are laden with vegetables. At Rasa Ria, they have successfully rehabilitated 38 orangutans and released them back into the wild.
There are currently four orangutans here in early stages of rehabilitation and they have 64 acres to roam in. The good news is that they rarely miss feeding time. And, lo and behold, within moments of our arrival, two playful balls of orange fur arrive and, after demolishing a cabbage and juggling some carrots, are clearly just here to play and perform.
These orangutans have either been orphaned or kept illegally and haven’t been fully ‘dehumanised’. In fact, when most of the visitors have left and there are just four of us left with the keepers, two orangutans come on to our platform and perform acrobatic contortions for our admiration before trying to get hugs from us, which the keepers interrupt.
The animals need to have no human contact at all if they can ever be released back into the wild.
Of course, there is more to Borneo than its hairy jungle men. For those of a delicate stomach, avert your eyes. One of the finest and most valuable gourmet delicacies in the world comes from Borneo. High up in the dark caverns of the limestone Gomantong Caves in the Lower Kinabatangan area, you can find little pockets of edible gold, otherwise known as swiftlets’ nests made from the bird’s solidified saliva – yes, solid spittle.
When we enter the huge, dark cave, we walk along a small track in near dark, soon needing our torches to see even our feet – though they reveal much more than our feet. As we get deeper into the caves, we walk on a deep carpet of cockroaches, so many that it is impossible not to step on them, the crunch echoing around.
It is not the only sound – the other constant echo is the squeal of thousands of bats. We walk fast.
Collecting birds’ nests is an ancient tradition, dating back to at least 500AD. In spring and autumn, locals with expensive licences are allowed into the caves to dangerously climb to the roofs using only old rattan ladders and bamboo poles. The collection happens twice: before the laying of their eggs (the birds go on to build another nest) and then after the eggs are hatched and nests have been abandoned.
There are black nests in the first cave and then more treasured white nests in the upper second chamber, and these are used in birds’-nest soup. Every night, more than two million bats take off from the roofs for their evening feed. Some of them swoop out during the day, too, as we discover on our visit.
Arriving back to KK, we drive to the jetty and board a small motor boat, setting off in the direction of a group of rocky islands. They look uninhabited, wildly forested.
As we near, we see one is fringed by a beach of the purest white sand. This is Manukan Island, the only dwellings ashore being a very small number of beautifully designed wooden lodges in the Sutera Sanctuary, also known as a tropical paradise of the kind to make you behave like a giddy child when you see you have a private beach and your own outside hot tub.
Escape from the giant monitor lizards the size of Shetland ponies that prowl the beach and spend a day snorkelling in the South China Sea with fish of every hue – clown fish, puffer fish, giant star fish. It is hard not to laugh with happiness at it all, but laughing is not advised when wearing a snorkel.
You will laugh a lot when you are in Borneo, but the rampant deforestation and the plight of the magnificent jungle men mean that you will not laugh long.

Saturday, November 24, 2012

Donie's Ireland news daily BLOG


Sean Quinn Junior pledges to help Anglo get back €500m of assets

      

Sean Quinn Jnr wants to help the former Anglo Irish Bank recoup up to €500m of overseas assets, the High Court was told yesterday.

Mr Quinn’s new legal team said he had given “unequivocal” instructions to purge his contempt of the court orders not to interfere with the family’s International Property Group (IPG), which had led to him serving three months in jail.
Ms Justice Elizabeth Dunne, who jailed Mr Quinn on 20 July last, said this “sounds very promising” after being informed of Mr Quinn’s intention by Ross Aylward.
Given the continuing exchange of correspondence between lawyers for Irish Bank Resolution Corporation (IBRC) and the Quinn side, Shane Murphy SC, for the bank, said the sides had agreed the contempt proceedings against Mr Quinn Jnr, his father Sean Snr and his cousin Peter Darragh Quinn could be further adjourned.
Those contempt proceedings arose in the context of the bank’s proceedings against the Quinn children and some of their spouses, as well as against Peter Darragh Quinn and several companies, aimed at protecting up to €430m assets in IPG.
Mr Murphy said new lawyers had come on record for the Quinn children and some of their spouses, but not for Sean Quinn Snr or Peter Darragh Quinn.
The court heard yesterday there was still no appearance by or on behalf of Peter Darragh Quinn, who was jailed in his absence at the same time as Sean Jnr was sent to prison.
A warrant issued by the judge for his arrest remains unexecuted as he continues to live at his home in the North.
Sean Quinn Snr was jailed last month for nine weeks, and the judge was told by Karen Nolan BL that he had instructed his lawyers on November 7 that he no longer wished them to represent him.
The bank’s counsel, Mr Murphy, also said yesterday that correspondence from IBRC had been sent to the Quinn side related to its intention to “recalibrate” some 30 coercive orders made by the judge last July aimed at reversing asset-stripping measures.
The bank has initiated that “recalibration” process in light of a Supreme Court decision that the High Court was not entitled to jail Sean Quinn Jnr indefinitely on foot of those orders in circumstances where there was no actual findings that he was involved in most of those asset-stripping measures.
Developments
Also yesterday, Mr Justice Frank Clarke ruled that a “material change of circumstances” justified granting a separate application by IBRC to set aside a previous court decision referring a legal issue raised by the Quinns to the European Court of Justice.
That issue was whether the courts here or in Cyprus should determine the dispute between IBRC and the Quinns about their international businesses.
The Quinns had argued that the Cyprus courts should decide the matter, but the judge directed the reference should be set aside given several developments in the case, including the loss of a court action in Cyprus by the Quinns.
In the changed circumstances, the legal proceedings here will be over long before the Quinn Cypriot proceedings can even get significantly off the ground, he noted.

Department of Health criticised by Ombudsman over disability scheme

      
For the second time in less than a month, the Department of Health has been severely criticised by the Ombudsman for its handling of a disability scheme.
Last month, a report by the Ombudsman, Emily O’Reilly, revealed that the department had been acting illegally by failing to remove the upper age limit on the Mobility Allowance scheme for people with disabilities.
The payment of up to €208 per month is made to people who cannot walk, but who would benefit from trips outside the home. Failure to remove the upper age limit of 66 years is contrary to the Equal Status Act, the Ombudsman said.
This latest criticism centres on the Motorised Transport Grant, a means tested HSE payment made to people with disabilities who need to purchase a car in order to retain employment. It is also aimed at people with disabilities who need to have a car or other vehicle adapted, again for the purpose of having a job.
The office of the Ombudsman carried out an investigation following a complaint by a young man with severe disabilities, who had been refused the grant.
The office upheld the complaint and found that the HSE’s operation of the grant ‘reflected an approach to disability which is unduly restrictive, improperly discriminatory and fails to have proper regard to the Equal Status Acts’.
The Ombudsman insisted that these ‘defects’ in the operation of the scheme ‘reflect a failure by the department in its responsibility to oversee the implementation of the scheme and a failure to provide the HSE with adequate and clear guidance’.
One of the main problems identified by the Ombudsman is that eligibility for the scheme is confined to people who cannot walk because of a physical disability.
“The Ombudsman’s view, echoing that of a 2009 equality officer decision, is that the scheme should have regard also to the consequences for mobility of psychological or intellectual disabilities,” the office explained.
The HSE has since approved payment of the grant to the young man who initially made the complaint. However, the department has rejected a recommendation from the Ombudsman, which sought changes to the scheme in order to make it complaint with the Equal Status Acts.
The department insisted that acceptance of this recommendation would have serious financial implications for the State.
However, Ms O’Reilly stated that there could be ‘no justification for allowing this disregard for the law to continue’.
“We are a society ruled by law,” she insisted.

State Street investigation over overcharging of Irish pension funds

IAPF Information Library   
UK regulators are investigating allegations that State Street overcharged Ireland’s state pension fund and several big UK corporate pension funds, including those of the Royal Mail and J Sainsbury, billing them for fees not included in their contracts, according to people familiar with the matter.
Ireland’s national debt agency said on Thursday it had notified Irish police that the big US custodian bank had reaped €3.2m in improper fees and trading profits from the national pension fund which was selling €4.7bn in assets to generate cash to invest in and rescue the country’s banks.
“What happened here was fraudulent in nature and totally unacceptable,” John Corrigan, chief executive of the National Treasury Management Agency, told an Irish parliamentary committee.
State Street said it had reimbursed the Irish debt agency and several other clients. People familiar with the matter said they included the Royal Mail and Sainsbury pension funds. The bank also sacked three staff linked to the transactions and reported the matter to the UK Financial Services Authority in September 2011.
“In a limited number of instances, we charged commissions on transition management mandates that were not consistent with our contractual agreements,” State Street said in a statement.
“The actions of these former employees and their interaction with a limited number of clients do not reflect the high standards of conduct, communications and transparency that State Street expects. We took swift and appropriate disciplinary actions in response to this conduct,” the bank added.
Mr Corrigan said the debt agency was awaiting the outcome of the FSA investigation before deciding how to proceed and whether to press for additional compensation. He said a separate state contract for the management of €900m pension fund assets with State Street was also under review.
The FSA, Sainsbury and the Royal Mail all declined to comment.
The overcharging allegations are centred in State Street’s “transition management” unit, which helps large pension funds sell assets. The bank sometimes charges a management fee and sometimes charges commission.
In Ireland’s case, the pension fund had agreed to pay a fixed fee of €698,000, according to a report by the debt agency. But the bank then applied commissions of €2.6m and also became involved with the trade as a participant, earning a further €600,000 in profits.
The debt agency said it only became aware of the improper commissions in late 2011 when it read media reports about similar problems faced by other State Street clients in the UK. Mr Corrigan told members of parliament it had been an “eye opener” when dealing with an institution of international reputation to find cash had been “siphoned off” improperly.
State Street is being sued by the state of California which alleges the bank improperly charged state pension funds for foreign exchange services, and several US authorities including the Securities and Exchange Commission are also looking into the matter, the bank has said in regulatory findings.

Coillte harvest ash trees early to help Irish Hurley makers

  
Coillte has announced an early ash tree harvest, in order to help hurley makers get around tough new ash import regulations. 
The new rules mean ash can only be brought into the country if it is from an area that is free from ash dieback disease, or if it is kiln-dried or if the outer surface is sawn off.
Coillte have said it is already harvesting ash in one of its forests in Co Westmeath, to ensure the ongoing survival of the hurley-making industry.
No cases of ash dieback have been found in the Republic to date.

The island that vanished off the face of the earth?

It’s a mystery worthy of James Bond. A tiny island in the Pacific which appears on a range of maps seems to have disappeared without a trace.
Australian scientists who went in search of Sandy Island – which appears midway between Australia and the French-governed New Caledonia on Google Earth among other world maps – found nothing but sea when they arrived.
The Times Atlas of the World appears to identify the sizeable phantom island in the Coral Sea as Sable Island, and weather maps used by the Southern Surveyor, an Australian maritime research vessel also say it exists.
But when the ship, which was tasked with identifying fragments of the Australian continental crust submerged in the Coral Sea, steamed to where it was supposed to be there was nothing there.
The island supposedly sits in an area of very deep sea, making its existence something of a geological oddity that researchers wanted to investigate.
However, when they got there, it was nowhere to be found.
‘We wanted to check it out because the navigation charts on board the ship showed a water depth of 1,400 metres (4,620 feet) in that area – very deep,’ said Dr Maria Seton, of the University of Sydney, after the 25-day voyage.
‘It’s on Google Earth and other maps so we went to check and there was no island. We’re really puzzled. It’s quite bizarre. ‘How did it find its way onto the maps? We just don’t know, but we plan to follow up and find out.’
The island’s appearance on Google perhaps should have sparked suspicions. Compared with nearby islands on which the undulations of ground are visible, Sandy Island appears merely as a dark blob. News of the invisible island sparked debate on social media, with tweeter Charlie Loyd outpointing that Sandy Island is also on Yahoo Maps as well as Bing Maps ‘but it disappears up close’.
On www.abovetopsecret.com, discussions were robust with one poster claiming he had confirmed with the French hydrographic office that it was indeed a phantom island and was supposed to have been removed from charts in 1979. daily times monitor