Donie's Ireland daily news BLOG Friday

Permanent TSB promises to fill the Irish banking void

  

Permanent TSB Bank to introduce a range of new services

 chief executive Jeremy Masding.

Permanent TSB,which is 99.2 per cent owned by the State, has promised to increase the number of products and services it offers to banking customers in Ireland.

The move comes in response to the decision by Danske Bank and ACC to withdraw from retail and business banking here.

PTSB said it intended to bring forward the introduction of a number of initiatives to meet the need of banking customers. These include the provision of increased resources for small businesses.

It also announced plans to introduce a range of new risk-based mortgage products for the private investor market, such as products designed for Irish citizens living abroad who want to buy investment properties in Ireland.

The bank said it is to lend up to € 100 million to homeowners seeking to avail of the Government’s new home renovation incentive scheme, to make improvements to their home. Bank of Ireland announced a similar scheme earlier this week.

PTSB, which is expected to sell its €6.9 billion UK residential mortgage book next year as part of a plan to create a smaller bank, said it has made strong progress this year in growing its current account base and on new mortgage lending.

The bank is now opening 1,000 new current accounts a week and accounted for 16 per cent of residential mortgage approvals in September, up from 2 per cent in December 2012.

PTSB was Ireland’s largest mortgage lender at the peak of the boom and as a result required a €4 billion bailout from the State.

Chief executive Jeremy Masding said the bank was determined to be a force for competition in the market in Ireland.

“Customers are justifiably concerned that competition could reduce in the Irish banking market as a result of departures like these. But for our part, we will use these developments as a spur to grow our business and ensure that other large players don’t simply hoover up disaffected customers from the departing institutions. If business is there to be won, we want to win it,” he said.

PTSB recorded an operating loss of €449 million in the first half of this year but Mr Masding recently said he expected the “good bank” part of the bank to make a profit in 2014.

Last month the International Monetary Fund (IMF) warned PTSB’s return to profit was taking too long but was not “beyond hope.”

Irish Government to save millions after new drug pricing structure’s 

 

Decision is part of long-awaited programme to replace some branded drugs with generic alternatives

It is estimated a patient prescribed 10mg of atorvastatin, which is the active ingredient in lipitor, should see savings of €180 per year.

The Government has said that prices for atorvastatin products – drugs which are used to control cholesterol – are to be reduced.

The move forms part of the latest phase of the Government’s reference pricing initiative aimed at curbing expenditure on its bill for medicines.

From today a new price regime applies to atorvastatin, which is the active ingredient in the most commonly prescribed statin. The reduction will apply to the branded drug Lipitor and generic equivalents.

It said that reference pricing would see both patients and taxpayers benefit from reduced costs.

An estimated 250,000 Irish residents are using a form of statin.

Minister for Health James Reilly said: the introduction of a first reference price for a medicine which is used to control cholesterol,” represents a major step in ensuring lower prices are paid for these medicines”.

“The new reference prices for atorvastatin products means the HSE now pay 70 per cent less for these products compared to May 2013. Patients will save on the cost of their medication and taxpayers will benefit from the reduced prices paid by the HSE.”

Minister of State at the Department of Health Alex Whitesaid: “The introduction of reference prices will ensure that generic medicine prices in Ireland will fall towards European norms. It will safeguard value for money for the taxpayer and will mean that prices are set at levels which facilitate – not jeopardise – supply of these products in Ireland.

Under the new pricing structure it is estimated that a patient prescribed 10mg of atorvastatin should see savings of €180 per year, while those on 20mg doses should save €280.

Half of Irish households could pay for water during future shortage cuts

 

Commission for Energy Regulation has warned against low water charges

Irish Water has confirmed that meters will only be installed in 50% of homes by the first water bills start arriving in 2015

More than half of all householders could be paying for water, even when supplies are cut off, after charges are introduced in 2015. Meters will only be installed in 50 per cent of homes by the time the first water bills start arriving in 2015, Irish water has confirmed.Households without a meter will be paying an assessed or “flat rate” charge while those on a meter will be charged for what they use. During future cuts, those on a fixed rate could still have to pay even when they cannot get the service.

A spokesman for the Commission for Energy Regulation, which will be setting water rates by the middle of next year, said it was too early to say whether households on an assessed charge would be offered any rebate on their bills. The commission also indicated it did not intend to set an artificially low introductory rate, which it said would hurt consumers in the long run.

Bills are to be issued for the first time in early 2015, but they will be for water used in the third quarter of next year. The installation programme is scheduled to be completed for all homes assessed as suitable for a meter by the end of 2016.

A further 300,000 homes, mainly apartments and houses using shared supplies, will still be on a flat rate charge after this time.

Currently, people operating commercial premises are the only consumers paying for water. A Dublin City Council spokesman said they would not be entitled to any rates rebate because they were metered and so were not having to pay for water during the current nighttime shut down.

“Businesses such as restaurants and hotels have to have their own contingency plans, they should have 24 hours of water storage in place,” he said.

Meanwhile the commission has warned against delaying capital investment in infrastructure as a way of artificially depressing water prices.

The commission is currently conducting a consultation process ahead of its determination of the levels of domestic water tariffs and the charging system Irish Water will be permitted to use.

It said the utility would be expected to pass on “only reasonable and appropriate costs” to customers and must have a strong incentive to improve service and reduce costs from the outset of regulation.

However, it said a focus on short-term gains or looking for “quick regulatory wins” that would adversely affect stakeholders in the long term must be avoided.

“One example of a quick regulatory win would be delaying required capital expenditure in the water services infrastructure.

“Lower bills may be of benefit to water customers in the short term. However their long-term interests, with respect to quality of water supply and service and health standards, will be detrimentally affected if pipes/pumping stations etc are not fixed, maintained or upgraded as necessary,” it said

The commission also said that while provision had been made for borrowings by Irish Water to be guaranteed by the State, it considered that the utility would also require direct financial support and investment from the State.

A plan needed to be put in place where, over a defined period, Irish Water would become less reliant on State support.

Roy Keane now set to become Martin O’Neill’s Ireland assistant Manager 

  

Martin O’Neill and Roy Keane look set to team up as Ireland’s next managerial team

Roy Keane is on the verge of a shock comeback to Irish football as the assistant to the FAI’s manager in waiting Martin O’Neill.

O’Neill [61] is in advanced discussions with the FAI about replacing Giovanni Trapattoni and is close to accepting the role.

The Derry man met high ranking FAI officials in London this week and informed them that he was interested in taking the job – and wanted to bring in Keane as his number two.

Keane was floated as a possible contender for the top job but was considered a long shot because of his fractious relationship with the FAI hierarchy which dates back to his Saipan row in 2002.

However, it is understood that he is willing to come on board when O’Neill formally reaches agreement to assume control and the FAI are happy to go along with the wishes of their preferred candidate.

New report shows the importance of Counselling to Donegal people affected by cancer

   

A new report on the National Counselling Grants Programme reveals that over a third of Donegal cancer patients who availed of the service sought counselling less than one year after a cancer diagnosis. 

Another 36 per cent of clients required counselling within two years of diagnosis, highlighting the need for emotional support following the completion of treatment.

The report, commissioned the Irish Cancer Society shows the Society supported 207 counselling sessions for Donegal cancer patients in 2012.

The counselling service, which is available to anyone affected by a cancer diagnosis, saw a third of Donegal clients presenting with concerns such as anxiety, fear and stress following the trauma of their illness and 23 per cent who needed help adjusting to life after cancer and learning new coping skills.

The effect of cancer is wider than the immediate person diagnosed with 18 per cent of Donegal clients attending as relatives of a cancer patient, usually an adult child of the diagnosed person.

Another 7 per cent of the clients who used the counselling service were also bereaved due to cancer, highlighting the need for support the in the months and years after the immediate impact of the illness.

Females are also more likely to attend for professional counselling than males with 73 per cent of female Donegal clients attending in 2012 compared to 27 per cent of males.

Almost half of those who used the service were between the ages of 41 and 60.Cancer patients and their relatives can find their nearest affiliate support centre providing this service by logging on tohttp://www.cancer.ie/how-we-can-help/support or call the Irish Cancer Society Freefone Helpline on 1800 200 700.

British scientists discover reindeer eyes change colour from gold to blue

OVER THE COURSE OF A YEAR

  

It is the first time a mammal’s eyes have ever been shown to change in this way

Scientists have discovered that reindeer eyes change colour from gold to blue over the course of the year – the first time this has ever been shown to happen in mammals.

A British-funded study has revealed that the animals are uniquely adapted to Arctic winters, which experience continuous daylight in summer and continuous darkness in winter.

Like many other mammals, during the bright summers reindeer eyes reflect back most light through the retina – so they appear gold.

A kind of enhanced night vision kicks in through winter, however, when a layer of tissue behind the retina becomes less reflective and appears blue.

This increases the sensitivity of the reindeer eye to limited winter light – and is a vital tool in helping them survive the challenging Arctic conditions.

“This gives them an advantage when it comes to spotting predators, which could save their lives,” said lead researcher Professor Glen Jeffery.

“This is the first time a colour change of this kind has been shown in mammals,” he said. “By changing the colour of the TL in the eye reindeer have flexibility to cope better with the extreme differences between light levels in their habitat between seasons.”

The study was conducted by Professor Jeffery and his colleagues at University College London, working in tandem with the University of Tromsø in Norway.

They suggested that the colour change may be caused by pressure within the eyes. In winter the reindeers’ pupils exist in a permanent state of dilation, which prevents fluid in the eyeball from draining naturally.

The pressure compresses the tissue behind the retina, they said, reducing the space between collagen in the tissue and therefore reflecting the shorter wavelengths of the blue light common in Arctic winters.

Previous work from Professor Jeffery and Norwegian colleagues from Tromsø had shown that Arctic reindeer eyes can also see ultraviolet, which is abundant in Arctic light but invisible to humans, and that they use this to find food and see predators.

The most recent study, published yesterday, was funded by the Biotechnology and Biological Sciences Research Council – one of the seven members of the Government-backed Research Councils UK group.

Donie's Ireland daily news BLOG update

Our financial crisis was caused by greed says Ireland's Central Bank Chief

  

“Greed, disregard for risk” and “gross mismanagement” helped cause the banking crisis, according to the new deputy head of the Central Bank.

In his first public address since being appointed the deputy governor of the Central Bank, Cyril Roux questioned whether an ever-increasing amount ofrules and directives is the best way to regulate the banking industry, or if there needs to be a switch to a so-called principles-based framework.

DAMAGING: In a hard-hitting speech, he hinted at a shift in focus for regulators, away from a focus on what banks do and instead focusing on bankers themselves.

He said: “Few would dispute that some of the most galling failures have had very little to do with capital requirements and everything to do with greed coupled with disregard for the risks, or gross misjudgment about them.”

The focus of banking regulation tends to be on guarding against the risk of damaging bank runs, he said.

In contrast, supervision of the securities industry – including bond and share dealing – grew out of the need to protect investors, he said.

REGULATION: Mr Roux was speaking at a conference on regulation held by the Central Bank in Dublin yesterday.

Five years after the collapse of Lehman Brothers and the start of the financial crisis, he asked whether “we have fully seized the opportunity” of the crisis to tackle the issue of how best to regulate the sector.

Financial regulation is ultimately a product of the political process, he said.

Figuring out how best to resolve the “conundrums” involved will be achievedthrough democratic dialogue.

French-born Mr Roux replaces Matthew Elderfield who left the bank in the summer to work for Lloyds Bank in London.

Small businesses in Ireland upbeat about the next 12 months 

   

Ireland’s small business community is upbeat about its prospects for the next 12 months, with most respondents to a survey saying they expect further improvements in trading conditions in the coming year.

The latest quarterly SME Business Trends survey, covering the third quarter of the year, from sectoral lobby group ISME details positive movement in 11 of the 12 confidence indicators. A reading of 15% — up from 5% in the previous quarter — of firms expecting to increase employment in the next year marks the best figure in this regard since the end of 2007.

ISME chief Mark Fielding said: “It is imperative that the budget next Tuesday does nothing to stifle the positive sentiment and trends in the indigenous SME sector. While the majority of SMEs continue to battle out of recession, the mindset is positive and cautiously expansionary. The main focus must remain on cost curtailment, and any government budgetary intervention must not interfere with the turnaround.”

The last quarter saw a fall in the percentage of SMEs exporting goods — from 29% to 22% — but this was the only indicator to show a decline. Profitability expectations went from 0% in the second quarter to 14% at the end of September, putting the rating in positive mode for the first time since the beginning of the economic downturn.

The survey also shows SMEs have increased appetite for investment — the level of firms investing in their business is up from 16% to 26% on a quarter-by-quarter basis, with the level of firms planning future investment up from 20% to 23%.

Over half of young Irish people suffer a mental health problem by the age of 24

         

Young Irish people have a higher rate of mental health difficulties than their peers in Europe and the USA, with more than half suffering a significant problem by the age of 24.

The mental disorder could involve a young person experiencing a behavioural or psychological problem either causing them distress or anxiety, such as a bereavement.

More seriously, it could see the young person suffering from a mood disorder such as depression, experiencing psychosis, or having suicidal thoughts.

By their mid-20s, nearly 75pc have engaged in binge drinking, with one in five meeting the criteria for mental health problems linked to this behaviour at some time in their lives.

The findings from research by the Royal College of Surgeons in Ireland (RCSI) showed one in five young Irish adults aged 19-24 and one in six young people aged 11-13 are experiencing mental disorder.

The ‘Mental Health Of Young People in Ireland’ report pointed out that suffering psychological stress in early life leaves young people at increased risk during their adult years.

Professor Mary Cannon of the RCSI said: “Our research shows that high numbers of teenagers and young adults in Ireland are experiencing mental ill-health at any given time.

“For the first time in Ireland, we have evidence. . . that young people who experience mental ill-health during adolescence have higher rates of mental disorders and substance misuse during their young adult years.”

High numbers of young adults aged 19-24 engaged in the misuse of alcohol and drugs, according to the findings of the RCSI Psychiatric Epidemiology Research across the Lifespan (PERL) Group.

“Of particular concern is that three out of four young adults met lifetime criteria for binge drinking. The research also reveals that almost one in five (19pc) had thought about suicide,” said Prof Cannon.

The research involved surveying and interviewing more than 400 people between the ages of 11 and 24. It is the first time such comprehensive data about disorders among young people in Ireland was published.

“Our research points to high levels of self-injurious behaviour and suicidal thoughts among Irish youth,” she said.

“For young adults, just under one in 10 had engaged in deliberate self-harm and one in five experienced suicidal thoughts.

“Both of our studies (found) many of the young people who were experiencing mental health difficulties had not sought help,” Prof Cannon added.

‘DISCORD’ “We found that experiences of family discord, intimate relationship abuse and stress related to death, health, work and relationships were implicated in young people’s risk of experiencing a mental disorder.

“We also found that being of a minority sexual orientation was associated with mental ill-health among young adults.”

The report was launched by Junior Health Minister Kathleen Lynch.

She said: “I would appeal to any young person who thinks they may have a mental health issue not to suffer in silence and to seek help.”

New Alzheimer’s treatment breakthrough as British scientists pave way for a simple pill cure

     

Historic ‘turning point’ hailed as UK researchers discover how to halt death of brain cells, opening new pathway for future drug treatments

Scientists have hailed an historic “turning point” in the search for a medicine that could beat Alzheimer’s disease, after a drug-like compound was used to halt brain cell death in mice for the first time.

Although the prospect of a pill for Alzheimer’s remains a long way off, the landmark British study provides a major new pathway for future drug treatments.

The compound works by blocking a faulty signal in brains affected by neurodegenerative diseases, which shuts down the production of essential proteins, leading to brain cells being unprotected and dying off.

It was tested in mice with prion disease – the best animal model of human neurodegenerative disorders – but scientists said they were confident the same principles would apply in a human brain with debilitating brain diseases such as Alzheimer’s or Parkinson’s.

The study, published today in the journal Science Translational Medicine, was carried out at the Medical Research Council’s (MRC) Toxicology Unit at the University of Leicester.

“It’s a real step forward,” team leader Professor Giovanna Mallucci said. “It’s the first time a substance has been given to mice that prevents brain disease. The fact that this is a compound that can be given orally, that gets into the brain and prevents brain disease, is a first in itself… We can go forward and develop better molecules and I can’t see why preventing this process should only be restricted to mice. I think this probably will translate into other mammalian brains.”

In debilitating brain diseases like Alzheimer’s, the production of new proteins in the brain is shut down by a build-up of “misfolded proteins” or amyloids. This build-up leads to an “over-activation” of a natural defence mechanism that stops essential proteins being produced. Without these proteins to protect them, brain cells die off – leading to the symptoms of diseases like Alzheimer’s.

The compound used in the study works by inhibiting an enzyme, known as PERK, which plays a key role in activating this defence mechanism. In mice with prion’s disease, it restored proteins to protect brain cells “stopping the disease in its tracks”, restoring some normal behaviours and preventing memory loss.

Although the compound also produced significant side effects in mice, including weight loss and mild diabetes, which was caused by damage to the pancreas, Professor Mallucci said it would “not be impossible” to develop a drug that protected the brain without the side effects and that work towards doing so had been “very promising”.

The breakthrough was greeted with excitement by scientists, who nonetheless cautioned that it remained a significant proof of principle and a possible basis for new treatments, rather than a guarantee of an Alzheimer’s cure in the near future.

 A Computer graphic of a vertical (coronal) slice through the brain of an Alzheimer patient.

Professor Roger Morris, acting head King’s College London’s department of chemistry, said: “This is the first convincing report that a small drug, of the type most conveniently turned into medicines, stops the progressive death of neurons in the brain as found, for instance, in Alzheimer’s disease. True, this study has been done in mice, not man; and it is prion disease, not Alzheimer’s, that has been cured.  However, there is considerable evidence that the way neurons die in both diseases is similar; and lessons learned in mice from prion disease have proved accurate guides to attenuate the progress of Alzheimer’s disease in patients.”

“From finding the first effective drug in a mouse, to having an effective medicine in man, usually takes decades to bring to fruition, in the very few cases in which it is successful. So, a cure for Alzheimer’s is not just around the corner. However, the critical point of principle made by Professor Mallucci’s study is that a drug, given orally, can arrest neuro-degeneration caused by amyloid in the brain.

”This finding, I suspect, will be judged by history as a turning point in thesearch for medicines to control and prevent Alzheimer’s disease.“

David Allsopp, professor of neuroscience at Lancaster University said that the study had thrown up ”very dramatic and highly encouraging results“, but said that more research was needed to overcome the “problematic side-effects” and to prove the technique would be effective against other disease like Alzheimer’s and Parkinson’s.

There are currently 800,000 people in the UK with dementia and Alzheimer’s disease is the most common cause. The number of people living with the condition is set to break one million by 2021, and represents an enormous health burden for the NHS and the social care system. Parkinson’s affect 1 in 500 people and around 127,000 people suffer from the condition.

Dr Eric Karran, director of research at Alzheimer’s Research UK, said: “Targeting a mechanism relevant to a number of neurodegenerative diseases could yield a single drug with wide-reaching benefits, but this compound is still at an early stage. It will be important for these findings to be repeated and tested in models of other neurodegenerative diseases, including Alzheimer’s disease. While Alzheimer’s is the most common form of dementia, other diseases that cause dementia are also characterised by the abnormal build-up of proteins in the brain.

“If this process is also working overtime in these conditions too, targeting it could be a promising avenue for investigation. However, what is true in animals does not always hold true in people and the ultimate test for this compound will be to see whether it is safe and effective in people with these diseases.”

Irish greenhouse emissions rise for 2012 & raises fears over our stance on pollution

  

The 3% rise in agricultural emissions was driven by a surge in animal numbers, particularly cattle and sheep.

Ireland’s greenhouse gas emissions rose in 2012 for the first time in six years, according to new research.

The statistics, released yesterday by the state-run Environmental Protection Agency, showed that carbon emissions jumped by 1pc to 57.92 million tonnes last year – breaking a downward trend that started more than half a decade ago.

The unexpected rise raises questions about Ireland’s commitments under the Kyoto Protocol – the international treaty that set binding obligations on industrialised countries to reduce their greenhouse gas emissions.

Some 192 states have ratified it, including all UN members except Andorra, Canada, South Sudan and the US.

Kyoto research has found that most known reserves of fossil fuels will need to remain unburned to prevent temperatures rising more than 2pc above normal levels.

In Ireland, agriculture shouldered most of the blame last year, accounting for about a third of Irish CO2 emissions, the single largest contributor, followed by energy generation and transport.

The 3% rise in agricultural emissions was driven by a surge in animal numbers, particularly cattle and sheep.

This is partly the result of government plans to expand milk production, and will continue with the removal of milk quotas in 2015.

Sheep stock numbers alone rose by 9pc due to a favourable market.

The 6pc increase in emissions from energy generation was driven by an increase in the use of carbon-intensive coal, which has dropped in price, while the cement industry was mostly to blame for a rise in industrial emissions. CO2 levels generated by cement projects grew by a massive 18pc.

Emissions by some sectors still dropped, helping to mitigate results. Residential emissions dropped 6pc, compared with 2011 levels, after higher-than-average temperatures lowered demand for heat from households.

Transport emissions were also down, a fifth year of decline after significant growth in the run-up to the recession. Tightened consumer spending coupled with increases in motor tax and vehicle registration tax has reduced the number of cars on the roads in recent years. But transport emissions in 2012 were still a massive 113pc higher than in 1990.

Though Ireland should still meet its targets under the Kyoto Protocol, theEPA yesterday said the increase in emissions in 2012 “points to the significant challenges ahead”.

The agency is calling for greater efficiency on farms, less car travel and reduced energy use and energy loss in households.

Why do icicles have their ridges? Science has an answer

    

RUFFLES HAVE RIDGES, BUT so WHY DO ICICLES have as WELL, IT TURNS OUT that IT’S ALL ABOUT THE SALT.

A team of scientists at the University of Toronto has discovered that the salt in water is responsible for the distinctive ripples seen in the ice stalactites that grow from eaves and on bridges during the winter.

Other contaminants as well probably contribute to the formation of the characteristic bumps, says senior author Stephen Morris, an experimental physicist at the University of Toronto.

“We didn’t expect this, but it turns out that very slightly dirty water — like Toronto tap water — produces nice ripply icicles,” says Morris of the research, which is published this week in New Journal of Physics.

“And pure water, or even just distilled water which is pretty pure but not super pure, produces smooth icicles with no ripples on them.”

His team was trying to figure out why icicles form with ripples.

It may be blue sky research, Morris acknowledges, though it’s completely serious. Figuring out how ice forms and why it takes the shapes it does is important for dealing with ice buildup on planes, ships and bridges, among other things.

“There’s a huge engineering field concerning ice buildup and this is directly connected to ice buildup,” Morris says.

“In fact, the icicle is just about the simplest kind of ice buildup you could ask for. And we don’t understand it. It’s surprising.”

The thinking has been that the ripples are the result of surface water tension effects on the thin water film that flows over the ice as it forms. Surface tension is what allows small insects to dance on the water of a lake, for instance.

It’s known that adding soap to water reduces the surface tension, so Morris’s group added soap to water to see if it affected the shape of icicles. But icicles made from soapy water didn’t form ripples.

As the work progressed, however, the team realized there was a difference between icicles made from distilled water and from regular water from the tap.

“Toronto tap water is very close to pure water and we didn’t believe initially that it would make any difference using tap water or really pure water. But it does,” Morris says.

The effect is noticeable in a picture of three icicles formed in the experiment — a smooth icicle made of distilled water, a moderately ridged one made with distilled water plus a little salt and a carbuncled icicle made from distilled water plus a lot of salt. The image can be seen on a Flickr page Morris set up.

He says it’s not clear why salt has this effect, but it’s worth studying. Morris does other research into why substances that are smooth develop bumps — roads, for instance — and he says the work is all linked.

“Everything is connected in physics. Even the most trivial phenomenon can turn out to be important,” he says.

“Crystal growth — and an icicle is a crystal — is a huge field in engineering.”