|
|
 Archbishop Alan Harper “Banks in the retail sector, who continue to refuse to perform in a socially responsible manner, should have their licences revoked,” stated the Church of Ireland’s Archbishop of Armagh and Primate of All Ireland Alan E. T. Harper, OBE, at the Church of Ireland’s three day Synod, which began on Thursday last and was attended by many C of I clergy from Co.Tipperary.
In his Presidential address, Archbishop Harper stated:
“The consequences of recession are devastating for those forced into unemployment or faced with the collapse of their Companies. I recently received a letter from a GP. He described what he encounters in his consulting rooms as a result of families stressed to the limit by pressure from their banks: decent folk, pillars of the local community, reduced to tears. That GP’s observations are more than supported by the statistics of suicide in both jurisdictions.
I have no special knowledge of banking practice except the experience of being a member of a single income family throughout my working life of 45 years. I know what it is to bump along the bottom and to have to depend on an understanding bank manager in a crisis situation. I know what it means to enjoy the generosity of family and the understanding of friends. What concerns me now is the extent to which things have changed.
The effects of the restriction in bank lending have been disastrous for small and medium sized businesses, especially in the construction sector, and, consequently, for those made unemployed as businesses contract. Many employers have been forced to the wall; one long established firm I know has laid off 60% of its workforce, others have ceased trading altogether; punitive rates of interest, in some cases more than 5% above LIBOR, are being demanded; banks are reducing overdraft facilities; asset rich but cash poor businesses, often described by the banks themselves as their core customers, are being starved of the cash required to enable them to trade, yet these same small and medium sized businesses are the backbone of the local economy.
Time was when banks were either investment partnerships or retail banks. Then, starting with Salomon Brothers in the United States in 1981, partnerships were floated as corporations, transferring the risks to shareholders rather than the partners and employees, and blurring the distinctions between two very different types of activity. At this point the strength of the capitalist system in collectivizing the sharing of risk became, it could be argued, a weakness. As the financial sector sought to create more high risk credit and to invent products to spread the risk of investment among an ever widening pool of shareholders and clients, many people became involved in this area of the economy without being fully aware of the risk that they carried.”
To read the full text of Archbishop Harpers very fine address entitled “The Priority of Mission in the Church of God” click here, as it makes for some very interesting Sunday reading by all so called Christians.
 Interested in buying a house right now?
“They’re back! The creeps, the snake-oil salesmen and spoofers who condemned a generation to negative equity, are cheerleading again.
Buying a house now makes absolutely no economic, financial or social sense because prices are condemned to fall much further and anyone who buys now will be suckered into the false rally, known as a ‘dead cat bounce’. Given what we now know about the boom, it’s hard to feel sorry for someone who believes the hype-property brigade. But even a cursory glance at the financial numbers today — just a little bit of due diligence — suggests that we have a long, long way to go before house prices reach the bottom. So beware, see through the glossy brochures and don’t say you weren’t warned . . . again.”
Click here to read the full text of advice on this subject given by economist and broadcaster David McWilliams. It makes for very interesting reading and he has got it right before.
 Michael Finneran Mr. Michael Finneran, T.D., Minister for Housing, Urban Renewal and Developing Areas, has announced a capital provision of €100 million for grants to improve or extend the private homes of older people and people with a disability in 2010.
This allocation does not include expenditure by local authorities on improving and extending their own social housing stock.
The allocation represents a 31% increase on the initial allocations to local authorities over the previous year, 2009.
In relation to Tipperary, the initial allocation provides a figure of €1,651,250 for North Tipperary and €3,126,666 for South Tipperary County Councils.
These grants will be administered by the named local authorities in accordance with a framework laid down in statutory regulations, which, as far as is practicable, is designed to give an appropriate degree of flexibility to local authorities in addressing the housing needs of older people and people with a disability in their jurisdiction.
The Department provides recoupments to the relevant authorities as follows:
66% of costs in respect of claims received on foot of Disabled Persons & Essential Repairs Grant Schemes.
80% of costs in respect of claims received under the new Adaptation Grant Schemes for Older People and People with a Disability.
The news will be much welcomed by older residents and those people with a disability in the county.
The Gleeson Group , Borrisoleigh, Co.Tipperary, has agreed a €26m refinancing deal with its banks with a view to spending up to €25m on new acquisitions which may come about because of the economic downturn.
 Tipperary Spring Water Owned by the Cooney family since the 1970s, the Gleeson Group was initially a Guinness bottler but now distributes everything from soft drinks to beers and ciders.
Gleeson Group is Ireland’s leading supplier and distributor of beverage products in Ireland.
With 11 fully owned distribution hubs, the company have full national coverage and can deliver to every shop, restaurant, catering company, distributor, supermarket, public house, forecourt and hotel in Ireland, both North and South.
Established by the Gleeson family in the late 1960’s in Borrisoleigh, County Tipperary, Gleeson was a manufacturer of soft drinks and a bottler of the Guinness stout brand.
The soft drinks giant, best known, nation-wide, for its product ‘Tipperary Water’ operates a drinks and distribution business and currently enjoys a turnover of almost €250m.
In February M & J Gleeson (Investments) secured a new €26m facility from AIB, Barclays and Bank of Scotland (Ireland), which included the refinancing of a €12m loan originally taken out in 2007.
The Company has already bought out an Offaly distributor in recent weeks and seems confident that there will be further opportunities over the coming year.
Public demand soared for its Tipperary Water product, amid shortages of tap water brought about by recent flooding and frozen arctic conditions.
The Company currently employs a team of approximately 686 employees and despite some trading difficulties due to the economic downturn, declared no redundancies in 2009. This was partly due to good forward planning and timely action on product cost, which included a pay freeze accepted right across the total workforce.
Former chief executive of CRH (International Building Materials Group) Tipperary born Mr Liam O’Mahony has been appointed as the new Chairman of IDA Ireland. Mr O’Mahony takes over the position of chairman from Mr John Dunne.
Born in 1946, the 63 year old Mr O’Mahony (BE, BL, MBA, FIEI) was born in Tipperary and educated at De La Salle College in Waterford, University College Cork, Trinity College D ublin and the Kings Inns, joining CRH in 1971. He has held various senior management positions including Managing Director, Republic of Ireland and UK Group companies and Chief Executive of American operations.
He joined the CRH Board in 1992 and became Group Chief Executive in January 2000, a position he held until the end of 2008.
In 2004, he was Ireland’s best paid chief executive, earning a €3.5m package, made up of basic remuneration €2m with a once off bonus of €1.5 related to the company’s performance over the past five years.
Liam O’Mahony was recognised for excellence when he was awarded the Business and Finance Business Person of the year in 2005.
He is Chairman of Smurfit Kappa Group plc, a director of Project Management Limited and a member of The Irish Management Institute Council.
Established in its current form in 1994, IDA Ireland is the government agency responsible for the establishment and development in the State of industrial undertakings from outside the State. IDA works in partnerships with other organisations to enhance the best of Irish capabilities and talents and match them to the best of global investment.
It is expected that Mr O’Mahony experience and knowledge will contribute greatly to the further development and enhancement of foreign direct investment in Ireland.
|
Support Us Help keep Thurles.info online by donating below. Thank you.
Total Donated 2026: €40.00
Thank You!
Daily Thurles Mass Livestream
|
Recent Comments