From today's Irish Times
Two rival designs for development of Dún Laoghaire unveiled
A multimillion-euro plan to transform Dún Laoghaire's coastline into a "world-class" tourist attraction was unveiled yesterday.
Two designs for the site along the East Pier to Sandycove were presented to councillors at a private local authority meeting.
"Concept A", which would cost €129 million, envisages a lagoon beach and a pedestrian bridge adjacent to the East Pier. An aquatic play area is intended for the old public baths site, alongside a civic space comprising a restaurant and spa. An underground car park with up to 500 spaces would be provided for visitors.
"Concept B" would cost €92 million and involves provision of a new promenade and sandy beach from the East Pier to the Newtownsmith section. The works entail construction of offshore and shore-connected breakwaters approximately 250m (820ft) out to sea. A new water sports centre in a revamped Sandycove Park would feature.
Either concept would be a massive undertaking and necessitate reclaiming one and a half acres of land from the sea. Councillors decided both should be presented for public consultation.
Public interest is sure to focus on the future use of the derelict public baths - a controversial project in 2005 was the catalyst for the latest designs.
Local conservation groups mobilised against a public-private, high-rise apartment proposal for the site. A petition of 15,000 signatures and several street demonstrations successfully called for the plan to be dropped.
In June 2006, the council adopted a framework for the baths site, setting out a publicly owned amenity that excludes high-rise residential development.
Royal Haskoning Engineers, an international maritime civil engineering group, was asked to produce a feasibility study and preliminary design for the coast from the East Pier to Sandycove, including the public baths.
Management at Dún Laoghaire-Rathdown County Council now faces the challenge of raising finance for the project.
Both design concepts accommodate the proposed Sutton to Sandycove promenade and cycleway. It is thought this will be beneficial when a likely appeal for EU funding is made.
"The public said before they didn't want a private or residential development of the site and we listened," said Fine Gael councillor Mary Mitchell O'Connor. "Our big job now is to find the money for the imaginative and inventive plans."
========================================
If either of these plans resembles my "Dun Laoghaire Plage" proposal, posted here 25th August 2006, then I presume I can expect an appropriate fee from DLRCoCo. LOL.
I also emailed it to Owen Keegan, the County Manager, at that time and it didn't even merit an acknowledgement. (I attached a "read receipt" which confirmed that the email had been opened.)
Footnote: Concept A - Dun Laoghaire Lagoon is very similar in concept to my "Plage" proposal, though the orientation of the beach is slightly different.
Friday, February 22, 2008
Bertie's explanations all greek
The Taoiseach is to address the joint Houses of Congress in Washington on 30th April and doubtless his scriptwriting team is already working hard to finalise his speech. Presumably this is the same team which scripted his very well received Westminster speech to the joint Houses of Parliament. That speech drew on Greek mythology for an appropriate analogy for the Northern peace process, likening it to the toils of Sisyphus, who was condemned to eternally push a rock uphill, only for it to roll back down each time.
Did the speechwriters, or Bertie Ahern, ever suspect that Sisyphus would also provide a perfect analogy for the ongoing efforts of the Taoiseach to explain his financial dealings in the 1990’s at the Mahon Tribunal?
So I’m awaiting with interest the further mythological references which will undoubtedly appear in the Washington speech. Pandora’s Box, perhaps?
Footnote: Published as a letter in The Irish Times.
Did the speechwriters, or Bertie Ahern, ever suspect that Sisyphus would also provide a perfect analogy for the ongoing efforts of the Taoiseach to explain his financial dealings in the 1990’s at the Mahon Tribunal?
So I’m awaiting with interest the further mythological references which will undoubtedly appear in the Washington speech. Pandora’s Box, perhaps?
Footnote: Published as a letter in The Irish Times.
Monday, February 11, 2008
The Greens - right questions, wrong targets?
From The Green Party Website
(http://www.greenparty.ie/en/library/agreed_programme_for_government)
“The Government will set a target for this administration of a reduction of 3% per year on average in our greenhouse gas emissions.”
The net result should be a 15% reduction in emissions by the end of this Govt’s term of office in mid-2012, a little over 4 years away.
So what are the green Party Initiatives to achieve this reduction?
1. New Housing regulations.
With a projected 50-60k new housing units per annum, compared to an existing housing stock of 2m+, the impact of this will be minimal in the next 4 years.
2. Changes in VRT & Motor Tax, taxing emissions rather than engine size.
Up to 70% of 2008 registered cars will be purchased by 1st July (and probably 100% of SUVs etc) so any impact in the second half of 2008 will be minimal.
With the size of the 2nd-hand car market in Ireland, it will actually take about 10 years to turnover the national fleet.
The majority of cars purchased in Ireland are already relatively small-engined Fords, Toyotas, Nissans, Fiats etc..
Given the combined impact of the above 3 points, the net effect of the tax changes, within the life of the current Govt, will probably be relatively small in terms of emissions reduction.
3. Light Bulb ban.
This ban comes into effect on Jan 1 2009. Presumably most existing householders will only change when their existing bulbs burn-out, so it will probably be mid-2009 before the full beneficial effect is achieved. While welcome, this will make a very small contribution to the overall 15% target.
4. Renewable Energy Sources
Frequently raised by Minister Eamon Ryan as the solution, he talks about the abundance of free wind, wave and tidal power and our capacity to grow bio-fuels.
Now, the bio-fuel debate has changed significantly, with recent studies showing that they are even more injurious to the environment than the fossil fuels they are supposed to replace.
Wave & tidal power are only at the experimental/prototype stage. Even if approval was given in the morning, there would not be a single wave or tidal installation producing electricity on a commercial basis by the time this Govt has to leave office in 2012.
5. Transport
Minister Ryan has advocated “carbon-free methods of transport”, by which he means walking and cycling. How feasible is this for many commuters, given the urban sprawl we live in?
Major infrastructural investment in public transport, such as Dublin’s proposed metro, extension of Luas, rail connection to Navan, Western Rail Corridor etc. will all take years to deliver, any emissions-reduction impact by mid-2012 will be minimal.
Conclusion:
It’s clear that none of the above, while all broadly welcome as long-term initiatives, has the capacity to seriously contribute to the 15% emissions reduction target during the life of this Govt..
So where is the detailed programme of initiatives which will achieve this particular target from the Programme for Govt?
I suspect that the only way the Greens can achieve this objective is through very punitive measures, banning activities they see as wasteful or at least taxing them to the point where they become unviable, except for the most well-off and, of course, elected officials.
Wouldn’t it be good to see leadership from the top on this - with the Govt imposing restrictions on both itself and the public services, before imposing them on the rest of us?
In any event, we urgently need to see the detailed integrated plan to show how the national 15% target will be achieved by mid-2012.
(http://www.greenparty.ie/en/library/agreed_programme_for_government)
“The Government will set a target for this administration of a reduction of 3% per year on average in our greenhouse gas emissions.”
The net result should be a 15% reduction in emissions by the end of this Govt’s term of office in mid-2012, a little over 4 years away.
So what are the green Party Initiatives to achieve this reduction?
1. New Housing regulations.
With a projected 50-60k new housing units per annum, compared to an existing housing stock of 2m+, the impact of this will be minimal in the next 4 years.
2. Changes in VRT & Motor Tax, taxing emissions rather than engine size.
Up to 70% of 2008 registered cars will be purchased by 1st July (and probably 100% of SUVs etc) so any impact in the second half of 2008 will be minimal.
With the size of the 2nd-hand car market in Ireland, it will actually take about 10 years to turnover the national fleet.
The majority of cars purchased in Ireland are already relatively small-engined Fords, Toyotas, Nissans, Fiats etc..
Given the combined impact of the above 3 points, the net effect of the tax changes, within the life of the current Govt, will probably be relatively small in terms of emissions reduction.
3. Light Bulb ban.
This ban comes into effect on Jan 1 2009. Presumably most existing householders will only change when their existing bulbs burn-out, so it will probably be mid-2009 before the full beneficial effect is achieved. While welcome, this will make a very small contribution to the overall 15% target.
4. Renewable Energy Sources
Frequently raised by Minister Eamon Ryan as the solution, he talks about the abundance of free wind, wave and tidal power and our capacity to grow bio-fuels.
Now, the bio-fuel debate has changed significantly, with recent studies showing that they are even more injurious to the environment than the fossil fuels they are supposed to replace.
Wave & tidal power are only at the experimental/prototype stage. Even if approval was given in the morning, there would not be a single wave or tidal installation producing electricity on a commercial basis by the time this Govt has to leave office in 2012.
5. Transport
Minister Ryan has advocated “carbon-free methods of transport”, by which he means walking and cycling. How feasible is this for many commuters, given the urban sprawl we live in?
Major infrastructural investment in public transport, such as Dublin’s proposed metro, extension of Luas, rail connection to Navan, Western Rail Corridor etc. will all take years to deliver, any emissions-reduction impact by mid-2012 will be minimal.
Conclusion:
It’s clear that none of the above, while all broadly welcome as long-term initiatives, has the capacity to seriously contribute to the 15% emissions reduction target during the life of this Govt..
So where is the detailed programme of initiatives which will achieve this particular target from the Programme for Govt?
I suspect that the only way the Greens can achieve this objective is through very punitive measures, banning activities they see as wasteful or at least taxing them to the point where they become unviable, except for the most well-off and, of course, elected officials.
Wouldn’t it be good to see leadership from the top on this - with the Govt imposing restrictions on both itself and the public services, before imposing them on the rest of us?
In any event, we urgently need to see the detailed integrated plan to show how the national 15% target will be achieved by mid-2012.
Monday, January 07, 2008
Gobshite Gongs for 2007
The vote has been counted in a (Kenyan) democratic process and here are the results:
Best Individual Gobshite: a dead heat between John Deasy & Pat Magner, both chosen for the same reason - Sabotage.
Deasy famously sought to undermine Enda Kenny’s leadership in the run-up to the general election, to the delight of a media which was already generally sceptical about the Mayoman’s credentials to be Taoiseach.
Deasy’s reward has been to find himself consigned to the back bench of the back benches where he can nurse his family chip-on-the-shoulder while watching the new FG intake, e.g. Hayes, Reilly, Varadkar etc, eat his political lunch. His best move now would probably be to throw his hat into the ring for leadership of the PDs (Politically Destitute).
Magner had retired as Labour Party National Organiser in 2006 but, in the run-up to the election, became a bit of a media whore, passing no open microphone without taking the opportunity to denounce labour’s agreed electoral strategy (the Mullingar accord) and tout the keeping open of the FF option. A delighted media was able to use this to continue pressing Pat Rabbitte, at great length, on the FF question in every interview rather than allowing him to promulgate Labour policies. Unlike Deasy, one of Magner’s primary objectives was actually achieved with the post-election resignation of party leader Pat Rabbitte.
It appeared to be the case that Messrs Deasy and Magner would prefer to see their respective parties fail in the elections rather than have their leaders succeed. Certainly, neither sought to enhance the prospects of the Rainbow Coalition which, in the event, was only a handful of seats short of the target.
Best Gobshite Group: Willie O’Dea & his eFFin’ Shannon Rebels.
What have Willie and the Grand Old Duke of York got in common? They’re both military men of some stature, each with an army of broadly similar size and both favour a particular type of military manoeuvre.
However, Willie is the only one of the pair with a magnum: “I only agreed to pose with the magnum because I thought they were talking about a feckin’ ice-cream.”
Best Media Gobshite: Aengus Fanning of the Sindo.
Aengus has long been known as a bit of a ladies man, conquests are rumoured to include Ann Harris, Sinead O’Connor and Mary Coughlan. That aging BMW convertible, letting his long locks blow in the wind, must be a bit of a babe magnet. There was never any public indication that he might swing both ways.
Then he was photographed strolling along the canal bank with Bertie Ahern and suddenly it was splashed all over the Sindo.
The love affair continues, with Bertie pouring his little heart out in regular instalments in the Sindo - he’s almost qualified to join the incestuous little in-house coterie of “Sindo Celebs”.
What I haven’t figured out is why the Sindo wanted payment by way of stamp duty reform. Would Sir Anthony be buying or selling?
Best Individual Gobshite: a dead heat between John Deasy & Pat Magner, both chosen for the same reason - Sabotage.
Deasy famously sought to undermine Enda Kenny’s leadership in the run-up to the general election, to the delight of a media which was already generally sceptical about the Mayoman’s credentials to be Taoiseach.
Deasy’s reward has been to find himself consigned to the back bench of the back benches where he can nurse his family chip-on-the-shoulder while watching the new FG intake, e.g. Hayes, Reilly, Varadkar etc, eat his political lunch. His best move now would probably be to throw his hat into the ring for leadership of the PDs (Politically Destitute).
Magner had retired as Labour Party National Organiser in 2006 but, in the run-up to the election, became a bit of a media whore, passing no open microphone without taking the opportunity to denounce labour’s agreed electoral strategy (the Mullingar accord) and tout the keeping open of the FF option. A delighted media was able to use this to continue pressing Pat Rabbitte, at great length, on the FF question in every interview rather than allowing him to promulgate Labour policies. Unlike Deasy, one of Magner’s primary objectives was actually achieved with the post-election resignation of party leader Pat Rabbitte.
It appeared to be the case that Messrs Deasy and Magner would prefer to see their respective parties fail in the elections rather than have their leaders succeed. Certainly, neither sought to enhance the prospects of the Rainbow Coalition which, in the event, was only a handful of seats short of the target.
Best Gobshite Group: Willie O’Dea & his eFFin’ Shannon Rebels.
What have Willie and the Grand Old Duke of York got in common? They’re both military men of some stature, each with an army of broadly similar size and both favour a particular type of military manoeuvre.
However, Willie is the only one of the pair with a magnum: “I only agreed to pose with the magnum because I thought they were talking about a feckin’ ice-cream.”
Best Media Gobshite: Aengus Fanning of the Sindo.
Aengus has long been known as a bit of a ladies man, conquests are rumoured to include Ann Harris, Sinead O’Connor and Mary Coughlan. That aging BMW convertible, letting his long locks blow in the wind, must be a bit of a babe magnet. There was never any public indication that he might swing both ways.
Then he was photographed strolling along the canal bank with Bertie Ahern and suddenly it was splashed all over the Sindo.
The love affair continues, with Bertie pouring his little heart out in regular instalments in the Sindo - he’s almost qualified to join the incestuous little in-house coterie of “Sindo Celebs”.
What I haven’t figured out is why the Sindo wanted payment by way of stamp duty reform. Would Sir Anthony be buying or selling?
Tuesday, December 25, 2007
What's Fintan going to do about it?
It’s Tuesday and the country has largely ground to a halt.
Government Departments are closed, as are most public services. There are no newspapers and the national broadcaster is transmitting an almost unrelenting diet of religious services, Christmas carols and children’s movies. Public transport is virtually non-existent, airline and ferry services are suspended. Shops and pubs are closed, the latter by legal statute.
How can this be happening in a multi-faith Republic?
Fintan O’Toole must be apoplectic, I can’t wait to read his proposed remedies for this appalling situation in the Irish Times.
Happy Christmas
Government Departments are closed, as are most public services. There are no newspapers and the national broadcaster is transmitting an almost unrelenting diet of religious services, Christmas carols and children’s movies. Public transport is virtually non-existent, airline and ferry services are suspended. Shops and pubs are closed, the latter by legal statute.
How can this be happening in a multi-faith Republic?
Fintan O’Toole must be apoplectic, I can’t wait to read his proposed remedies for this appalling situation in the Irish Times.
Happy Christmas
Thursday, November 29, 2007
Bertie Ahern redefines friendship
Is there anything sadder than regarding people are your close personal friends when those sentiments are not reciprocated?
Taoiseach Bertie Ahern clearly regards Padraic O’Connor, Brian Cowan and Ned O’Keeffe as close personal friends.
From his tribunal testimony it’s clear that Padraic O’Connor regards Bertie as an acquaintance rather than a friend. (Could Bertie have confused him with the famous FFer FFer Pat O’Connor Pat O’Connor?)
All the poll corrs seem to agree that there is little “personal” relationship between Bertie and Brian Cowan and they expressed some surprise at the personal warmth of Bertie’s annointment of Brian as his nominated successor.
Now Bertie is claiming Ned as a close personal friend. Could the poll corrs all be wrong, as they seem to think that Ned hates Bertie’s guts?
However, this apparent disconnection may provide an explanation of Bertie’s “digouts from friends”.
For if you can categorise almost any living human being as a friend, without regard for their reciprocal feelings, then you can categorise any fund-raising operation as a dig-out from friends.
And if they’ve had the good grace to pass away in the interim then, truly, God alone knows how many such fund-raisers they may have actually contributed to. Or if the events actually took place at all.
Thursday, November 15, 2007
7 dead in Omagh fire - father suspected of arson
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Wednesday, October 24, 2007
High Court rules against the Irish Times
Irish Times editor Geraldine Kennedy is quoted today in that paper as saying that “it is disappointing that the issue of public interest seemed to receive no weighting in the judgement”, following the decision of the High Court to order herself and Colm Keena to reveal the source of an article about payments to Bertie Ahern, gleaned from confidential documents produced by the Mahon Tribunal.
The High Court ruled that, in this case, journalistic privilege regarding confidentiality of sources was “overwhelmingly outweighed” by the need to maintain public confidence in the Mahon Tribunal itself.
I’m puzzled by the Irish Times claim that this was a publication “in the public interest”. The source was a document from the Mahon Tribunal, detailing information which would, in due course, be put into the public domain via the public hearings of the tribunal. What purpose was served by it’s premature publication in the Irish Times?
The obvious commercial answer is that it was a significant journalistic scoop, generating significant publicity and boosting the reputation of that paper, if not necessarily greatly increasing circulation. However, the downside is that leaks from the Tribunal damage public confidence, reduce political support and provide ammunition to those who are willing to go to the High & Supreme Courts in order to delay and/or stymie the workings of the Tribunal and/or the scope of its ultimate findings.
The problem is further compounded by the destruction by Messrs Kennedy & Keena of the documents received, allegedly from an anonymous source. This effectively rules out any possibility of identification of the original source of the leak to the Irish Times. The corollary of this is that neither Ms Kennedy nor Mr Keena can now provide any credible assurance that the Tribunal itself is not the source of the leak, thus leaving it open to the accusation of resorting to trial by media and depriving those who are under investigation of natural justice.
The High Court ruled that, in this case, journalistic privilege regarding confidentiality of sources was “overwhelmingly outweighed” by the need to maintain public confidence in the Mahon Tribunal itself.
I’m puzzled by the Irish Times claim that this was a publication “in the public interest”. The source was a document from the Mahon Tribunal, detailing information which would, in due course, be put into the public domain via the public hearings of the tribunal. What purpose was served by it’s premature publication in the Irish Times?
The obvious commercial answer is that it was a significant journalistic scoop, generating significant publicity and boosting the reputation of that paper, if not necessarily greatly increasing circulation. However, the downside is that leaks from the Tribunal damage public confidence, reduce political support and provide ammunition to those who are willing to go to the High & Supreme Courts in order to delay and/or stymie the workings of the Tribunal and/or the scope of its ultimate findings.
The problem is further compounded by the destruction by Messrs Kennedy & Keena of the documents received, allegedly from an anonymous source. This effectively rules out any possibility of identification of the original source of the leak to the Irish Times. The corollary of this is that neither Ms Kennedy nor Mr Keena can now provide any credible assurance that the Tribunal itself is not the source of the leak, thus leaving it open to the accusation of resorting to trial by media and depriving those who are under investigation of natural justice.
Thursday, October 11, 2007
Judge Carney attacks media in Holohan case
Judge Carney hard-hitting address in Cork should not have confined criticism to "tabloid" media, unless his comments regarding Joe Duffy were intended to include RTE in that classification.
RTE & Pat Kenny were among the greatest offenders in this case. Kenny shamelessly and relentlessly retried Wayne O'Donoghue on both radio & TV following Majella Holohan's victim impact statement and the revelation of the finding of traces of semen on the body of her dead son.
Perhaps Judge Carney should also have queried who on the garda and/or prosecution teams revealed this information to Majella Holohan. If my recollection is correct, these turned out to be microscopic traces which might have been picked up from a bathroom mat and were subsequently shown not to be from Wayne O'Donoghue.
It’s hard not to sympathise with Majella Holohan - presumably if she had included those comments in her pre-prepared script, they would have been disallowed by the court? Her own response, reported this morning on RTE, to Judge Carney’s comments also suggest that she still believes there was some sexual background to the death of her son.
RTE & Pat Kenny were among the greatest offenders in this case. Kenny shamelessly and relentlessly retried Wayne O'Donoghue on both radio & TV following Majella Holohan's victim impact statement and the revelation of the finding of traces of semen on the body of her dead son.
Perhaps Judge Carney should also have queried who on the garda and/or prosecution teams revealed this information to Majella Holohan. If my recollection is correct, these turned out to be microscopic traces which might have been picked up from a bathroom mat and were subsequently shown not to be from Wayne O'Donoghue.
It’s hard not to sympathise with Majella Holohan - presumably if she had included those comments in her pre-prepared script, they would have been disallowed by the court? Her own response, reported this morning on RTE, to Judge Carney’s comments also suggest that she still believes there was some sexual background to the death of her son.
Friday, October 05, 2007
Time for some real bench-marking
Christian Pauls, the German Ambassador, was a guest on Marian Finucane’s RTE radio programme last Saturday to answer the charges arising from his briefing to a visiting German business delegation.
Some of his comments on public service pay levels in Germany were very interesting.
For example, he revealed that his own gross monthly salary is €7,330 (€87,600 pa) which, he said, equated to the salary of quite a senior civil servant in Germany.
He also said that his daughter is a paediatrician, the number 2 in the Paediatric Dept of a large Berlin Clinic, which suggests that she may well at “consultant“ level there. He said that she'd be delighted to earn €70k pa as doctors in Germany earn between €50k-€65k pa.
Herr Pauls said that salary levels for doctors and other professionals working in the public sector are linked to civil service pay levels +/- 10%-15%.
This was the background to his comments on the hospital consultants dismissal of a proposed salary of €200k+ as “mickey-mouse”.
This man is clearly an incorrigible trouble-maker. His comments suggest that we do need another round of bench-marking for the public services, but this time against their counterparts in the EU!
It also raises the following question: just as business now routinely out-sources support functions to other companies and countries (e.g. call centres in India), has the Govt considered outsourcing to other EU countries? It sounds like we could get things done a lot more cost-effectively if we wanted to.
Given that there are many state functions which would be similar in structure, it would probably only require modest systems tweaks and a translation service to handle matters e.g. why not a single “factory” to handle all motor registrations in the EU?
Some of his comments on public service pay levels in Germany were very interesting.
For example, he revealed that his own gross monthly salary is €7,330 (€87,600 pa) which, he said, equated to the salary of quite a senior civil servant in Germany.
He also said that his daughter is a paediatrician, the number 2 in the Paediatric Dept of a large Berlin Clinic, which suggests that she may well at “consultant“ level there. He said that she'd be delighted to earn €70k pa as doctors in Germany earn between €50k-€65k pa.
Herr Pauls said that salary levels for doctors and other professionals working in the public sector are linked to civil service pay levels +/- 10%-15%.
This was the background to his comments on the hospital consultants dismissal of a proposed salary of €200k+ as “mickey-mouse”.
This man is clearly an incorrigible trouble-maker. His comments suggest that we do need another round of bench-marking for the public services, but this time against their counterparts in the EU!
It also raises the following question: just as business now routinely out-sources support functions to other companies and countries (e.g. call centres in India), has the Govt considered outsourcing to other EU countries? It sounds like we could get things done a lot more cost-effectively if we wanted to.
Given that there are many state functions which would be similar in structure, it would probably only require modest systems tweaks and a translation service to handle matters e.g. why not a single “factory” to handle all motor registrations in the EU?
Thursday, September 27, 2007
Revealed: Why there are so few women in Leinster House
Interesting B&A survey of women's attitudes in today's IT - the sample size was 1,003 women aged 18+.
Combining the scores given under “Very Important” and “Quite Important”, the survey throws up some very interesting conclusions:
Personal care (skin/hair) 93%
Financial Independence 91%
Leisure Time 90%
Female friends 90%
Keeping fit 81%
Equality of the sexes 78%
Husband/boyfriend 75%
Taking care of children 69%
Having children in the future 42%
Politics 38%
Good to see that their men made it into the top 10.
And are you still wondering why there aren’t more women in Leinster House?
Combining the scores given under “Very Important” and “Quite Important”, the survey throws up some very interesting conclusions:
Personal care (skin/hair) 93%
Financial Independence 91%
Leisure Time 90%
Female friends 90%
Keeping fit 81%
Equality of the sexes 78%
Husband/boyfriend 75%
Taking care of children 69%
Having children in the future 42%
Politics 38%
Good to see that their men made it into the top 10.
And are you still wondering why there aren’t more women in Leinster House?
Saturday, September 15, 2007
Des O'Malley renounces core PD philosophy
On Friday (14th Sept) Des O’Malley had a letter published in the Irish Times calling for Government intervention in order to ensure retention of the Aer Lingus Shannon-Heathrow service.
The current situation, and the Government’s decision not to intervene, is an obvious outworking of the free-market philosophy so strongly espoused by the Progressive Democrats during their last decade in Government.
O’Malley‘s plea might be more compelling if he was not the man most responsible for the creation of that party and its “let the market decide” philosophy.
If he’s still a member of the PDs he should resign immediately in protest at the Govt‘s action. If not, he should be expelled. What a laugh that would be!
It just goes to prove the old Tip O’Neill adage that “all politics are local”. O’Malley is from Limerick and his daughter may well try for a Dail seat there at the next general election. She lost her seat in Dun Laoghaire last May, and there’s a strong chance that Dun Laoghaire will be reduced from five to four seats next time around.
O'Malley's Letter
Madam, - I spent a good part of my political career seeking to encourage inward manufacturing investment. I had some success.
I realise, therefore, the vital importance of a frequent schedule of air services between the west of Ireland and Heathrow. That overcrowded and unpopular airport is nonetheless Ireland's best point of contact with the rest of the world because of its onward connections.
The termination of services from Shannon to Heathrow will have its greatest effect in making it much more difficult to attract that kind of investment in the future. Apart from the loss of existing jobs, thousands of jobs that might have been created will not materialise. It will be impossible to quantify what might have happened. As a result, those who cause this situation will claim that they are not to blame.
The Shannon region was, and is, one of the few successes in real decentralisation we have. Will it now remain so? Spending hundreds of millions moving junior civil servants down the country is no substitute for real economic activity.
The Minister for Transport, among others, is espousing a version of company law with which I am not familiar. He seems to think that management is supreme, to the exclusion of all others. The Companies Acts envisage the board of directors as responsible for the actions of a company. The board in turn is answerable to the shareholders. The shareholders have the ultimate sanction of dismissing the board if they disagree with the company's policy.
Why retain a blocking minority if it is not going to be used to stop the very sort of thing that we were told it was kept for in the first place? President Sarkozy retained for the French state a blocking minority of shares in the recent merger of Suez and Gaz de France. Does anyone think he would refuse to use it in a similar situation to this? - Yours, etc,
DESMOND O'MALLEY, Merrion Road, Dublin 4.
The current situation, and the Government’s decision not to intervene, is an obvious outworking of the free-market philosophy so strongly espoused by the Progressive Democrats during their last decade in Government.
O’Malley‘s plea might be more compelling if he was not the man most responsible for the creation of that party and its “let the market decide” philosophy.
If he’s still a member of the PDs he should resign immediately in protest at the Govt‘s action. If not, he should be expelled. What a laugh that would be!
It just goes to prove the old Tip O’Neill adage that “all politics are local”. O’Malley is from Limerick and his daughter may well try for a Dail seat there at the next general election. She lost her seat in Dun Laoghaire last May, and there’s a strong chance that Dun Laoghaire will be reduced from five to four seats next time around.
O'Malley's Letter
Madam, - I spent a good part of my political career seeking to encourage inward manufacturing investment. I had some success.
I realise, therefore, the vital importance of a frequent schedule of air services between the west of Ireland and Heathrow. That overcrowded and unpopular airport is nonetheless Ireland's best point of contact with the rest of the world because of its onward connections.
The termination of services from Shannon to Heathrow will have its greatest effect in making it much more difficult to attract that kind of investment in the future. Apart from the loss of existing jobs, thousands of jobs that might have been created will not materialise. It will be impossible to quantify what might have happened. As a result, those who cause this situation will claim that they are not to blame.
The Shannon region was, and is, one of the few successes in real decentralisation we have. Will it now remain so? Spending hundreds of millions moving junior civil servants down the country is no substitute for real economic activity.
The Minister for Transport, among others, is espousing a version of company law with which I am not familiar. He seems to think that management is supreme, to the exclusion of all others. The Companies Acts envisage the board of directors as responsible for the actions of a company. The board in turn is answerable to the shareholders. The shareholders have the ultimate sanction of dismissing the board if they disagree with the company's policy.
Why retain a blocking minority if it is not going to be used to stop the very sort of thing that we were told it was kept for in the first place? President Sarkozy retained for the French state a blocking minority of shares in the recent merger of Suez and Gaz de France. Does anyone think he would refuse to use it in a similar situation to this? - Yours, etc,
DESMOND O'MALLEY, Merrion Road, Dublin 4.
BoE should have let Northern hit the Rocks
The Bank of England should not have bailed out Northern Rock .
Fiscal Prudence may seem boring but it’s an essential prerequisite for any serious financial institution and its customers.
Prudence doesn’t come free. It limits management’s capacity to “take a punt” and thus they may seem to miss out of profit opportunities in rising markets. It also means that prudent institutions are contributors to industry-wide insurance schemes such as FSCS, even though they will never need to call on such insurance.
The Northern Rocks, on the other hand, are the “wide boys” of the financial services business, claiming to be innovators, mould-breakers, more customer-focused than their fuddy-duddy competitors. Often lauded by the media who take their every press release at face value.
Northern Rock has been operating a dangerously unbalanced business model, the dangers of which have been recognised by banks for generations: using short-term deposits and interbank loans, repayable on demand or within a relatively short period, to fund 20-year mortgages leaves you seriously exposed if confidence in your bank is in any way damaged, and/or market conditions change.
The sub-prime credit crunch was unforeseen, but it’s only one of many events which might have precipitated Northern Rock’s current liquidity problems.
The Bank of England should not have bailed Northern Rock out. The business is solvent and depositors funds should not be in any real danger, even if depositors were alarmed and temporarily discommoded by a closure. In such a scenario, Northern Rock would have been bought by a competitor within weeks, if not days. However, the message to the other “wide-boys”, and the public who do business with them, would have been stark. The management team and board of directors would be immediately unemployed and their professional reputations in the industry would be destroyed. The shareholders would be looking at even greater losses, making the likelihood of investment in similar enterprises unlikely for some time to come.
By bailing Northern Rock out, the Bank of England instead sends the signal to Wide-Boy management that it’s OK to keep sailing close to the wind - and they will keep doing just that. Meantime, the prudent serious players will continue to fund insurance schemes to protect their competitors customers.
Fiscal Prudence may seem boring but it’s an essential prerequisite for any serious financial institution and its customers.
Prudence doesn’t come free. It limits management’s capacity to “take a punt” and thus they may seem to miss out of profit opportunities in rising markets. It also means that prudent institutions are contributors to industry-wide insurance schemes such as FSCS, even though they will never need to call on such insurance.
The Northern Rocks, on the other hand, are the “wide boys” of the financial services business, claiming to be innovators, mould-breakers, more customer-focused than their fuddy-duddy competitors. Often lauded by the media who take their every press release at face value.
Northern Rock has been operating a dangerously unbalanced business model, the dangers of which have been recognised by banks for generations: using short-term deposits and interbank loans, repayable on demand or within a relatively short period, to fund 20-year mortgages leaves you seriously exposed if confidence in your bank is in any way damaged, and/or market conditions change.
The sub-prime credit crunch was unforeseen, but it’s only one of many events which might have precipitated Northern Rock’s current liquidity problems.
The Bank of England should not have bailed Northern Rock out. The business is solvent and depositors funds should not be in any real danger, even if depositors were alarmed and temporarily discommoded by a closure. In such a scenario, Northern Rock would have been bought by a competitor within weeks, if not days. However, the message to the other “wide-boys”, and the public who do business with them, would have been stark. The management team and board of directors would be immediately unemployed and their professional reputations in the industry would be destroyed. The shareholders would be looking at even greater losses, making the likelihood of investment in similar enterprises unlikely for some time to come.
By bailing Northern Rock out, the Bank of England instead sends the signal to Wide-Boy management that it’s OK to keep sailing close to the wind - and they will keep doing just that. Meantime, the prudent serious players will continue to fund insurance schemes to protect their competitors customers.
Northern Rock - Irish Govt intervention?
Northern Rock depositors in the Republic are covered by the UK’s Financial Services Compensation Scheme (FSCS).
However, compensation under the FSCS scheme is limited: 100% for the first £2,000 in savings and 90% for the next £33,000.
On savings above £35,000 you get nothing.
In other words, the FSCS pays out a maximum of £31,700 per person. Yet we’re told that the average Northern Rock deposit in the Republic is €100k, which is approximately double the amount covered by the FSCS.
In those circumstances, should Finance Minister Brian Cowen be offering such reassurance to Irish depositors?
However, compensation under the FSCS scheme is limited: 100% for the first £2,000 in savings and 90% for the next £33,000.
On savings above £35,000 you get nothing.
In other words, the FSCS pays out a maximum of £31,700 per person. Yet we’re told that the average Northern Rock deposit in the Republic is €100k, which is approximately double the amount covered by the FSCS.
In those circumstances, should Finance Minister Brian Cowen be offering such reassurance to Irish depositors?
Thursday, September 06, 2007
Eddie Hobbs & Brendan Investments
Eddie Hobbs has already had wide media coverage for his new property investment vehicle, Brendan Investments Pan European Property PLC and he’ll be a guest on the Late Late Show tomorrow to put the icing on his PR cake.
The aim of the Company is to raise €50m in capital and borrow a further €150m to create a property investment portfolio worth €200m. The prospectus says that “the company will work with current and future bank lenders to secure bank finance AT A MINIMUM LEVEL OF 75% of the value of the property.”
Page 12 of the prospectus covers the fees payable by investors:
The fees will be as follows:
= No entry fees.
= 1% of the gross asset value of the company is payable to Brendan Investments Property Management Limited for the management of the property and development portfolio.
Assuming that the company succeeds in raising €50m and investing it with 75% gearing, the gross asset value of the company would be €200m. At this level the 1% fee payable to the management company would be €2m annually.
The prospectus advises that the expected life of the company is 7-10 years, at the end of which period the assets will be liquidated and distributed to the company.
This suggests that, even if there is no capital appreciation from the property assets purchased, the management company will receive €14m-20m in fees. If the value of the underlying assets increase, the annual fee will also increase pro-rata.
Assuming the company makes only the initial call on investors, one would assume that they will try to invest the funds raised fairly quickly, within the first 12-18 months? Some development projects may take longer but the company strategy is to invest 75% of funds in existing rent-producing commercial properties.
An annual fee of €2m may be reasonable in the initial couple of years when management activity will be at its maximum, but in the later years of the scheme, when little new investment is being undertaken, it seems like a tidy little earner for the promoters.
An annual charge 1% of Gross Assets, rather than 1% of the investors capital, is a way of disguising the real annual 4% charge being levied by promoters. This approach is not unique to Brendan Investments.
The aim of the Company is to raise €50m in capital and borrow a further €150m to create a property investment portfolio worth €200m. The prospectus says that “the company will work with current and future bank lenders to secure bank finance AT A MINIMUM LEVEL OF 75% of the value of the property.”
Page 12 of the prospectus covers the fees payable by investors:
The fees will be as follows:
= No entry fees.
= 1% of the gross asset value of the company is payable to Brendan Investments Property Management Limited for the management of the property and development portfolio.
Assuming that the company succeeds in raising €50m and investing it with 75% gearing, the gross asset value of the company would be €200m. At this level the 1% fee payable to the management company would be €2m annually.
The prospectus advises that the expected life of the company is 7-10 years, at the end of which period the assets will be liquidated and distributed to the company.
This suggests that, even if there is no capital appreciation from the property assets purchased, the management company will receive €14m-20m in fees. If the value of the underlying assets increase, the annual fee will also increase pro-rata.
Assuming the company makes only the initial call on investors, one would assume that they will try to invest the funds raised fairly quickly, within the first 12-18 months? Some development projects may take longer but the company strategy is to invest 75% of funds in existing rent-producing commercial properties.
An annual fee of €2m may be reasonable in the initial couple of years when management activity will be at its maximum, but in the later years of the scheme, when little new investment is being undertaken, it seems like a tidy little earner for the promoters.
An annual charge 1% of Gross Assets, rather than 1% of the investors capital, is a way of disguising the real annual 4% charge being levied by promoters. This approach is not unique to Brendan Investments.
Wednesday, August 29, 2007
Fintan O'Toole wants Nothing!
In his Irish Times column (Tues 28th Aug) , Fintan O’Toole tells us that “the choice is simple: all or nothing” when it comes to religious symbolism and influence in public life and public services. He comes down firmly on the side of the “nothing option”.
That same day I heard him interviewed on radio about his column, where he extolled the virtues of the USA system where that same “nothing option” operates.
That’s the same USA which lacks universal healthcare or social welfare, whose draconian legal system keeps record numbers in jail, mainly blacks, and executes large numbers each year, and where the Christian right constantly and publicly seeks to exercise political influence with some success, notably in the case of President Bush.
Contrast that with the Ireland of today, seemingly crippled under the weight of Catholicism in O’Toole’s view. Some of his concerns are valid e.g. the over-reliance of the state on the churches for education and hospital care, but some are simply prime examples of political correctness .
The Dail’s opening prayer, Bertie’s ashes and RTE’s Angelus are long-established custom and practice which may offend the super-liberals and the bigots, but they oppress no-one and that is the most important consideration.
From the perspective of societal outcomes, I’d suggest to Fintan that USA theory looks somewhat better than USA practice with, hopefully, the reverse situation pertaining in Ireland.
That same day I heard him interviewed on radio about his column, where he extolled the virtues of the USA system where that same “nothing option” operates.
That’s the same USA which lacks universal healthcare or social welfare, whose draconian legal system keeps record numbers in jail, mainly blacks, and executes large numbers each year, and where the Christian right constantly and publicly seeks to exercise political influence with some success, notably in the case of President Bush.
Contrast that with the Ireland of today, seemingly crippled under the weight of Catholicism in O’Toole’s view. Some of his concerns are valid e.g. the over-reliance of the state on the churches for education and hospital care, but some are simply prime examples of political correctness .
The Dail’s opening prayer, Bertie’s ashes and RTE’s Angelus are long-established custom and practice which may offend the super-liberals and the bigots, but they oppress no-one and that is the most important consideration.
From the perspective of societal outcomes, I’d suggest to Fintan that USA theory looks somewhat better than USA practice with, hopefully, the reverse situation pertaining in Ireland.
Sunday, August 26, 2007
Festival of World Cultures.
I’m not a great fan of my local authority DLRCoCo, but top marks to them for the Festival of World Cultures.
It’s a great reminder that culture & craic are not synonymous with wealth - great music and dance from some of the poorest countries on the planet.
Respect!
It’s a great reminder that culture & craic are not synonymous with wealth - great music and dance from some of the poorest countries on the planet.
Respect!
Friday, August 24, 2007
Pat Rabbitte - the next leader of Fine Gael.
This may seem like an outside bet, but “what-if”…
Following the precedent set by Michael O’Leary in 1982 - Pat Rabbitte resigns from the Labour Party and joins Fine Gael.
FG & the country would benefit greatly from a revivial of the “just society” ethos in one of the major parties and a Rabbitte-led FG could be just the ticket. A combination of “left-wing” social policies funded by “right-wing” economic policies could well be a winning combination.
In 5 years time we could have a Labour Party which has moved to the Left and is scaring the middle classes with socialist economics, a Green Party which is mortally wounded by the embrace of FF and no PDs to contend with. FF may still be mired in the fallout from the various tribunals (which hasn’t seemed to deter voters to date).
In such an electoral scenario, a “Just Society” FG could clean up. Unfortunately, there’s not enough liberalism within the existing FG to achieve that change of direction without an injection of external talent. Enter Pat Rabbitte.
Following the precedent set by Michael O’Leary in 1982 - Pat Rabbitte resigns from the Labour Party and joins Fine Gael.
FG & the country would benefit greatly from a revivial of the “just society” ethos in one of the major parties and a Rabbitte-led FG could be just the ticket. A combination of “left-wing” social policies funded by “right-wing” economic policies could well be a winning combination.
In 5 years time we could have a Labour Party which has moved to the Left and is scaring the middle classes with socialist economics, a Green Party which is mortally wounded by the embrace of FF and no PDs to contend with. FF may still be mired in the fallout from the various tribunals (which hasn’t seemed to deter voters to date).
In such an electoral scenario, a “Just Society” FG could clean up. Unfortunately, there’s not enough liberalism within the existing FG to achieve that change of direction without an injection of external talent. Enter Pat Rabbitte.
Tuesday, August 21, 2007
Fintan O'Toole calls for Willie O'Dea's head.
In today’s Irish Times, Fintan O’Toole calls for the political head of Defence Minister Willie O’Dea on the grounds that O’Dea has opposed agreed Government policy on the Aer Lingus Shannon-Heathrow decision and that he is breach of collective cabinet responsibility. But are either of these serious charges valid?
O’Toole quotes Article 28.4.2 of the Constitution: "The Government shall meet and act as a collective authority, and shall be collectively responsible for the Departments of State administered by the members of the Government."
O’Toole then outlines the basis for his charges: “Last week, in a statement issued through the Department of the Taoiseach - implying that she was in effect acting Taoiseach at the time - and explicitly "speaking on behalf of the Government", Mary Hanafin issued a strong statement of its policy on the Aer Lingus decision to end its Shannon to Heathrow service.
She could not have been clearer about Government policy on the matter: "As a listed plc, Aer Lingus has to take its own decisions. It is inappropriate for the Government to intervene in the decision making of a private company. To do so would ultimately be damaging to the company and its customers."“
And later in his article he says that “a Government decision not to interfere with the Aer Lingus move was taken last week - otherwise Mary Hanafin could not have issued her statement.”
Surely Article 28.4.2 of the Constitution implies that a some sort of meeting of Government is required to determine Government policy and, as far as I’m aware, no such meeting has taken place. How can a statement issued by the Minister for Education, on a topic that is totally unrelated to her brief, assume the weight of a policy position formally agreed at a cabinet meeting? Does Fintan O’Toole believe that this is how the constitution envisaged that cabinet decisions would be taken and communicated to cabinet members?
In addition, the assertion in Minister Hannifin’s statement that “it is inappropriate for the Government to intervene in the decision making of a private company” is somewhat misleading, particularly in light of the fact that many cabinet members have indicated that they are unhappy with the Aer Lingus decision. It's quite common for minority shareholders to vote their shareholding in whatever way suits their broader business objectives and not necessarily the interests of the company in question e.g. Ryanair’s holding in Aer Lingus!
O’Toole quotes Article 28.4.2 of the Constitution: "The Government shall meet and act as a collective authority, and shall be collectively responsible for the Departments of State administered by the members of the Government."
O’Toole then outlines the basis for his charges: “Last week, in a statement issued through the Department of the Taoiseach - implying that she was in effect acting Taoiseach at the time - and explicitly "speaking on behalf of the Government", Mary Hanafin issued a strong statement of its policy on the Aer Lingus decision to end its Shannon to Heathrow service.
She could not have been clearer about Government policy on the matter: "As a listed plc, Aer Lingus has to take its own decisions. It is inappropriate for the Government to intervene in the decision making of a private company. To do so would ultimately be damaging to the company and its customers."“
And later in his article he says that “a Government decision not to interfere with the Aer Lingus move was taken last week - otherwise Mary Hanafin could not have issued her statement.”
Surely Article 28.4.2 of the Constitution implies that a some sort of meeting of Government is required to determine Government policy and, as far as I’m aware, no such meeting has taken place. How can a statement issued by the Minister for Education, on a topic that is totally unrelated to her brief, assume the weight of a policy position formally agreed at a cabinet meeting? Does Fintan O’Toole believe that this is how the constitution envisaged that cabinet decisions would be taken and communicated to cabinet members?
In addition, the assertion in Minister Hannifin’s statement that “it is inappropriate for the Government to intervene in the decision making of a private company” is somewhat misleading, particularly in light of the fact that many cabinet members have indicated that they are unhappy with the Aer Lingus decision. It's quite common for minority shareholders to vote their shareholding in whatever way suits their broader business objectives and not necessarily the interests of the company in question e.g. Ryanair’s holding in Aer Lingus!
Saturday, August 11, 2007
From Major to Minor.
After 2 rounds of the USPGA, the final Major of the season, normal service has been resumed with Tiger Woods on -6, leading the field by 2 strokes.
One of the interesting practices of the USPGA is to put the winners of the previous three majors of that season into the same three-ball, so Padraig Harrington (British Open), Zach Johnson (Masters) and Angel Cabrera (US Open) played together for the first two rounds.
After the first two rounds, the cut came at +5, the only survivor of the trio is Harrington (+2), with Johnson (+10) and Cabrera (+11) both eliminated.
Among the other former Major winners to miss the cut were Ben Curtis, Jim Furyk, Vijay Singh, Justin Leonard, Michael Campbell and Jose Maria Olazabal.
Small consolation perhaps to Colin Montgomerie, (once described as the best golfer never to win a major, but no longer playing well enough for that title) who just made the +5 score and survives to compete in the final two rounds.
But wouldn’t you think that two men who’ve actually won majors in the current season could at least make the cut? Sort of confirms that this “winning a Major” lark is actually a bit of a lottery, particularly when looking at those players who’ve only done it once.
One of the interesting practices of the USPGA is to put the winners of the previous three majors of that season into the same three-ball, so Padraig Harrington (British Open), Zach Johnson (Masters) and Angel Cabrera (US Open) played together for the first two rounds.
After the first two rounds, the cut came at +5, the only survivor of the trio is Harrington (+2), with Johnson (+10) and Cabrera (+11) both eliminated.
Among the other former Major winners to miss the cut were Ben Curtis, Jim Furyk, Vijay Singh, Justin Leonard, Michael Campbell and Jose Maria Olazabal.
Small consolation perhaps to Colin Montgomerie, (once described as the best golfer never to win a major, but no longer playing well enough for that title) who just made the +5 score and survives to compete in the final two rounds.
But wouldn’t you think that two men who’ve actually won majors in the current season could at least make the cut? Sort of confirms that this “winning a Major” lark is actually a bit of a lottery, particularly when looking at those players who’ve only done it once.
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