Promissory note repayment will cost jobs

first_imgNewsLocal NewsPromissory note repayment will cost jobsBy admin – April 17, 2012 566 LIMERICK-born economist, Tom McDonnell, believes that recent moves to negotiate a deal on the Anglo Irish and Irish Nationwide promissory notes, is a positive move.Mr McDonnell was speaking at Mary Immaculate College. He did, however, warn that the structure of the deal and in particular the interest rate, would be crucial to Ireland’s debt sustainability“As it stands, the promissory notes will cost €47 billion over the next 20 years. Sign up for the weekly Limerick Post newsletter Sign Up “It is welcome that the Government is now prioritising this issue and realises that the current structure of Ireland’s debt burden and the promissory note payments has to be renegotiated with a view to easing the burden on the Irish state and ensuring Ireland’s debt sustainability into the medium term. “However, the structure of any deal is crucial.  We don’t yet know exactly what will come about and in particular there is no information regarding what the interest rate on payments might be.”Mr McDonnell was speaking before addressing a public meeting on promissory note that was hosted by the Limerick One World Society.“The promissory notes constitute our remaining €30.6 billion bill for the private debts of Anglo and the INBS – a bill due to be paid by the Irish people through higher taxes and lower public spending: he pointed out.  “While most of the Anglo/INBS bondholders have now been repaid, we will be footing the bill for that repayment for years in terms of lower public spending and higher taxes – taxes which will be used to pay for bank debt rather than for improved public services or infrastructure. He said that over 2% of GDP will be sucked out of the economy each year up to 2023 to meet the promissory note repayments, which will mean more job losses and more pressure on a battered economy and society.“TASC (an independent, progressive think-tank dedicated to promoting equality, democracy and sustainability in Ireland through evidence-based policy recommendations), has suggested that the Government seek to convert the promissory notes into a low-interest long-term government bond – sometimes called a ‘bullet bond,” which is repayable over a longer period, such as 50 or even 100 years and has long argued that at least some of the former Anglo’s private banking debt that was socialised should be written-down.”He concluded that the outcome of the negotiations being conducted by the Department of Finance and the ECB will have a long-term impact on Ireland’s debt sustainability and economic recovery. Advertisement Facebook Twitter Emailcenter_img Print WhatsApp Linkedin Previous articleCharged with breaching court order at Newcastle WestNext articleIGB identify owners of dead greyhounds adminlast_img read more

Rossier School of Education announces incoming dean

first_img“President Folt and I very much look forward to Dr. Noguera’s partnership with our senior leadership team,” Zukoski’s email read. “We know he will bring intellect, enthusiasm, and creative ideas to our team.” Pedro Noguera will serve as the Rossier School of Education’s new dean, Provost Charles Zukoski announced in a memorandum to the USC community Monday. He will take office July 1. (Photo courtesy of USC News) According to the email, Noguera has won awards for research and advocacy in the fight against poverty from Stanford University’s Center for Advanced Study in the Behavioral Sciences, the National Association of Secondary School Principals and McSilver Institute for Poverty Policy and Research at NYU. He has also received seven honorary doctorates.  Noguera currently serves on the board of the Economic Policy Institute, the National Equity Project, The Nation magazine and City Year Los Angeles. Noguera currently works as a professor of education at UCLA’s Graduate School of Education and Information Studies. He will replace Karen Symms Gallagher, who has led the Rossier school since 2000 and chose to step down to a Rossier faculty position effective June 30.  “Dr. Noguera, who will be the Emery Stoops and Joyce King Stoops Dean of Rossier, joins USC as the school and university community together chart a safe path toward a post-COVID recovery,” the email read. “He will draw on his deep experience to hold the school’s mission paramount — to prepare leaders to achieve educational equity through practice, research, and policy.” Noguera has previously taught at New York University, Harvard University and UC Berkeley. He was also appointed as an education policy adviser to the governor of New Mexico and advises the state departments of education in Washington, Oregon and Nevada.  Annenberg School for Communication and Journalism Dean Willow Bay and Interim Vice Provost for Faculty Affairs John Matsusaka spearheaded the search committee for the next Rossier dean. The search began last fall after Gallagher announced her intention in May to not apply for a fifth term as dean.last_img read more