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

News roundup

first_img This month’s news.E-learners report lack of supportThe majority of e-learners want extra support from their employers, yet more than a third are failing to provide it.Research published this month by the Campaign for Learning, in association with the University for Industry, Peter Honey Learning and KPMG, found that although individuals have a positive attitude towards e-learning they would like some human contact and learning support. But 37 per cent of employers do not offer it.The most favoured form of back-up respondents would like is telephone support, cited by 28 per cent. Other popular forms of assistance are advice via e-mail, workplace learning centres or one-to-one tuition. Overall, e-learners are positive about the potential for e-learning in relation to other learning methods. As many as six in 10 think it is possible to learn as effectively through e-learning as other media. Employers themselves are also positive about e-learning, but are failing to collect the relevant data about it within their companies. As many as two in five do not know how many e-learners there are in their organisations and the same number have no idea about how much of their training budget is being spent on e-learning. Of those who are aware, three-quarters spend less than 10 per cent.web link www.campaign-for-learning.org.uk Net no threat to coaching skillsTraining specialists have nothing to fear from the Internet as their coaching and interpersonal skills will always be in demand, according to chief executive of the Further Education and Development Agency Chris Hughes.”There is no substitute for the guiding hand of the trainer,” he told Training magazine. “Experience in the US and now in the UK shows that users can feel isolated.”The impact of the Internet will be one subject covered in next month’s Learning 2010 conference, organised by Feda and the University for Industry. Speakers including Lord Puttnam, chairman of the General Teaching Council, and Susan Greenfield, director of the Royal Institution of Great Britain will look at the workplace of the future and how skills can be updated.Web link www.feda.ac.uk Training key to stress-free staffBetter management development programmes, not occupational health initiatives, are the key to preventing stress at work, claims a new report from The Industrial Society.New Work, New Stress, launched at the Labour Party conference by the society’s chief executive Will Hutton, is critical of employer initiatives such as counselling and says companies should instead consider the impact of organisational changes, “concentrating on training managers to spot signs of job strain and deteriorating mental health before they become a problem”.Web link www.indsoc.co.uk Customer care put to the testTraining in customer service will soon be put to the test as anonymous callers visit the 64 finalists in the Customer Service Awards 2000.Known as “service verification” teams, the undercover agents secretly visit the contenders before reporting back to the judges on issues of customer care and attention to detail.The results of the competition, which was organised by the Daily Telegraph and Energis, will be announced on 24 November. News roundupOn 1 Oct 2000 in Personnel Today Related posts:No related photos. Comments are closed. Previous Article Next Articlelast_img read more

Civista Bank welcomes Russell L. Edwards

first_imgSandusky, Ohio—Civista Bank welcomes Russell L. Edwards as Senior Vice President of Retail Banking. Edwards is based at the bank’s headquarters in Sandusky, Ohio and brings 28 years of banking experience to the Civista team. He succeeds former retail head Kris Meinert who recently retired after 42 years of service with Civista.“As the head of retail banking, Russ is responsible for leading the expansion of customer relationships and delivery of world-class service across our branch network, “ said Civista Bank CEO and President Dennis G. Shaffer. “He is a dynamic leader with a strong record of developing and leading high-performing teams. We are proud to welcome him to Civista,” added Shaffer.Edwards volunteers for several community organizations, including the Norma Herr Women’s Center, the Cleveland Kids’ Book Bank, and Abundant Grace Fellowship. Edwards also serves as a community mentor for University Hospitals’ David Satcher Clerkship and speaker for Kent State University School of Podiatry’s Financial Seminar Lecture Series. He currently resides in Shaker Heights, Ohio with his family.last_img read more