The Daily Wire

Ireland to exit bailout without credit line as archbishop appeals for food to alleviate hunger

Eoin Burke-Kennedy Thu, Nov 14
 
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  • 09:22
    You're probably all aware that we've being having a few technical difficulties this morning. The site was inoperative from 7.05am to 8.18am. The knock-on effect was that we couldn't fire up the Daily Wire until now. So before I start, apologies all round for what's been a rather messy morning in here.

    By way of a late intro, I'm Eoin Burke-Kennedy and I'll be rowing the Daily Wire dinghy today.
  • 09:35
    The big news this morning is Ryanair's announcement that it is to launch of nine new routes into and out of Dublin Airport. The airline says the expansion will create 700 news jobs at the airport and a further 300 at the carrier itself.

    Taoiseach Enda Kenny, Ryanair boss Michael O’Leary and Kevin Toland of Dublin Airport Authority (DAA) have just made the joint announcement at the airport.

    The new routes to Almeria, Bari, Basle, Bucharest, Chania, Comiso, Lisbon, Marrakesh and Prague will increase Dublin routes by the airline to 85.

    Welcoming the announcement, Mr Kenny said the carrier has put its money where its mouth is. “This is a good decision by Ryanair,” he said.

    Mr O’Leary said a critical component of the growth will be 100 extra weekly flights in to Dublin from Britain, reversing the trend of dwindling tourism numbers from the UK.
  • 09:55
    There's a very amusing story running on the wires this morning under the headline - JPMorgan Twitter hashtag trends against bank.

    The bank, which the target of at least eight US investigations, was mocked and taunted by Twitter users yesterday after asking followers to send questions to an executive using the hashtag #AskJPM.

    The online forum, which was intended in part to give college students an opportunity to communicate directly with a senior executive, was bombbarded with sarcastic tweets about the bank’s mounting legal woes.

    "Can I have my house back?” @AdamColeman4 posted. "Is it true JPM stands for Just Pay More?" asked @SconsetCapital. "What’s your favorite type of whale?” queried @ObsoleteDogma.

    The bank was eventually forced to cancel the forum, which drew 6,000 responses, posting “#Badidea! Back to the drawing board"

    And who said bankers are out of touch?
  • 09:58
  • 10:13
    Guardian's media monkey column today reports on a spiteful exchange between Ulrika Jonsson and Kay Burley.

    Jonsson wrote in a Sun guest column yesterday: "Sky News presenter Kay Burley, who has been on screen for 128 years, says she is living proof that 'older' women can work in TV. Yes Kay, but one tit doesn't make a spring, love."

    Nasty or what?

    In response, Burley tweeted: "Just off to work in my 4x4 to start my 129th year in front of the camera. Tune in from 2 ;-)"

    Apparently, the 4x4 was an unflattering reference to Jonsson's four children by four fathers.
  • 10:17
  • 10:55
    The pic from Dublin Airport this morning   (above) shows O'Leary speaking as Enda stifles a yawn and the DAA's Kevin Toland plays with a pen. I'll leave that one to the body language experts.
  • 10:56
  • 11:09
    If you haven't read Miriam Lord's - Let Roy be unconfined! - piece on the Keano presser yesterday, do so immediately. It's great.

    "The way people had been talking, there seemed every chance Martin would park Roy in the Aviva stadium dug-out tomorrow night strapped to a parcel trolley with an ice-hockey mask on his face."
  • 11:14
  • 11:24
    Ok, we're hearing, Kenny is due to announce that Ireland will exit bailout programme "without" a precautionary credit line, ending months of speculation. He 's going to make the announcement at 11.30 in the Dáil.

    It's unclear if the Government tried to secure access to a credit line without accepting fiscal policy conditions which go beyond existing obligations under new EU budget rules and failed, or it has decided to go it alone anyway.

    We'll have a live stream of the announcement from the Dáil here
  • 11:33
    Before we turn to all things bailout, on the data breach story, two banks have confirmed that there are some indications of fraudulent activity on credit cards caught up in the data breach at Co Clare-based company Loyaltybuild.

    However, both AIB and Permanent TSB have urged customers not to panic.

    A spokeswoman for AIB said its helpdesk had been innundated with calls from concerned customers in recent days and that a ”detailed trawl” of its computer systems was still underdway.

    She said the investigation had uncovered some signs of fraudulent behaviour on some cards but stressed that it was not yet possible to link it directly to the cyber -attack on at Loyaltybuild.
  • 11:39
    Stand by. Kenny about to announce Ireland's split from the troika.
  • 11:42
    Kenny says Ireland will exit EU-IMF bailout programme without precautionary credit on December 15th. He said it was the "right decision for Ireland", and now was "the right time to make this decision".
  • 11:44
    "We still have a long way to travel but clearly we're moving in the right direction."
  • 11:45
    "Never again, will our country's fortunes be sacrificed to speculation, greed and short-term gain."
  • 11:46
    Gilmore says this is an important decision on road to recovery, an "important milestone"
  • 11:49
    Gilmore says decision restores us to a normal place among the European countries but warns we still have a distance to travel and there will be no celebration until economic recovery is experienced in the daily lives of people.
  • 11:51
    Martin (getting heckled) contends Dail deserves more than a courtesy briefing by Kenny, but a more detailed explanation of rationale behind Ireland's exit without credit line.
  • 11:54
    Martin claims Government has put political strategy over what's best for country. He says there's been no info, document on the benefits of this exit route, claiming many analysts believe seeking a backstop would have been an insurance policy for the people of the country.
  • 11:56
    It would have made sense to take out an insurance policy, FF leader says
  • 11:59
    Adams claims Government bounced into a decision with no strategic planning and that decision was clueless. Hold on though, he says SF welcomes Govt decision to adopt his party's position of not taking a second bailout.

    "The troika may be leaving but the troika mindset remains."
  • 12:01
    Adams calls on Government to go, saying they've led the people from calamity to calamity.
  • 12:02
    "Banking debt is a noose around the citizens of this State," SF leader says.
  • 12:05
    Wicklow TD Stephen Donnelly describes decision as bitter sweet moment for the State. "I'm glad the troika is gone."

    Claims EC and ECB led the charge in making Irish people pay for speculative losses of the financial sector.

    He says we must get a deal on retrospective bank debt.

  • 12:08
    Shane Ross asks what were the terms of the overdraught offered to Ireland . "How much would have a backstop have cost?"

    He claims people are being treated shabbily by not getting info which informed decision.

    Ross says we are not regaining our sovereignty today, merely political theatre on part of the Government, and claims bond markets will insist on same level of austerity.
  • 12:18
    The Department of Finance said the Government’s assessment was that leaving the €85 billion bailout without a so-called backstop of credit was the best option. It said market and sovereign conditions are favourable towards
    Ireland. The country has built up more than €20 billion in cash reserves since returning to the international money markets last year. It said this can be used to keep Ireland in the black until early 2015.

    It also said the latest budget, announced last month, had been designed to deliver a primary balance or small surplus. “Domestic and international economic conditions are improving, monetary policy decisions are conducive to exit and confidence and sentiment towards Ireland has improved considerably in recent months,” the department said.
  • 12:24
    "The risk of all this is the obvious one - that we have to negotiate a credit line when we are in trouble, rather than at the moment when things are calm, " says Cliff Taylor in Daily Business Post.
  • 12:26
  • 12:46
    Under the headline "I thank the people for their diligence and their commitment": Our full report on the bailout announcement.
  • 12:49
    Tánaiste Gilmore says he is to co-ordinate the Government’s response to the major hacking attack. He said a number of different Government departments have a responsibility in terms of getting reports from gardai and the data protection commissioner, and related follow-up activity.

    “I would take responsibility to co-ordinate the response from the different Government ministers so that there is a whole Government response to what is a very serious issue that has arisen in relation to credit card fraud,” he said, adding that the Government is treating the issue “very seriously and very urgently”.
  • 12:52
  • 13:08
    Something that's kind of getting lost in the welter of bailout exit stuff is the KBC announcement that it would need to make a provision of up to €775 million in the fourth quarter for potentially lost loans and mortgages in Ireland.

    The Belgian lender said this was as a result of moving restructured mortgages from a non-impaired status to an impaired status.

    This is huge. If KBC admits to a crater this big, what are the true holes in BoI and AIB? Yet again, every seeming bit of progress this country makes has to be contextualised with the financial black holes that still exist in the banks.
  • 13:13
  • 13:18
    Breaking news: Tánaiste Eamon Gilmore has just issued a statement, saying the Halawa sisters, who who have been detained in Egypt since August 17th, have been released.

    “I am very pleased to hear that Somaia, Fatima and Omaima Halawa have been released from detention in Egypt today. I telephoned Egyptian foreign minister Nabil Fahmy on Monday last to express my concern that the Halawa siblings had been kept in prison for almost three months without being charged with an offence."


    "I also expressed the Government’s hope and expectation that the situation would be brought to a satisfactory conclusion in the near future. Throughout their time in detention, our embassy in Cairo has been in regular contact with them, visiting them in prison and providing consular assistance.

    "I have been informed that Ibrahim Halawa will attend a further hearing in Egypt on Saturday. My Department will continue to provide consular assistance to him and liaise with the Egyptian authorities on his ongoing detention without charge.”
  • 13:30
    Depressing news, this study. New research suggests more than half a million square miles of forest have been lost to the world over the last decade. A new map based on high-resolution satellite images shows that between 2000 and 2012, almost 890,000 square miles of forest were lost and replaced by 309,000 square miles of new trees.

    Tropical and sub-tropical regions bore the brunt of the losses. An ongoing pattern of deforestation was seen only in the tropics, where an extra 811 square miles of forest vanished with each passing year. One glimmer of hope was the success of Brazil’s attempts to stem rampant deforestation, researchers revealed in the journal Science.
  • 13:43
  • 14:00
  • 14:22
  • 14:45
  • 15:02
    Secret life of phones: this is a weird piece of research but fascinating nonetheless. Channel 4 created a fake mobile phone entity to track its data, its info stream to and fom other devices.

    Here's what was found:
    - In 24 hours the Data Baby phone made around 350,000 requests to 315 different servers
    - The phone's location was sent six times to advertising firms in the US and Ukraine.
    - Even when idle for 45 mins, the phone still made 30,000 requests to 76 servers.
    - The phone's unique ID was sent a dozen times, including when the phone was idle. Most of those communications were down to Talking Tom, a free cartoon app that has been downloaded over 190 million times.

    Scary or what?
  • 15:09
    The phone hacking trial in London is continuing. Former home secretary Charles Clarke was testifying and described how he faced false rumours that he was having an affair with his “blonde, attractive” special adviser.

    The politician told jurors at the Old Bailey that he “wouldn’t dream” of having a sexual relationship with his former aide, Hannah Pawlby, and said he had threatened to sue the Sun for libel if it ran such a story.

    Prosecutors allege that journalists at the News of the World accessed Ms Pawlby’s voicemails in 2005 after hearing a rumour that the pair were having an affair.
  • 15:34
    On the day the Government announces its exit from the bailout, the Catholic Archbishop of Dublin Diarmuid Martin has appealed for food to alleviate hunger in the city.

    There are children in Dublin schools so hungry they cannot learn while some university students “don’t have decent nourishment” either, the Catholic Archbishop of Dublin Diarmuid Martin has said.

    It was “not exaggeration to say... the demand of people for simple wholesome food for themselves and their children is not being met," he said.

    “Despite our current economic situation Ireland is still a very wealthy country and one of the temptations of the wealthy is not to see the extent of the poverty that’s there. It’s not bad will, it’s a sort of a natural mechanism that’s in people."

    Archbishop Martin was speaking in Dublin’s Pro Catherdal at a Mass marking the feast of St Laurence O’Toole, where he launched his first appeal for food since becoming Archbishop of Dublin in 2004.

    He appealed for non-perishable foods such as pasta, rice, fruit juice, tea,coffee, soup, sugar, powdered milk, tinned meat or fish, tinned vegetables or fruit, packaged desserts, biscuits, and hygiene products to be donated to collection points in each of the archdiocese’s 199 parishes over coming weeks.
  • 16:10
    Convicted mob boss James “Whitey” Bulger will spend the rest of his life in prison after a US judge sentenced him to serve two life terms plus five years for crimes he committed, including 11 murders.

    “The scope, the callousness, the depravity of your crimes are almost unfathomable,” US District Judge Denise Casper told Bulger (84), who was convicted in August on charges including racketeering, extortion, drug dealing and other crimes as he ran Boston’s Winter Hill crime gang in the 1970s and ‘80s. Read on
  • 16:18
  • 16:39
    They're turning on the Grafton St Christmas lights at 5.30pm.
  • 16:43
    Customers of a further eight companies including Clery’s, Centra, Postbank and PigsBack have had their personal information stolen in the data breach at Co Clare-based company Loyaltybuild.

    Credit card information of customers of Clery’s loyalty travel scheme as well as personal details including names, addresses, phone numbers and email addresses are now know to have been stolen in the cyber attack.

    Non-financial information of customers of Centra, vouchers website PigsBack, Postbank Ireland and a small Ennis orthodontics company called TOG were also compromised. Read on
  • 16:46
  • 16:57
    Putting things in perspective...back in the 1980s Irish Times letter writers were exercised about the brand of gin being served on Aer Lingus flights.
    Putting things in perspective...back in the 1980s Irish Times letter writers were exercised about the brand of gin being served on Aer Lingus flights.
  • 17:09
    Breaking news: We're hearing that at least two of the 348 people arrested around the world in relation to a massive child porn investigation are Irish.

    Toronto police describe the Project Spade operation -  which led to the rescue of 386 children - as one of the largest  child porn operations they’ve ever seen.

    Police said today that the investigation began with a Toronto man accused of running a company since 2005 that distributed  child pornography videos.

    Police say 108 people were arrested in Canada and 76 in the US. Others were arrested in Europe. School teachers, doctors and actors were among those arrested.

    Police say the Toronto man instructed people around the world to create the videos of children ranging from five to 12 years of age, and then distributed the videos to international customers.
  • 17:17
    OK I'm running off to see the Christmas lights on Grafton Street. We'll be back in the morning.