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Connacht Tribune

Drumm release reminds us of our cyclical economic crises

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David Drumm...a blast from our past biggest crisis.

World of Politics with Harry McGee

That was a blast from the past earlier this week when the former Anglo Irish Bank chief executive David Drumm was released from a low-security prison having served just over three years.

It is a reminder of our last ‘biggest crisis ever’ before we encountered the current ‘biggest crisis ever’.

Drumm and his failed bank became the poster boys (if that’s the correct phrase) for the banking and financial crash.

His long-running battle in the US against bankruptcy and extradition became a regular feature on RTE News, not least when Charlie Bird doorstepped him at his home in Massachusetts.

Anglo Irish became the byword for how to do it wrong. Its loan book was heavily tilted towards commercial property and the collateral was commercial property.

It was inevitable that when the property sector halted and then declined that those loan portfolios fell like dominos.

And then we had the farce of the billionaire Sean Quinn gambling all his wealth on shares in Anglo Irish Bank, acquiring his stake on contract for difference.

I remember reading about contracts for difference at the time (around 2007) in the business pages of The Sunday Times. The trick was that you did not fully buy the shares.

You paid a small amount – say, five per cent of the value – and then at a later stage you paid the full amount.

If the shares increased in value, you made profit on your small outlay. However, if the shares fell, you were exposed to paying the full amount they were worth when you entered into the contract for difference.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Boil water notice issued for Barna area

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A boil water notice has been issued for the Barna area for health protection purposes

The areas affected are Barna Village, Truskey West and Truskey East, Barr Aille, Fermoyle, Ballard and along the Connemara Coast Road as far as Furbo, and on the Barna/Galway Road as far as Silverstrand.

The notice has been put in place due to issues with disinfection of the water at Tonabruckey Reservoir.

The notice affects approximately 2,300 people supplied by the Barna section of the Galway City West Public Water Supply area.

Customers in the area served by Tonabrucky Reservoir will notice increased levels of chlorine in their water supply in the coming days as we work to resolve the issue.

Vulnerable customers who have registered with Irish Water will receive direct communication on this Boil Water Notice.

Irish water, the City Council and the HSE will monitor the supply and will lift the notice when it is safe to do so.

In line with HSE Covid-19 advice and the requirement for frequent hand washing, Irish Water advises that the water remains suitable for this purpose and boiling the water is not required.

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Connacht Tribune

Violent incident in Tuam leaves seven hospitalised

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Gardaí are investigating after an incident in Tuam yesterday left seven people injured.

A violent altercation broke out between a large group at the cemetery in Tuam at about 4pm yesterday.

Around 30 Gardaí responded to the incident at the cemetery on the Athenry Road in Tuam, which broke out following two funerals in the area.

Gardaí supported by members from the wider North Western Region and the Regional Armed Support Unit had to physically intervene between parties and disperse those present.

Five males and two females were injured during the course of the incident and were taken to University Hospital Galway with non-life threatening injuries.

A 16-year-old boy was arrested at the scene, as he tried to flee in possession of a knife.

He was taken to Tuam Garda Station and has since been released. A file is being prepared for the Juvenile Liaison Officer.

Gardaí are appealing for any witnesses to this incident or for anyone with any information to contact Tuam Garda Station .

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Connacht Tribune

Anger over ANC ‘snip’

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Agriculture Minister, Charlie McConalogue

ANGRY farmers hit out during last week’s Galway IFA at the Dept. of Agriculture over what they described as their ‘heavy handed tactics’ in docking BEAM penalties from ANC payments made last week.

Although Agriculture Minister, Charlie McConalogue, has apologised for the actions taken by his Department officials, delegates who attended last Thursday’s night county IFA meeting in the Claregalway Hotel, hit out at what happened.

In some cases, according to Galway IFA Chairperson, Anne Mitchell, farmers who had already paid back the BEAM penalty also had the money deducted from their ANC (Areas of Natural Constraint) payments made last week.

Many farmers received ‘a shock in the post’ when their ANC payments were hit with the deductions of penalties from the BEAM scheme – earlier they had been warned of interest penalties if any balances weren’t repaid within 30 days.

At the core of the problem was the inclusion of a 5% stock numbers reduction in the BEAM scheme (Beef Exceptional Aid Measure) aimed at helping to compensate farmers for a drop-off in beef prices between September, 2018 and May, 2019.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

 

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