World of Politics with Harry McGee – email@example.com
Vulture Funds; even the name is kind of sinister. Just above ‘public executioner’ and ‘common criminal’ in our societal hierarchy. This week, it was disclosed that Permanent TSB is moving to shift some of its non-performing loan books to the markets. That essentially means it is likely to be snapped up by a so-called vulture fund.
So what’s the public impression of these funds? They are international private financial companies that come in and buy distressed mortgages from the bank. They then go in with an ultimatum to struggling home owners – pay up or get chucked out.
And the image of those controlling the funds is typically of a heartless and rapacious billionaire, probably rigged out in braces and pin-stripes a la Gordon Gekko – that’s the narrative that has grown around them.
I’m not going to begin to defend them; they are international financial companies whose bottom line is profit for their shareholders.
What’s more they are not subject to the same regulation as Irish-based financial companies (and that is an issue that needs to be addressed).
Their horizon is not as long-term as, say, an Irish bank and they will be looking for shorter returns on their investment – but the notion they are turfing Irish families out of their homes is simply not borne out by the evidence.
Now over the next week or two, Fianna Fáil plans to introduce a Bill to require that these vulture funds be regulated by the Central Bank in the same way as indigenous financial institutions. The party also is opposed to the wholesale sell-off of non-performing loans by Irish banks.
But let’s look at the evidence, as presented by two of the most authoritative voices in this area.
Ross Maguire is a barrister who is a co-founder of New Beginnings, which has helped homeowners who have found themselves in mortgage arrears. Seamus Coffey is a lecturer in economics in UCC and chair of the powerful Irish Fiscal Advisory Council.
Look at Permanent TSB. Over 28 per cent of its €21 billion loan book is made up of non-performing. This is an enormous proportion of problem loans, five times higher than the European average.
Now, it is going to put of €4 billion of these loans up for sale. The likelihood that some or all will be bought by vulture funds.
For more, read this week’s Connacht Tribune.
Take a spooky staycation this Halloween at Púca Festival
For Halloween fans looking for a spooky staycation with a difference, Púca Festival is just the ticket. Returning to Co. Meath from 28th – 31st October, Púca celebrates Ireland as the original birthplace of Halloween. Vibrant, fun, and contemporary in feel but strongly rooted in tradition, the festival will take place in the hubs of Trim and Athboy.
Now in its fourth year, this year’s festival line-up is an exciting one, with a pool of contemporary Irish acts gearing up to re-ignite Celtic traditions through incredible music and live performances. Offering three breathtaking days and four spectacular nights of music, myth, food, folklore, fire, feasting, and merriment, Púca will boast a range of ticketed and free events, all individually priced.
From the ‘Arrival of the Spirits’ procession in Trim on Saturday 29th October right through to the ‘Coming of Samhain’ celebration at the Hill of Ward in Athboy on Halloween night, visitors will be immersed in the original and authentic spirit of Samhain.
Festivalgoers and fans of folklore will enjoy the well-rounded line-up of evening entertainment showcasing the best in contemporary Irish music, spectacle, and performance, including the talented Imelda May, Gavin James, King Kong Company, Block Rockin’ Beats, Lisa Hannigan & Cathy Davey, Jerry Fish & his Electric Sideshow Cabaret, Joanne McNally, Blindboy, David O’Doherty, Neil Delamere, and Jason Byrne. Headlining the Púca Big Top stage on October 29th, The Academic is an act not-to-be-missed. A thrilling live four-piece, their super-uplifting, hugely melodic guitar-driven sound is the product of a tight-knit gang who’ve been playing together since school.
Historic Halloween Walking Tours, Candlelit Tales Storytelling, Banshee Bingo Hall, Self-guided treasure hunts, Foraging Workshops, Circus performances, and Handfasting Ceremonies will complement the music and comedy programme, ensuring a host of diverse activities to keep visitors entertained all weekend. At Trim Castle, step back in time at the Deise Medieval Traditional Living Village. In the midst of mead and the smoke of the campfire, living history, crafts, and skills of the early to mid-medieval period come to life and will be open for all the family to discover from 29th – 31st October.
And as Samhain is a time for feasting, Jack O’Lanterns Food & Craft Markets at Trim Castle will feature local harvest offerings and Halloween favourites, in what promises to be the most spirited Púca festival yet.
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Italian archer brings whole new outdoor leisure pursuit to Loughrea
An eagle-eyed Italian has converted a cohort of locals in Loughrea into archery enthusiasts – in the heart of their local forest.
Mattia Cestonaro set up Loch Riach Traditional Archery, the first field archery club in Galway to be affiliated to the Irish Field Archery Federation (IFAF).
After raising nearly €800 in public donations, he established the course geared to different levels in a forest located in Peterswell on the Slieve Aughty Mountains.
Field archery has participants shooting at various targets. The targets may be concentric circles, animal faces on paper or 3D animal targets, from a variety of distances, which can be marked or unmarked.
There is a main course layout in a loop shape, where small groups of archers, typically up to four, walk around and stop at each station to hit a target.
The club is a non-profit organisation with the main aim to promote our beloved sport in Ireland.
“This is a sport for everyone, we have kids, adults, families shooting together. It’s some mighty fun,” enthused the native of Vicenza in north-eastern Italy.
“This is an exciting new activity for the local community, as well as to visitors from other counties and clubs.”
Mattia has created three small bridges to cross the river in different points using pallets on the course located on over 160 acres of forest. There are currently 14 targets spread out over 1.5km, crossing different types of terrain.
The club teaches a ‘traditional, instinctive way of shooting’.
“It is a challenging course with different tricky shots, uphill, downhill, between trees. We tried as much as we could to use natural backstops to make the shots look as natural as possible,” he explains.
“We think our club as a group of friends who share the same passion, we organise many social activities and we encourage members to volunteer in the club’s activities.”
The main course is made entirely of 3D targets.
“We believe there is nothing else like the sight of a realistic 3D target in the forest.”
Several of the first courses held last July sold out. The courses in August completely sold out.
It costs €50 per person for four weekly classes lasting an hour and a half, with the minimum age of eight set for participants. Archers aged under 18 must have at least one parent participating in the course with them. Adult membership of the club costs €60 for the year, while kids pay €30, which includes membership to the social club.
“There was an overwhelming response to our first beginner courses and an ever more surprising conversion rate, which saw the 100% of those who completed the course become members of the club. This was amazing and already repaid the months of hard work in the woods,” enthuses Mattia.
The club will now concentrate on making sure all the new members receive proper support during their first months in the archery world.
Mattia was doing field archery in Italy but took a few years off until he got the opportunity here over three years ago to reignite his passion.
“I went back into it thanks to my friend Enea, who is the son of the iconic Italian character Papetto, who is one of the greatest masters of Instinctive shooting and whose values and philosophy he is trying to promote and keep live for over 45 years.
“This is the same I’m trying to do with the club, I am offering beginner courses where we cover all the basics of field archery and where I try to spread my archery philosophy which has the social aspect of this discipline in his core values.
“To put it in simple words, I’m in love with this sport, and I try to transmit my passion to other people.”
The Italian moved to Ireland from Italy in 2014 looking for a change in lifestyle. After three months in Clifden, he transferred to Galway and found a job in supply chain with Schneider Electric, where he continues to work.
In December 2020 he bought a house in Loughrea and moved in with his partner Tatiana.
“It was a huge step in our life, and we couldn’t be happier with our choice. We found a lovely welcoming community, everyone is so kind with us and there is so much to do around here: from the lake which is at our doorstep, and we walk daily with our dogs, to the numerous sport activities available.”
Mattia plays with the Loughrea Rugby Club and recently helped organise a group of 14 Italian teenagers to visit Loughrea from his old club, the Rangers Rugby Vicenza. They stayed with host families and trained with the Loughrea RFC for a week.
Mike Feerick of Ireland Reaching Out said he and wife Eileen regularly get behind the bow and arrow on a Sunday morning after completing a beginner’s course earlier this summer.
He has praised Mattia’s hard work, with the support of Coillte, in turning an area of Slieve Aughties into a recreation hub.
“It’s interesting that someone has come to live among us and helped us strengthen our community, starting a new pastime in the locality which takes advantage of the wonderful hinterland we have in East Galway.”
“It is a big undertaking for any one person – but he has persevered and indeed succeeded.”
Mattia has plans to expand the course with new targets and create a bigger training range.
“We plan to create nice picnic areas for members to spend time together with benches and tables and some shelter for the rainy days. We also plan to host the first official IFAF shooting in 2023, where people from other clubs from all Ireland will come over to compete as part of the IFAF annual calendar,” he explains.
“The future ahead is exciting, and I am very proud to be able to offer something different to a community which is giving so much to me and my family in terms of quality of life.”
Hurdle cleared for Claregalway traffic calming and flood relief scheme
A dispute over land acquisition that threatened to sink a long-awaited traffic calming scheme and flood relief works in Claregalway has been resolved.
A meeting of the Athenry Oranmore Municipal District councillors heard that an agreement had been reached with the landowner, enabling the Council to proceed with its plans to install a surface water drainage scheme at the bridge.
Cllr Jim Cuddy (Ind) said following repeated representations, he had been assured that a resolution had been found.
“I have been informed that we are waiting for Transport Infrastructure Ireland (TII) to come back to the Council to tell them to proceed,” said Cllr Cuddy.
This came as councillors hit out at the lack of progress on the project, with Cllr James Charity (Ind) pointing out that it had been three years since they approved the project.
“I have had a lot of complains in the last few days about flash flooding in Claregalway, on the street outside Centra . . . we’ve mentioned it in here ad nauseum,” he said.
“It is very frustrating for communities and residents up there that this is not progressing – it’s a long-standing problem that’s being put on the long finger.”
Cllr Albert Dolan (FF) said it was disappointing that having approved the project in 2019, councillors were being kept in the dark and had received no official communication from the National Roads Project Office (NRPO) to explain the delay.
“It’s three years on and we have not seen any progress . . . the Athenry Oranmore councillors are not happy that this has been delayed for so long without being given a reason,” said Cllr Dolan.
Cllr Charity suggested that a representative of the NRPO should be invited to a meeting of local area councillors to explain the lack of progress.
“If the matter is progressing, we need an update from them. Resolution with the landowner is one thing but the TII committed to this in 2019, so now there is a question of funding as well,” said Cllr Charity.
Cllr Liam Carroll (FG) concurred and said with the increasing cost of construction materials, funding would need to be addressed without delay.