19 thoughts on “De Friday Papers

      1. eoin

        Jebus, what an investment by Colony. Is the whole place covered in crime scene tape yet?

  1. eoin

    44 hours since Catherine Murphy asked a simple question in the Dail. How many homes did Dublin City Council build in 2018. The Dept of Housing said a fortnight ago it was 137. Catherine thinks it was just 21, 80% less. Leo attacked Catherine’s motivation for what was a simple question and said the info was already published anyway.

    On Wednesday night (after Leo’s attack), the Dept of Housing published this. And guess what, it really doesn’t help at all despite showing huge detail. The numbers just don’t add up, the Journal had a stab but its total counted output appears to be double what the Dept of Housing was saying a fortnight ago.


    Well done Catherine. But this isn’t over yet.

    1. Martco

      the pythonesque part of all this is that Varadker is arguing about a 1/4 of an average housing estate’s -worth of houses

      like it’s on Aran Mor & its an achievement of some sort

      what a bottom of the barrel

  2. eoin

    The Express is doing a sterling job to promote the interests of the pharma business which produces the cystic fibrosis drug Orkambi (half its front page and a series of articles inside)


    If Orkambi is so expensive and not medically justified according to the NHS, why are we in Ireland paying for it. Lobbying by certain politicians on behalf of some vocal well-connected CF sufferers? Should we follow the lead of the more independent NHS and stop funding this drug?

    1. Cian

      Why? Because we have an emotion-driven media. (including BS in this).

      There is no consistency in people’s emotions. So they happily support contradictory positions. In this case we have “The CF-sufferers should be given this new drug regardless of how much it costs (or how effective it may be)” Vs “The government wastes our money”.

      Do you remember two years ago when a sick child’s mother was looking for better treatment for her child. She saw some youtube videos that suggested that an ‘miracle’ drug would help her child. Unfortunately this was not available in Ireland. She wanted Harris to ignore all processes and procedures and to sign off on its use for this child. She couldn’t find a doctor to support her. But in spite of all that there was enormous pressure to grant her request. (she got it in the end – and luckily for the child it has worked)

  3. eoin

    Happy International Women’s Day one and all!

    That’s just a beautiful picture of Vicky Phelan on the front of the Examiner.

  4. johnny

    -on road for few days so catching up on this, Eoin looks like single digit rate and increased the issue to 600 million.
    “…the “Issuers” today announced that they have priced their private placement of US$600 million aggregate principal amount of 8.750% senior secured notes due 2024 ”


    1. eoin

      I’m probably being dim but if your existing debt is €6.8 billion and you get an additional loan of €0.6 billion then your gross debt increases to €7.4 billion. Now, some of the €0.6 billion will be used to pay back short term debt, but on the face of it, the debt:EBITDA will increase from 6.8 to what? 7+? Wasn’t the plan to reduce debt:EBITDA……

      Hasn’t the Haitian currency collapsed again this week to a new record low?

      “Deathwatch” is right!

      1. Johnny

        They private and incredibly secretive so finding reliable info difficult-but yes they had amend some other bonds to get this done.
        After retiring existing short term unsecured debts,should be about 200 million left which as they are non cash flowing,will keep the lights on for a while.
        This is what I’m looking at/for-it’s akin to “debtor in possession” financing,utilized by companies in bankruptcy or on verge-basically everything not already with a lien/pledged now has one.
        It’s a non viable long term strategy,smacks of desperation,the rate is usurious for 5 year,fully secured money.

        “The Notes will be guaranteed by each of DIFL’s subsidiaries that is an obligor or guarantor under DIFL’s secured credit facility and will be secured on a first priority basis by liens on all the assets that secure DIFL’s secured credit facility, which liens will be equal in priority to the liens securing DIFL’s secured credit facility.“

  5. johnny

    The rating agencies are ‘modeling’ a hard Brexit and attempting to estimate the impact on Ireland-came across this while researching Digicel’s recent moves-non paywall.Good news such that it is, no change in sovereign ratings the govt can continue to borrow cheaply…..

    “The impact of a no-deal Brexit on UK growth is highly uncertain, but we have previously used a recession on the scale of that seen in the early 1990s (when real GDP declined by 2% over six quarters) as a comparison for gauging the potential macroeconomic stress. Using the assumptions for demand and the exchange rate of our illustrative UK scenario published last October (see “No-Deal” Brexit Rating Impact), simulations based on the Oxford Economics model suggest that this would translate into substantially weaker Irish growth in 2019-2020. Real GDP growth in Ireland would slow to 3.2% in both years, 1pp and 0.3pp lower respectively than our current forecasts. By 2020, real GDP would be around 1.3% lower compared to current forecasts. And while we currently expect unemployment in Ireland to fall further over the next two years, in this scenario it remains broadly stable.”


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