Scenes from last night’s rioting in Greece: the worst yet. 80,000 demonstrate in Athens, 20,000 in Thessaloniki, running battles, arson, tear gas, historic buildings set alight.
Coming soon: austerity.
GALLERY: Greece Riots Photos: Athens Burns Following Mass Protests (Huffington Post)
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MINISTER FOR Finance Michael Noonan was told by his department’s officials last year that a €3.6 billion accounting error had only “recently” come to light despite a paper trail stretching back more than 12 months.
In a briefing note for the Minister, prepared on October 28th last, he was told the National Treasury Management Agency (NTMA) “have recently drawn to our attention” a double-count of money borrowed by the Housing Finance Agency.
However, internal documents show there were at least 20 emails between the National Treasury Management Agency and the Department of Finance’s general government section relating to the matter between August 23rd, 2010, and October 25th, 2011.
The issue centred on the fact that exchequer money being loaned by the NTMA to the Housing Finance Agency was being counted twice as debt and overstated the national debt.
The issue became public knowledge on November 1st last year, after the department issued a statement following inquiries by TV3 News.
You’ll recall how, at the time, former Department of Finance Secretary General Kevin Cardiff ‘was puzzled too.’
This month Kev takes up his €276,000 per year gig at the European Court Of Auditors.
Nice work fella.
Officials knew of ‘recent’ €3.6bn error for a year (Irish Times)
Singer and actress Whitney Houston, a winner of six Grammy Awards including record of the year for “I Will Always Love You” and album of the year for “The Bodyguard,” has died at age 48, a spokeswoman for the singer said.
“Unfortunately it is true,” said spokeswoman Jill Fritzo.
No other details were immediately available.
Celebrity website TMZ.com said Houston was found dead at the Beverly Hilton in Los Angeles, but that could not be immediately confirmed.
Award-winning singer Whitney Houston dies (RTE news)
Whitney Houston, musical superstar, dies (USA Today)
Lest anyone be in doubt of the voice the world just lost…
Feb. 9 (Bloomberg) — Ireland will seek to take advantage of any “arrangement” that Greece agrees with the European Central Bank on the country’s debt, as the government seeks help refinancing the bailout of the former Anglo Irish Bank Corp., Finance Minister Michael Noonan said.
“There’s a suggestion that there might be some arrangement made with the ECB,” Noonan said in an interview yesterday with Dublin-based broadcaster Today FM when questioned about Greece. “If that happens we’ll be watching it very closely and we’ll try to avail of that.”
Oh?
Irish Will Try to Make Use of Any ECB-Greek Accord, Noonan Says (Bloomberg, 9th Feb)
On Today FM two days ago, the Minister referred to the possibility of an ECB “arrangement” for Greece and said “we’ll try to avail of that as well” if such a scheme went ahead.
Asked about such remarks, Mr Noonan said people had taken liberty to quote him as saying he might seek similar arrangements for Ireland as might be made for Greece but he insisted that was not what he said or meant. “What I did say yesterday was that we were negotiating an alternative to the promissory note and we will be watching very carefully the elements of the Greek programme to see if there was flexibility in the ECB.
“But under no circumstances was I saying that we’d be looking for something that Greece may get. I was simply saying that it might give us an opportunity to advance the separate negotiations that are ongoing on the promissory note.”
Ah.
Greek deal not related to Irish case, says Noonan (Irish Times, 10th Feb)
THE SUPPLY of rental properties has fallen and rents are on the rise despite a continuing fall in house prices, according to the latest report from property rental website Daft.ie.
Average national rents for 2011 were down by 0.7 per cent. However, January 2012 has seen a marginal 0.4 per cent increase on the same month last year, putting rents at almost the same level as in December 2009.
The number of properties available has fallen by 5.7 per cent in 2011, primarily in Dublin, where the number of properties available to rent has fallen by almost 1,000 over the year. Overall, the supply of rental properties is at a 3½-year low.
Minister for Social Protection Joan Burton said the failure of rents to fall in line with house prices supported her decision to cut social welfare rent supplement.
Hang on. Fewer rental properties. Rents rising. Rent supplement cut.
Damn, who’s got a calculator?
Rents rising despite fall in house prices (Irish Times)
An analysis of recent trends in the Irish rental market (Daft)
THE NATIONAL Asset Management Agency has spent €27.55 million on legal expenses since it was established just over two years ago, with the Dublin-based law firm Arthur Cox the highest paid to date.
A total of €16.46 million was expended on legal fees to Irish and international firms last year, €9.75 million in 2010, and more than €1.35 million so far this year.
Arthur Cox, the State’s biggest law practice, has received €3.07 million from Nama so far; €1.9 million in 2010 and €1.16 million in 2011.
The international legal firm Hogan Lovells has earned €2.93 million to date. The London practice Allen Overy received €2.47 million.
Nice work. More to come.
XI JINPING, the man in line to be China’s next leader, will make a landmark visit to Ireland this month to discuss tourism, trade and other issues, The Irish Times has learned.
Mr Xi (58) is expected to be here from February 18th to 20th, sources said, on a trip that will also take in a meeting in Washington with US president Barack Obama on February 14th, along with a visit to Turkey.
A full statement will be released today in Beijing.
The itinerary is still being developed and many aspects have yet to be confirmed but it is believed the visit will likely include a trip to the west of Ireland, including Shannon, to showcase the country as a tourism destination, as well as several business engagements in Dublin to promote trade links between Ireland and China.
“Cultural activities and Chinese community events are also anticipated,” the source said.
The son of a veteran revolutionary and guerrilla leader, Mr Xi is one of the “princelings” of the Chinese Communist Party’s political dynasties, and is generally described as being charismatic and engaging, but not likely to be a reformer.
He is set to succeed President Hu Jintao when his second term ends in October this year, and could rule China for the next decade.
China’s Heir Apparent To Visit Ireland This Month (Irish Times)
HOPES THAT Anglo Irish Bank’s art collection could help to raise significant money for the State have been dashed by the bank’s discovery that many of the paintings “have no value” – just like its once highly rated shares.
When Anglo became the State-owned Irish Bank Resolution Corporation (IBRC), it inherited Anglo’s art collection – some 320 pieces – along with other assets and liabilities.
About one-third of the paintings have been valued as worthless – in financial, not necessarily artistic, terms – consisting of “the type of art that could be bought from the railings on Merrion Square”, according to a bank spokesman.Another 100 paintings have an estimated value each of between “€0 and €500” while there are just 100 artworks that may be worth more significant amounts. The entire collection has been valued at “less than €1 million” and more likely just €750,000.
A spokesman for IBRC said it is “actively considering options” regarding how to dispose of the art “for the benefit of the State – in the months ahead”.
Anglo’s sketchy art collection is of little cash value to the State (Irish Times)
THE INCREASED use by older men of drugs to reverse erectile dysfunction may be producing an unexpected side effect. The incidence of sexually transmitted diseases for men and women in the 50-90 age group has doubled over the past decade.
Cases of syphilis, chlamydia and gonorrhoea rose sharply during the 2000s, according to a study published this morning in the British Medical Journal . While doctors have their suspicions, there is little concrete data to explain why this mini-epidemic is taking place.
More surprisingly, the study shows that there has also been a sharp rise in cases of HIV infection in older men.
Males over 50 now account for 20 per cent of adults accessing HIV care, an 82 per cent increase on figures from 2001, said the report’s authors, Rachel von Simson from King’s College London and Dr Ranjababu Kulasegaram from St Thomas’s Hospital in London.
Blighty, hah? You’d never catch our oldsters disporting themselves like that.
Nice cup of tea and a bun. Bit of light spanking. Mogadon. Bed.
Sexual Diseases Rise Among Elderly (Irish Times)
