What is the Breakdown for the €72 Billion Exposure,

What is the Breakdown for the €72 Billion Exposure,

Please see below a breakdown of the Liabilities of Anglo Irish Bank. The €72 billion figure is a relatively fluid figure as it is affected by currency changes and also some elements of the liabilities might not need to be paid in full if the bank were instantly liquidated.
Key Elements of Anglo Irish Bank’s Balance Sheet (End June 2010)
Deposits from Banks €33.3 bn
Customer Deposits €23.2 bn
Debt securities in issue €16.5 bn
Subordinated Liabilities €2.5 bn
Derivative Financial Instruments €4.4 bn
Other elements €0.5 bn
Total Liabilities €80.5 bn
What were the Recent Changes Announced by Government in Relation to Anglo Irish Bank, Asset Recovery Bank & Investment Bank,
The Government decided that Anglo Irish Bank will be split into a Funding Bank and an Asset Recovery Bank. Anglo Irish Bank has not expanded its loan book since it was nationalised in early 2009 and this will remain the case. It is intended that in due course the Recovery Bank will be sold in whole or in part or that its assets will be run off over a period of time.
The guaranteed position of depositors will be unchanged by the new arrangements. The depositors will become customers of the Funding Bank which will be fully capitalized and continue as a regulated bank.
What is the Purpose of the Change & what will be the End Result
"Today’s decision by the Government will provide certainty about the future of Anglo Irish Bank. Resolution of this, our most distressed institution, is essential to the promotion of confidence and stability in our financial system."-Minister Brian Lenihan
Under the restructuring plan, the Funding Bank will be a Government-backed/guaranteed specialist deposit bank which will contain the bank’s deposit book. It will be a stand-alone, regulated bank, completely separated from Anglo’s loan assets and it will be owned directly by the Minister for Finance. This bank will not engage in any lending, but will provide a secure home for Anglo’s depositors and any new customers who wish to deposit their funds with it. Depositors with the Funding Bank will be completely insulated from the future performance of the rest of the current Anglo Irish Bank loan book.
The Asset Recovery Bank will also be a licensed regulated bank. Its dedicated focus will be on the work-out over a period of time of the assets not being transferred to NAMA in a manner which maximises the return to the taxpayer.
The Government believes that it is essential to identify, with as much certainty as possible, the final cost for the restructuring and resolution of the bank. This will underpin international financial confidence in Ireland. Accordingly, the Central Bank will determine the appropriate levels of capital needed in both institutions. Its decision will be announced by October.

What is the Breakdown for the €72 Billion Exposure,

Please see below a breakdown of the Liabilities of Anglo Irish Bank. The €72 billion figure is a relatively fluid figure as it is affected by currency changes and also some elements of the liabilities might not need to be paid in full if the bank were instantly liquidated.
Key Elements of Anglo Irish Bank’s Balance Sheet (End June 2010)
Deposits from Banks €33.3 bn
Customer Deposits €23.2 bn
Debt securities in issue €16.5 bn
Subordinated Liabilities €2.5 bn
Derivative Financial Instruments €4.4 bn
Other elements €0.5 bn
Total Liabilities €80.5 bn
What were the Recent Changes Announced by Government in Relation to Anglo Irish Bank, Asset Recovery Bank & Investment Bank,
The Government decided that Anglo Irish Bank will be split into a Funding Bank and an Asset Recovery Bank. Anglo Irish Bank has not expanded its loan book since it was nationalised in early 2009 and this will remain the case. It is intended that in due course the Recovery Bank will be sold in whole or in part or that its assets will be run off over a period of time.
The guaranteed position of depositors will be unchanged by the new arrangements. The depositors will become customers of the Funding Bank which will be fully capitalized and continue as a regulated bank.
What is the Purpose of the Change & what will be the End Result
"Today’s decision by the Government will provide certainty about the future of Anglo Irish Bank. Resolution of this, our most distressed institution, is essential to the promotion of confidence and stability in our financial system."-Minister Brian Lenihan
Under the restructuring plan, the Funding Bank will be a Government-backed/guaranteed specialist deposit bank which will contain the bank’s deposit book. It will be a stand-alone, regulated bank, completely separated from Anglo’s loan assets and it will be owned directly by the Minister for Finance. This bank will not engage in any lending, but will provide a secure home for Anglo’s depositors and any new customers who wish to deposit their funds with it. Depositors with the Funding Bank will be completely insulated from the future performance of the rest of the current Anglo Irish Bank loan book.
The Asset Recovery Bank will also be a licensed regulated bank. Its dedicated focus will be on the work-out over a period of time of the assets not being transferred to NAMA in a manner which maximises the return to the taxpayer.
The Government believes that it is essential to identify, with as much certainty as possible, the final cost for the restructuring and resolution of the bank. This will underpin international financial confidence in Ireland. Accordingly, the Central Bank will determine the appropriate levels of capital needed in both institutions. Its decision will be announced by October.


What is the Breakdown for the €72 Billion Exposure,

Please see below a breakdown of the Liabilities of Anglo Irish Bank. The €72 billion figure is a relatively fluid figure as it is affected by currency changes and also some elements of the liabilities might not need to be paid in full if the bank were instantly liquidated.
Key Elements of Anglo Irish Bank’s Balance Sheet (End June 2010)
Deposits from Banks €33.3 bn
Customer Deposits €23.2 bn
Debt securities in issue €16.5 bn
Subordinated Liabilities €2.5 bn
Derivative Financial Instruments €4.4 bn
Other elements €0.5 bn
Total Liabilities €80.5 bn
What were the Recent Changes Announced by Government in Relation to Anglo Irish Bank, Asset Recovery Bank & Investment Bank,
The Government decided that Anglo Irish Bank will be split into a Funding Bank and an Asset Recovery Bank. Anglo Irish Bank has not expanded its loan book since it was nationalised in early 2009 and this will remain the case. It is intended that in due course the Recovery Bank will be sold in whole or in part or that its assets will be run off over a period of time.
The guaranteed position of depositors will be unchanged by the new arrangements. The depositors will become customers of the Funding Bank which will be fully capitalized and continue as a regulated bank.
What is the Purpose of the Change & what will be the End Result
"Today’s decision by the Government will provide certainty about the future of Anglo Irish Bank. Resolution of this, our most distressed institution, is essential to the promotion of confidence and stability in our financial system."-Minister Brian Lenihan
Under the restructuring plan, the Funding Bank will be a Government-backed/guaranteed specialist deposit bank which will contain the bank’s deposit book. It will be a stand-alone, regulated bank, completely separated from Anglo’s loan assets and it will be owned directly by the Minister for Finance. This bank will not engage in any lending, but will provide a secure home for Anglo’s depositors and any new customers who wish to deposit their funds with it. Depositors with the Funding Bank will be completely insulated from the future performance of the rest of the current Anglo Irish Bank loan book.
The Asset Recovery Bank will also be a licensed regulated bank. Its dedicated focus will be on the work-out over a period of time of the assets not being transferred to NAMA in a manner which maximises the return to the taxpayer.
The Government believes that it is essential to identify, with as much certainty as possible, the final cost for the restructuring and resolution of the bank. This will underpin international financial confidence in Ireland. Accordingly, the Central Bank will determine the appropriate levels of capital needed in both institutions. Its decision will be announced by October.

http://www.nama.ie/Publications/2010/NamaAWorkingSolutionPresentation14Sept2010.pdf

Cut Rates & Keep Jobs

Cllr. Kenneth O'Flynn has called upon the Government to begin a revaluation of properties as the last significant valuation of commercial property has been carried out since 2007 the height of the property boom in order to cut rates for business and protect jobs. Speaking on this O’Flynn said; “170,000 properties were valued at the height of the boom back in 2007, no substantial valuation has taken place since. Businesses are paying boom rates but taking in recession receipts “

Continuing on this O’Flynn said; “It is evident that the current local authority rating system, which is used to calculate the commercial rate liability of a business, is not fair. The Valuation Act of 2001 was supposed to bring in a rating system which has enabled safe and certain revenue for the local authorities every year, while also allowing commercial businesses to plan ahead due to the fact they would know their liability for next year, but it does not take account of falling property prices”



Cllr. O’Flynn who is himself a businessman was sceptical stated “many commercial premises have fallen in value by 28 to 30 percent and even though their commercial rates liability are connected to the value of their premises, commercial rates are still allowed to rise by the level of inflation even after a downwards revaluation .”

This in Councillor O’Flynn’s opinion is; “This is producing devastating results for businesses as they are also dealing with shrinking revenue due to the recession which is effectively putting them in a position where costs are rising and income is falling. An article I read in July, said that commercial rates in the city are now almost equating to 30 percent of their rental costs when taking into consideration that some rental prices have dropped to reflect the drop in sales. While rental prices, the value of the buildings and business revenue are all going south, commercial rates have neglected to reflect the change in the economy.”

In conclusion O’Flynn said; “It also must be asked what is the point in valuing every commercial business in the country, when in reality the commercial rates will depend on the fiscal requirements of the local authority as oppose to their value.” Councillor O’Flynn also stated his desire to bring these matters up directly with Minister Brian Lenihan at the next National Executive meeting

Your chance tomorrow to volunteer for work overseas

Your chance tomorrow to volunteer for work overseas

IRISH AID, the Government’s overseas development programme, will host “the largest overseas volunteering fair ever held in Ireland” this Saturday.

The fair aims to highlight long and short-term volunteering opportunities in developing countries. It will be held in the Irish Aid Volunteering and Information Centre in Dublin, with 29 organisations taking part, including GOAL, USIT and Slí Eile as well as Irish Aid.

The fair is free and open to the public. It will run from 11am until 4pm, and according to Overseas Development Minister Peter Power is “the perfect opportunity for individuals looking to get involved in volunteering abroad to discuss their options with volunteer-sending organisations”.

Speaking ahead of the fair, Minister Power encouraged those interested in overseas volunteering to attend…

Events such as this also help to promote synergies among organisations working in volunteering. The health and safety of development workers and volunteers overseas is of crucial concern and it is very important that volunteers are managed in a professional way. The Volunteering Fair will showcase the Irish Volunteering Code of Practice which supports organisations that manage and work with volunteers.

Visitors to the Fair will be able to meet with representatives of the organisations and past volunteers, and attend workshops on volunteering options. There will also be presentations on the work and requirements of several of the organisations.


Meanwhile next week Minister Power will accompany Foreign Affairs Minister Micheál Martin to New York to attend a “major” meeting on hunger.

Micheál Martin and the US Secretary of State Hillary Clinton will co-host a meeting of international leaders to address world hunger and under-nutrition.


The event, 1,000 Days: Change a Life, Change the Future Partnering to Reduce Child under-nutrition, will be attended by world leaders, international organizations, civil society and the private sector.

It is designed to “highlight action to reduce child under-nutrition, focusing on programmes targeted at the 1,000 day window of opportunity, the period beginning with a woman’s pregnancy and continuing until a child is 2 years old”.

Cllr. Kenneth O'Flynn has welcomed the proposed Blackpool Development Plan which is to be voted upon shortly by members of Cork City Council.

Cllr. Kenneth O'Flynn has welcomed the proposed Blackpool Development Plan which is to be voted upon shortly by members of Cork City Council.



Speaking on this the Northside Councillor said that there have been certain criticisms raised with regards to the issue of dereliction. O’Flynn however said that he feels under the leadership of the new City Manager, Tim Lucey, the issues relating to dereliction will be tackled. O’Flynn said; “Speaking to the new manager last Monday at a private meeting, he certainly inspired me with confidence that he is willing to take action on these issues and work with public representatives to make the Plan work for the benefit of Blackpool.”



O’Flynn did however stress that the spine plan for Blackpool must be completed before the new plan can be put into action. On this he said; “the finger posts to Blackpool Village must be erected, the ornamental plaques indicating the lanes of old Blackpool must be laid and a map must be put in place on the plaza outlining the historical areas of interest in Blackpool.”



On the continued issue of flooding O’Flynn said; “the threat of flooding in Blackpool remains for residents and business alike. I have stressed that provisions be made to combat this and find a solution to stop the flooding as presently businesses in Blackpool are finding it increasingly difficult to be insured as a consequence of the flooding.”



O’Flynn concluded by saying when the spine plan is completed and the proposed Blackpool Development Plan implemented, the area will have the potential to be one of the cities primary locations.

fuel allowance

You May be entitled to receive the fuel allowance, which is now being paid to eligible persons. Fuel allowance payments have now recommenced for eligible persons and will continue through to next April. The scheme operates for 32 weeks each year from September to the end of April. The Fuel Allowance is a payment under the National Fuel Scheme to help with the cost of heating your home. It is paid to people who are dependant on long-term social welfare or Health Service Executive (HSE) payments and who are unable to provide for their own heating needs

you may want to log on to http://www.citizensinformation.ie/categories/social-welfare/social-welfare-payments/extra-social-welfare-benefits/fuel_allowance

Cork Walk of Fame Commemorate the Famous Corkonian’s

Cllr. Kenneth N. O’Flynn has put forward a motion to Cork City Council, calling on the Council to put in place a walk of fame on Cook Street to Commemorate the famous Corkonian’s who over the years have contributed to the reputation of the City both locally, nationally and internationally.

Speaking on this the Northside Councillor said; “Cork has a rich heritage and can boast an impressive list of people who have contributed to the reputation of the City in various fields. For example of the top of my head I can think of several people fror example with Literature Frank O’Connor, with Sport Roy Keane and
Christy Ring in Theatre Joe Lynch in Politics Jack Lynch, with Music Seán Ó Riada and Cara O’Sullivan. While in Industry we have the two great distilling names the Beamish and Murphy Families and in Science, the mathematician George Boole.”

Cllr. O’Flynn believes that the project would not just offer a fitting tribute to these famous names but that it would also become a premier tourist attraction in the City Centre.

Apps for Cork

Cllr. Kenneth N. O’Flynn has put forward a motion to Cork City Council, calling on the Council to develop an application for iPhones and Satellite Navigation devices which would allow users the opportunity to download for free the historical points of interest in Cork City.

Speaking on this Cllr. O’Flynn said; “I think that this would be a good way for the City to provide an easy to use and informative virtual tour of Cork City allowing them to access points of interest and get the relevant information on these places.”

Continuing the Northside Councillor said; “in drafting the motion I asked that in developing this application, the Council pay particular attention to the historical walking tours which have been set up by Cork City Council in the past year. I know myself that the walking our on the Northside of the City based around Shandon has been agreat success and brought many people to the area with an interest in
history and the rich heritage of Cork.”

Bike Sharing Scheme

Cllr. Kenneth O’Flynn has welcomed a reply to a motion that he put before Cork City Council, in which he called upon the Council to implement a bike sharing scheme. In the reply the Roads Control Division and representatives of the Planning Department have begun to investigate the options available to fund public amenity projects such as the Public Bike Scheme.

Cllr. O’Flynn welcomed what he says is; “the first step in the right direction by the Council in relation to this scheme.” Bicycle sharing are increasingly popular, a number of bicycles are made available for shared use by individuals who do not own the bicycles. Public bicycles are a mobility service, mainly useful in urban environment for proximity travels. It is able to remove three difficulties of daily cycling use: home parking, theft and maintenance of your private bicycle.

The reasons for implementing bicycle sharing systems are as numerous as the forms the systems take. Recently and most notably, municipal governments, including Dublin City Council, have promoted systems as part of intermodal transportation, allowing people to shift easily from other forms of transport to bicycle and back again. However, for years community groups have promoted bicycle sharing as an easily
accessible alternative to motorized travel, hoping to reduce the carbon footprint of commuting as well as enable residents to become healthier through exercise.