• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« Noonan fails to publish NAMA Directions despite his commitment to do so
IBRC “unlikely” to do deals with individual mortgage borrowers »

Of the Week…

February 23, 2013 by namawinelake

Loose thread of the Week

“Deputy Pearse Doherty: To ask the Taoiseach if he will confirm the discussions he had at the recent Davos summit with respect to investment in Myanmar, Burma; the persons with whom he had discussions; the nature of these discussions; if he has committed to deliver any assistance to any party in respect of communications investment in Myanmar.

An Taoiseach: The opening up of Myanmar and prospects for development and investment there is an important global theme, which arose in various discussions in Davos.  It is also part of the Government’s ongoing consideration of international opportunities for trade and investment for Ireland.  Last year’s visit to Ireland by Aung San Suu Kyi was a signal of the important and positive reforms being made by the Myanmar government.  These reforms should be welcomed as key building blocks to improved international relations.

I did not make any commitment to deliver assistance to any party in respect of communications investment in Myanmar.”[ends]

This week in the Dail, An Taoiseach Enda Kenny was questioned about the nugget unearthed in his rambling answers the previous week, that he had discussions at the recent Davos summit about investment in Myanmar (Burma) where Denis O’Brien just happens to be presently pressing his efforts to get a slice of what should be an immensely lucrative mobile phone market. This week, Enda was specifically asked with whom he had discussions, and his response signally omits any names, he merely refers to “various discussions”. There is a reference to that nice lady, Daw Aung San Suu Kyi.  There is no reference to Denis O’Brien.

Mystery of the Week

“The Irish Times’ has readership of 321,000 as figures climb 4%” – Irish Times headline 14th February, 2013

“Sales of The Irish Times fell 8.1 per cent in July-December 2012 compared with the same period in 2011. The newspaper’s print circulation is 88,356, a drop of 7,794 copies.” – from an Irish Times article 22nd February, 2013

According to the Irish-based Joint National Readership Survey, readership of newspapers – and in this sense “newspapers” means actual newspapers and excludes online or iPads or suchlike – the readership of the Irish Times in 2012 was up a modest-yet-respectable 4%, compared with 2011.

According to the British-based newspaper sales audit company, ABC, sales ofIrish Times newspapers were down 8%. So what’s happening? Apparently, each newspaper is being read by 13% more people. Or the independent ABC group has gotten its figures wrong. Or the JNRS survey is bollocks.

Where’s the Beef of the Week

There appears to be almost a news blackout in Ireland – do we have the British equivalent on K-Notices in this State – on the horse meat scandal. Food giant, Birds Eye became the latest international company to “discover” horse meat in its products – note, the discovery was not by any food agency but by the company itself. Birds Eye has withdrawn a range of processed beef foods including chili con carne, pies and Bolognese “purely as a precaution”. The company claims that there is no health risk. In the UK, the boss at Iceland frozen goods stores , Malcolm Walker dismissed our food testing, saying “well, that’s the Irish, isn’t it”. Yesterday, a Tipperary firm was found exporting horse meat to the Czech Republic labeled as “hovezi” or beef in Czech.

At least it is now clear that it isn’t just the furriners who have been flogging horsemeat, and we the mystery of Ireland’s missing horses might be closer to being solved.

But how long though before we accept that it isn’t just a “labeling” issue and that organized crime couldn’t give two hoots about using diseased, out-of-date horse meat stuffed to the gills with medicines like “bute” which are harmful to humans?

There should be a particularly heavy-handed response to the scandal in Ireland because it has damaged our world-leading reputation as a provider of foods, and particularly beef. And yet, our agriculture minister Simon Coveney blithely floats through the scandal, obsessively focused on maintaining consumer confidence at all costs.

A Man’s Home is his Castle of the Week

QuintinCastle

I wonder what property columnists did in medieval times – “Castle such-and-such boasts a top-notch dungeon for all your torturing needs as well as a couple of gravity dunnies”, perhaps – but these days, property columnists can get very bitchy indeed. Take NAMAed developer,  Paul Neil and NAMA’s sale of his Quintin Castle in county Down. Fionala Meredith in the Irish Times admits that it has “an impressive elongated frontage” but goes on to say “but is just rooms deep”. It must have been very disappointing to Fionala to discover “when you walk through the heavy oak double doors and discover something more akin to a holiday rental home with pretensions. Cheap, ugly fittings, grandiose modern features and a series of lurid paint-jobs (the oxblood-red billiard room is positively sinister) distract and diminish the place.And whoever decided it was a grand idea to render the seaward side of the castle, slapping a layer of weatherproof cement on the beautiful original stones, will surely have horrified the ancient ghost of John de Courcy.”

Bad enough to be in NAMA, worse to have your castle practically repossessed but now this…

New political party of the Week

“People for Profit”

Last weekend, an impressive “counter” summit was organized by a range of left wing parties in Dublin to discuss issues of the day. It was “counter” to the series of EU summits being hosted by Ireland during our six-month presidency. Poor Richard Boyd Barrett, the socialist TD for Dun Laoghaire who was formerly to the fore of “People before Profit” was labeled in the schedule as belonging to what must be a new party “People for Profit”. Now was this a genuine mistake, or is Richard no longer considered Left enough?

Media Winner of the Week

GerryAdams

The Independent group of newspapers was reported this week to be introducing a new grandly-titled “charter” which would put a stop to being beastly to certain individuals. Whilst many might have suspected that the new clause in the “charter” – shown here

“Sustained or repeated adversarial editorial material concerning individuals or organisations will only be maintained on the basis of justification in the public interest with the written approval of the managing editor”

– might have been for the benefit of a certain person against whom adverse findings were made in the Moriarty Tribunal, the more likely explanation must surely be the change in stance of the newspaper group towards Sinn Fein. Under the new “charter” we won’t be hearing any negative stories about Gerry and his Teddy and his tweets – shure, what public interest justification would there be in that? And nothing about his operations, his cottage, his mortgage or his family.

Economist of the Week

JimAllister 

“Our politically contrived links with the economic wasteland which is the Republic of Ireland is one of the primary reasons why we are lagging behind the UK.” Jim Allister in statement this week.

This was the week when unemployment in Northern Ireland edged up by 0.2% to 7.8%, still a considerable ways off the 14.6% that scourges us on this side of the Border. This was also the week when the Northern Ireland residential property crash was confirmed as the world’s worst (probably).

And who ya gonna blame?

Well, Jim Allister – pictured above – the leading light in Traditional Unionist Voice and sole TUV member of the 108 seat Stormont Assembly, blames us.

Christian name of the Week

Remember Mike Aynsley, the Aussie former CEO of Anglo/IBRC?

He oftentimes signs his name as AMR Aynsley.

And during the week, whilst sifting through company documents, I found out what “AMR” stands for

Arthur Michael Royal Aynsley

“Royal Aynsley”?

Yes, Royal Aynsley!

How on earth did we fail to discover this previously, and now that he has been set free after getting the boot from IBRC, will we ever be able to use it.

Old media death rattle of the Week

This was the week we learned that old media newspaper sales declined by nearly 10% in 2012.  As for new media, now we’re the “blog fog”, says the Irish Times editor Kevin O’Sullivan – actually he said it almost a year ago when the Irish Times introduced a new format – a new format in which there was not a screed of evidence that one extra cent had been sunk into improving the quality of the underlying news, comment or analysis but I only came across the term “blog fog” in this month’s edition of “Village” where journalist Gerard Cunningham reviews the state of the Irish Times.

So at the risk of being accused of displaying esprit de l’escalier, here’s the responding sum-up of the old print media – “Press mess”. They don’t know what their business model is – the Independent’s was supposed to maximize audience for advertisers but now their current stories won’t even be thrown up in a Google search. The Irish Times transferred their outstanding financial journalist Simon Carswell to the United States, AFTER the re-election of Barack Obama and there is atrocious non-Paper of Record coverage of a key phase in the Irish banking crisis where we’re flogging off expensively-bought assets. The Sunday Business Post gets lighter and lighter each week, and you can generally catch many of the stories on here, on CoStar or Property Week before you’ll read them in the Post. The Daily Business Post is actually quite good but what is it for? Journalists contributing their work to a free platform without advertising. The UK papers are doing better but is anyone fooled by their core of UK news with a few local Irish snippets tacked on as an afterthought around the edges. “Press mess” indeed.

Sorry of the Week

“It would be easy to explain away all that happened and all we did with those great moral and social salves of “the culture back then”, “the order of the day” and “the terrible times that were in it”By any standards it was a cruel, pitiless Ireland distinctly lacking in a quality of mercy That much is clear, both from the pages of the report, and from the stories of the women I met As I sat with these women as they told their stories it was clear that while every woman’s story was different each of them shared a particular experience of a particular Ireland that was judgmental, intolerant, petty and prim” An Taoiseach Enda Kenny fighting back tears in the Dail as he apologized to the victims of the Magdalen laundries. An expert report to examine recompense for the victims has been commissioned from retired High Court judge, John Quirke and his terms of reference are here.

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Banks, Developers, Irish economy, Northern Ireland, Politics | 3 Comments

3 Responses

  1. on February 25, 2013 at 4:36 pm DavidL

    “The UK papers are doing better but is anyone fooled by their core of UK news with a few local Irish snippets tacked on as an afterthought around the edges. “Press mess” indeed.”

    That might apply to some publications, but certainly not the Sunday Times, consistently the only insightful and informative business section produced in this country. As you say, the Irish Times is a joke, their ‘relaunched’ business section last year consisted of reordering the existing woefully inadequate coverage and putting it in a separate supplement. A clear insult to readers intelligence, as it was obvious that not an ounce of extra content was added. Competely agree with your comments on JNLR surveys, yet another example of the nonsense peddled by Irish papers as they indulge in self-praise about the ‘miracle’ of increased readership despite collapsing sales.


    • on February 25, 2013 at 4:51 pm namawinelake

      @DavidL, take a closer look at the Sunday Times. They do have Gavin Daly, Brian Carey, Mark Tighe, John Mooney, Sara McInerney and Aine Coffey, and a few columnists. But will you see the graphics department in Wapping deploying their skills in simplifying the promissory note deal or suchlike. Do they even have to capacity to deal with something like the Kevin Phelan/Michael Lowry tape reported in the Sindo yesterday?

      There will be a follow-up in the near future on British media in Ireland, which generally seem to have suffered less than domestic players.


  2. on February 25, 2013 at 11:48 pm DaveL

    That story from the ever sensationalist Sindo, will fizzle into nothing. Witness the lack of follow-on from it. Cast your mind back to how the Sindo was covering critical events such as the unfolding Irish banking collapse a few years ago, with classics such as the embarassing soft-soap interviews with CEO’s such as Brian Goggin and Eugene Sheehy.Sindo runs according to its own whims…
    Irish newspapers are wonderful at patting themselves on the back (esp the broadsheets) and sneering at their British rivals. Perhaps they should spend more time looking at the quality of the output of several UK newspapers esp in areas like Business and Sport and the diversity in Comment sections as well as the quality of their online offerings. The Times has a website that is years ahead of any Irish paper. Most Irish papers still in the stone age when it comes to developing a quality interactive online offering….



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    February 2013
    M T W T F S S
     123
    45678910
    11121314151617
    18192021222324
    25262728  
    « Jan   Mar »
  • Blog Stats

    • 5,116,816 hits

Blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: