Kildare Nationalist » National News

Bank of Ireland eases mortgage hikes policy

Kildare Nationalist Reporter — Tue, 21 May 2013 08:26:39 +0000

The Bank of Ireland today partially backtracked on a steep rise in mortgage rates for customers who thought their repayments were fixed for life.

It has written to 1,200 of the 13,500 homeowners facing sharp increases - despite taking out tracker deals linked to the historically-low Bank of England base rate - to tell them they will no longer be applied in their cases.

The bank said the Financial Conduct Authority (FCA) was "supportive of our approach in excluding these customers".

Customers were told of the decision to raise their rates - which in some case would double, lifting payments by hundreds of pounds a month - earlier this year. Many had taken out loans with BOI subsidiary Bristol & West. The changes came into effect this month.

But consumer group Which? said it believed they were being treated unfairly, pointing out that some were sold a "lifetime tracker". It urged customers to complain and called on the FCA to ensure better communication from banks about clauses in mortgages.

Today, the bank announced that it had identified and written to two groups of customers "where we will not be applying the increase to their base rate tracker mortgage".

These included 1,000 homeowners who were using flexible facilities on their mortgage account and "received a specific administrative letter linked to their transactions that might have caused some customers to believe the differential was for the term of their mortgage".

The second group of around 200 customers were those who had switched their mortgage to a base rate tracker. The bank said they received documentation saying rates could change but their mortgage conditions did not detail the circumstances under which this would happen.

Des Crowley, chief executive of Bank of Ireland UK, said: "We have said from the outset that we will review all customer complaints individually and that we are committed to treating customers fairly throughout the process. It is on this basis that we have removed these customers."

But the move still leaves more than 12,000 customers with a steep rate hike - having believed they would stay low because they were linked to the Bank of England rate, currently 0.5%.

BOI has told them it was changing the "differential" it applies to the tracker rate.

A typical change has seen a buy-to-let mortgage holder previously on a rate of 2.25% - made up of the base rate plus 1.75% - rise to 4.99%, representing the Bank rate plus 4.49%.

For residential customers, changes will be introduced in two stages. From this month, they will pay the Bank rate plus 2.49%. On October 1, it goes up to Bank rate plus 3.99% - currently 4.49%.

BOI blamed the rise on increased funding costs and the need for banks to maintain greater levels of capital. It has set up a phone line for anyone worried about the impact of the changes.

It said customers were free to move to other providers and that no early repayment charges would apply. Most of those affected had buy-to-let loans.

Which? accused BOI of justifying the move on the basis of "clauses buried in the small print of mortgages".

Today, a bank spokeswoman declined to comment on how much it was paying for its change of heart over some of the customers who were affected.

The post Bank of Ireland eases mortgage hikes policy appeared first on Kildare Nationalist.

EU report reveals long-term and youth unemployment problem in Ireland

Kildare Nationalist Reporter — Wed, 22 May 2013 14:42:25 +0000

Ireland continues to have the second worst long-term unemployment figures in the European Union.

New figures from EuroStat show that the rate of long-term unemployment in Ireland in 2012 was 61.7%.

That is compared to the EU average of 44.6%, and only Slovakia with a figure of 67.3% is worse.

Alicia O' Rourke of the EU said youth unemployment in Ireland continues to be an ongoing problem.

She said: "The unemployment rates in the EU 27 average at 44.6%, that's for the year 2012. In Ireland the figure is 61.7%.

"Then we look at the people involved in this unemployment, we see that across the EU 27, the average of 15 to 24 year olds is 22.9%, whereas in Ireland it is 30.4%."

The post EU report reveals long-term and youth unemployment problem in Ireland appeared first on Kildare Nationalist.

Taoiseach: ‘We do not do special deals’ on corporate tax

Kildare Nationalist Reporter — Wed, 22 May 2013 14:28:56 +0000

The Taoiseach Enda Kenny has said he will be making clear at a European Council meeting today that Ireland is not a tax haven.

Mr Kenny is attending a summit of EU leaders in Brussels where tax evasion and fraud are being discussed.

The meeting comes after the Apple Chief Executive, Tim Cook, told the US Senate his company had negotiated a 2% tax rate with the Irish Government.

However the Taoiseach, Tánaiste Eamon Gilmore and a number of other Ministers are rejecting the claim.

The Taoiseach, speaking in Brussels, insisted that Ireland does not do special tax rate deals with companies.

He said: "There's been quite a lot of media comment about Ireland in the last few days.

"I would like to repeat that Ireland's corporate tax rate is statute based, is very clear, is very transparent and we do not do special deals with any individual companies in regard to that tax rate."

The British Prime Minister David Cameron is also in Brussels and he said the EU has to be sure firms pay taxes, which he said requires "international collaboration and sharing of tax information".

Meanwhile, the British Labour party leader Ed Miliband has accused Google of going to "extraordinary lengths" to avoid paying taxes.

The post Taoiseach: ‘We do not do special deals’ on corporate tax appeared first on Kildare Nationalist.

Court finds pair guilty of murder of Brazilian man in Kerry

Kildare Nationalist Reporter — Wed, 22 May 2013 14:21:34 +0000

Two men have been found guilty of murdering a Brazilian man and dumping his body in a north Kerry bog.

The body of Bruno Lemes De Sousa was discovered in Shronowen Bog outside Listowel on March 11, 2012.

Twenty-year-old John Paul Cawley and 29-year-old Wenio Rodriguez Da Silva - both with an address at 2 Ardoughter Ballyduff - were accused of murdering 28-year-old Bruno Lemes De Sousa, between February 16 and 17, 2012.

Both men pleaded not guilty to the charge of murder; however John Paul Cawley pleaded guilty to manslaughter.

They have both been found guilty of murder.

The post Court finds pair guilty of murder of Brazilian man in Kerry appeared first on Kildare Nationalist.

Gallagher: Only right and proper that EU recognises Irish language

Kildare Nationalist Reporter — Wed, 22 May 2013 14:11:41 +0000

A Fianna Fáil MEP is welcoming efforts to support the establishment of an Irish-language version of the official European Parliament website.

Pat 'The Cope' Gallagher has said the President of the European Parliament's position will reverse what he said was "a matter of discrimination" against the Irish language.

The Parliament's website is currently produced in 22 out of the 23 official EU languages.

Up until now, it has not been translated into the Irish language even though Irish has been an official EU language since 2007.

Mr Gallagher said this is welcome news: "We have our own languange, we have our own culture, and since 1973 all the treaties in the European Union have been made available in Irish.

"Prior to this we could correspond with the institutions in Irish and receive replies in Irish so I think it is only right and proper that our independence, our language, our culture, our heritage is recognised in the European parliament."

The post Gallagher: Only right and proper that EU recognises Irish language appeared first on Kildare Nationalist.

Tit Bonhomme ‘had sudden change in direction’, inquest told

Kildare Nationalist Reporter — Wed, 22 May 2013 13:29:25 +0000

The Tit Bonhomme had a sudden change in direction minutes before it crashed into Adam Island, according to a marine surveyor who has been giving evidence at the inquest into the deaths of five of the trawler's crewmen in January 2012.

Owen O'Toole, who carried out an examination on the wreckage, told the hearing that the Tit Bonhomme had been on autopilot while travelling into the Harbour.

The vessel suddenly changed direction beside Adam Island.

He said it was highly probable that someone physically adjusted the course of the trawler rather than switch the autopilot off.

The vessel hit the island minutes later.

Earlier, Assistant State Pathologist Dr Margaret Bolster gave evidence of her post mortem examinations on four of the victims.

She concluded that their deaths would have occurred very quickly.

The coroner is expected to present a summary of all the evidence to the jury this afternoon before they decide on a verdict.

The post Tit Bonhomme ‘had sudden change in direction’, inquest told appeared first on Kildare Nationalist.

Court appoints provisional liquidator to Ballykisteen Hotel

Kildare Nationalist Reporter — Wed, 22 May 2013 13:02:16 +0000

A provisional liquidator has been appointed to a Co Tipperary hotel with 75 weddings on the books - including one scheduled for tomorrow.

The High Court has heard the four star Ballykisteen Hotel at Limerick Junction has been operating without liquor and dance licenses.

Provisional liquidator Jim Hamilton will be taking over the immediate running of the hotel after Ulster Bank's lawyers impressed on the High Court the urgent need for someone to step in and take the reins.

His job will be to temporarily protect the assets of the company but his first priority will be to renew lapsed dance and liquor licences ahead of tomorrow's wedding party .

That is the first of 75 weddings currently on the books and the court was told that just one cancellation would result in a haemorrhage of business.

Ulster Bank made the move against the insolvent hotel because it is €290,000 overdrawn.

Ballykisteen is a four star operation with 36 bedrooms and 45 self catering lodges.

It employs around 80 people.

The post Court appoints provisional liquidator to Ballykisteen Hotel appeared first on Kildare Nationalist.

Obesity ‘costing Irish economy more than €1bn per year’

Kildare Nationalist Reporter — Wed, 22 May 2013 12:50:10 +0000

Leading health experts say obesity is costing the Irish economy more than €1bn every year.

That is according to data being examined at a conference at the Royal College of Physicians of Ireland in Dublin today.

More than 60% of Irish people are now overweight or obese, an issue delegates say is causing a number of diseases including diabetes, heart disease and multiple types of cancer.

Dr Anne Dee, Public Health Specialist in Limerick, said it is also having a significant impact on the taxpayer.

Dr Dee said: "We have two types of costs, the indirect costs are larger than the direct costs and they make up about three-quarters of a billion euro.

"The remainder are direct healthcare costs and they make up about 3% of our total healthcare spend which is what other European countries have found as well.

"It is a large and growing proportion of the healthcare budget."

The post Obesity ‘costing Irish economy more than €1bn per year’ appeared first on Kildare Nationalist.

CSO report puts Dublin top of the income rankings

Kildare Nationalist Reporter — Wed, 22 May 2013 12:27:00 +0000

Dubliners have the highest disposable income per person in the state, according to the Central Statistics Office.

They also have the highest rate of employment and the lowest jobless rate.

A report, Regional Quality of Life, shows the counties with the lowest spend per person are Donegal, Offaly and Monaghan.

The report also shows Mayo has the fewest drivers with penalty points while Kildare has the highest.

Workers in the Mid-East region have the longest travel time to work compared to the shortest journey times in the South-West.

County Roscommon boasts the smallest class sizes in primary schools in the state.

The highest rate of car ownership is in North Tipperary while the lowest is Limerick city.

The post CSO report puts Dublin top of the income rankings appeared first on Kildare Nationalist.

Tánaiste: No question of Minister ‘keeping tabs on political opponents’

Kildare Nationalist Reporter — Wed, 22 May 2013 12:30:44 +0000

The Tánaiste Eamon Gilmore has warned the Justice Minister Alan Shatter that there is no justification for privacy issues to be made public.

Mr Gilmore said he accepts the Justice Minister's statement and apology to the Dáil last night about Wexford TD Mick Wallace escaping penalty points because of Garda discretion.

However, the Tánaiste said issues in the possession of Gardaí about individuals should not come into the public domain.

He also insisted there was no justification for building up files on people, saying: "There is no question whatever of Minister Shatter or the Garda Siochána keeping tabs on the members of this house, or Minister Shatter or anybody in the government keeping tabs on political opponents."

The post Tánaiste: No question of Minister ‘keeping tabs on political opponents’ appeared first on Kildare Nationalist.