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TESCO IRELAND PAID €1.7 million to the State for a 0.69 acre site on the Navan Road that was surplus to the requirements of the Department of Social Protection.
According to junior minister Brian Hayes, the €1,702,800.83 will be halved with 50 per cent going to the Exchequer and 50 per cent to the 2015 Office of Public Works capital programme.
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The arrangement was made with the Department of Public Expenditure and Reform which initially received the entire sum as an Extra Exchequer Receipt.
The site had been used by the Department of Social Protection as a local office until recently.
In February, Minister Joan Burton opened the Navan Road Intreo Centre, which amalgamated three separate offices into a “one-stop shop for jobseekers”.
Previously, the 8,450 customers of the Navan Road office had to visit three different premises to access these supports.
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Agree with you Jason. They always seem to pounce with a downgrade just as it seems countries are reaching a solution to some of the financial problems. As European leaders seem to finally getting their heads in gear to sort out the euro S&P through this in. Who are they? Who owns or controls them. Is there a Mr or Ms Standard. (lord knows we are all Mr &Ms Poors at the moment!)
As far as I’m aware, the ratings agencies are funded by the stock exchanges. The bigger problem is these agencies were asleep at the wheel in the run up to the financial crisis in 2008 and actively contributed to these problems. They’re overcompensating now.
Standard and poors , Moody’s , the markets , Moore McDowell , the troika … Go and find a hole and throw yourselves into it and let us go back to our half normal life before youse gobshites came along and rated us.
The agencies are owned by public companies and earn their revenues from bond issuers asking to be rated. If we weren’t rated, many pension fund rules would prohibit them from investing in our debt.
The rating agencies were absolutely shocking in the run up to the sub prime crisis, but as for this recent action, they’re just saying what everyone else knows – that banks aren’t as safe as they used to be and government support is no longer guaranteed. They’re just doing their jobs.
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