News from Ireland - news from around the 32 counties

The robber was described as being approximately 6ft in height, skinny and wearing a navy top with white trousers.
(Source: The Kildare Nationalist)

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Kilkenny

A man who engaged in ‘cannabis sharing among friends’ was fined at Kilkenny court.
Andrius Kavaliacuskas, The Bungalw, Maiden Hill, Kells RoadKilkenny admitted the possession of drugs for sale or supply at College Road on October 13, 2010 and of cultivation of cannabis plants.

The court heard that the 31-year-old Lithuanian has been living in Ireland for seven years and suffered from chronic pancreatitis and had undergone three bouts of surgery and was using the drug for pain relief. The court heard that his medical condition affected his ability to use pain relieving tablets. The defendant also admitted cultivating cannabis at his home on the Kells Road and to sharing cannabis among friends. Judge David Anderson convicted the defendant and fined him €250.
(Source: Kilkenny People)

Laois

Ordinary credit union members were burned to the tune of a €600,000 haircut as a result of the Government’s move to bail out the banks.

So it emerged last week at the Portlaoise Credit Union AGM where members were given some details on why they had taken a hit of 58 per cent on investment income.

When a member questioned the directors on the loss at the AGM, the Chairman Philip Coonan said a loss of €600,000 had been suffered on guaranteed bank bonds worth €1million. He said this was caused by a Government removal on a guarantee.

More details were provided after the meeting. Mr Sean Dunne, Portlaoise CU’s manager, told the Leinster Express that the loss was the result of a “burning of bondholders or haircut” facilitated by the Credit Stability Act which came into law in 2011.

The bonds were guaranteed to yield a €1million return from two banks, Bank of Ireland and Permanent TSB until the Act became law. Once enacted it gave the former Minister for Fianance Brian Lenihan the power to burn bondholders such as the Portlaoise CU as part of the process of bailing out the commercial banks.

When the bonds during the boom were secured they were deemed a wise investments because of the spectacular success of the Irish banks.

Trudy Nealon’s treasurer’s report put the loss down to global problems. The loss contributed to a 27% loss in income to €2.24 m.

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Nster.com