| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Economy Last Updated: Oct 16, 2012 - 7:43 AM


Irish Economy: Howlin says Croke Park savings 'accurate'; Benchmarked against bubble-time highs
By Michael Hennigan, editor and founder of Finfacts
Oct 15, 2012 - 1:32 PM

Email this article
 Printer friendly page
Minister Howlin and Taoiseach Enda Kenny pictured at the Infrastructure Stimulus Press Briefing, Government Buildings, Dublin, July 17, 2012.

Irish Economy: Brendan Howlin, minister for public expenditure and reform, says claimed Croke Park savings from public service 'reforms' are 'accurate' but it's easy to claim non- pay savings when benchmarked against bubble-time highs when spending was out-of-control. Meanwhile, pay savings are benchmarked against 2008 when pay cuts and a pensions levy were imposed.

On claimed savings on the "pay bill," note that claimed savings do not include the additional pension costs and if  2006, the peak year of the bubble was used as a  benchmark, there would be NO savings in the payroll bill by 2015.

Besides, how about accruing the costs of voluntary redundancies in an unreformed pension system linked with current earnings over 25-30 years for new retirees?

SEE: Finfacts article June 2012; Howlin lauds sham cost savings in Croke Park public service agreement

Statement:

"In their report earlier this year Grant Thornton made clear that they were satisfied with the savings they examined including those of the Department of Agriculture. They concluded “the declared savings reported by management in each of the four projects were found to be reasonable estimates”

We understand that Grant Thornton spoke with Deputy Eoghan Murphy and confirmed that they were satisfied with all the savings reported.

There is no conclusion in their report that savings were overestimated

Pay bill savings reported under the Agreement are based on the average annualised savings per employee arising from the reduction in staff numbers across the public service during the relevant review period as well as other reductions in the costs of the public service pay bill.

The €810m in such savings reported by the Body are an accurate reflection of the pay bill savings facilitated by the Agreement and are in no way overestimated.

In relation to the headline in today’s Irish Times, “Troika is dissatisfied with scale of Croke Park savings”, the Troika has never expressed concern in respect of the Croke Park savings, a fact that we have confirmed with the Troika today."

Check out our subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2011 by Finfacts.com

Top of Page

Irish Economy
Latest Headlines
Irish manufacturing PMI at 42-month high; Official data up 3.4% since 2010
Irish Economy: Cars boost retail sales in July; Ex-cars sales dip
Irish economic performance since 1922 and Scottish independence
Ireland: Recovery on track but fantasy economics endure
Net emigration by Irish nationals at 124,000 in 2009-2014
Q1 2011-Q2 2014: Irish employee jobs up 21,000; 130,000 part-timers seeking full-time work
Irish Economy: Job numbers & workforce fell in H1 2014; Finfacts proved right
Irish Economy: In 4 years to Q2 2014 average hourly earnings fell by 1.5%
Irish Budget 2015 & Economy: More demand for tax cuts
At least one fifth of Irish SMEs have direct exposure to property debt
Irish Economy 2014: Export volume grew by 7% in the second quarter
Irish consumer sentiment increased in July
Domestic ownership of Irish government bonds rises from 28% to 48% since 2012
Irish Economy 2014: Average annual professional vacancies up 6% in July
IMF says Ireland can repay bailout loans early without penalty
IATA says Dublin-London second-busiest international route
Irish Economy 2014: How strong is the economic recovery?
Irish Economy 2014: Industrial production dipped 18.2% in June; Up 3.5% in 12 months
Irish Economy 2014: Annual consumer prices rose 0.3% in July
Irish Economy 2014: Growth to remain strong in 2014/ 2015 says ESRI; High debt, low credit are risks
Irish pension managed funds up an average 6.7% in year to July
Official Irish services index up 0.5% in June 2014; 1.1% in 12 months
Irish Economy: Services PMI rises in July; CSO data more muted
Irish Economy: July Exchequer deficit of €5.2bn is €798m lower than Budget 2014 target
Irish Economy 2014: Live Register numbers + schemes at 469,00 in July
Irish Economy: Bruton publishes new FDI policy; Avoids inconvenient facts
Irish Economy: Central Bank raises 2014 forecasts
Irish corporate tax policy like property bubble driven by short-term interests
Irish Economy: Retail sales volume up 4.8% in year to June; Ex-cars at 3.6%
Irish income inequality fell during the economic bust
Irish Economy: Bruton and politics of jobs numbers; How to add 50%
Corporation Tax Reform: Irish Government should reject pleadings of short-termists
Irish Economy: Bruton's claim of 70,000 jobs added in past 18 months is not correct
FDI in Ireland: Grant Thornton publishes promotional brochure not balanced report
Irish Banking Inquiry: Advisory group says begin crash saga 20 years ago
Moody's forecasts Irish growth rates "of at least 3% for the next few years"
Irish National Competitiveness Council fails to separate wheat from the chaff
Irish SME Finance: Oireachtas committee calls for less dependency on traditional banking
Irish Economy: Merchandise exports up 15% in May
Irish industrial production fell in May; up 32.3% in 12 months & 16.4% in period 2010-2014