On the horns of a dilemma for Spain’s jobless

By David Murphy, Business Editor in Madrid The Spanish crash has parallels with Ireland’s economic collapse. Banks in both countries funded a misguided building boom, the lenders were bailed out and the construction sector imploded. Now unemployment is a huge problem and the deficit is being addressed with unpopular austerity measures in both countries. But for those who find themselves out of work there some significant differences between the two states. Ireland’s social welfare system affords significantly better protection to …

There were two bad banks – now there is one

By David Murphy, Business Editor During Mike Aynsley’s tenure as boss of IBRC, formerly Anglo Irish Bank, he pulled off a few feats. One was to shrink the bank’s loan book from €100 billion to €15 billion, another was to sell off its US assets for €10 billion. But the Australian banker made enemies within Government. Ministers piled pressure on the IBRC boss to reduce his remuneration and that of his top team, with six executives earning more than €500,000. …

Say it in plain German

  by Seán Whelan, Economics Correspondent Back in the early part of the last decade, Peer Steinbruck was prime minister of NorthRhein-Westphalia.  He visited Dublin in an official capacity, as part of a roadshow, touting NRW state bonds to investors among the various companies based in the IFSC. A few years later he was federal finance minister, and had to pick up the pieces when one of those IFSC companies, DEPFA bank, went into meltdown, costing the German taxpayer billions.  …