Business News Guide

There has never been a busier time for business news and the economy. As the current recession took hold and the banking crisis developed, the government's response has been the key political and economic issue. Economic and business news has been dominating the front page of all the broadsheet newspapers and the TV and radio THE news.

SEPTEMBER Vol 22, No 36

The Sunday Business Post

SUNDAY BUSINESS POST

www.thepost.ie Price e2.50 (1.80stg)
The credit crunch and the economic crisis have provided a unique challenge for the media. The role of the media is to explain what is going on, assess its consequences and present a range of arguments about what should happen next. Given the unprecedented nature of what has happened and the pace at which events have unfolded, the public has had to rely more than ever on newspapers and the electronic media to inform them about what is going on. The internet has also emerged as a key forum for debating many of the issues.
The Sunday Business Post is Ireland's political, financial and economic Sunday newspaper. Since its foundation 15 years ago it has had a central position in national discussion and debate in these key areas. Over the past year this has been reinforced, as IRELANDS FINANCIAL, POLITICAL AND ECONOMIC NEWSPAPER readers have relied on the expertise MAKING of the newspaper to interpret and NAMA THE TIMELESS SWITCH explain what is going on and present BEAUTY the key arguments about what Commission on Taxation to call for new income tax rate INSIDE should happen next.
ALL THE QUESTIONS YOU WERE AFRAID TO ASK

MONEY & MARKETS

EILIS BOYLE INTRODUCES HER NEW COLLECTION

AGENDA

GETTING THE BEST DEALS IN HEALTH INSURANCE
By Emma Kennedy and Dick OBrien
The Commission on Taxation will tomorrow recommend a
significant overhaul of the Irish tax system, including the introduction of a new income tax rate and a crackdown on tax exiles. The commissions report, due to be published by the gov-
ernment tomorrow, will also propose the abolition of stamp duty payments on share transactions and the discontinuation of a long-standing tax relief on patent royalties. The report recommends a single
system for collecting tax on income, by incorporating the income levy into the broader income tax system, and abolishing the current ceiling for employee PRSI. It calls for a three-rate sys-
tem of income tax to promote more equity in the tax system, but says the overall income tax burden should remain as low as possible. The commission will propose tighter rules for determin-
i ng whether some one is resident in Ireland for tax purposes. It is expected to propose extra criteria for determining tax residency, including a test of the individuals vital interests
and a permanent home test. A number of widely anticipated measures will also be recommended in the report. A property tax is likely to be to page 2
FF moves to ease coalition fears on Nama
By Pat Leahy and Niamh Connolly
Fianna Fail is moving to secure the continued support of the Green Party, with concessions on the legislation for the National Asset Management Agency (Nama) and a ban on political donations from big companies. A second draft of the Nama leg islation, incorporating greater risk-sharing between the taxpayer and bank shareholders, is likely to be published this week, in advance of a special Green Party meeting on the bank rescue plan next Saturday. The publication of the second draft is in response to conc e r n s t hat t h e G re e n leadership will not receive the backing of their partys membership for Nama. A ban on political donations from big business will also be at the centre of a new programme for government between the Greens and Fianna Fail, The Sunday Business Post has learned. T h e c ab i n e t d i s c u s s e d Nama at three separate meetings last week. Government ministers heard various options for improving the protection of taxpayers funds and sharing the risk more equally between the banks, their shareholders and the state. The newly-appointed governor of the Central Bank, Patrick Honohan, has suggested that the Nama s che me b e amended along these lines, and government sources indicated that his was among a number of options being discussed by ministers last week. The first draft of the Nama legislation was published by Minister for Finance Brian Le nihan last July, and the Dail will meet on September 16 to debate the legislation. However, Green members will meet in Athlone next Saturday to discuss the partys attitude to Nama after a number of constituency organisations requested such a special conference. Many Green members are deeply uneasy about the Nama plan, because they fear it represents a rescue plan for banks and property developers. Senior party members have told their Fianna Fail colleagues in government that the party membership would be unlikely to back the Nama legislation without significant changes to the plan. The Greens are also likely to seek amendments to planning legislation, to ensure that lands bought for speculative development would be unlikely to receive planning permission in the future. As the shaky coalition faces into a make-or-break three months, senior sources confir med that Taois each Brian Cowen had agreed to a to page 2 Denis OBrien and Gavin OReilly: at daggers drawn over future of INM

The paper gets behind the key news stories each week, analyses them and previews what will happen next. It provides leading commentary and analysis and also specialised coverage of areas such as the financial markets, personal finance and media and marketing. Its aim is to provide readers with an insight into the key stories of the previous week and to set the agenda for the business and economic news for the week ahead.
State paid e1m to threeTD doctors

By Aileen OMeara

Almost e1 million has been paid by the state to the medical practices of two serving TDs and a former TD under the g e neral me di c al s er v i c e (GMS) scheme. Dr James Reilly, Fine Gaels spokesman on health, and TD for Dublin North, received more than e318,000 in fees, practice allowances and pen-
For students, keeping abreast of the news is important. Many of the topics covered in the classroom in business and economic subjects are now central to the national debate. Keeping up with these developments can help bring topics studied in the classroom to life. It has been an extremely turbulent period which will be studied for many years to come by economic historians. For businesses, all the key fundamentals of management are now vital cost control, cash management, the optimum use of resources and efficient marketing at home and abroad. Many companies have to completely re-examine their business models in the changed environment.
sion contributions last year for medical card work carried out at his family practice in Lusk. Reilly still practises about once a week in Lusk, but has employed a full-time GP to take over the bulk of his practice since he became a TD. He is the sole owner of the Lusk practice, which employs 13 doctors, nurses and administrative staff. Dr Jim McDaid, Fianna Fail TD for Donegal North East, received almost e200,000 in
fees last year. Jerry Cowley, former independentTD for Mayo, received over e460,000 for his practices medical card work. More than e500 million was paid to 2,083 family doctors last year for treating medical card patients. Doctors representative groups say that figure will be reduced by e75 million this year, due to an 8 per cent cut in professional fees paid by the state. See page 12
The paper operates in an intensely competitive market, with political, business and economic news also provided by the other broadsheet daily papers and Sunday newspapers and by TV and radio news and current affairs programmes.
Reading The Sunday Business Post
It is important when reading any newspaper to understand how it is laid out and presented and where to find different kinds of material. It is particularly important for readers to know how to distinguish between fact and comment. News stories should be based on fact, in so far as the reporter can establish it. In addition to news stories, newspapers carry feature and analysis articles, which are designed to get behind the news and explain it more to readers, or to feature a particular item of interest. While many articles are inevitably affected by the opinion of the person writing them, The Sunday Business Post has a separate comment section where the main opinion articles are carried every week.

How has it affected bank capital?
The banks balance sheets have been hit because it is now clear that some of the loans they have issued will never be repaid and are based on security that is worth much less than the value of the loan. All the banks have had to write off money because of this. For example, a developer may have borrowed e10 million to buy a piece of land for e12 million. This land is now worth, say, e5 million. The builder cannot develop the land because there is no demand for new homes. He has no cashflow to repay the loans, and the bank is looking at a significant loss. Banks are obliged to keep certain levels of capital on their balance sheets to protect them when this kind of thing happens. So, for example, for every e100 a bank loans out, it would have been obliged to keep e6 or
e7 in cash to account for the fact that some of these loans would not be repaid. This cash is known as the banks capital. Rules on how much banks must hold are set by financial regulators. There are different kinds of capital ^ cash, bond holdings, etc ^ and the regulatory rules are complex in ranking this capital and how much of it banks should hold. The trouble now is that the scale of the looming property losses threatens to significantly diminish bank capital, and even wipe it out completely in some cases. This is why some ban ks have b e e n nu rsi ng builders along, rather than putting them out of business for not repaying loans. If they put the builders out of business and seized the security for the loans, they would be left with assets worth much less than the original loans. The banks would then have to immediately realise ^ or count ^ these losses in their balance sheet. Some loans have been written down ^ in other words, the banks have cut their value on the balance sheet ^ but much
more is to come. However, if the banks had to recognise the current market value of the property underlying the loans they gave out, they would be in big trouble.

Bank funding

As if the problem of loan write-offs was not enough, the banks have also suffered because of the huge problems in the markets where banks and financiers borrow and lend to one another ^ the wholesale market for money. Banks typically get hold of cash in two ways. The first is through the traditional route of taking deposits from savers. The second is by borrowing it from other banks, or taking shorter-term deposits from big international businesses in the wholesale market.
This market more or less closed down for over a year because of the credit crunch, and is now only gradually starting to open up again, albeit in a much more restricted way. The Irish banks had relied on it to raise a lot of the money they loaned out during the boom. This over-reliance on the wholesale market led to a severe liquidity crunch for the banks last autumn, particularly for Anglo Irish Bank.This culminated in the government offering a guarantee on all the de p osits and most of the wholesale investment and deposit money provided to banks. Of course, international funders were particularly cautious about lending money to Irish banks because of their property loan loss exposure, so the two problems are interlinked. The government guarantee was a short-term fix for the liquidity problem, and Nama is

the government response to dealing with the property losses. The two need to be tackled because, at the moment, with the looming holes in their balance sheets, banks are under pressure to literally shrink ^ to decrease lending to compensate for the fact that their capital base is being eroded. They must also prepare for a new world where markets will demand much higher capital ratios, and where wholesale funding will not be as freely available as it was before.
Why has Nama been set up?
Nama is the governments solution to repairing the bank balance sheets by removing commercial and development property loans from them. These loans will in future be
owned by Nama. It will buy them off the banks by giving the m gove r n me nt b onds, which are effectively government IOUs to the banks. The concept of Nama is to pay a bit more to the banks for the loans than their current market value, by trying to assess what the property underlying the loans will be worth in more normal market conditions in five to seven years time. This is one of the key areas of controversy. Nama opponents say that the banks may get too much money for the loans if the property market falls further or remains in the doldrums ^ and that the taxpayer will be left with assets which are worth much less than it paid for them. All will depend, of course, on what the government pays for the loans. We do not know what Minister for Finance
Brian Lenihan will tell the Dail in relation to the average price to be paid for the loans. In ballpark terms, it appears that the loans that will be taken from the banks by Nama were originally for about e90 billion. The figure which will be bought by the state will be a bit lower, probably closer to e80 billion, because the banks have already written off some of the loans in their books.The government has said that, on average, developers and other investors contributed about 25 per cent in equity to the projects involved in the loans. This would mean that the original book value of the property underlying the loans was probably around e120 billion. Critics have questioned this and asked whether, in fact, developers were borrowing money from one bank to provide equity for a project funded by another. No doubt this hap-
pened, but we do not know the scale of it. The speculation is that the banks may be given around e60 billion in government bonds in return for the loans. This would be a 33 per cent write-down on the original loan value, and also a writedown of around e30 billion on the current book value of the loans. It would equate to, approximately, a 50 per cent fall in what the government says was the original value of the property assets underlying the loans. A new twist has emerged in recent weeks, with the government saying it will consider a proposal put forward by Professor Patrick Honohan ^ who was named last week as the new Central Bank governor ^ to pay the banks some of the money up front, but hold back some of it to see how the property market develops.

All enquiries to PIB@sbpost.ie
want SMEs to survive and thrive, so we have a core team of consultants who work with clients and perform due diligence on their commercial viabi l ity. T he n they c re ate a strategic plan and criteria on which the company can benchmark its performance. Lawless said thatV20:20 had drawn up its own detailed processes and was also building a secure IT system to manage the consulting relationship with its clients. It plans to provide the technology to other consultants using a softwareas-a-service model. The companys clients come from a range of industries and include Aquajet Ireland, Salesjobs.ie and Ericsson. Lawless said that companies should take the opportunity to cut
back on dead wood during the economic downturn and focus on their core strengths. If we play our collective cards correctly, we can use this time to prune our economy and ensure the strongest companies not only survive, but will prosper and send forth export shoots. With joined-up thinking, action and partnership across the business community ^ businesses, banks and professional firms ^ Ireland Inc can thrive into the future, he said. Lawless is a maths graduate and former computer science lecturer at University College Dublin. He held senior roles at multinational firms including IBM and Metamatrix before setting up consultancy firm 3R in 2004. He is a regular con-
tributor to media on business issues. Cooper has worked in financial services for 25 years.While working at Bank of Ireland, he designed business lending programmes and a customer experience model for personal and small business customers. He also ran his own consultancy, 1MPLC, and published the Bluffers Guide to Banking before teaming up with Lawless to formV20:20. The pair hope to establish their company as a strong player in the Irish market and then expand the model to Britain and further afield within the next two years. We wont be held back by bureaucracy or politics ^ were a can-do company and we will do this, said Lawless.
Colm Moloney of Headland Archaeology (Ireland) MIKI BARLOK
Bright light in darker economic times
Mark Casey, Bryan Connolly and Oisin OMahony
Company: Light Eco Position: owners Location: Ranelagh, Dublin 6
Mark Casey, Bryan Connolly and Ois OMahony of Light Eco n

Media and Marketing

The media and marketing section provides specialist coverage of these areas. It is widely read by advertising and media professionals and also by people with a general interest in these sectors, which have undergone major change in recent years.

By Cheryl OSullivan

By his own admission, Mark Casey has become a lighting nerd since setting up Light Eco with Bryan Connolly and Ois n OMahony earlier this year. O t h i tl claims can reduce lighting costs for large organisations by up to 40 per cent. Casey first came across the Light Eco Plus product when in Australia, where it was invented by a company called Ilum-a-Lite. Casey, a software i f t th cies, while OMahony came from a sales background, having worked for Today FM and Market Originals, which was responsible for bringing Heelys shoes to Ireland. We had been friends for quite a few years and had alt dt kt th

INSIDE

Debate over digital radio rages on
Despite agreeing on the need to promote their medium, Willie OReilly and Clare Duignan remain firmly at odds on the subject of digital radio. RTE is continually investing albeit modestly in developing a wider digital radio platform, with a small suite of new stations on offer now, mainly for younger audiences. However despite participating in an early trial of DAB radio the commercial radio industry is steering clear of digital and OReilly made it very clear that he expected this strategy to go on for some time, probably at least another two years. I would agree that a time will come when my scepticism would be seen to be inappropriate, he said. But this is not the time. Im very certain that, for the next couple of years, digital will remain a side issue. Until the issue of DTT is resolved, I dont think the independent sector will have an appetite to get involved. And perhaps RTE will have to moderate its own ambition until the issue of Digital Terrestrial Television is resolved, because it will require a huge amount of money. Duignan argued that the new Broadcasting Bill, which offers radio stations extensions of their licences in return for digital radio investment, provided a decent incentive for commercial radio to change its tune. She also pointed out that a decision had been made at European level about a Europe-wide standard for digital broadcasting, which paves the way for carmakers to start installing digital sets in cars. Whether its a slow move or a quicker move, we are moving towards a digital world, she said. We have begun to engage with this. We are not putting a huge amount of money into it, but I am very excited about the potential of digital. One of the big attractions is that theres more space in the digital environment and its easier to offer greater choice to listeners in the form of niche stations at relatively little cost. We see that as being an important part of how were going to engage with listeners in the future, online and over receivers. We want to be where people are going to do their listening. OReilly countered that capital was in far too short supply to justify investing in digital operations. There is a lot of work to be done for our industry to bring this forward, she said. Part of my scepticism comes from the fact that I know that, the more you invest in your programmes, the better a relationship you have with your audience and the bigger the audience you get. I worry that, in a digital future, wed have nothing but niche programmes streaming music with low standards of presentation skills. Radio is an inexpensive medium but its not free and we need to be able to afford a salary for professionals to want to work in it. Its the people who present the news on Morning Ireland, its the people who present the breakfast shows on 2FM and Newstalk, they are really important people in the relationships that we have not just the product, not just the news and information. I find it hard to see how wed pay these people for a decade if we move to a digital set-up. Its going to be difficult. Duignan said there was no question that there should be an immediate move by the big mainstream stations into a digital transmission system. On a different scale, however, what digital lets you do is offer a different range of content that might not be at the same cost base as the mainstream offering. OReilly said he was still waiting to be convinced of this. Catherine OMahony

OBrien tells OReilly hes up for a fight
Te n s i o n s b e t w e e n D e n i s OBrien and Gavin OReilly exploded ten days ago during an extraordinary telephone call made by the telecoms billionaire to the Independent News & Media (INM) chief executive. During the conference call, OBr ien said he wanted to discuss a row that had taken place between two non-executive directors at a board meeting, in which one threatened to sue the other. OBrien accused OReilly of destroying his investment in the company and breaking the ter ms of the agreement or rapprochement made in March of this year, which saw both sides commit to work together to resolve the companys issues with bondholders and banks. OReilly denied that this was the case. A record of the conversation, which also included OBriens INM board nominee, Paul Connolly, is believed to s ay that, at one p oi nt, OBrien told OReilly that if the chief executive wanted a fight, he would destroy him and his father and go after everything. OBrien was calling from Ibiza and was particularly annoye d about the prev ious board me eting, wh ich the INM note describes him as saying was the lowest of the low. OBrien is described as claiming that, at the board meeting, his three nominees on the board were ganged up on. The INM record of the conve r s at ion als o not e s t hat OBrien dialled off the call after telling OReilly that he had better start listening. A spokesman for OBrien said he had no comment to make on the remarks attributed to him in the INM record of the conversation. Three days later OBrien penned a five-page letter to INM outlining his grievances with the way it was being run. He alleged that the company continues to operate very much under the influence and control of Tony OReilly and the OReilly family. OBrien said he wanted the closure of the London office, an end to the position of chief executive of British operations, the sale or closure of the London Independent, a halt to the sale of the African outdoor ad-
Kingspan may move panels production to Britain

PERSONAL FINANCE

Number of Irish savers falling 7
Gene Murtagh, Kingspan chief executive: Irish market exceptionally difficult

Audi S4

By David Clerkin and Ian Kehoe
Kingspan has warned that it may cease production at its Irish insulated panels plant
Labour Court, the company said the construction industry was in crisis, stating that it needed to reduce the cost base at its Irish panels business to align it more closely with its facilities in Britain

Low-price laptops

In 2008, the computer industry thought it had reached the ultimate watershed: entry-level laptops starting at e500. However, this has proven to be a mere staging post: the price has now fallen under e400 (with some available for closer to e300). It is vital to note that these are not low-spec netbooks. These are full-sized machines (15-inch screens, DVD and CD drives, more than 120GB of storage memory) with more than enough power to deliver a full home-computing session. Here are three such models:

Fujitsu Siemens LI2

This is the quintessential entrylevel laptop. Aside from the processor, which is a modest Intel Celeron model, it has everything required for modern internet and home multimedia use. It comes with 1GB of Ram, 120GB of storage and Windows Vista Home Basic. Price: e300 from Power City
vel laptop from the worlds biggest laptop maker. It comes with 1GB of Ram, 160GB of storage, a DVD player (and burner), an Intel Celeron (single core) processor and Windows Vista. Price: e380 from Power City
In Ireland, a buck is a large mammal that frolics in the Phoenix Park, or a young man from Tipperary

3. Asus X58

Like its entry-level rivals, this 15-inch laptop has 1GB of Ram, 160GB of storage memory, a DVD drive and a Celeron processor. An extra feature is a an SD memory card reader, which

2. Toshiba L300

This is another classic entry-le-
has the facility to transfer any photos or videos that are taken o n a c o m p at i b l e d i g i t a l
camera or camcorder. Price: e400 from The Laptop Shop
love of buns and fairy cakes in favour of something called a cupcake? I have never eaten a cake in a cup, no matter what they do in Palo Alto or Santa Monica. And please, please let us stop referring to business

Big screens for less

Of all the home electronics categories, flat-screen televisions have seen the most dramatic price reductions. As late as last year, the entry level price for a 32-inch high-definition LCD set was about e500. That barrier has been smashed to pieces with 32-inch sets starting at e300 in mass market, bricksand-mortar Irish retailers. Because much of the technology behind the screen is standardised across the industry, each one of the entry-level models will deliver reasonable picture quality. Here are three cut-pr ice models worth looking at:

Emma Kennedy

Personal Finance Correspondent

Hibernian Aviva

The companys Level 1 Hospital plan is its best deal for the family. This plan would cost e1,270 for the year. It provides a private room in a public hospital and 75 per cent cover on a semi-private room in a private hospital. If the couple want dayto-day cover, Hibernian Avivas best offer is its Level 1 Everyday plan, at an annual cost of e1,710. The plan covers the cost of up to 25 visits a year to doctors, dentists and physiotherapists at up to e30 per visit. It also pays up to e60 for three visits to accident & emergency and e60 for consultant fees, and contributes towards a range of other routine medical expenses.
last year due, to some degree,to the health levy, Loughlin said. While all health insurers have increased their prices in the last 12 months, the size of the increase varied. Loughlin said the variations in prices of premiums had widened. Y ou can save e200 or so by moving insurer, he said. Quinns prices rose by 16 per cent on average at the start of this year, while Hibernian Aviva applied a 2.5 per cent inc re a s e to al l it s he alt h insurance plans last October. InVHIs case, an average price increase of 23 per cent was applied to plans on January 1. However, VHI subsequently cut its prices for children in April, and again this month. All three insurers were reluctant to discuss future pricing reviews. If you decide to switch to an alternative health insurer or change to a cheaper plan, be sure to look beyond the monetary implications of your decision. In a lot of cases, the cover is pretty much matching, but the onus is on people to check, Loughlin said. With more than 250 options
The cheapest plan for hospital cover only is Plan A, which would cost the family e1,480. This provides full cover for all public hospitals and 60 per cent cover in private hospitals. VHIs Family Plan 1 is the insurers cheapest option if the family also wants cover for day-to-day medical expenses. This would cost e1,752 and covers visits to doctors, dentists and so on at a rate of e25 per visit, subject to a cap of 28 visits to each type of practitioner per

VHI remains the largest health insurance player in Ireland, with 1.43 million customers
in the health insurance market, consumers need to do their research to ensure they get the best value for money and also the best fit for their needs. The main element of any core health insurance plan is cover for hospital treatment. All insurers basically cover either public or private hospitals, or a combination of the two. Depending on the level of cover, they provide different types of accommodation ^ private, semi-private, public beds or a combination.When choosing a health insurer, check providers lists of hospitals to ensure the hospitals in your

Switching your insurer

There are only three mainstream health insurers and a handful of restricted membership insurers in the Irish market, but each has a wide range of plans and choices, with varying price tags. The Health Insurance Authority (HIA), the independent regulator for the private health insurance market in Ireland, provides information for consumers, including how to switch health insurance provider. When you take out health insurance for the first time, you will be covered for accident and injury immediately. However, a waiting period may apply to all other claims. It varies with age and ranges from 26 weeks to 104 weeks. You have the right to change your health insurance plan, or insurer, without penalty. The insurer may not impose additional waiting periods unless you are upgrading your cover. Even then, an insurer may impose an extra waiting period only in respect of the additional cover. However, if you allow your health insurance to lapse for 13 weeks or more, you may have to start your waiting periods all over again. If you decide to switch before you have completed your waiting period with your old insurer, your new insurer must give you credit for the waiting period already served. According to the HIA, cover for anyone currently receiving treatment for an illness who changes health insurance provider with a similar level of cover will not be affected. However, if you are taking out health insurance for the first time and have a preexisting medical condition, the insurer can impose a waiting period in respect of treatment for this condition. Maximum waiting periods vary with age, but can run to up to ten years.
area are included. All three insurers have responded to consumer demand in recent years by offering plans that provide hospital cover alongside a guaranteed level of cover for everyday medical expenses. This covers some of the cost of regular day-to-day medical expenses, such as trips to the doctor, dentist or physiotherapist. However, these policies tend to cost more than pure hospital cover. When choosing a policy, take note of the excess ^ the cost to be met before cover kicks in. Quinns excesses vary from e50 to e200, but the health insurer also offers plans with no excess. VHI said that most of its plans did not have an excess, but those that did ranged from e75 to e125. Most of Hibernian Avivas plans do not have an excess, but some have an excess on outpatient claims. This stands

at e150 for an individual or e250 for two or more people. Regardless of the health insurer chosen, it is typically the case that, the lower the excess, the higher the premium. People struggling to meet the cost of health insurance can split their annual premium over 12 months. Quinn applies a 3 per cent credit charge for customers who pay monthly, but VHI and Hibernian Aviva do not charge customers any extra. VHI has introduced a package for customers who are made redundant, guaranteeing that, if they cancel their cover and renew within 12 months, they will not be subject to waiting periods. Quinn has made a similar commitment. As with any type of insurance policy, it is vital to check the small print of the health insurance contract to see exactly what is covered and to what level.
Cheapest option for a single person
Insurer Quinn VHI Hibernian Aviva Hospital cover only Essential Starter e330 First Plan Starter e450 Level 1 Hospital e455 Hospital and day-to-day cover HealthManager Starter e575 First Plan Level 1 e640 Level 1 Everyday e620
In the past,you were generally covered for everything you needed, Loughlin said. Now plans are becoming more spe-
cific and there are more exclusions creeping in. Most of us never think about it until we have to.

JUDGMENTS

CLARE Highville Developments Ltd e43,097 R/o Belvoir, Sixmilebridge, unknown. Plaintiffs: Kingspan Century Ltd, Cavan. (HC) Reg August 21, 2009. CORK Biggane, Joseph e62,146 Castle Meadow, Broghill North, Charleville, welder. Plaintiffs: Allied Irish Banks, Plc, Dublin. (HC) Reg August 20, 2009. Clancy,Thomas e47,079 Ballytrasna, Fermoy, gentleman. Plaintiffs: Collector General. (HC) Reg August 26, 2009. Freemount Community Housing Development Association e139,062 R/o Freemount, Charleville, unknown. Plaintiffs: Woodview Building Company Ltd, Limerick. (HC) Reg August 21, 2009. DUBLIN L Behan & Sons Ltd e36,465 R/o 18, Upper Mount Street, Dublin 2, unknown. Plaintiffs: South Dublin County Council, Dublin. (CC) Reg August 20, 2009. Maguire,Vincent e495,038 The Folly, Oldtown, company director. Plaintiff: judgment for same amount registered by a number of plaintiffs. (HC) Reg August 20, 2009. Maguire,Vincent e990,076 The Folly, Oldtown, County Dublin, company director. Plaintiff: judgment for same amount registered by a number of plaintiffs. (HC) Reg August 20, 2009. Maguire,Vincent e1,980,152 The Folly, Oldtown, County Dublin, company director. Plaintiff: Shaun Murphy,138 Seafield Road, Clontarf (and others). (HC) Reg August 20, 2009. Moran, Liam e990,St Ives, Back Strand, Malahide, solicitor. Plaintiffs: judgment for same amount regisThese extracts are from the official publication of judgments registered since last week. Publication does not imply an inability to pay and does not necessarily mean that the judgment has not been paid or satisfied. Publication indicates that a judgment has been obtained and papers securing its release have not been registered. Registered judgments are not always for debts.

tered by a number of plaintiffs. (HC) Reg August 20, 2009. Moran, Liam e495,St Ives, Back Strand, Malahide, solicitor. Plaintiff: judgment for same amount registered by a number of plaintiffs. (HC) Reg August 20, 2009. Moran, Liam e6,750,Malahide Road, Swords, and 4 St Ives, Bisset Strand, Malahide, solicitor. Plaintiff: William Ennis, 19 Leopardstown Ave, Blackrock. (HC) Reg August 24, 2009. Oglesby, Peter e36,Killinarden Estate, Tallaght, Dublin 24, carpenter. Plaintiffs: Collector General. (CC) Reg August 20, 2009. Russell, Patrick e355,250 Steelstown, Rathcoole,County Dublin, barrister. Plaintiffs: Thomas McDonald, Monserrat, Glendine Road, Kilkenny. (HC) Reg August 20, 2009. KERRY Cahill, Jerome e150,000 Ardacluckeen, Killorglin, building contractor. Plaintiffs: Mark Roderick Firth, Gleannagillagh, Killorglin, Co Kerry. (HC) Reg August 20, 2009 Cahill, Daniel e150,000 26, Langford Street, Killorglin, building contractor. Plaintiffs: Mark Roderick Firth, Gleannagillagh, Killorglin, Co Kerry. (HC) Reg August 20, 2009. MAYO Ruane, Myra e370,612 Park Road, Swinford, businesswoman. Plaintiffs: James A Barry & Company Ltd, Cork. (HC) Reg August 20, 2009. ROSCOMMON McCann, James e158,274 Curraghhoguile, Lissacul, Castlerea, gentleman. Plaintiffs: St Raphaels Garda Credit
Proceedings may have been genuinely contested or appealed, and judgments may be secured against defendants in a representative, rather than personal, capacity. They may have been taken arising out of indemnities, guarantees or bonds, which may have obliged the defendant to underwrite the debts or obligations of someone else. The judgments published here are extracts from the list published in
Union Ltd, Dublin. (HC) Reg August 25, 2009. WATERFORD Murphy, Patrick e27,209 Brenan, Stradbally, extensions/renovations. Plaintiffs: Collector General. (CC) Reg August 26, 2009. WEXFORD Whitty, Gerard e133,110 Nook, Campile, builder. Plaintiffs: Collector General. (HC) Reg August 20, 2009.
Halford, Dick John, company director, Orchardstown House, Washington Lane, Butterfield Avenue, Dublin, died April 4, 2009, left e2,595,534. Mulcahy, Michael Joe, retired insurance broker, Sandford Road, Ranelagh, Dublin, died July 18, 2008, left e1,904,793. Kennedy, Nora, retired company director, Kilgobbin Road, Stepaside, Co Dublin, died January 3, 2009, left e1,562,530. Clarke, Daniel, retired car production operator, Milton Road, Ellesmere Port, Cheshire, E ng l an d, d i e d Febr u ar y 8, 9, left e1,384,587. Glynn, Eileen, librarian, Sycamore Crescent, Mount Merrion, Co Dublin, died March 24, 2009, left e1,118,347. Thompson, Anthony, Park Drive Grove, Castleknock, Dublin, died February 5, 2009, left e1,059,398. Stanley, Albert, farmer, Bawnogue, Rathdowney, Co Laois, died October 19, 2008, left e967,330. ORiordan, Delia, Sandymount Green, Sandymount, Dublin, died February 14, 2009, left e952,876.

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