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Ever thought about being your own boss

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									                                                                                                                          WWW.INDEPENDENT.IE Thursday 9 April 2009 ¤1.80 (£1 IN N. IRELAND)




Agency gets power to
                                                                                                                                                                                                                                                                            New blow
                                                                                                                                                                                                                                                                            as another
                                                                                                                                                                                                                                                                            agency


seize developers’ land
                                                                                                                                                                                                                                                                            lowers our
                                                                                                                                                                                                                                                                            credit rate
                                                                                                                                                                                                                                                                            Pat
                                                                                                                                                                                                                                                                            Boyle
                                                                                                                                                                                                                                                                            TOP ratings agency Fitch has



Lenihan demands
                                                                                                                                                                                                                                                                            become the latest to strip Ire-
                                                                                                                                                                                                                                                                            land of its prized ‘AAA’ credit
                                                                                                                                                                                                                                                                            rating.
                                                                                                                                                                                                                                                                               The downgrade follows the


loan repayments
                                                                                                                                                                                                                                                                            emergency Budget package
                                                                                                                                                                                                                                                                            announced by the Government
                                                                                                                                                                                                                                                                            this week and another down-
                                                                                                                                                                                                                                                                            grade of the Irish banks yester-
                                                                                                                                                                                                                                                                            day by agency Moody’s, which
Michael Brennan,                                        take over up to €90bn of devel-                                                                                                                                                                                     resulted in a steep fall in the
                                                        opment land and risky proper-                                                                                                                                                                                       value of Irish government
Joe Brennan                                             ty loans from the banks.                                                                                                                                                                                            bonds.
and Brendan Keenan                                         The property loans will be                                                                                                                                                                                          Officials at the National Trea-
                                                        held by a new state agency for                                                                                                                                                                                      sury Management Agency
DEVELOPERS who fail to                                  a period of up to 15 years in the                                                                                                                                                                                   (NTMA) confirmed the move
make loan repayments to the                             hope that they can be eventual-                                                                                                                                                                                     last night which comes just days
new State asset agency will                             ly disposed of at a profit.                                                                                                                                                                                         after Standard & Poor’s lowered
have their properties seized                               The move, which has been                                                                                                                                                                                         its rating on our sovereign cred-
under sweeping new powers                               given the tacit approval by the                                                                                                                                                                                     it standing.
announced         by      the                           EU, could see the Government                                                                                                                                                                                           Fitch is expected to announce
Government.                                             become the single biggest                                                                                                                                                                                           later today that it has cut its rat-
  In a groundbreaking new                               landowner in the country.                                                                                                                                                                                           ing to AA+ from AAA. The
deal to steady the crisis-hit                              The State could end up effec-                                                                                                                                                                                    agency declined to comment
banking sector, the State will                          tively owning the two main                                                                                                                                                                                          on the move last night.
                                                        banks if it is required to take up                                                                                                                                                                                     Investors sold both Irish
                                                        a majority shareholding in both                                                                                                                                                                                     bonds and bank shares yester-
       INSIDE                                           institutions.                                                                                                                                                                                                       day despite the Government’s
                                                           Under the new deal, the                                                                                                                                                                                          decision to proceed with
Budget fallout                                          lenders will transfer billions of                                                                                                                                                                                   measures to deal with the bad
                                                        euro of losses on soured proper-                                                                                                                                                                                    loans.
Reports and analysis                                    ty loans to the new National                                                                                                                                                                                           On the Dublin stock market,
P16-21                                                  Asset Management Agency                                                                                                                                                                                             shares opened with losses of
                                                        (NAMA).                                                                                                                                                                                                             over 30pc before some buyers
Lise Hand P17                                              The NAMA will be tasked                                                                                                                                                                                          pushed prices back up in after-
                                                        with “hardening” the approach                                                                                                                                                                                       noon trade.
Brendan Keenan P24                                      to the property developers who                                                                                                                                                                                         But at the close, Allied Irish
                                                        have taken out the multi-million                                                                                                                                                                                    Banks shares were down by
Martina Devlin P24                                      euro loans for the properties.                                                                                                                                                                                      almost 30pc while Bank of Ire-
                                                           If they cannot make the                                                                                                                                                                                          land fell over 7pc.
                                                        repayments, the agency will                                                                                                                                                                                            Investors were also con-
                                                        seize their properties on behalf                                                                                                                                                                                    cerned at the downgrade of
                                                        of the State.                                                                                                                                                                                                       Irish banks.
                                                           Finance Minister Brian Leni-                                                                                                                                                                                        There were also concerns
                                                        han said all developers would be                                                                                                                                                                                    that the emergency Budget will
                                                        required to repay their loans.                                                                                                                                                                                      further dampen consumer
                                                           NAMA is due to begin nego-                                                                                                                                                                                       demand and intensify the prob-
                                                        tiations with the major banks                                                                                                                                                                                       lems already damaging the
                                                        with the intention of paying                                                                                                                                                                                        banking sector.

                                                                  Continued on page 18       Finance Minister Brian Lenihan shows the strain on Pat Kenny’s RTE show yesterday. TOM BURKE                                                                                            FULL REPORT: BUSINESS




Vodafone’s Berlusconi tells earthquake Lottery
€900,000 victims to ‘carry on camping’ jackpot to
bill error                             hit €11m
                                                        Richard Owen                         housing operation, mounted by       hot food. Of course, their cur-
MOBILE giant Vodafone has                               in Rome                              the Civil Protection Department     rent lodgings are a bit tempo-          THE Easter weekend Lotto



                                                                                                                                                                                                         Ever thought
admitted to overcharging                                                                     and the Red Cross with the aid      rary. But they should see it like       jackpot will be heading for
100,000 of its Irish customers a                        SILVIO BERLUSCONI has told           of volunteers and charities, and    a weekend of camping,” he said,         €11m after last night’s draw
total of €900,000 by incorrect-                         survivors of the Italian earth-      Mr Berlusconi won plaudits for      according to the German N-TV            failed to produce a winning
ly billing them.                                        quake to lift their spirits by       cancelling a trip to Russia and     channel. He told one homeless           ticket.



                                                                                                                                                                                                         about being
   The customers were billed                            heading for the beach.               spending every day since Mon-       woman to put on suncream.                  The numbers were 1, 10,
for having their incoming calls                            He added that people forced       day in the stricken region,            Mr Berlusconi – who lives in         18, 19, 26, and 38. The bonus
diverted to voicemail when they                         from their wrecked homes             commending the rescuers.            Palazzo Chigi, rents a frescoed         was 14. The jackpot was
were outside the country.                               should look on their tented             Mr Berlusconi insisted that      Renaissance palace in Rome              €10,184,781.




                                                                                                                                                                                                         your own boss?
   The company, which is Ire-                           accommodation as a spot of           his remarks had been misunder-      and owns a mansion in Milan                There was no winner of
land’s biggest mobile operator,                         camping.                             stood and that he was simply        and villas in Sardinia and              the top €700,000 prize in
has begun refunding affected                               The Italian prime minister's      trying to encourage optimism.       Bermuda – insisted that there           the Lotto Plus 1. The
customers, while those who are                          comments have enraged some              “Go by the seaside. It is only   was nothing inappropriate in            numbers were 21, 26, 30, 31,
due refunds of more than €30                            of those living in tent villages,    an hour away from here by bus       his remarks.                            32, and 34. The bonus was
are being contacted directly.                           after a second fitful night that     and there are plenty of hotels at      “I don't think it's out of place,”   40.
   The company apologised for                           was rocked by aftershocks from       your disposal that are paid for     the prime minister told                    There was no winner of
the mistake, saying that it was                         the 6.3-magnitude earthquake,        by the State,” he said at the       reporters. “I think children            the top €500,000 prize in                                The Propel Programme could make this happen. Run
sorry for any inconvenience                             Italy's worst for 30 years. The      quake zone in Abruzzo.              could use a smile, a little bit of      the Lotto Plus 2. The                                    by Enterprise Ireland, it’s designed to provide ambitious
caused to its customers.                                death toll has risen to 250.            The people living in tent        optimism and playfulness.”              numbers were 5, 16, 17, 29,                              entrepreneurs with the necessary business skills to establish
                                                           Earlier there had been wide-      cities “have everything they                                                31, and 44. The bonus was                                a successful global business. Propel will run for one year and
                    FULL REPORT: PAGE 3                 spread praise for the emergency      need, they have medical care,                  FULL REPORT: PAGE 34         27.                                                      is open to entrepreneurs currently located, or planning to
                                                                                                                                                                                                                                  locate in Cavan, Donegal, Leitrim, Louth, Monaghan or Sligo.

                                                                                                                                                                                                                                  The Propel Programme provides:
NEWS                                                    BUSINESS                              Sport                              SPORT                                   INDEX                                                    • Financial support of up to        • Best in class business
€72m ‘misspent’                                         Davy broke rules                                                         Sexton ruled out                        World                 23, 34                                 30,000                            start-up training

on carbon credits                                       on selling bonds                                                         of quarter-final                        Editorial                                                • Specialised expertise and
                                                                                                                                                                                                                                    mentoring customised to
                                                                                                                                                                                                                                                                      • Access to potential
                                                                                                                                                                                                                                                                        investors
Ireland may have spent €72m                             J&E Davy, the leading Dublin           Rampant                           Jonathan Sexton looks set to            Comment               24, 25                               your needs
                                                                                                                                                                                                                                                                      • Access to local and global
on unnecessarily buying up                              stockbroker, breached stock                                              miss Sunday’s Heineken Cup              Letters                   25
carbon credits, it emerged last                         exchange rules over the sale of        Chelsea run                       quarter-final against
                                                                                                                                                                                                                                  • Hot desk facilities                 contacts and networks
night.                                                  perpetual bonds to credit                                                Harlequins after he was                 Features              26, 27
                        PAGE 6                          unions.                                Reds ragged                       suspended for two weeks.
                                                                                                                                                                         Classifieds               28    If you have an idea for a new innovative business with export potential call (01) 605 9180
                                                                           BUSINESS 1                                                                  SPORT 1
Sixty-five to lose                                                                                                                                                       Sudoku                    30
                                                                                                                                                                                                         or email startup@propelprogramme.com

jobs at meat plant Budget didn’t fix                                                                                             Palmer backs
                                                                                                                                                                         Horoscope                 30    Places on this programme are limited, so enquire without delay.
Some 65 workers at Dawn
                        pension problems                                                                                         McIlroy to shine                                                        Final date for receipt of applications is 24 April 2009.
Meats are to lose their jobs as                         The crisis Budget was a                                                  Augusta legend Arnold
                                                                                                                                                                         Crosswords                31
talks between unions and                                missed opportunity to deal                                               Palmer believes Rory McIlroy            Weather                   31    www.propelprogramme.com
management broke down                                   with the collapse in private                                             has the quality to make an
yesterday in another blow for                           pensions and tackle the rising                                           impact on his maiden                    TV/Radio              32, 33
the badly hit east Cork region.                         cost of public-sector pensions.                                          appearance at the US Masters.           Personals                  2
                         PAGE 9                                             BUSINESS 3                                                                 SPORT 1


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