Irish News

NEWS SNAPS FROM IRELAND
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IRISH ECONOMIC BOOM CONTINUES

Recent statistics have revealed that there are
300 PAYE (ordinary tax-payers) who earn over 1
M-illion Euro annually. This is 3 times the number
who earned that much in 2001. The continuing
shortage of skilled staff is the most likely
explanation for the boom in wages.

Irish house prices continue to rise, despite the
annual predictions of an imminent decline. Some
commentators are predicting a 15% gain over the
next 2 years, despite repeated warnings from the
Irish Central Bank.

Since joining the Euro currency, control over
interest rates now rests with the European Central
Bank. The ECB has kept rates at record low levels
for years, primarily because of sluggishness in
the German, French and Italian economies. This is
good news for Irish mortgage-holders who continue
to see the value of their property rise.

The ingrained Irish desire to own property is well
known but it is unlikely that previous generations
could have envisaged the distance their descendants
would be willing to go. Not content with snapping
up property in the UK, France and Spain, Irish
investors are now targeting Canada, Africa, New
Zealand, Croatia and even Thailand. Investors from
Ireland recently spent nearly 3 M-illion Euro in a
Las Vegas development while over 4.5 M-illion Euro
has been spent on a Thai property scheme. It is
estimated that more than 600,000 Irish people now
own property abroad.

EXCESSIVE NUMBER OF KIPPERS IN IRELAND

The Irish obsession with owning their own home
has bred a new generation who are refusing to
leave their parents' house until well into their
20s, 30s, 40s and beyond. Spiralling property
prices have caused the number of KIPPERS (Kids
in Parents' Pads Eroding Retirement Savings) to
soar. It is likely that the majority of KIPPERS
are saving to invest in a property of their own.
A recent Central Statistics Office study has
found that over 450,000 adults still reside
with their parents. This figure represents 12%
of the entire population of the country.

As one commentator remarked 'Irish mammies don't
have apron strings, they have steel cables.'

34 BILLION EURO TRANSPORT PLAN UNVEILED

The most ambitious and expensive transport
infrastructure plan in the history of the State has
been unveiled by the Government. Over 34 B-illion
Euro will be spent over the next decade on various
schemes which will have a dramatic effect
transport in Ireland.

The plan includes:

* Linking up the 2 LUAS (light rial) city lines
* 6 other Luas projects
* An 'Atlantic Corridor' road network linking
Donegal, Galway, Limerick, Cork and Waterford
* 2 metro lines including a link to Dublin Airport
* An underground station at St. Stephens Green.
* Completion of the Dublin Port Tunnel
* Upgrading of the M50
* A new rail link to Navan

Critics of the plan point to previous projects
that fell behind schedule as well as running
over-budget. The Government plans to implement
strict financial controls to ensure no such
over-runs occur in the future.

COST OF LIVING IN IRELAND FOR FOREIGNERS SOARS

A recent survey has recorded Ireland as the third
most expensive place in the EU, and sixth
worldwide, for foreign people to live in. Norway
is the most expensive followed by Denmark and
then Japan.

IRISH POTATO IMPORTS CONTINUE TO GROW

Despite the historical image of Ireland relying
heavily on the consumption of potatoes as a
dietary staple, the importation of potatoes from
the U.K. and beyond. Most of the imports are
being used in fast-food restaurants and take-aways
as the quality of home-grown potatoes is not
regarded as sufficiently high for producing
'French Fries'.

The Irish Government agency concerned with food
development is seeking to develop a potato that
can be more readily used by restaurants, such
as McDonalds.

POLISH WOMAN LIVED AT AIRPORT FOR WEEKS

In an episode similar to the Tom Hanks movie 'The
Terminal' a 26 year-old Polish woman has been
found living at Dublin Airport for three weeks.

An airport policeman noticed the young Polish
woman who had arrived to meet up with her
boyfriend but who had no money or food and who
could not speak the language. He immediately
assisted the bewildered arrival who had survived
by sleeping on waiting seats and eating restaurant
scraps. He bought her a meal and contacted the
authorities who are now arranging for her return
home.

IRISH AUTHOR WINS THE BOOKER PRIZE

Irish author John Banville has won the prestigious
'Booker Prize' with his 14th novel 'The Sea'.
Manville was born in Wexford in 1945. His first
title, 'Nightspawn' was published in 1971. He
previously worked as literary editor at 'The Irish
Times' newspaper.