Noonan fears further pain for taxpayers’

first_img Previous articleThreat to future of St Paul’s Nursing HomeNext articleWillie in Wonderland admin House prices could lose half their value, says Goodbody’s THE Government has forced NAMA to use out-of-date, inaccurate information to  overvalue bank loans, according to Fine Gael’s Michael Noonan. Goodbody’s prediction that house prices will end up falling by 50% before levelling  out, he said, spells yet more  trouble  for  NAMA and further pain for taxpayers,  “The  prediction that house prices will lose half their value is desperate news for struggling homeowners.  This  outcome would send thousands more tumbling into negative equity.Sign up for the weekly Limerick Post newsletter Sign Up “The  consequences for  NAMA and the taxpayer are equally worrying. NAMA’s so-called  ‘business  plan’ is based on the assumption that property prices will  rise  from  the  levels  of  last November – the reference period for determining  the  current market values of the banks’ toxic developer loans that  NAMA  is  buying.“ But  according  to  Goodbody’s,  house prices have continued to plummet since then and are set to fall by a further 16% in the immediate future”.It was bad enough, continued deputy Noonan, that the taxpayer was being forced to pay far more than current  market  values  for  toxic  developer loans in a tumbling property market on the basis of their ‘long-term economic value.“But making matters even worse is the fact that NAMA is forced by the Government legislation to estimate  this  long-term value using outdated and inaccurate information.“Only last week  the  ESRI  predicted  that  the  Irish  labour force and population would  shrink  in the coming years because of recession-related emigration. This will mean lower demand for property. But in estimating the long-term value  of the property-related assets that it is buying, NAMA is prevented from using economic and demographic projections from beyond last January.  At  that  time, the CSO was still predicting a growing population for Ireland in the coming years”.There were, he continued, certain accountancy rules which require banks to  state  their  asset  value  on the date of audit, and prevent them from predicting a declining market, but that no such constraints applied to NAMA. “The  chances  of NAMA recovering taxpayers’ money, he concluded, seemed slimmer by the day. Advertisement WhatsApp Linkedin Emailcenter_img Twitter NewsLocal NewsNoonan fears further pain for taxpayers’By admin – July 22, 2010 507 Print Facebooklast_img read more

New restrictions announced in Washington state amid ‘third wave’ of COVID-19 cases

first_imgsmodj/iStockBy JULIA JACOBO, ABC News(OLYMPIA, Wash.) — Jay Inslee, the governor of Washington, announced new restrictions Sunday on residents and businesses as the state deals with record-breaking COVID-19 infection rates.The state is currently undergoing a “third wave” of transmission as average daily cases have doubled in the last two weeks, Inslee told reporters at a news conference. Daily case numbers have surpassed the highs in March, he noted.On Saturday, Washington state recorded more than 2,286 cases — a record — and the preliminary numbers for Sunday are primed to exceed Saturday’s numbers. Hospitalization rates have risen about 40%, state health officer Dr. Kathy Lofy said.“Inaction is not an option,” Inslee said. “We have to take bold decisive action.”Starting Monday at 11:59 p.m. local time, indoor social gatherings with people from outside the household are prohibited unless the guests have quarantined for 14 days or they have quarantined for seven days and received a negative test result 48 hours before the event.Outdoor gatherings should have fewer than five people from outside the household, Washington state officials said.Indoor dining at restaurants and bars will stop but outdoor dining and takeout remains unchanged. Gyms, movie theaters, bowling alleys and museums are closed, and weddings and funeral receptions are prohibited. Ceremonies are limited to 30 people.Indoor retail is limited to 25% capacity and religious services are limited to 25% capacity or 200 people, whichever number is less. Choir performances are prohibited.The measures will be in effect until Dec. 14.“We know these measures can work,” Inslee said. “We’ve shown the country they can work.”Washington state was the first in the U.S. to experience an outbreak of COVID-19 cases at the beginning of the year.The new restrictions are in addition to a number of protocols for universities Inslee instituted last month after multiple campuses saw a jump in COVID-19 cases.Most states are continuing to see sharp rises in infection rates. Friday marked the 10th consecutive day with over 100,000 COVID-19 cases recorded in the nation.Forty-seven states, as well as Washington, D.C., Guam and Puerto Rico, are reporting a surge in cases, according to an ABC News analysis.Twenty-nine states as well as Washington, D.C., and Puerto Rico are seeing a daily increase in deaths. Twenty-three states are seeing an increase in hospitalizations.Intensive care units at hospitals all over the country are nearing capacity.Iowa was among the states with a record number of hospitalizations due to the virus on Saturday, ABC Cedar Rapids affiliate KCRG-TV reported.Hospitals in Detroit are experiencing a shortage of COVID-19 testing supplies, ABC Michigan affiliate WXYZ-TV reported, and the Baxter Regional Medical Center in Mountain Home, Arkansas, has reported that 55 staff members are now sick with the virus, including 25 nurses, Springfield, Missouri, station KYTV reported.Minnesota has reached a “desperate and dangerous place” with the spread of the virus, Kris Ehresmann of the Minnesota Department of Public said in a statement on Saturday after a record 8,703 new cases and 35 deaths were reported in the state, the Star Tribune reported.Cases in neighboring states such as North Dakota, South Dakota and Wisconsin continued to remain high as well, according to the Star Tribune.More than 31,000 active cases have been reported in the city of El Paso, Texas, alone. A curfew was ordered in El Paso last month after the infection rate increased 160%.Prison inmates from the El Paso County Detention Facility are now assisting “exhausted” personnel from the city’s Medical Examiner’s Office by moving bodies to mobile morgues, ABC El Paso affiliate KVIA-TV reported. The help is temporary as the city awaits the arrival of the Texas National Guard.Dr. Atul Gawande, who is on President-elect Joe Biden’s COVID-19 advisory board, told ABC News’ Martha Raddatz on This Week Sunday that the the country is in need of a “clear voice” from the top of the federal government.“And we’ve lacked that,” Gawande said. “It’s led to disarray for the public and confusing messages. That will change.”Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Jake Tapper on CNN’s State of the Union that President Donald Trump has not been to a COVID-19 task force meeting in several months.Copyright © 2020, ABC Audio. All rights reserved.last_img read more

Castine’s Bob Ciano wins Bucksport Bay Festival 5K

first_imgBUCKSPORT — Bob Ciano, 62, of Castine placed first of more than 130 runners in Saturday’s Bucksport Bay Festival 5K.Ciano was the first male finisher with a time of 19 minutes and 19.8 seconds. Katherine Marshall, 34, of Houston, Texas, was the first female in 20:17.3.The following won their age divisions:Female age 12 and under: Katrina Modrusan, 6, of Bangor (49:20.2).This is placeholder textThis is placeholder textMale age 12 and under: Charlie Collins, 12, of Winterport (21:37.4).Female age 13-17: Heather Perkins, 15, of Pittsfield, Mass. (24:31.1).Male age 13-17: Matthew Shea, 14, of Ellsworth (20:00.5).Female age 18-29: Alissa Schlote, 26, of Ottawa, Ontario (23:39.0).Male age 18-29: Ezra Dean, 22, of Orono (20:24.8).Female age 30-39: Laura Ramboer, 38, of Cathance Township (22:48.6).Male age 30-39: Scott Porter, 36, of Portland (21:07.1).Female age 40-49: Robin Clarke, 46, of Ellsworth (22:00.7).Male age 40-49: Greg Dean, 42, of Levant (20:37.4).Female age 50-59: Mary Buck, 52, of Mechanicville, NY (21:54.2).Male age 50-59: Laurent Houssel, age 51 (19:28.0).Female age 60-69: Shannon Martin, 64, of Bloomington, Indiana (27.57.7).Male age 60-69: Ed Hughes, 62, of Bangor (20:38.1).Female age 70-79: Mary Alice Bruce, age 77 (40:17.5).Male age 70-79: Tony Swebilus, 72, of Morrill (23:48.3).last_img read more