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EARLIER TODAY THE Government raised €750 million from the international money markets at a record low rate.
The tumbling rate of interest we have to pay on our money from the treasury bond markets has been pointed to as evidence of a strengthening economy – and it’s easy to see why.
When things were at their very worst, it was the unaffordably high margins on our debt that eventually forced us into a bailout agreement. We couldn’t fund ourselves, so others had to.
But what does it all mean?
Ultimately, the level of yield is indicative of how positively – or otherwise – lenders view any given country.
As UCC economics lecturer Seamus Coffey says, it reflects investors opinion as to “will they get their money back and how risky is the investment they’re making relative to other investments”.
So far, so good. But is it only reflective of how much better we’re doing as an economy, or are there other factors at play?
Super Mario
At a lecture in UCD earlier this year, Nobel Prize winning economist and New York Times columnist Paul Krugman said that the turnaround in the fortunes of the Eurozone could be attributed to two words.
“Mario. Draghi.”
Since taking office in 2011, and more importantly since giving a speech in London in the summer of 2012, Draghi’s commitment to doing “whatever it takes to save the Euro” has been taken as a golden promise by investors that he won’t let any economy get into such bad trouble that they won’t pay their debts back.
This, perhaps more than anything, has been a key factor in lowering our bond yields.
Again, Coffey: “By far the key determinant has been Mario Draghi. There’s no way based on economic fundamentals that you can explain the reduction in government bond yields.”
There’s been a massive improvement since the summer of 2011. Then the prospect of default was real and the threat to the sovereign was real.
Ireland is not Greece (but our bond yields move in similar circles)
We’re certainly a more stable investment prospect than before, but whether this is due to reform or the actions taken in Frankfurt is up for debate.
Coffey points to the fact that Greece has also seen its yields tumble, but without much in the way of reform of its economy or political system.
“The yields for Greece don’t bear any relationship to fundamentals. There’s no growth, the government is in turmoil, nobody knows what’s happening there.”
A further point, he says, is that other than a rough barometer of how the international investment community feels about Irish and Eurozone debt, the low yield on our debt is “of very little benefit to Ireland”.
“It has no impact on the other €200 billion we owe at different rates of interest”.
So, is it a good thing that our bond yields are so low?
Well, it’s certainly not a bad thing to know that the people who are lending us money don’t think we’re going to default, leave the Euro or just generally slide into the abyss.
However, Coffey says that there are significant risks remaining to the economy, mostly emanating from outside Ireland’s borders.
Stubbornly high rates of European unemployment, and any negative shock from this year’s banking stress tests both present a immidiate-term threat to the broader European economy, and to ours as well.
So while it’s not bad news that we’re enjoying low yields at the moment, neither is it a reason to take the collective eye off the factors that could throw us off course again.
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Dunnes must be feeling the aldi and lidil pinch.
Most Aldi and Lidl provide parking for their employees
Just tailgate out of the car park.
I gave up paying for parking years ago.
If you are an employee and you’ve had free parking for over 2 years it then forms part of your terms and conditions under accepted practice.
Well said. Is it not part of a custom in practice? If so, then shouldn’t the staff be compensated?
Dunnes have always treated people and workers this badly. Thats why I shop anywhere else and wont spend a penny in dunnes.
I worked in Dunnes for years, I’m not sure how it is now but when I was there they paid considerably more than other supermarkets and never once was I treated badly there.
Like I said times may have changed but having actually worked there I have nothing bad to say about them.
I rarely spend a penny in Dunnes either….try to go before I leave home.
You are the exception to the rule then. In fact everybody is out of step except you.
Can’t be that bad if you’re still there after all these years. As bad as it might be, it’s not bonded labour, you’re free to take your services elsewhere.
What a load of crap!!! They’re certainly good enough to give their staff a substantial christmas gift, be it full time staff or christmas contracted workers. Some people can get up to €800 in dunnes vouchers!
€800 in Dunnes vouchers simply means that Dunnes benefits! Can you not see it’s more beneficial to Dunnes than the workers?!
Because they treat their staff so bad??? Bet you’ll still eat in a restaurant where the staff are on lower than minimum wage, working illegal hours and cash in hand?? Or you’ll still buy your clothes from that shop that has Far East suppliers who don’t provide satisfactory working conditions for their child labourers?!? Dunnes stores treat their staff like any other supermarket. Staff are unionised so I find it impossible to comprehend how dunnes would ever get away with treating staff so poorly?! There are laws company’s have to adhere to.
Oh lord, imagine not allowed leave down leaflets! Sounds like every other company in Ireland!!! So tell me, they treat you so terribly and hate it so much.. Would you not be a tiny bit afraid that somebody might see your posts?? I doubt you’ll get very far in the company for running it down?!? You must not be that unhappy that you simply don’t care about any sort of repercussions for you attitude. I certainly wouldn’t write such negative things about my company.
Sorry to butt in but if you quit your job, CAN you claim the dole??!!
Ian, I guess your not the brightest spark in the fire! In relation to this comment and others you have made about your employer on a public site! If Dunnes do read this I think you may be visiting your HR department and updating your CV fairly soon!
I worked for dunnes for a bit. Cannot see much of a resemblance between your comment and my experience. Especially about proper breaks. I often didnt feel the need for a break at the given time but had no choice but to take it as i would have been disciplined for not following their very strict rules regarding breaks. Thought they were very fair employers and enjoyed working for them.
@Ian. Seriously Dude, not a good idea to dis your employer publicly, so far 19,000 people have read this article and comments, lets hope one of them ain’t a Dunnes manager! ;)
Arse licker
I frapped Ian’s account earlier today and I don’t work for Dunnes.
Good idea John,
Lets all stop shopping at Dunnes then they’ll close down and staff won’t need to worry about wages or working conditions.
They won’t have any – all on the dole.
Lara,
You may have to wait upto 9 weeks without payment
Nee Dunne, Heffernan
that’s because you had such an amazing manager Julie!!!!!!!!!!!! :) Dunnes start this crap every year with parking, and every year most staff ignore it. I worked as a manger with them for 3 years, and believe me it was no walk in the park. all they seem to want to do these days is upset people.
And your point is
Michael, people in glass houses……….. “Ian, I guess YOUR not the brightest spark…..” . If you could just overcome the blinding brightness from yourself, you might realise that it is,”YOU”RE not the…….”
FRAPED Pablo
Well said Ian
This will be off great interest to car thieves coming up to Christmas and great annoyance to housing estates that surround the shopping centres who’s residence will not be able to park when they get home
*of* *residents*
*Whose* as well ;-)
The very least they could do is have a “Bike to work” scheme but when I asked my HR manager in Dunnes I was told that “Dunnes don’t do anything like that for staff”…..cheers Margaret!!
Its not just Dunnes that wont bother with that (despite costing nothing to them).
Shame really.
Honestly ash how would that even help, we’ve women close to retirement age in our dunnes I can’t see them cycling now can you . .
There really should be a maximum standardised parking fee around the country as some places take the piss especially in Dublin.
Especially hospitals.
Dunnes is a weird store –
Won’t hand out paper bags / only 70c bags
Bring a bag and you won’t have to buy one :)
I don’t walk about with bags – impulse buys
Worked fir dunnes for a month never seen anyone treat staff so bad i think management are trained to make you feel subhuman would rather go on the dole than work in one of their stores again
I worked there for 5 years, before the store manager called me by name. It was a great day. I was in shock! All the other lads were jealous.
Workwd there as christmas staff a few years back and have never seen such incompetence from management. They had no reapect for the part tine teenage staff who worked extremely long and tiring xmas shifts for feck all.
The same thing happened in my job and we had to just suck it up. If there is limited parking and not enough for customers then customers won’t come and there will be money to pay our salaries. Simple economics.
I spend 85-103 per month on renting a parking spot. Suck it up!
Which is roughly €25 per week; these people will have to pay up to €76 per week, which is €304 per month. A bit of a difference methinks…
Skewed figures as always. If the Dunnes they work at is served by bus routes then it will only cost 25 per week. If they cycle or walk it will cost noting apart form bike maintenance.
Yeah I feel the same. Unions are scavengers looking for a fight to pick. No doubt it will be hard for the staff involved to stand beside the likes of me on public transport for 1.5 hours each way to and from work. Or walk in the pitch dark for a half hour after that and my heart bleeds really it does. But eh it’s called the real world so welcome to it.
Phil. I am from Dublin and took public transport for granted. But 10 years ago I moved down to Clare to get a job so now live 30 miles out the country from job so car essential. I would gladly take the bus to work if there was one available, it would save me so much petrol money
Niall while I can hear what you are saying I have the same size journey to make and can’t use the car either because of petrol costs and the stress of traffic. However I just have to get on with it. Telling the union to make my employer give me something to make that easier is just not on. It’s unfair that its changing all of a sudden on people who grew dependant on it but there will never be a good time for that. Just because I have public transport doesn’t mean I have choice. I have to walk to the train station, no choice, I have to get two trains, no choice, I have to walk to work from train station, no choice. Using the car would eat up my wages to the degree that its not worth working.
I’m going balbriggan to Blackrock every day by the way.
Phil- *smallest violin in the world playing here in rural Ireland*
Phil you don’t seem to understand what Niall is saying. THERE IS NO PUBLIC TRANSPORT. You have to get two trains and walk to the station…wow. I would LOVE to be able to do that. Rural Ireland doesn’t have trains, or local busses.
Ha ha, glad to see the red thinners are out in force showing me how right I am. They only get mad when someone says something they can’t dispute. You make out dubliners have choices because they have public transport. I just disagree, you say ur car is ur only choice outside Dublin, public transport is my only choice inside Dublin. I have already said what is happening is unfair but we ALL have to get to work by what ever means are there for us. Oh and if you think for one second public transport is easier ask all the hundreds of rail users that got to work late today because of issues with the dart again. Pablo this is ur Q to break out that violin again and give us a tune.
Red thumbers, lets be havin ye!
Ha ha, red thinners. Meant thumbers.
No Phil, yet again you misunderstand. Never once was it said that public transport is your only way to get to work (although after 3 years living in Dublin, I’d rather take 10 trains than drive from Balbriggan to Blackrock) however driving is my only option. I live half an hour by car from my office and there is no bus- I wish I had the choice to take public transport.
Must be some whack off them red thinners…….would that be a benefit unkind!?!
So just because you choose to got to work by those means make it alright for everyone else regardless of circumstance does it?
The fact that the scavenger unions get involved puts my sentiment me straight in favour of the company.
Scavenger unions eh? Back up that chimney with your children and as for weekends, well you better forget about those!
Good, parking is for customer and top management not for someone on minimum wage. Why on earth did they give this silly perk in the beginning, unions think all organisation are run for the employees. I’d just fire all union members immediately and then all is sorted
Seriously?
Yes
Why should top management, who can afford to pay for their own, get parking?
Why should top mgt. Get parking and not minimum wages?
Top management who are on salary earning less than minimum wage, working twice the hours of their staff???? Why should they get parking??? We’ll because the staff will no doubt live in the town their employed in, the management don’t and in cases have up to an hour travel each way costing a lot of petrol. That’s why. Stupid comment.
Only a slightly fascist statement..
Don’t feed the trolls.
Ah, you’re the cheapskate who forces his employees to shell out for their uniform. It figures you’d have a backward attitude like the one expressed here. As others have pointed out, “top management” have the money to pay for parking. Those who are on the zero-hours contracts becoming more prevalent in the retail industry can not. I’m still trying to decide if you are a troll or an imbecile. Perhaps you are a bit of both?
Earning less than minimum wage? Where did you get that?
I guess what they gain in not having to pay tax on the BIK can go towards their parking costs – or bus fares – or buying a bike and losing some of their fat. Should be grateful to have jobs that pay enough to run a car.
Is that u enda?
You really think they were paying BIK?
I wonder will that include managment aswell…. id very much doubt it!
it does. Well it did when I was a manager with them anyway. We were all told to park elsewhere. But ignored it.
Dunne’s have been known to treat their workers very badly. The sad thing is they are one of the only a few Irish stores around these days. Now that we Have Tesco’s , Aldi and Lidal people have a choice, So Dunne’s would want to have a good look at themselves.
Margaret Heffernan is Monty Burns.
Bet the Benmeister provides parking for his employees at the gym.. #Oldskool
Apparently back in his day the staff were treated like royalty. High wages and all kinds of perks. Some of the management are on ridiculous money, from “Ben days” contracts (Ould Ben was much the same before too, they say.)
But things apparently went to the polar opposite with his departure.
But of course the economic downturn, the new competitors in the market and all that would have meant a lot of penny pinching.
I used to get €400-€500 (after tax) in Christmas vouchers off them. Afaik that’s still there. The temp staff for Christmas get nothing though, which is a bit of a sly one.
I thought as a company they were grand to work for. I wouldn’t be giving them any employer awards now, but I got paid decent money, some arrogant managers, some sound – like any job, I suppose. If you just do your job, listen to instruction and get in with it, it’s not too bad.
Alot of money to pay for parking on low wages. At least the will be healthier with a ten min walk to the car
I would find it hard to get worked up over this. It would be a silly company that would prioritise staff parking over customer during the Christmas season.
What next employers should buy employee a house and come round and clean it too- these unions are predictably pathetic
I think you win hands down Kenneth for your pathetic trolling attempts.
Yeah Kenneth you’re a shitehawk, pure and simple
If ever there was a prime example of pretzel logic, this stinking red herring you posted has to be one.
Hey Kenneth look up the Chicago martyrs, Obviously he is just trying to get a rise out of people, but hey if you don’t like unions don’t join one or look for them when you have a problem. Just suck it up and keep the head down and blame them for everything. And a great idea would be everybody against unions who don’t want to implicate themselves in bettering their workplace could volunteer to give up all those nasty perks like health and safety, breaks, 12 hour rests between shifts, paid holidays and go back to working 14 hour shifts.
Bunch of cry babies, anywhere I’ve worked before hasn’t provided any parking and I’ve had no problem making an effort to either get public transport or park the car somewhere else near by. They aren’t obliged by law to provide parking facilities. Also I agree with someone else’s sentiments (even if it did sound harsh and I can’t remember who it was) the organisation is run primarily for it’s customers, these people are lucky to have a job at present so instead of whining about a perk they weren’t really entitled to in the first place they should just suck it up and get on with it
Fine Gael would love to employ someone with your mentality,,,if someone was employed with a disability, would your ethics be the same also
Yes but Dan you live in Dublin. You may or may not know that there are other counties outside of Dublin that don’t have public transport. My local Dunnes doesn’t have anywhere else near by where the workers could park their cars. If employees are expected to pay for their parking they should at least be given subsidised rates-over Christmas they could be there for 10+ hours and in bigger shopping centres that can be upwards of €20 a day.
Your attitude Dan K. and a few others who have posted here, is the very reason this country is in the state it’s in. Abusing people who try and better their working conditions. Accepting a draconian style of management as the norm. It is dehumanising people’s labour. An organisation like Dunne’s is run for PROFIT not it’s customers. The only thing that matters to organisations like Dunne’s is the bottom line.
Customers can show some positive support to staff here by refusing to shop there if they do not back down on this mean plan. I for one will be watching the situatuion and if it is not sorted in workers favour then my money will go elsewhere.
Yeah, then staff on flexi contracts will get less hours if the shop is doing less business, good plan
Dunnes stores / Charlie haughey type running of this country should now be a part of the past, it’s what has fecked up most of it. Taking away small things for people already on a small wage will only make the dole wine more appealing. And as for the unions I’d like to see the country without them… 1800′s slavery anybody!!!
”Dole que ”
Dole wine, great idea!
It’s not exactly the closing of the mines is it?
maybe its not about walking, etc – but where they might live – is it SAFE to walk at certain times? Is it possible they have to walk a busy road with no footpaths, etc. It was safer to walk, etc years ago – but nowadays – seems that there are a lot of troublemakers out there to cause harm. What happens if one of those female workers is walking home and gets attacked?. Maybe throw a self defense course in since they are taking the parking away!
what happens if one of those female staff members from the pub that just shut a 3 is walking home/to their car…which they would have paid for up until the pay/display curfew? or for any one who might have been working in one of the other shops in a Dunnes supported shopping centre…free parking is a luxury not a right…dpn’t you think? Esp. were there are alternative means of travel.
Dunnes are cutting off their noses to spite their faces,,,,,both the time of year and impending weather conditions, and the recession will either prevent staff from getting into work at all,,,or they may run late,,,,this in turn has a knock on effect on the company and the customer,,,,in general dunnes stores is not emplyee friendly, and i have witnessed this a couple of times while shopping,,,,,i dont think it is too much to expect a place to park, especially as there are a lot of women who work there, who would be left vulnerable walking to or from work in the dark in bad weather conditions in isolated spots, running the risk of being mugged
Never shop in Dunnes again.
Dunnes workers…. Two plus two is four, Two plus two is four!
Troglodyte.
It’s ridiculous to expect this of any staff; management or otherwise. They enforced that bullshit last year too, but I ignored it after about 2 days and used the carpark anyway.
Gob shites .have they no flipping brains.
What’s funny is Bar/Nightclub staff (amongst other professions) have been paying for parking for years, it is par for the job…the only thing I find ‘shocking’ about this story is that the Dunnes staff had free parking in the first place. It is paid parking in my place of work with clamping in affect, so staff alike have to pay for parking. The union will have a fun time trying to get the average Joe on their side for this…like the bus driver debacle.
Of coarse the reference to Bar/Nightclub staff is the ridiculously late hours they work, sometimes getting off work at 3 (if lucky) or 4 in the morning and walking to their car which is in paid parking!
Alot of the paid parking in Dublin ends at 7pm. Shop around and you’ll find a spot.
Generally in bigger towns if there is a car park near Dunnes it might be owned by local council . If this is the case I’m sure it’s possible in some cases to buy a monthly parking ticket . This can represent great value at a little over €1 per day over the month. I’d say the vast majority of retail workers and workers in General have to organise their own parking so why not Dunnes workers? Customers ultimately pay their wages so they should be offered these parking spaces in question
and if there isnt a car park owned by the co. council nearby ?,,,and if there was, most authorisations to use co. councils properties are long winded and time consuming
Most People have to pay for parking if they work in a town or a city. Staff parking really is a luxury.
Get the fecking bus!!!! People have a job and they still bitch and moan??
This is the most common sense filled comment I have seen on here. Good work.
Not everywhere in Ireland has subsidised public transport like Dublin.
I think Dunnes maybe breaking the law. When I was employer one of the criteria was to provide parking at my employees place of work. Is this different for supermarkets?
They dont have to provide parking facilities. No employer has to. Someone fooled you big time.
Just park at Tesco, Lidl or Aldi.
Is it’s a done deal ?
“Light said the move also raised health and safety concerns as many Dunnes workers — a large proportion of whom were women — could start shifts as early as 6am and finish as late as 11pm.”
Good to see the Union promoting Sexual inequality.
if Dunnes was to differentiate between the 2 sexes they Union would have them up in front of the labor court.
just wait till the first dunes employee is attacked for having to walk further for their car or walking home due to this .the company will be responsible and will find itself in court very quickly
HOW will the company be responsible?! I know of very few retailers who provide free car parking for their staff, Dunnes Stores employees have been very lucky thus far to have this resource provided for them.
@Lara The company more than likely wouldn’t be responsible in any court of law, but the court of public opinion would probably reach a different verdict.
Well Done the management of Dunnes Stores ……………….Really great P.R. exercise coming up to Christmas ……..You deserve all the derision you will receive , how utterly anti employee friendly you have proved yourselves to be ! Though not totally surprised ………………..Management IDIOTS !
If I had to pay loads to parking my car each day, I would see why should dunnes workers get it different from me. But I worked for dunnes years ago and they would push there staff hard. I only guess even harder now and some of the dunnes stores are out on the edge of towns where it was cheaper to build but would have little or no public transport services
Very simple no one report for work until the car parking issues. are sorted.
Great idea and then fire them all for not coming to work and give the jobs to others!
Would suggest boycotting Dunnes only for it would affect the workers
its cheaper to park your car in HOLLYWOOD than it is in Dublin city?????
I worked for Dunnes as a manager for 4 years before being shafted and hung out to dry by some little brain dead general manager some of the management are typical of the Dunnes mentality, they use bullying and intimidation to keep you in line, i stood up to them and ended up out of a job just before christmas, but it cost them a lot of money in the end, but it seems nothing has changed, how come the people who run this company never question why so many managers leave,
I worked in Dunnes as a manager for several years. Staff or management were never allowed to use the carpark!!
Free 2 hour parking in Carrickmacross.
Ridiculous carry on considering a lot of workers living rurally with less frequent or no public transport in places. How can you expect them to pay extortionate figures for parking? It’s ok for the better off career so and so’s but Dunnes are paying minimum wage and would have a good few staff on flexi contracts, not all of them live near work.
Won’t be worth their while working. Also say this as a former Dunnes staff member. I was lucky enough to live near the Dunnes I was in so I didn’t have to bother with a car. It’s just another slap in the face for the worker from a greedy company.
I’ve worked in Dunnes for 20 yrs and it was part of d perks of d job that we get free parking… The issue is 1 of principle rather that d cost… If we don’t park for d Xmas trading period which we have been told is from this Thursday – Stephens day then slowly it will be Easter trading weekend trading ect till there no parking permanently …
Dunnes only care about the money money money. This is coming from HQ not individual store managers. They don’t care how u get there, no matter what the time. It can b a lot later than 11pm that they close and some 24 hr. Where DO u park? The local housing estates don’t want people parking there. The buses don’t run n d middle of the night when some people finish.
This kind of carry on from Dunnes Stores doesn’t surprise me. They are one of the worst companies I’ve ever had the misfortune of working for. I see that they still treat their staff with utter contempt, some things never change.
would never happen in the public service
Paid parking on the way in UCD for all, including the many seemingly ‘undetectable’ park and ride merchants……they’re looking for 50c an hour apparently to offset for bad planning and a myriad of muddle management league table pushers……watch that space, lest a ready made meter appears….post haste!
it customer parking no employee parking.why dont the union do what they do best and go on strike that way they will be all out of a job and the parking issue will be sorted.dont like dunnes much but its there customers they have to provide parking for not staff
Very few employers actually provide this perk, so look at what the staff have saved over the years. Having worked in different parts of Dublin city, I made it my business to find the free spots nearby. Of course, the staff could also try this; don’t pay for on street parking and then hang on to the little red pouch proudly awarded to them, these can be reused each morning and the warden will walk on by, whether it’s because he doesn’t realise or applauds the genius, I don’t know. We all hate paying for parking, but mostly me.
Welcome to my world i have to pay for parking 5 or 6 days a week so i dont have much sympathy as i have to use my hard earned cash to pay for it too. No allowances there.
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