Enforcement authority's costly INM probe leaves unanswered questions
Corporate Enforcement Authority (CEA)
, is facing an onslaught of criticism from businessman
Denis O'Brien
and his ally
Leslie Buckley
over the Independent News & Media (INM) saga.
O'Brien was formerly INM's main shareholder and Buckley represented his interests as chairman. On Thursday, Drennan said no enforcement action will be taken on foot of a High Court report on INM one year ago.
Inspectors found a major data breach in INM, now Mediahuis Ireland, did not violate company law. Enforcement action was never going to follow that. But the CEA waited 12 months to say it. Although the inspection cost the State €5.82 million, O'Brien and Buckley said all-party costs came to €40 million. These are enormous sums.
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Leslie Buckley questions way that corporate enforcer investigated INM saga
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Drennan ran the CEA's predecessor – the Office of the Director of Corporate Enforcement (ODCE) – when it went to the High Court in 2018 seeking an inspection. At issue was alarming evidence of a covert 'data interrogation' on emails relating to 19 people within and outside INM, some of whom had come into conflict with O'Brien. An avalanche of litigation followed.
READ MORE
But for all the disquiet and concern, court inspectors said it would not be appropriate to 'speculate' on how the 19 names were included. That left the biggest question of all dangling. The INM-19, as the victims became known, are no closer to finding out why they were pulled into the web than at the outset. This remains the most disturbing aspect of the affair.
Now the backlash against Drennan has begun. O'Brien has attacked him, as has Buckley. They separately say his original investigation was severely flawed because all parties – themselves included – were not interviewed before he went to court. 'Mr Drennan's conduct showed little respect for due process, proper procedures or basic objectivity,' said O'Brien, questioning his suitability for the CEA role.
The CEA chief bet the ranch on this investigation. Now he has quietly closed the file. Does Minister for Enterprise Peter Burke have confidence in Drennan? 'Yes,' said Burke's department. But this has been a costly business for all concerned.
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Irish Times
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- Irish Times
Q&A: Unpacking Ryanair's revised baggage charges
Ryanair are allowing us to bring bigger bags on planes is it? It is. As it stands Ryanair passengers can bring a free bag measuring 40x25x20cm on-board and place it under the seat in front of them. Under the changes , the size of the bags permitted will increase to 40x30x20cm. That amounts to an extra 5cm along one side. Hmm, that doesn't sound like a huge amount? It is and it isn't. The enhanced size should allow you to bring a couple of extra T-shirts or maybe three pairs of rolled up socks on to the plane with you. Michael O'Leary has said it might even stretch to an additional pair of trousers too. READ MORE So, why are Ryanair doing this? The on-board baggage allowances of all airlines have been under scrutiny by law makers in the EU of late with members of the European Parliament pushing for changes that would force airlines to allow passengers to carry on two cabin bags at no cost. The European Commission has not gone that far but it has agreed a standard size of small bag, which is 40x30x15cm. Mr O'Leary said this week that Ryanair wants 'our personal baggage allowance, our free bag allowance to be bigger than the EU standard so we're moving ours up. We want you to have a big free bag but limit yourself to that one free bag and don't bring a second one.' [ Michael O'Leary calls for Ursula von der Leyen's resignation amidst French airport strikes Opens in new window ] Ryanair is not acting along. In what is considered a pre-emptive strike – the airlines' trade body, Airlines for Europe (A4E), which includes Ryanair, Aer Lingus, Air France and Lufthansa announced enhanced standards for a free under-seat bag that its members will roll out by the end of summer. And those are the dimensions Ryanair are introducing? Actually, no. The minimum dimensions proposed by the A4E are 40x30x15cm, it said – so Ryanair is actually promising slightly bigger bags. What do the A4E people say about the two free bags business? It is against the rules and has said it would strip passengers of choice and force services on them they don't need. As Ourania Georgoutsakou, A4E's managing director, put it recently: 'What's next? Mandatory popcorn and drinks as part of your cinema ticket?' . So when are the Ryanair changes coming into effect? The new free bag size is likely to come into effect before the end of the summer as the bag sizers it uses at boarding gates are adjusted to the new standard. Bag sizers? That reminds me, weren't there some issues around Ryanair bags recently? Oh yes. In recent months, this newspaper has highlighted the experiences of many Ryanair passengers who have been hit with unexpected charges of up to €75 at boarding gates after their bags – often bags they have used many times without issue – were deemed to be too big for the airline's sizers. Ryanair has insisted there has been no changes to how it polices carry-on luggage in recent months, and says while 'new stickers have been fitted to the front and sides of our sizers to show the exact permitted dimensions of our two bag sizes (40 x 20 x 25cm) and (55 x 40 x 20cm), [the] stickers show that our permitted dimensions are smaller than our sizers. Our sizers are, therefore, bigger than our permitted/agreed bag sizes. Only bags that do not fit within our sizers (and so considerably exceed our agreed bag sizes) get charged for.' So what is the policy when it comes to bags? It insists that its 'bag policy is simple: if it fits in our bag sizer (which is bigger than our agreed dimensions), it gets on free of charge. If it doesn't fit within our sizers, it will be charged. There has been no change in this policy for many years.' And more generally, what are the rules when it comes to bags? Passengers are strongly urged to check with airlines before they pack as it really does help to know the rules. Anyone looking to bring a 10kg bag on-board a short-haul Aer Lingus flight must book 'carry-on bag with priority boarding' at a cost of €9.99. But 10kg bags can be checked in for free. If you show up at the boarding gate with your bag without paying in advance you will be charged a €35 fee. Checking in a 20kg bag is between €25 and €55 depending on the length of a flight. Checking in a 40kg spread over two bags costs between €65 and €85. The excess baggage rate charged by the airline is €10 per kilo over your allowance. Priority boarding with Ryanair gets you your 10kg on board bag for 'free' – although remember, if it is deemed too big, you will pay through the nose If you check it in, it can cost between €9.49 and €44.99, depending on the time and distance of the flight. A 20kg checked-in bag with Ryanair costs between €18.99 and €59.99. The pricing for excess baggage is €13.99 per each added kilogram.
Irish Times
4 hours ago
- Irish Times
Are prize bonds still a good investment?
I have been a steady holder of prize bonds over the last number of years, and, together with winnings, have built up a fair amount. A few months ago, State Savings changed their policy by introducing larger prizes each week. (€50,000 each Friday, with €500,000 on the last Friday of the month). This has reduced dramatically the number of winners, and it has become like a lottery, except you do not lose your money! This has probably been further influenced by interest reductions. State Savings also started to notify winners by email, as well as sending winnings by mail the following Tuesday/ Wednesday. I am disturbed to see emails used to be sent at 2.40pm on the Friday, but now have become totally irregular, sometimes taking a few days. READ MORE As this prize-winning has become a lottery, are there independent observers as for the National Lottery, and previously with the Irish Sweepstakes? In addition, has the holding of brize bonds, lost its attractiveness? Mr M.T. Are prize bonds a good investment? That seems to be the kernel of your query. To be fair, your personal experience, at least until recently, appears to suggest they have been for you. I'm not sure that's a universal view. Certainly, in recent years, prize bond investors have been voting with their feet and walking away. Figures released a couple of weeks ago show that just shy of €351 million of new prize bonds were sold last year. That's a sharp 28 per cent fall on the previous year. That 2023 figure was itself down 20 per cent year-on-year and annual sales are now less than half the €735.7 million sold at the company's peak during Covid in 2020. An even bigger number came from people selling their investments. Requests for repayment came to €538.2 million last year. That is up just over 1 per cent year-on-year but 90 per cent up over the past five years. Having fallen for the first time in a decade in 2023, the overall prize fund fell for a second successive year. For all the company's guff about the figures 'reinforcing the product's long-standing appeal as a unique and secure savings choice', they're clearly worried. The number of prizes awarded last year was up more than 53 per cent and that followed a 31 per cent rise the previous year. There was an even bigger jump in the value of those prizes – 89 per cent last year on top of a 51 per cent rise in 2023 – bringing them to a level not seen since 2012. You talk about changes in the prize structure but those are not that recent. They date back to October 2023 and in fact the number of prizes on offer has increased sharply in recent years as you can see above. The key factor affecting the number of prizes is not the headline figure for prizes at each level but the interest rate that determines the size of the prize fund. This is currently 1 per cent – hardly over generous but almost three times the 0.35 per cent rate that applied immediately before October 2023. The other factor, obviously, is the size of the fund and that, as the figures show, is falling in recent years. Essentially, 1 per cent of the fund is given in prizes each year. As the top prizes – €500 and above – are set, the real difference is in the number of €75 prizes drawn each week. So, what are your odds? With 713.6 million prize bonds in issue at the end of last year, your chances of winning a prize in any draw is comfortably more than 20,000/1 – on the basis of the minimum investment in bonds of €25 for four €6.25 bonds. Winning the weekly jackpot is a 178.4 million-to-one shot. For comparison, the chances of winning the jackpot in the Lotto since 2015 when it was expanded to 47 numbers is one in 10.74 million – although, in fairness, as least you do not lose your stake with the prize bonds. Clearly, the more bonds you hold, the better the odds, though they are still fairly daunting. If you don't win, you do have the right to get your investment back at full face value but it will be worth less than when you bought those bonds due to inflation. Inflation over the past five years in Ireland means that the €25 you choose to withdraw this year by redeeming that minimum level of prize bond investment is worth just €20.20 in buying power – barely 80 per cent of what it was if you bought those bonds back in 2020. If you bought the bonds back in 2000, your €25 is worth just under €15 in terms of 2025 prices. So for the hundreds of thousands of bondholders who do not win a prize, this is a poor investment. If that gives the impression that I'm not a massive fan, you'd be right. Unless you are averse to taking any level of risk at all, you'd be better looking elsewhere. Even the risk-averse can get a better return on their cash with other State Savings options – unless they're lucky, and then we're back to the Lotto analogy. Oversight As to oversight, the Prize Bond Company is apparently a joint venture between An Post and Fexco to run the scheme on behalf of the State – or more precisely the National Treasury Management Agency (NTMA) , which is the State agency charged with managing the State's debt. An official from the NTMA oversees each weekly draw, which is done electronically – with the numbers generated randomly – and the results of those draws are apparently then analysed by another company that specialises in statistical and data validation, according to the Prize Bond Company. At the time of writing, the most recent draw was the last weekly draw in June when there were a total of 8,823 prize-winners who shared almost €1.24 million in prizes. Obviously this was skewed by the monthly €500,000 win. The prize fund in other weekly draws is just shy of €740,000. Once a month (the final draw of the month), there is one winner of €500,000, as you say. Otherwise, there is a weekly winner of €50,000, 20 winners of €1,000 each, and another 20 who get €500. After that there is a much larger number of winners of €75. How many precisely is based on the size of the price bond fund. As of now, it is 8,781 winners each week. Prizes are paid into your bank account if that is the option you have chosen or, as a default, used to purchase more prize bonds. Part of the issue, especially for people with small holdings of prize bonds, is that they are passive investments, rarely looked at. The Prize Bond Company does notify winners by post and, more recently, by email but if you have not updated your details with the Prize Bond Company – and especially if the bonds were acquired before email details were relevant – any information about winnings may have gone to a long-irrelevant address and the bin. This is especially true, I'm guessing, for people who were not active buyers of bonds but who received them instead as gifts from family. Clearly, that group does not include you but, for other readers, that is why it is important if you own prize bonds to make sure the operators have your correct details. You can find and download a change of address/change of name form here . What happens any unclaimed prizes? After six months, they are put in a special fund of unclaimed prizes. A winning bondholder can still claim that prize at any time. At the end of last year, there was €3.4 million in unclaimed prizes. That might sound like a lot but when you consider that €45.6 million was issued in prizes last year alone and that the unclaimed prize fund dates back to 1957, it's clear the vast majority of prizes do find their way to the bond owners. You can check with the Prize Bond Company by phone or online and the site also has a Check My Numbers feature although this can be a little more finicky. So is it worth the investment? The bottom line is that the State is paying just 1 per cent 'interest' for 'borrowing' the money you pay for the prize bonds. And unless you're a winner, you're not even getting the benefit of any part of that 1 per cent. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to , with a contact phone number. This column is a reader service and is not intended to replace professional advice
Irish Times
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Irish Army Rangers board the MV Matthew in largest-ever drugs haul
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