1,040 Waterford Glass jobs may go: SBP

According to tomorrow’s SBP all manufacturing at Waterford Glass will come to an end if the government does not provide an E30million credit note to keep the remaining 550 employed in Waterford. A redundancy package for 490 employees has been agreed in recent weeks. If the government does not provide the credit note then the remaining 550 jobs may go to Eastern Europe. The government have considered the request.
I would have thought that EU State Aid rules would apply here but the article makes no mention of this?

Are you a journalist in the SBP?

No.

Can Waterford actually be saved or is this just putting off the day of reckoning for another day?
Why €30 million from the taxpayer considering Sir Sleaze O’Reilly’s net worth?
I thought their main market was the United States - how are they going to compete against a weak dollar and falling American consumer spending due to recession?

Totally correct GB.

The only way for this outfit to survive is as a small artisan business. It’s a good brand, but that’s all.

What does it say about O’Reilly that he has to go to the government to go banker in effect. Whats wrong with his assets that a commercial lender will not accept as adequate security? Or is this just an attempt to evade the interest costs on the E30million. Guess who Sir AJF O’Reilly had over to dinner prior to the election when the Indo Group gave FF all that soft coverage? You guessed it - Brian Cowen. Payback time?

Waterford is being destroyed by job losses
poster boy for the burst- possibly a candidate
how many properties for sale in the city now last time i checked BEFORE the election it was over 1,000
At the time I reckoned if FF got hit anywhere it would be here how wrong was I

Oh look: Martin Cullen’s constituency.

Between Waterford glass and WIT’s quest for university status (not to mention his incompetence as Transport Minister), he’s for the cauldron.

Can’t see him being a Minister in the next cabinet re-shuffle.

You’d think that a billionaire owner of a business would fund this shortfall himself, but then that’s not how you become a billionaire. The phrase ‘socialism for the rich, capitalism for the poor’ is apt here.

I know quite a few FG people down there who vote for Cullen as they believe Waterford needs someone at cabinet. The City is in big trouble, the bust will be severely felt down there. It will be quite sad if this Glass factory goes but in all truth it is not economically viable anymore. I have advised some people down there to slash their prices if they want to sell but unfortunately my advice has generally gone unheeded and the properties remain on the market.

I agree that it is a great brand but unfortunately I can see a future for manufacturing in a country with costs like Ireland. The only real help that a government can provide for a company like this is to make sure inflation is kept to a minimum and that workers do not need large pay increases simply to survive. What’s often forgotten in this housing bubble is that wages have to increase to pay for these vastly overinflated prices and it is killing competitiveness.

daftwatch.atspace.com/daftcounty_12.html

daft.ie/1344513

hmmn can get a 1 bed in Waterford city now for 127,000euros

The city itself has 1200+ properties for sale

Absolutely crazy.

Hey in a “normal market” should there be more properties for rent than for sale or should it be equal I imagined less ?
All across the board on the irish property market the number available for rent in a tiny fraction of the number for sale

Total properties for sale in Waterford county just above 2500
Total properties for rent in the county is just above 250

I was listening to some chap make a case for Waterford to be a university on Newstalk on friday.

He said it would create 2000 direct jobs.

Most of them, I presume, would be public service? Or am I missing some massive spin-off benefit of universities that eluded me all the time I was there (surely he doesn’t mean student landlords??).

Prices for 3 bed semis in Waterford seem reasonable by Dublin standards. But what I cant understand is why detached houses around Waterford are still asking big money

How long will they keep that asking price before they realise there is no one out there who has that kind of money.

that link is astounding

nearly a million - nothing exceptional about it - nice house but its not a mansion
lets travel a few miles out side the city and check out the commuting country side

daft.ie/1305286

or

daft.ie/117186

so for 30 grand more you upgrade from a big empty field to a 2bed semi

prices across the country have huge adjustments to make
This is such a slow process Im seeing things up for sale for nearly 2 years with barely a budge in price .

LONG DRAWN OUT = MORE UNEMPLOYMENT AND A HARDER RECESSION

There are 439 properties in Waterford with asking price greater than €500,000.
Id be interested in knowing how much debt the people of Waterford are carrying and how prepared they are for a recession. They seem to be partying like crazy down there.

I dont understand why people have not been taking advantage of the celtic tiger to sock away money. Instead theyve been loading up with debt.

Because the celtic tiger was going to last forever,it said so in the newspapers,the rainy day was never going to come :unamused:.

So when exactly does the knowledge economy kick in? It should be around now IIRC.

the best is yet to come :wink:

El stuntman said

I agree totally, with the amount of property for sale when the bust does hit the bottom people will be slashing prices or going broke with high interest rates and no job prospects, its gonna be awful hard to watch. :unamused: