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Liberal media hiding vital information

first_imgCategories: Letters to the Editor, OpinionI am a little up set with the paper this morning [Feb. 3]. After a major news story broke yesterday [Feb. 2] with the GOP document being released, your front page led off with the flu cases on the rise. If I didn’t stop to read the small print, you would have never known that the Democrats tried to pull a fast one on the American people. It’s a shame that all news outlets are in bed with the liberals. Upstate New York is more Republican then you think. It’s only our inner cities that are liberal. But we are slowly chipping away at that. But as long as they have outlets like yours to try and bury it in small print, it only makes it a little harder.Steven Santore Sr.Ballston SpaEditor’s Note: The 1,033-word, three byline article appeared on the front page, above the fold, with a 40-point headline and two photos.More from The Daily Gazette:EDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Urgent: Today is the last day to complete the censusGuilderland girls’ soccer team hands BH-BL first league lossEDITORIAL: Thruway tax unfair to working motoristslast_img read more

KSA sanctions Royal Panda and LeoVegas over online offering

first_img Kambi takes full control of LeoVegas sportsbook portfolio August 26, 2020 Related Articles LeoVegas hits back at Swedish regulations despite Q2 successes August 13, 2020 Share StumbleUpon Dutch gambling authority Kansspelautoriteit (KSA) has sanctioned both Royal Panda and LeoVegas after the two operators were found to be offering games of chance to consumers within the country.The KSA emphasised that “online gambling is currently prohibited”, and subsequently handed Royal Panda a €400,000 while LeoVegas was issued with a fine of €350,000.The fines follow on from research carried out by the KSA during the latter half of 2018 and early 2019, which revealed that the two gaming operators, “despite this prohibition, still focused on the Netherlands with their offer.”As part of the ruling, it was emphasised that both companies were accessible to the public via a Dutch IP, as the KSA offered examples of actions that constituted the receipt of the two penalty fees, including the option to wager using the Dutch iDEAL payment method.Both sites also offered a number of games of chance to the public, which including sports betting, casino titles and virtual slot machines.Earlier this year, Kindred Group was fined €470,000 by the KSA after it was found to be in breach of the legislative terms set by the ‘1964 Gambling Act’.Kindred explained that the KSA had  sanctioned the penalty to its Malta-based trading subsidiary Trannel International Ltd for accepting wagers from Dutch customers in violation of 1964 Gambling Act regulatory provisions.As it stands under Dutch legislation, all physical or online gambling offerings are illegal with Holland Casino the only exception. Providing an update on the impending change to Dutch law the regulator commented in a media statement: “In February this year, the Senate passed the Remote Gambling Act (Koa). The law is currently being worked out in more detail. It will soon be possible to obtain a license under strict conditions for offering games of chance via the internet. Supervision is then possible, allowing players to play protected. “The Ksa takes action against illegal gambling providers because there is no check on the fairness of the game. It is also impossible to check whether vulnerable groups, such as minors, are being excluded from participation.” Share Submit Björn Nilsson: How Triggy is delivering digestible data through pre-set triggers August 28, 2020last_img read more

DAIL DEBATE: MINISTER NOONAN’S SPEECH TO TDs ON EURO-BANK DEAL

first_imgIN his speech to the Dail, Finance Minister Michael Noonan explained why he is winding up IRBC – Anglo Irish Bank.This is what he told the Dail in the late night debate:A Cheann Comhairle, I move this Bill to be read a second time. I would like to thank you all for your attendance at such short notice.As I have consistently informed this House, the Government has been in ongoing discussions with the European Central Bank to reach an agreed position on resolving the Promissory Note satisfactorily for all sides; the Irish State, the European Central Bank and the Eurozone.As many Deputies will have noted from this evening’s media commentary, the ECB is considering a proposal from the Government as part of these ongoing discussions. In the discussions with the ECB it was envisaged that the first step would be the liquidation of IBRC and the sale of its remaining assets to NAMA or other market purchasers.As soon as the information relating to the proposal to liquidate IBRC was made public, there was an immediate risk to the bank. Given this position, I as Minister for Finance, took immediate action to secure the stability of the Bank and the value of its assets, valued at €12 billion, on behalf of the State. To this end, I vested the powers of the Board temporarily in an employee of KPMG and a KPMG team is now in control of the Bank on my behalf.The Government has met in the last hour and approved this proposed legislation for presentation to the Oireachtas. What will happen to IBRC?Once the legislation is passed joint Special Liquidators will be appointed to IBRC with immediate effect to wind up its business and operations.It is intended that the net debt owed by IBRC to the Central Bank and its associated floating charge security will be purchased by NAMA, using NAMA bonds, in a way that ensures that there is no capital loss for the Central Bank.The Ministerial Guarantee underpinning the net debt owed to the Central Bank will also be transferred to NAMA. Eligible depositors, bondholders and counterparties will be repaid under the Deposit Guarantee Scheme and Eligible Liabilities Guarantee Scheme. There is also a Derivatives Guarantee in place. As is common in liquidations, all employment contracts in IBRC are immediately terminated, but the Special Liquidators have indicated that the majority of staff are likely to be re-hired to assist in the liquidation on such terms and for such duration as the Special Liquidators may designate.As indicated, the IBRC debt to the Central Bank, which is intended to be purchased by NAMA, is secured by a floating charge over the assets of IBRC and a Ministerial Guarantee.Following an independent valuation process, the Special Liquidators will sell the assets of IBRC (which are subject to the floating charge) to third parties at or above their independent valuation and failing that, the Special Liquidators will sell the assets to NAMA at their valuation price.The proceeds of these sales will be used to repay creditors in accordance with normal Companies Acts priorities, so that preferred creditors, including employees would be paid first, and then the IBRC debt to NAMA would be paid under the floating charge. To the extent that there are proceeds available after repayment in full of the NAMA debt, these proceeds will be applied to remaining unsecured creditors who have not been paid under the guarantee schemes (which, for clarity, do not include the Deposit Guarantee Scheme). These remaining unsecured creditors will include the Minister to the extent that he has paid out under guarantee schemes. Similarly, if the proceeds are not sufficient to pay IBRC’s debt to NAMA, the shortfall to NAMA will be met by the existing Ministerial guarantee.The remaining subsidiaries will be wound up or sold by the Special Liquidators to optimise value, and once all of its obligations are resolved, IBRC will cease to exist. Main Provisions of the Bill I will now go through the sections of the proposed Bill. Section 3 sets out the purposes of the Act.Section 4 provides that the Minister will make a Special Liquidation Order in respect of IBRC.Section 5 provides, among other things, for the publication of the Special Liquidation Order.Section 6 provides, amongst other matters: (i) for an immediate stay on all proceedings against IBRC, (ii) that no further actions or proceedings can be issued against IBRC without the consent of the High Court, (iii) that no action or proceedings for the winding up of Red, or the appointment of a liquidator or an examiner can be taken, issued, continued or commenced, (iv) for the removal of any liquidator or examiner appointed prior to the Order, and (v) that the order constitutes notice of termination of employment for each employee with immediate effect.Section 7 provides for the appointment of the Special Liquidators.Section 8 limits the power to grant injunctive relief in certain proceedings.Section 9 provides that the Minister will issue instructions and may issue directions to the Special Liquidators and requires the Special Liquidators to comply with such instructions and directions.Sections 10&11 deal with the application of certain sections of the Companies Acts and Central Bank and Credit Institutions (Resolution) Act 2011 in the context of the winding up.Section 12 provides for the sale or transfer of assets and liabilities in IBRC.Section 13 provides that the Minister may give directions in writing to NAMA in relation to: (i) the acquisition by NAMA of the debt of IBRC to the Central Bank; and (ii) in relation to the purchase of assets of IBRC from the Special Liquidators.Section 14 provides that the Minister shall direct the Special Liquidators in respect of the independent valuation of the assets of IBRC prior to sale;Section 17 provides that the Minister may issue securities.Customer ImpactThe decision to liquidate IBRC is unique to IBRC and does not affect other banks. In the case of IBRC, the vast majority of IBRC’s deposit accounts moved to AIB and Permanent TSB last year and they are unaffected by today’s announcement.Deposit accounts that were retained in IBRC are generally associated with a wider ongoing relationship with the bank. It is important to state that all eligible deposits up to €100,000 for an individual and €200,000 for two individuals holding a joint account in IBRC are protected by the Deposit Guarantee Scheme in operation in the State and eligible deposits beyond this limit are guaranteed under the Eligible Liabilities Guarantee Scheme.It is critically important that deposit account holders, mortgage account holders, and those indebted to IBRC understand that their situation following the liquidation should generally remain unchanged. If deposit account holders have any concerns they should make contact with the operators of the relevant schemes. Contact numbers are available on the Department of Finance website.Staff ImpactsI wish to emphasise that the reason these steps are being taken is entirely distinct from the performance or direction of the Board or management of IBRC. It is simply compelling in the larger public interest to now take this action and the Government has made its decision on that basis alone.I want to acknowledge, with much appreciation, the significant efforts the directors and staff of IBRC have made to the stabilisation of, and maintenance of value in, IBRC.I regret the abruptness of how this decision is communicated to the management and staff, but due to the scale, sensitivity and complexity of the economic issues involved, it was necessary in the public interest to keep the matter confidential until now.Unfortunately, as is common in liquidations, all employee contracts will be terminated on the winding-up of IBRC. However, it has been indicated to me that the majority of staff will, if they wish, be re-hired for the purposes of the orderly liquidation on such terms and for such duration as may be determined by the Special Liquidators.Employees will rank, in the normal way, as preferential creditors ahead of NAMA and unsecured creditors in respect of certain amounts owing on a winding-up, including accrued wages, salaries, holiday pay, sick pay, statutory redundancy, pensions contributions and claims for damages arising from accidents.I understand that this announcement will come as quite a shock to employees of IBRC and to some of those who do business with the bank and the Special Liquidators will be instructed to handle that as well as possible in the circumstances.ConclusionI would have preferred to be introducing this Bill in tandem with a finalised agreement with the European Central Bank. However, I understand that the European Central Bank will continue to consider the proposals made by the Irish Government tomorrow.I commend this bill to the HouseDAIL DEBATE: MINISTER NOONAN’S SPEECH TO TDs ON EURO-BANK DEAL was last modified: February 7th, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:DAIL DEBATE: MINISTER NOONAN’S SPEECH TO TDs ON EURO-BANK DEALlast_img read more