Lough Derg: the spirit of a holy place

IMAGE Wednesday, 04 April 2012
A small island in a lake called Lough Derg is one of the most famous of Ireland's places of pilgrimage. About 35,000 pilgrims come to it each year intent on doing penance for their sins or seeking divine intervention in their lives. Read More...

Nantes-Brest Canal, Brittany's popular leisure waterway

IMAGE Friday, 07 October 2011
The Nantes-Brest Canal is a 364 km long waterway connecting the city of Brest, on the west of Brittany, to the city of Nantes in the south east. Read More...

The shrine of the Cailleach at Glen Lyon

IMAGE Wednesday, 07 September 2011
Each year, in one of the most remote areas of Scotland, a family of stones are brought out of the house in the spring and returned to the house for the winter. The tradition stretches back thousands of years and the site is believed to be the only surviving shrine to the Celtic goddess Cailleach. Read More...

Newport Celtic Festival and Highland Games, Oregon

IMAGE Tuesday, 17 May 2011
A cultural celebration of the seven Celtic nations, the new festival on the Oregon coast features Celtic music, dance, food, drink, crafts, vendors, kids events, family histories and Highland Games. Read More...

World's largest tidal power project

IMAGE Thursday, 07 April 2011
The world's largest tidal stream energy array will be built in the Sound of Islay on Scotland's west coast. Read More...

Wales' new devolution settlement

IMAGE Thursday, 03 March 2011
Following the 'Yes' victory in the 3 March 2011 Referendum, Wales will now be able to pass its own laws in twenty policy fields. Read More...

The Giant's Causeway, a UNESCO World Heritage Site

IMAGE Thursday, 03 March 2011
The Causeway Coast in Northern Ireland has an unparalleled display of polygonal columns of basalt rock resulting from a volcanic eruption 60 million years ago. Read More...

Irish Government to inject more funds into bailed-out banks

Minister for Finance Brian Lenihan announces a harsher Budget in December than originally planned.

Minister for Finance Brian Lenihan announces a harsher Budget in December than originally planned.

The Irish Government confirmed on 30 September 2010 that further public funds will be given to bailed-out banks Allied Irish and Irish Nationwide.

Allied Irish Bank will receive €3bn in additional funds and Irish Nationwide will get a further €2.7bn from the State.

Finance Minister Brian Lenihan also disclosed that the cost to taxpayers of sorting out the State rescued Anglo Irish Bank would be about €30bn.

It is that the estimated final cost of repairing the Irish bank system could come to €46bn.

The figures unveiled by the Government mean an increase in Ireland's deficit to 32% for this year.

Mr Lenihan said the proposed spending cuts will have to be increased, and a harsher Budget than originally planned will have to be implemented in December 2010.

The Finance Minister issued a statement in which he said that greater certainty on the final costs of repairing the Irish banking system would provide reassurance to the international markets.

Market analysts and Eurozone finance ministers welcomed the figures, saying they were a helpful clarification of the situation in Ireland.

The Governor of the Central Bank of Ireland Patrick Honohan confirmed that the latest injection of funds into the Irish banking system could be achieved without external help.

The Irish Government insisted that the current level of State support to the nationalised banks remains manageable, but opposition parties said the Government's economic policy had failed.

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Celtic Countries is the online magazine for people who enjoy the Celtic nations, their natural splendour, culture, and lifestyles.

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