The Finance Ministry and the Central Bank are proposing the creation of a bailout fund to bail out insurers under a proposed new resolution scheme for the industry, which would ultimately be financed by policyholders, according to the Sunday Times.
A consultation paper on the issue suggests that the central bank be given a much stronger hand in the matter when large insurers find themselves in receivership or liquidation, according to the report. It also proposes an overhaul of the existing insurance compensation fund.
Energy pressure could hurt the chances of the state’s Intel plant
The Republic’s growing energy infrastructure and waste-related challenges could reduce its chances of securing a new multibillion-dollar Intel microchip facility, according to the Business Post. Intel said earlier this month that the state is running for the plant, which could eventually lead to 10,000 jobs.
The report says Poland and Germany have been shortlisted alongside Ireland, but Germany is said to be in pole position to secure the facility due to energy supply issues amid rising centers data and increased electrification of the economy.
The state will import new electricity generators
The Business Post also reports that the Utilities Regulatory Commission (CRU) will write to Eirgrid this week to tell them to move forward with plans to secure hundreds of millions of euros of energy production from emergency for the winter of 2022-2023. It comes after efforts to secure generators for this winter were scrapped last month for a number of reasons.
Such emergency generators will be needed for a number of years as the state’s power sector tries to catch up with growing demand, according to the report.
Air traffic controllers warn of personnel crisis
As many as 160 Irish air traffic controllers have written to Transport Minister Eamonn Ryan warning him that the system is in crisis and personnel issues have led to an “increased risk of an air incident or crash”, reports the Sunday Independent.
The newspaper said traffic controllers claimed excessive reliance on overtime to keep the service running had become a safety concern. He claimed that short gaps in the list had the effect of temporarily affecting Cork and Shannon airports in July, while the closure of Dublin airport was narrowly avoided in August.
The Irish Aviation Authority told the newspaper it was refuting the allegations in the letter “in their entirety”.
Dublin-based fintech Scalapay reaches $ 700 million
The Sunday Independent also reports that Irish-headquartered Scalapay reached a valuation of $ 700 million (€ 597 million) in a $ 155 million funding round.
The new funding will help Scalapay, which is run efficiently from Milan, grow internationally and launch new products to support luxury, fashion and travel merchants.