Eircom now a British company

dahamsta

http://www.enn.ie/frontpage/news-9369358.html

The [Irish Times] says that the ownership of Eircom has been transferred out of the State to facilitate a EUR446 million dividend payment to its British, Irish and US shareholders. The former State firm is now owned by UK-based EUR2 shelf firm Valentia Holdings Ltd, according to documents filed with Companies House in the UK. Eircom's owners have based the shelf company in the UK in order to avail of less stringent company law in certain areas, which will allow a more flexible distribution of dividend payments.

MDR

me wonders aloud if it will be sold off anytime soon ... ?

me wonders aloud how they can approach COMREG saying they are strapped for cash and they pay a 446 dividend to their shareholders ....

Paddy20

If ever the Irish population needed proof that they were robbed of a public utility that relly beconged too all the citizens of Ireland. This is it!.

To turn what was an Irish owned public service vital utility in too a registered UK based off the shelf Company, purely for the benefit of its Directors and shareholders, is an insult in the extreme against the Irish people, Comreg, and our Government who appear totally helpless in the face of bunch of businessmen/women who clearly do not give a damn about providing a telecommunications FRIACO or fairly priced Broadband service, while doing everything possible to block other ISP companies from being able too offer the types of services they would like too make available to the Irish electorate!.

How long is this disgrace going to be allowed too continue. Decisive and immediate radical action is required NOW by and from our elected representatives.

Paddy20:mad:

MDR

Paddy20,

did that little rant make you feel better ?

Comreg, and our Government who appear totally helpless in the face of bunch of businessmen/women who clearly do not give a damn about providing a telecommunications FRIACO or fairly priced Broadband service

a little glib perhaps, when you consider that we have FRIACO because of various actions by the minister and COMREG, not to mention fibre rings etc ...

dahamsta

I should probably add that there isn't a whole lot of difference between Eircom being a shelf company in the UK and Eircom being a shelf company in Ireland. Let's be honest, only 4% of Eircom is Irish-owned at this stage, and if we take "Sir" TOR's dual-nationality into consideration, it's only 2%. The rest is owned by George Soros and his buddies in New York. In fact it would be more accurate to say that Eircom is owned by the banks George and his buddies borrowed from to pay for the bloody thing. Eircom isn't Irish, hasn't been since it was owned by the State. (When it went public, I believe most of the shares were owned by foreign companies.) It's just semantics, or more accurately, another part of the con.

adam

dahamsta

Not that I'm one to criticise someone taking Paddy to task, but...

a little glib perhaps, when you consider that we have FRIACO because of various actions by the minister and COMREG

And only five years too late.

not to mention fibre rings

We have fibre rings? Where?

adam

Paddy20

MDR,

Yes thanks, my little rant made me feel a lot better. You may find it of interest that my local radio station News bulletins are leading with a direct attack on Eircom for failing too make Broadband available and at a fair price up too date in West Donegal. They are also accusing Eircom for being responsible for the lack of investment in industry and therefore contributing significantly to the high unemployment figures in the area.;)

MDR

Not that I'm one to criticise someone taking Paddy to task, but...

Never one to miss an opportunity to anyone to task yourself Adam, eh ?

And only five years too late.

True, although in fairness COMREG (i.e. the new regulators not Ms Doyle) and Ahern weren't in there office five years ago, so I amn't really hold them to responsable.

Now before you start ranting about FF and Etain being in power five years ago, and them being ultimately responsible, these are facts I am very aware, but rehashing history gets us nowhere, in the here and now, I am much happier with the Ahern's/COMREG performance, than I was with the predecessors (thats no to say I think its perfect).

We have fibre rings? Where?

There are a couple finished already no, didn't Ahern not launch the Leitrim fibre ring recentily ? granted they have no 'management services entity' yet, but this is a major step in building independence from Eircom .....

Paddy20

For those who might like too hear independent local radio news, really putting the boot in to Eircom. You can hear the Donegal based news story on:- www.highlandradio.com

Main News bulletins at 1.00pm & 5.30pm, headlines only on the hour every hour.

Was the lead news story on Highland, but this can vary as the day and the news stories dictate. However, it should prove of interest too some. To hear Eircom being directly attacked on air?.. You can listen too Highland Online live, simply click on photo of the station on the website and then click the - listen live notice!.

Enjoy;)

El_MUERkO

[rant]The way Eircom was privatised giving the Irish public who bought shares in the company ZERO say in how it was run should have had people out hanging there TDs at the time.

I saw the ass f**k coming as did most reasonably infromed people, I told my grandparents not to buy shares and they didnt, luck for them.

I'm not suprised it ended this way.

Well I'm not voting FF for the rest of my natural life and I will chew the ear off anyone I know who does, they rode the back of a tech-wave-money binge (see NTL) that had nothing to do with them, all the time taking a healthy slice for themselves and their friends.

The bubble burst but FF and co managed to scrape back into power by lieing continously about the state of the country.

I swear if they get back in again I think I'll go red and start a revolution.[/rant]

dahamsta

I forgot about the employees Muck, thanks.

Mods, can you split off this crap about Comreg, the Minister and fibre rings please? It has fúck all to do with the ownership issue.

adam

Paddy20

Eircom now accused of NEGLIGENCE on Independent Radio News station!.

Highland Radio News in Donegal is broadcasting a story on their News bulletins which now accuses Eircom of negligence in not lighting up the fibre Broadband ring in North West Donegal!.

Listen to Highland Radio News bulletins on:- www.highlandradio.com

Paddy20.

N.B. I wonder why our National Public service broadcaster RTE News is not carrying this story?.. or is the answer too obvious!.

Dustaz

Thread split.


On topic, I find myself in shock here as i am 100% in agreement with Paddy.

It might be a case of semantics but as of now our national telco is an english company.

Think about that for a minute. The company that is responsible for at least 99% of the problem with comms in this country is English company now. What was the pride of national telecommunications a few decades ago is no longer even Irish. This is a massive PR oppurtunity tbh.


As to comreg and the minister etc, the fact remains that we have a badly retarded FRIACO service, a totally inequitable broadband situation and really NO hope in sight when it comes to wired comms.

So for once, i do agree with Paddys rant

BKtje

Quick Question...Since Eircom is now English who then is the largest irish Telco here? UTV i assume are also English, as are EsatBT(?). Good maerketing opportunity for someone to be the 'biggest' Irish telco?

Urban Weigl

It should not be the fact that Eircom are now British owned that should be pissing us off, but the fact that we are being royally screwed (no pun intended).

Seriously, to me it does not matter whether our national telecoms company is British, US or even Outer-Mongolia owned; what's important is that it serves our nation both as a company and in terms of providing services that will further Ireland economically and socially.

mike65

Originally posted by Dustaz


It might be a case of semantics but as of now our national telco is an english company.

Think about that for a minute. The company that is responsible for at least 99% of the problem with comms in this country is English company now. What was the pride of national telecommunications a few decades ago is no longer even Irish.

Perfidious Albion! 800 Years!! :mad: etc!
I am waiting for English prices tho....:eek:

Mike.

Paddy20

Urban Weigl,

With respect, and no offence intended. I would just like to point out that at another time in Irish history.

Literally and blatantly robbing and raping the Irish people and the Irish State of a State owned vital telecommunications service would have been viewed as a deliberate treasonable act, perpetrated against the citizens of the Irish Republic, and the consequences for both those who allowed this to happen along and those who carried out such an act.

Would have been swift, brutal and deadly?..

Perhaps all local and national public representatives, including our present Government Ministers should ponder this grim reminder!, and act now while they still have some semblance of a chance to regain a little respect from the ordinary citizens and Irish business community, all of whom are suffering the dire economic consequences of the ill thought out actions of those who have sold their souls for silver.

How sad for Ireland and its good people, the silent majority.

Paddy20.

PiE

While we here have known Eircom haven't been Irish for years, most people never gave the matter any consideration.

If we told the regular Joe in in the street that the national communications structure is now "owned by the English" it could rouse that old anti-brit gene and get them interested in the situation and hence, interested in IoffL's cause.

Appealing to the lowest common denominator is never pretty :]

dahamsta

I'm with Pie on this one.

adam /paints more placards

spongebob

Eircom is owned by an unholy alliance of New York Vulture Capitalists including that lesser liver spotted bollox O'Raleigh(Bart)

Together with

Biddy

all a Steaming under a British flag of convenience. I don't blame the Brits for this I blame Biddy and George Soros and the CWU and O'Raleigh(Bart)

The Communications Workers Union allowed all this to happen, lets get them bastards first ....they sold out to the both the Capitalists and the Brits should one wish to present the matter that way. Death I say!

M

Dustaz

Originally posted by PiE


If we told the regular Joe in in the street that the national communications structure is now "owned by the English" it could rouse that old anti-brit gene and get them interested in the situation and hence, interested in IoffL's cause.

Yeh, thats exactly what im talking about. Maybe we should all wear celtic jerseys to the agm

Capt'n Midnight

Eircom's owners have based the shelf company in the UK in order to avail of less stringent company law in certain areas, which will allow a more flexible distribution of dividend payments.

sixtysix

the workers flag is coloured red
it shows the blood
that they have shed


probably a Union Jack now.

jd

Originally posted by Muck
Eircom is owned by an unholy alliance of New York Vulture Capitalists including that lesser liver spotted bollox O'Raleigh(Bart)

Together with

Biddy

all a Steaming under a British flag of convenience. I don't blame the Brits for this I blame Biddy and George Soros and the CWU and O'Raleigh(Bart)

The Communications Workers Union allowed all this to happen, lets get them bastards first ....they sold out to the both the Capitalists and the Brits should one wish to present the matter that way. Death I say!

M

Eircom was always going to end up as either part of, or owned by a foreign entity once it was floated. The question is whether the government should have split the company up between a loopco and a retail arm first. As far as the options presented to the CWU were presented, I guess whether it was the DOB or TOR consortiums that won-we would still be in the same situation-Eircom would essentially be owned by overseas investors.

The interesting point now is that valentia are allegedly considering splitting the company in two.

If the government were offerd the loopco back, it would ean that they could order investment in remote areas like NW Donegal, North Mayo , West Kerry etc cause thats the upside of having a public service monopoly.

The downside- -inefficiency (function of being a monopoly)

- (perhaps) less incentive to invest in other technologies

sixtysix

what is the relationship between the CWU and the ESOT? Does the CWU advise the ESOT or do they employ advisers to advise the ESOT. If so is there a system of chinese walls between the CWU as shareholders representatives and the CWU as union representatives?
How does the CWU escape scott free in any discussion on eircom.

jd

Originally posted by sixtysix
what is the relationship between the CWU and the ESOT? Does the CWU advise the ESOT or do they employ advisers to advise the ESOT. If so is there a system of chinese walls between the CWU as shareholders representatives and the CWU as union representatives?
How does the CWU escape scott free in any discussion on eircom.

From waht I can gather , There are at least 3 or 4 different unions reperesenting Eircom staff
The cwu is the largest- i think it represents mainly field technicians and operators etc
then there is the pseu
i think that is mainly engineers(as in real engineers), and some of the old professional civil service grades and maybe accountants etc

and
Impact- dunno who they represent

There are probably quite a few people on renewable contracts who are non unionised, as are i think most of eircomnet etc accept for those that that came across from eircom-which proabaly means that there are proportionally more managers unionised there than workers- I gather unions aren't encouraged there.
As regards esop trustees
There are 3 cwu and 1 impact reps on esop, 2 eircom nominees -Peter "chief beancounter" lynch and cathal mcgee
a solicitor and some other guy-think hes with a stockbroker.

sixtysix

thanks for that
as you may gather that relationship completely baffles me

EyesOnly

tbh i think this thread is going of topic with all the anti-brits talk
and i find it very offencive ,wasnt not so long ago that ppl were praising Esat and its owned by BT!

jd

Originally posted by TheRealEyesOnly
tbh i think this thread is going of topic with all the anti-brits talk
and i find it very offencive ,wasnt not so long ago that ppl were praising Esat and its owned by BT!

em just to be clear i wasn't making any "anti brits talk",
the nature of modern capital (a la globalisation) means that larger companies may find their way into foreign hands more easily, when it is in the investor's interest.

as a "rather glib" analogy-look at all the coins in your pocket and note the country where each was minted..
eventually (assuming no further coins are minted) if you made a pile of coins for each countr, the value of each pile should be a function of the size of the trade/tourism with (which i guess is loosely related to the size of the country's economy) that pile's "country" -assuming equally open economies...

sceptre

Originally posted by TheRealEyesOnly
tbh i think this thread is going of topic with all the anti-brits talk
and i find it very offencive ,wasnt not so long ago that ppl were praising Esat and its owned by BT!

Don't worry (or try not to), I'll be keeping an eye cocked at this one. While I'm loath to play the "Eircom are British now" card, I'm constantly aware of people who continue as Eircom customers because they think it's Irish (personally I could care less by the way - it's the service that matters). Even country Chorus subscribers have woken up to the idea of ever-so-Irish* Chorus being rubbish and mostly-British-owned Sky being far better. If "horror shock - we suddenly don't own them any more" makes people think about where they can get the best value on their home phone/Net service, it's a good thing in its own sweet way. Personally I'd rather if no-one in the country had this silly "we've been repressed and it's someone else's fault" anti-Brit (or specifically anti-English) attitude but I fear I'm in the minority there.

Mike65 was obviously taking the proverbial btw.


*50% Canadian, 100% crap

jd

Originally posted by sceptre
Personally I'd rather if no-one in the country had this silly "we've been repressed and it's someone else's fault" anti-Brit (or specifically anti-English) attitude but I fear I'm in the minority there.



*50% Canadian, 100% crap

I hope not. National infrastructure is one issue. Ownership of firms selling services is another.

I mean mr x could complain that the only companies that he could source aa from are foreign, while at the same time cheerlead his friend up the road who part-owns a company extracting some mineral zz in some foreign clime, cause there isn't the investment backing for locals to do it..