Friday 23 August 2019

The Punt: Airey's holidays home

Tanya Airey
Tanya Airey

Surely there is no more apt a house for the boss of a travel firm to live in than one called 'Tenerife'. And so Sunway managing director Tanya Airey and her husband Philip will be moving, one presumes, after some renovations have been carried out on the property in leafy south Dublin and which was bought by them for €1.1m during the summer, according to property records.

The couple have applied to the local council for permission to renovate and extend an existing single storey to the front of the house. They also want to construct a two-storey extension, a new balcony to the rear of the property, and more space to include a study.

Airey has been successfully running Sunway with her husband for years. Her grandfather, Roy Beatty, was one of the co-founders of the business back in 1966.

Tanya eventually took over from her aunt, Madeline Kilbride, and has kept the tour operator on its feet ever since. The most recent, publicly-available accounts for Sunway, for the 12 months to October 2014, show that turnover hit €36.5m that year, compared to €29.6m the previous year. Pre-tax profits were €694,000 compared to a €645,000 loss in 2013. The business employs close to 60 people.

Noonan falls fall of 'Economist' with bad old days warning

It's not just the Fiscal Advisory Council that's been taking aim at the Government and Finance Minister Michael Noonan for loosening spending in the final months of this year. The 'Economist' magazine has pointed it out also. In this week's edition, the magazine printed an article entitled 'Celtic Phoenix, Ireland shows there is economic life after death'.

The thrust of the article is that even though Europe limps along, Ireland is surging ahead. It points out that the rapid growth in the economy is not a repeat of the 'overheating' seen around a decade ago and that the economy has still not reached its full potential.

But it muses whether politicians have "really kicked the bad habits of the past" and essentially flags up some of the concerns echoed much more directly and strongly by John McHale and the other members of the Fiscal Council. "With an election due in early 2016, the government recently announced an early Christmas present of €1.5bn of extra spending this year, or 0.7pc of GDP," the article stated.

"Corporate-tax receipts have been much higher than expected, making the splurge affordable. But the gain in revenue may be temporary, whereas the higher spending will persist. That is an unfortunate echo of Ireland's chequered fiscal past."

Irish Independent

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