Sunday 17 December 2017

The Punt: New cricket boss not out

Philip Smith, Cricket Ireland
Philip Smith, Cricket Ireland

Its less bail-out than bails on these days for former RSA Ireland boss Philip Smith.

Smith, readers will remember, parted ways with Ireland's largest insurer after the group's UK parent was forced to pump in €200m to bail out its Irish arm in 2013.

The former insurance boss will join Cricket Leinster as general manager in April.

While Philip Smith technically resigned from RSA, he later won a stonking €1.25m award from the Employment Appeals Tribunal over the manner of his exit.

Tribunal chairwoman Niamh O'Carroll Kelly said the announcement of his suspension on national television was like taking a "sledgehammer" to his reputation. A sticky wicket indeed.

The Tribunal queried Smith's "prospects of ever securing employment in this industry again in Ireland, in Europe and very possibly beyond".

Talk about accident prone. KfW, the German state-owned development bank that backs as State investment fund ISIF here, gained unwanted publicity in 2008 for erroneously transferring €300m to Lehman Brothers the day the US bank collapsed.

Last month KfW mistakenly transferred more than €5bn to four banks because of a technical glitch.

"The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back," the bank said.

It seems that what were intended as single payments went out multiple times. The Punt is sympathetic. Recent bank statements suggests our personal payment system has been firing off cash in all directions with nothing to show for it.

Alas, there's no evidence of any error.

Er, can we have our €5bn back?

Talk about accident prone. KfW, the German state-owned development bank that backs as State investment fund ISIF here, gained unwanted publicity in 2008 for erroneously transferring €300m to Lehman Brothers the day the US bank collapsed.

Last month KfW mistakenly transferred more than €5bn to four banks because of a technical glitch.

“The mistake was rapidly identified and eliminated, and the amounts overpaid were successfully demanded back,” the bank said.

It seems that what were intended as single payments went out multiple times. The Punt is sympathetic. Recent bank statements suggests our personal payment system has been firing off cash in all directions with nothing to show for it.

Alas, there’s no evidence of any error.

Irish Independent

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