Patrick O’Donovan announces €420,000 in funding for Limerick Greenway

first_imgFacebook Limerick Fine Gael TD and Minister of State Patrick O’DonovanLOCAL Minister Patrick O’Donovan has announced €420,000 in funding for the Limerick Greenway between Abbeyfeale, Newcastle West and Rathkeale. The funding comes from the Department of Rural and Community Development and is being made available by Minister Heather Humphreys  under the Outdoor Recreation Infrastructure Scheme.Sign up for the weekly Limerick Post newsletter Sign Up  Patrick O’Donovan said “I am thrilled to be able to announce this. This is fantastic news for the Limerick Greenway. Over the last number of years, I have announced literally millions of euro in funding for this amenity and we have seen the benefit of it, particularly now during the recent lockdown. The investment that we are making now is part of continuing to improve it for locals and visitors alike.” “The latest round of funding is to improve the signage and the Greenway itself and is being done in conjunction with Failte Ireland and Limerick City and County Council. Over the recent past I have worked with the Council to help refurbish the tunnel in Barnagh which has been restored to its former glory also secure the two old stations in Ardagh and Barnagh for the Greenway. Today, more good news from the Government and Minister Humphreys, which I know will be welcomed locally.” “As Minister for Tourism I laid out a plan and a vision that would see the Greenway go from Lough Derg to the Atlantic through Clare, Limerick, and Kerry. The main corner stones of that are I believe being put in place bit by bit and with continued investment Kline this, and with the good news on the Kerry side, we are really making steady but positive progress to a major Greenway here in this part of Munster.” Patrick O’Donovan concluded by saying that the last twelve months have shown how impotent how important local parks, walkways, trails, and amenities area. “As a Government we have made big investments into our area through the Council and local voluntary groups, sporting organisations and clubs. I am committed to getting more good news like this for other parts of Limerick so that the greatest number of people can enjoy our outdoor spaces and what Limerick has to offer our locals and visitors alike.” WhatsApp Limerick Ladies National Football League opener to be streamed live NewsCommunityLimerickPatrick O’Donovan announces €420,000 in funding for Limerick GreenwayBy Staff Reporter – March 22, 2021 437 Linkedin Previous articleWATCH: “Dreams come true” – CJ Stander reflects on final Irish appearanceNext articleWATCH: Farrell and Sexton reflect on win over England and pay tribute to CJ Stander Staff Reporterhttp://www.limerickpost.ie Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash Email Donal Ryan names Limerick Ladies Football team for League opener center_img WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Advertisement Limerick’s National Camogie League double header to be streamed live Roisin Upton excited by “hockey talent coming through” in Limerick Twitter Print TAGSDepartment of Rural and Community DevelopmentKeeping Limerick PostedlimerickLimerick GreenwayLimerick PostPatrick O’Donovan RELATED ARTICLESMORE FROM AUTHORlast_img read more

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Cardano: British Steel deal underscores need for new rules

first_imgThe UK should consider introducing a form of Chapter 11 bankruptcy for pension funds to allow more companies to restructure their obligations, according to Cardano’s Kerrin Rosenberg.The consultancy firm’s chief executive was responding to today’s announcement of a restructuring of the British Steel Pension Scheme (BSPS).The Pensions Regulator has granted “initial approval” for a regulated apportionment agreement (RAA), involving a £550m cash injection and BSPS taking a 33% stake in Tata Steel UK, its sponsoring employer.A new scheme with “modified” benefits will be set up to replace the current BSPS and minimise the impact on the Pension Protection Fund (PPF). Rosenberg said the BSPS case had “made it clear that the normal PPF route won’t always lead to the best outcome for trustees and pension scheme members”.While TPR emphasised that RAAs remained a rare tool that it did not often approve, Rosenberg said recent cases involving Halcrow and BHS indicated that it was a solution for “significant” schemes.“What has historically been an exception to the rule is now becoming more common than the rule itself,” Rosenberg said. “Surely that is a clear sign that the rules need to change. Pension funds that are very unlikely to meet their promises need another option beyond insolvency.”He continued: “A more robust system would allow stressed pension funds to restructure and separate from sponsors who are unable to afford their costs any longer. What this delivers is a more realistic promise to scheme members, without the destruction of value that comes with the current PPF route.”Currently, pension scheme members who transfer to the PPF before their retirement date have their benefits capped at 90% of what they were initially promised. The PPF does not grant inflation-linked benefits.“If stressed pension funds were allowed to restructure in a more transparent way, a pension fund equivalent of Chapter 11, risk could be better shared between the company, the members and the PPF,” Rosenberg said. “Companies could be freed from pension obligations they simply cannot afford and members could get a better deal than entering the PPF.”In February the UK government launched a formal discussion paper regarding reforms to rules for defined benefit pension schemes – including potentially streamlining the RAA process.TPR has also floated the idea of allowing stressed pension schemes to be separated from the employer on the basis of scheme viability rather than the risk of employer insolvency.last_img read more

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