This article is from page 2 of the 2006-10-24 edition of The Clare People. OCR mistakes are to be expected so download the original SWF or the rendered page 2 JPG
A SHANNON-BASED multi-national company generated almost a million euro for every member of staff employed at the company in 2005.
According to accounts filed to the Companies Office by Halifax Insurance Ireland Ltd, the company generated €364 million (£244 million) to the end of December 2005.
In 2005, the company employed 264 staff at its Shannon base, however, the company’s profits plummeted from €185 million (£124 million) in 2004 to €59 million (£40 million) in 2005.
The drop in profits is due mainly to acquisition costs in 2005 of €189 HOWEVER, if Deputy Breen was aware of the facts, Mr O’Gorman said it was extraordinary that he would inquire into the possibility of an early release of a sex offender.
“One in Four has cited this case involving Mr Nugent over the years as how the Criminal Justice System fails victims of sex abuse. The sentence given to Mr Nugent was derisory and it would be a travesty if he secured an early release in the case.
“The abuse perpetrated on one of the young boys started when he was eight and continued for six years two to three times a week. Nugent said million.
The company paid out €83 million (£46 million) in claims in 2005 – down from €91 million (£81million) in 2004.
The company’s has accumulated profits of €388 million (£260 million), and has assets of €801 million (£537 million). It was voted in the top 10 of Ireland’s employers in 2004 and No 1 in the 250-500 employees category.
Halifax Insurance Ireland is a subsidiary of HBOS plc (Halifax Bank of Scotland).
The company accounts state: “The commission rates paid by Halifax Insurance Ireland Limited to BOOS General Insurance were altered durthat his cattle meant more to him than the boy he abused and had not shown any remorse for what he did.”
Deputy Breen said he tabled the Dail question after being approached by a relative of Mr Nugent at a clinic to inquire into the question of early release.
“I was not making representations on behalf of Mr Nugent and I wouldn’t be in favour of an early release in the case. It was a terrible case. I put down the question to establish the facts and receive factual information in response to a request from a relative of Mr Nugent. There is nothing more to it.”
He said he was aware that Mr Nuing the year as the result of an independent review carried out comparing market rates to the rates paid by the company in the years 2004 and 2005. This resulted in a significant compensation payment affecting 2005 profits.”
Arising from the accounts, the director’s do not recommend the payment of a dividend.
In relation to principal risks and uncertainties, Halifax has identified a number of risks that are being monitored continuously.
“The company is currently facing deterioration within the UK creditor insurance market; this is a major concern area as the company is reliant at present on UK retail sales. gent was a sex offender but wasn’t aware of all of the facts in relation to the cases.
Mr Nugent was initially sentenced at Limerick Circuit Court to six years on each of 23 counts of buggery and three years imprisonment on 24 counts of indecent assault on a male neighbour and in November, 2004 was sentenced to six years on one count of buggery and six years on one count of indecent assault in relation to another male victim.
In his response, Minister McDowell said: “In view of the very serious nature of these offences, I am not prepared to authorize any form of early release in this case.”
“The company also forecasts a rise in unemployment and as a result will be monitoring loss ratios very closely and accordingly amend reserves.
In relation to future developments, the accounts state: There is also a move to risk based pricing for the unsecured loan products.
This will have the effect of moving from a one price fits all based pricing strategy, to a price that reflects risk on individual contracts.
“A number of initiatives have also been identified as a result of a review on both the Total Mortgage Protection Plan and Credit Card Repayment Insurance products to increase in-force business.