Nightmare for jobs as Eircom to shed 2,000

Ulster-Lad

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Eircom wants to slash up to 2,000 jobs at the former State-owned telecommunications giant in a devastating blow that will heap further pressure on Brian Cowen just days after the Government claimed the recession is over.
The Sunday Independent has learned that Eircom, saddled with debts of more than €3bn, is planning the largest redundancy package in the State since the downturn began three years ago.
Nightmare for jobs as Eircom to shed 2,000 - National News, Frontpage - Independent.ie

At least we have turned a corner.
 


Cael

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Thats what you get when you sell public companies to privateer spivs.
 

codology

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Last week alone over 400 "agreed" to take voluntary early retirement,these would have been mostly well paid staff and this not only will increase the live reg but will mean a very big drop in paye revenue.As much as the venture capitalists have raped Eircom the regulator is the person most responsible fo its demise with his outrageous demands on Eircom so as to assist competition.
 

slx

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Eircom's a bit of a unique case though and it's not reflective of the economy as a whole.

I'd like to know how the heck eircom ran up a multi billion euro debt without spending a red cent in Ireland over the last decade.

They are still largely sweating the same assets that Telecom Eireann installed under state ownership.

Same wires, same ducts, same voice/isdn exchanges .... All they've done is installed a pretty crap adsl network on top of old TE infrastructure.

They lost billions somehow DURING the boom !!

If I were a shareholder, I would be asking a lot of questions about how this company was run!!
 

ffireland

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there are a large number of workers in that 400+ that were employed as gov. employees when it was a public company. They are not able to get dole payments because they had a secure job where they could not be made redundent and as such the dole will not grow by much more
 

ffireland

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six .... they ran that debt by the private companies that bought it over putting the cost of buying it over onto the company books
 

LDF

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Sunday Tribune also reporting that AIB and BOI will announce 1,000 redundancies each shortly.
 

LDF

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six .... they ran that debt by the private companies that bought it over putting the cost of buying it over onto the company books
..with the tacit agreement of the trade unions.
 

codology

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there are a large number of workers in that 400+ that were employed as gov. employees when it was a public company. They are not able to get dole payments because they had a secure job where they could not be made redundent and as such the dole will not grow by much more
In many cases though there spouses will be entitled to Welfare.
 

ffireland

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the trade unions really had not much choice since the company needed new owners at the time ... its not as easy as u think to avoid it happening. the trade unions did a lot to care for the workers during these sales
 

codology

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Eircom's a bit of a unique case though and it's not reflective of the economy as a whole.

I'd like to know how the heck eircom ran up a multi billion euro debt without spending a red cent in Ireland over the last decade.

They are still largely sweating the same assets that Telecom Eireann installed under state ownership.

Same wires, same ducts, same voice/isdn exchanges .... All they've done is installed a pretty crap adsl network on top of old TE infrastructure.

They lost billions somehow DURING the boom !!

If I were a shareholder, I would be asking a lot of questions about how this company was run!!
They ran up debts the very same way Man Utd probably the biggest club in the world are in debt ie servicing a debt from your own revenue.
 

LDF

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the trade unions really had not much choice since the company needed new owners at the time ... its not as easy as u think to avoid it happening. the trade unions did a lot to care for the workers during these sales
Sure. However, we're going to hear a lot from ICTU etc over the coming weeks complaining about redundancies at Eircom. They should be reminded that the Valentia consortium could not have taken over Eircom without the approval of the ESOT. That fact should really temper the level of moral outrage we're going to be subjected to by the unions - but it won't.
 
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Cael

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What are you on about. Did you buy stock in Eircom when it was offered
The "little people" who bought this "stock" were burned, and then Tony O'Reilly and his spiv chums came in to clean up. But, I try not to buy rubbish, so no, I didnt.
 

ffireland

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well it was actually babcock and browne that did the real damage ... the majority of the debt is their fault
 

Cael

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the trade unions did a lot to care for the workers during these sales
But nothing to protect the people of Ireland. The only way to protect the people from the likes of O'Reilly, was to keep the company in public ownership.
 

ffireland

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But nothing to protect the people of Ireland. The only way to protect the people from the likes of O'Reilly, was to keep the company in public ownership.
i disagree with public ownership unnecessarily because it is inefficient and a waste of money when loss-making. competition is best for country
 

Oreo Livermore

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The "little people" who bought this "stock" were burned, and then Tony O'Reilly and his spiv chums came in to clean up. But, I try not to buy rubbish, so no, I didnt.
Neither did I. I told you a long time ago that we had a lot in common. Most idiots got a good burning. My sister wanted to buy. She said everyone is buying. I asked who then is left to buy.

But ask yourself, who sold the shares to the "little people"
 


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