Wednesday, 23rd June

Israel & Gaza

After coming under fierce international pressure Israel has eased its blockade on Gaza, but it is resisting attempts to organise an international inquiry into a deadly raid on a ship trying to break the blockade of Gaza – nine pro Palestinian activists died when Israeli soldiers stormed the aid ship.
Today a group called NGO Monitor represented by Anne Herzberg will appear before the Oireachtas Joint Committee on European Affairs. The pro Israeli group monitors the work Non Governmental Organisations and has accused aid organisations such as Trocaire of bias and double standards. Pat was joined by Anne Herzberg and Eamonn Meehan, Deputy Director of Trochaire.

Bank Robbery and Murder Investigation

Two crime stories dominate the headlines today. In the first, armed bank robbers have stolen over €200,000, following the kidnapping of a bank official and his housemate. The second is the launch of a murder inquiry following the discovery of a woman’s body in a car boot yesterday.
Crime Correspondent Michael O’Toole wrote about both stories for this morning’s Irish Daily Star and talked to Pat.

Life After Prison

We hear about the crimes, we watch the court cases but what happens to prisoners after they serve their sentences and are released back into the community?
Pace is a community based voluntary agency that works with people who have experienced periods of imprisonment.
Valerie Cox talked to some ex-prisoners who have turned their lives around. John, steve and eamon are all in their twenties, they all have children and they have served sentences of up to four years.

Credit Card Interest

If you are perceptive you will notice, or have already noticed, a sharp increase in your credit card interest rate. Don’t worry. It’s illusionary rather than real. The EU has demanded a change in the way the interest rate is calculated but the amount you pay should remain the same.
It’s all very confusing or is it? Colm Rapple talked to Pat about this change and other issues for credit card useage.
What are the changes?
For many years the financial regulators have required lenders to quote Annual Percentage Rates of interest (APRs). They are supposed to help consumer by taking account of all the costs involved in borrowing – set up fees etc.
The €30 credit card stamp duty had not been included up to this. Now it has to be. Before this change the lowest interest credit card was AIB’s “Click” at 9.11%. The quoted rate on that is now 13.6%
But the effect of the extra €30 must depend on the amount borrowed?_
Yes. And that’s where the confusion comes in. If you are constantly in debt to the tune of say €10,000 on your credit card, the effect of a fixed charge of €30 will be negligible compared wither the impact on someone who borrowed €100. But the banks do seem to be helping consumers to compare like with like by assuming a debt of €1,500.
The National Consumer Agency cost comparison website hasn’t put the new rates up yet and some of the banks’ web sites have yet to be updated. There is no agreement yet on how it should be done.
Who is offering the lowest interest rates? _
Bank of Ireland and AIB are more or less level pegging. On purchases AIB charges 13.6% and Bank of Ireland 13.3%. That’s 9 to 10% under the old measurement.
All the credit cards charge considerable more for cash withdrawals. 26% in the case of both of those “low interest cards”. There is also a 1.5% charge minimum of €2.54.
Is interest charged from the date of the cash withdrawals?
Surprisingly not in these two cases. I didn’t check all the available cards but it is usually the case, for example withh MBNA cards.
However, with Bank of Ireland if you make a part-payment off your balance, the sum is used first to clear your debt on purchases so you could end up continuing to pay the 26% on your cash withdrawals for many months or maybe years.
However, that is not the case with AIB and because of that alone AIB must be considered the best card of the two.
Overall, credit card debt is best avoided.
Get the free 58 days credits and pay off in full each month.
For someone who has run up debt,can a switch of credit cards yield some savings?
MBNA platinum and EBS credit cards offer 10 months free credit on transferred balances. But their interest rates are not the cheapest. On the old calculations rates are 14.9% on purchases 19.9% on cash withdrawals and you get charged interest from the date of withdrawal.
They also have high “late payment” penalties of €15.24 – twice what AIB or Bank of Ireland charge.
So if you do use them to get 10 months free credit, make sure you make your payments on time and avoid going into debt again.
What about the holidays – going abroad – anything particular to watch for?
Don’t have your PIN written down.
Check the amounts that you are signing for or entering your PIN for.
Don’t let your card out of your sight and hide your hand when entering your PIN.
Have the telephone numbers of who to contact in the event of loss – have a couple of copies and leave one with a friend at home as well.
What about cash withdrawals?
Best to use your bank card Laser with Maestro or Cirrus or VISA debit card. Within euro zone you’ll pay the same as at an Irish ATM. Outside the Euro zone a credit card may be as cheap – about 2.7% -- but watch out for the interest charges.

Summer Reading Suggestions

Last October, Hilary Mantel beat off 131 other titles when she won the Man Booker Prize for her novel Wolf Hall and, by Christmas, it had become the fastest-ever-selling Man Booker title. In ten weeks, 150.000 copies had been sold. Earlier this month – on 9 June - Barbara Kingsolver won the Orange Prize for her New York Times bestseller The Lacuna, pipping Wolf Hall which was also on that shortlist.
Judges differ but books don’t necessarily die. In fact these two big historical novels will be among the big reads this summer. The Mantel, set in Tudor England, is 650 pages long, the Kingsolver, set in Mexico and North Carolina in the 1930s, 1940s, runs to 670 pages. To talk about both books Pat was joined by Niall MacMonagle and actor Andrew Bennett who read some extracts.

The Farmleigh Fellowship

Go West young man, go West used to be the call for young men wanting to make a quick buck in the early days of American exploration, but in post Celtic Ireland young Irish men may be better fixed to look East to Asia for their future. While Asia may seem far away both physically and psychologically a new business adventure sponsored by Irish companies, the Government and the Universities in Ireland and Asia are offering a fellowship to young entrepreneurs to give it a go way out east. It’s called The Farmleigh Fellowship and its Chairperson Fred Combe joined Pat in studio. Further information from www.farmleighfellowship.com or by e-mail at info@farmleighfellowship.com