The Philip Sheedy affair was an Irish political and judicial controversy which resulted in the resignation of both a Supreme Court and High Court judge.
61-518: Philip Sheedy, an architect, was involved in a road traffic accident in March 1996 at the Glenview Roundabout, Tallaght Bypass , County Dublin which resulted in the death of Anne Ryan. It transpired that Sheedy, who was driving a high performance sports car that he had purchased the previous day, was intoxicated . Sheedy pled guilty to causing death by dangerous driving before Judge Cyril Kelly (as he
122-686: A great deal more expensive for utility diversion. The Luas instead was made to follow a less direct route from the City to Tallaght, following the Southern Canal ring and then moving south to Tallaght alongside the M50 Motorway. In a Dáil Éireann debate dated 2 July 2019 it was mentioned that the N81 is one of the most dangerous roads in the State with twice the national average for single vehicle collisions and seven times
183-497: A large role in providing finance during crises including the 2008 financial crash and the COVID-19 pandemic. Over 60 years since its inception in 1958 to 2018 the EIB has invested over 1.1 trillion euros. It primarily funds projects that "cannot be entirely financed by the various means available in the individual Member States". The EIB is one of the biggest financiers of green finance in
244-515: A listing for the matter and brought the file to court but did not know for what purpose. The DPP brought a High Court challenge to Mr. Justice Kelly's decision to release Sheedy in February 1999. Prior to the case being heard Sheedy had voluntarily returned to prison. On the basis of the DPP's High Court challenge John O'Donoghue , then Minister for Justice asked Chief Justice Liam Hamilton to investigate
305-493: A portion of possible losses from a portfolio of loans and sets the ground for additional financing. A guarantee is a legal contract with which a third party (guarantor) promises to assume a borrower's debt or other liabilities in the event of default . The European Investment Bank's advisory services are carried out by the European Advisory Hub and are available for public and private projects inside as well as outside
366-518: A project's overall cost, for the public and the private sector, and for small and medium-sized businesses through intermediated lending partners. The EIB's private sector financing of single large investment projects or investment programmes start from €25 million. It offers framework loans starting from €100 million to public sector entities for investment programmes that consist of a number of smaller projects. Loans for both private and public sector projects have to be aligned with one or more priorities of
427-686: A trillion euros. The European Investment Fund (EIF) is the European Union's venture capital arm. It also provides guarantees for small and medium-sized enterprises (SMEs). In 2018, 25 million SMEs in the EU made up 99.8% of all non-financial enterprises, employed around 97.7 million people (66.6% of total employment) and generated 56.4% of total added value (EUR 4,357bn). The EIF supports businesses through all their stages of development; pre-seed, seed-, and start-up-phase (technology transfer, business angel financing, microfinance, early stage venture capital) to
488-596: A wide network of commercial Banks, national Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and various providers. Within the European Commission's Investment Plan for Europe , the EIB Group and the European Investment Fund for Strategic Investments are part of a plan aimed at relieving investors of some of the risks inherent in projects. Project financing
549-516: A €25 billion fund which was endorsed by the European Council as part of the overall European Union COVID-19 response package . All 27 EU Member States were invited to contribute to the fund in the form of guarantees proportional to the respective share in the bank. Using the EGF, the EIB group 'aimed to mobilise' up to €200 billion of additional financing for small and medium-sized European businesses from
610-559: Is a not for profit organisation and provides long-term project funding, guarantees and advice to further the goals of the European Union. It is part of the European Commission's Investment Plan for Europe strategy which aims to bridge investment gaps by taking on some of the risk in projects it funds. The bank funds projects in the areas of; climate, environment, innovation and skills, infrastructure, small and medium-sized enterprises, cohesion and development as well as crises including
671-559: Is granted after preliminary screenings of the viability and the carbon emissions associated with the projects. The European Investment Bank has provided financial resources for both economic impacts of the pandemic and for health-related emergencies, the search for a vaccine against COVID-19, and solutions to slow the spread of the virus. On 26 May 2020, the EIB Board of Directors approved the Pan-European Guarantee Fund (EGF),
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#1732858572892732-451: Is limited. Through intermediaries, the EIB finances micro-enterprises (0–9 employees), small enterprises (10–49 employees), medium-sized enterprises (50–249 employees), mid-caps (250-3 000 employees). In 2019 the EIB Group provided €25.52 billion in loans and other services to 386,600 SMEs and mid-caps which employ 4.4 million. As a supranational institution, the EIB focuses on economic, social and territorial cohesion and solidarity within
793-808: Is part of InnovFin, the EU Finance for Innovators, a joint initiative of the EIB Group in cooperation with the European Commission under Horizon 2020 ). Through it the EIB Group provides direct financing to mid-caps . The group also offers venture debt financing under the European Growth Finance Facility, backed by the European Fund for Strategic Investments . The EIB Group works with a broad network of commercial Banks, national promotional Banks and institutions, leasing companies, venture capital and private equity funds, angel investors and service providers, including in regions where access to finance
854-540: Is rated triple-A, the most credit-worthy rating on the bond market, by "the Big Three" credit rating agencies: Moody's, Standard and Poor's, and Fitch. Each member state pays capital into the EIB's reserves which is broadly in line with their share of EU gross domestic product. The EIB was founded by the Treaty of Rome , which came into force on 1 January 1958. It was the first of the world's regional development banks and
915-783: Is sometimes referred to as the largest multilateral development bank (MDB). The EIB was established to facilitate equitable development in the EU through lending to regions that are less developed and to support the EU's internal market. The EIB is active in 140 countries throughout the world. It makes around 10% of its investments outside the EU to support the European Union's development aid and cooperation policies. The EIB has been criticised and caused controversy for various actions and inactions of its own (or projects it funded), including: insufficient stakeholder consultation, lack of organisational transparency, climate change response, defense and promotion of vegetarian and vegan values, tax avoidance, and staff harassment. The European Investment Bank
976-537: Is the European Union 's investment bank and is owned by the 27 member states. It is the largest multilateral financial institution in the world. The EIB finances and invests both through equity and debt solutions companies and projects that achieve the policy aims of the European Union through loans, equity and guarantees. The EIB focuses on the areas of climate, environment, small and medium-sized enterprises (SMEs), development, cohesion and infrastructure. It has played
1037-759: Is the European Union's bank and is owned by the Member States of the European Union. Its role is to fund projects that achieve the aims of the European Union. Most of the EIB's activity (90%) takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the EU's development aid and cooperation policies. It is active in 140 countries which are grouped into: Enlargement countries, European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa , Caribbean and Pacific, Asia and Latin America, Central Asia and
1098-500: Is the only major national road emanating from Dublin that is a national secondary rather than national primary road . The official definition of the N81 from the Roads Act, 1993 (Declaration of National Roads) Order, 2012 states: The route was previously known as the T42 (trunk road) . The Dublin and Blessington Steam Tramway once took this route from Terenure to Blessington before it
1159-448: Is the process of improving a company's creditworthiness by taking internal and external measures. The EIB increases the protection of the senior debt, enhances the credit rating and credit quality for project finance and aims to help projects attract further private finance from institutional investors. By offering guarantees to small and medium-sized enterprises or mid-caps , the Bank covers
1220-563: The COVID-19 pandemic and the financial crisis of 2007–2008 . Since 1959 the European Investment Bank has signed almost 25,000 projects around the world. It funds projects both inside and outside the EU that meet one of the criteria of; in less developed regions, where projects can not be funded by individual member states and projects which benefit multiple member states. The bank aims to support sustainable economic growth both within
1281-579: The European Investment Bank (EIB) , taking the position of vice-president. This appointment resulted in a massive public outcry. The appointment was eventually withdrawn by the government. N81 road (Ireland) The N81 road is a national secondary road in Ireland , from the M50 motorway to Tullow , County Carlow , north to south. The N81 continues past Tullow for another 8 km to terminate at
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#17328585728921342-1010: The European Regional Development Fund (ERDF), the European Agricultural Fund for Rural Development (EAFRD), the European Social Fund Plus (ESF+), the European Maritime, Fisheries and Aquaculture Fund (EMFAF), and the Asylum, Migration and Integration Fund (AMIF). Apart from financing projects using its own resources, the European Investment Bank establishes mandates and partnerships which help to fund riskier projects and to blend loans with grants ; which are disbursed funds or products that do not require repayment. Mandates can also involve financial investment and can be based on technical and financial advice. The EIB has partnerships with organisations across
1403-514: The "dig outs" Ahern received around the time of his marriage break-up. Burke, who worked as a building contractor , had employed Sheedy as an architectural advisor to his company J&H Burke and Son. In July 1998 the Taoiseach , Bertie Ahern , contacted then minister for justice John O'Donoghue to ask him whether it would be possible for Philip Sheedy to get day release. Initially, Ahern had vehemently denied that he concealed his representations to
1464-399: The Bank offers Green Bonds and Sustainability Awareness Bonds. The European Investment Bank issued the first Green Bond in 2007, called a Climate Awareness Bond. The EIB is the global leader of Green Bonds issuance with over EUR 30.8bn raised in 2020 across 16 currencies. With the money raised through Green Bonds, the EIB exclusively supports projects that contribute to climate action in
1525-624: The COVID-19 pandemic It also expanded its partnership with the United Nations Development Programme and increased cooperation with the Association of European Development Finance Institutions to assist impacted businesses in developing countries, providing financing for €280 million partnered with the World Health Organization to finance health care projects in 10 African countries. Since its foundation in 1958,
1586-683: The Chairman of the Oireachtas 's Justice, Equality and Women's Affairs Committee asking to make a statement to the committee as soon as possible, however, the next day he resigned from the Supreme Court. On 20 April, Mr. Justice Cyril Kelly and Michael Quinlan, the Dublin County Registrar, resigned their positions. After his resignation Hugh O'Flaherty was nominated by Charlie McCreevy , then Minister for Finance, to be Ireland's representative to
1647-717: The Department of Justice on behalf of Philip Sheedy. Supreme Court judge Hugh O'Flaherty intervened on Sheedy's behalf after an "entirely by chance" encounter between the judge, who was walking his dog, and the son of a neighbour Ken Anderson and Anderson's girlfriend, who was Philip Sheedy's sister, in October 1998. After the encounter, Dublin County Registrar Michael Quinlan was called to Mr. Justice O'Flaherty's chambers to have Sheedy's case re-listed. On 12 November 1998, after O'Flaherty's intervention, Sheedy's sentence
1708-422: The EIB provides direct quasi-equity financing to support companies aiming for financing to grow which involves venture debt products for European companies in the field of biotech and life sciences , software and ICT , engineering and automation , renewables and clean technology . These investments, which are a relatively recent addition to the bank's work, tend to be smaller than its previous limits on
1769-730: The EIB. Besides direct debt financing or project finance for the private sector, the EIB makes loans to intermediaries including Groupe BPCE (France), Deutsche Bank AG (Germany), or Intesa Sanpaolo (Italy) that provide small and medium-sized businesses with local and targeted funds up to €12.5 million and below the EIB's threshold for direct private financing of €25 million. The European Investment Bank invests and co-invests in companies and funds that focus on infrastructure, environment, or small- and medium-sized enterprises and mid-size corporations in exchange for equity which allows companies to raise capital by selling shares for short term costs or to achieve long-term financial goals. In some cases,
1830-489: The European Commission or other public authorities, from the European Investment Bank or at its own risk. In 2012, the EIB Institute was created to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It works on community and citizenship for the EIB Group. The EIB Institute is an integral part of the EIB and does not have a separate legal personality. The EIB
1891-402: The European Investment Bank (EIB) and the European Investment Fund (EIF) and the EIB Institute. 90% the European Investment Bank's activity takes place inside the European Union with the aim of fostering European integration and development. It makes investments outside Europe to support the European Union's development aid and cooperation policies. It is active in some 140 countries throughout
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1952-446: The European Investment Bank has supported the development of infrastructure for both EU Member States and third countries. In 2019, the EIB provided €15.74 billion to support infrastructure projects. The EIB supports infrastructure projects involving; sustainable transport ; energy efficiency , urban development, digital networks, social housing and key public buildings, cultural heritage and water and wastewater management. The bank
2013-472: The European Union at the time of the country's accession to the European Union. Following Brexit and the withdrawal of the United Kingdom from the European Union, the European Investment Bank's board of governors decided that the remaining Member States would proportionally increase their capital subscriptions to maintain the same level of overall subscribed capital (EUR 243.3 billion). As of March 2020,
2074-474: The European Union. Besides advice on specific investment mechanisms or market development, the services can involve strategic and technical guidance on completing a project. Prior to a funding agreement with the EIB or other investors, future clients can make use of the bank's expertise in the fields of financial structuring, procurement and regulation, or impact assessment, e.g. regarding a project's implications on climate change. It does not offer advice related to
2135-439: The Member States of the European Union and externally. Because of its AAA credit rating in the international markets the EIB is able to borrow and lend at low rates. The bank pursues the objectives of the European Union by providing long-term project funding, as well as guarantees and advice. The EIB Group (European Investment Bank and European Investment Fund) supports companies, small businesses and start-ups by cooperating with
2196-409: The Member States of the European Union and outside the EU. The EIB prioritises projects addressing inequalities by providing jobs and education, public infrastructure and services, a sustainable environment across the European Union. The EIB's annual target for cohesion financing is 30% of all new operations in the EU, Pre-Accession and EFTA countries which amounted to €16.13 billion in 2019. In 2023,
2257-550: The Union. Financial instruments co-funded by EU shared management funds, such as loans, guarantees, and equity investments, are efficient ways to invest in growth and development across the European Union. These instruments leverage public funding to attract additional private investments, contributing to EU policy objectives like economic growth, job creation, and social cohesion. fi-compass offers tailored advice on using financial instruments under various EU shared management funds, including
2318-713: The United Kingdom. As an independent body the bank takes its own borrowing and lending decisions. It cooperates with other EU institutions, especially the European Commission , the European Parliament , and the Council of the European Union . The EIB lends to both the private and the public sector through various financial products: Financing is the Bank's main activity, it also provides guidance on how to utilise additional sources of investment. The European Investment Bank provides long-term loans , typically up to 50% of
2379-485: The affair. The Chief Justice's report was published 16 April 1999. In it, Chief Justice Hamilton stated that Mr. Justice Kelly's handling of the matter and Mr. Justice O'Flaherty's intervention compromised the administration of justice. The first person to resign was Mr. Justice Hugh O'Flaherty. In his report, Chief Justice Hamilton was critical of O'Flaherty whose actions he deemed to be "open to misinterpretation." Initially, O'Flaherty refused to resign, and instead wrote to
2440-553: The aim of contributing to stable growth within the Member States of the European Union, emerging markets and developing countries. Since 2010 the EIB financing outside the European Union reached €69.6 billion. In 2020 the European Investment Bank Group has offered loans to more than 100 countries, financed vaccines, diagnostics and treatments and invested €1.7 billion to help the Western Balkan countries recover from
2501-514: The development and commercialisation of new products, economic processes and business models, increased investment in research and development, education, upskilling and training and improved connectivity and access through broadband and mobile networks. In addition; the adoption and diffusion of digital and other emerging technologies and empowering women's participation in the labour market. The EIB Group finances sustainable projects and supports investments that reduce poverty and inequality aims with
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2562-537: The first carbon-neutral continent by 2050. It finances projects that; limit global warming to 1.5 °C by the end of the decade, fight environmental degradation , stop biodiversity loss and address inequalities caused by climate change. In 2019, the European Investment Bank Group financed projects for €19.3 billion to fight climate change. Since 2000, the EIB has financed projects which include skills development with more than €210 billion of investment, including €14.4 billion in 2019. This support targeted/aimed at;
2623-691: The goals and principles of the Paris Agreement by the end of 2020. In November 2020, the EU member states approved the EIB Group Climate Bank Roadmap 2021–2025 that outlines its upcoming contributions to the European Green Deal and to sustainable development outside the EU. By the end of 2021, the EIB will stop financing all fossil fuel projects. The EIB contributes to the European Green Deal which aims for Europe to become
2684-516: The growth and development segment (formal venture capital funds, mezzanine funds, portfolio guarantees/credit enhancement). The European Investment Bank is the EIF's majority shareholder, holding 62% of shares. The other main shareholder is the European Commission, which holds 29% of shares. The EIF operates on the basis of specific mandates from the European Council and the European Parliament, from
2745-401: The international capital markets. The EIB issues bonds to borrow money on capital markets which it then lends to its clients, which is a common way for governments and corporations to borrow money. Both parties agree on a fixed date when the loan is due to be paid back usually including an interest rate. The EIB's bonds are purchased by retail investors and institutional investors around
2806-473: The national average of head-on collisions. In 2021 Minister for Transport Eamon Ryan mentioned that the N81 Tallaght to Hollywood Cross road improvement scheme was not included in the projects to be developed during the current NDP period of 2018–2027, in effect pausing any work on the project until after this date. European Investment Bank The European Investment Bank (EIB)
2867-497: The order which set 20 October 1999 as the review date of Sheedy's sentence. Sheedy, after initially being incarcerated in Mountjoy Prison , was moved to Shelton Abbey , an open prison , after six months' imprisonment. There he was visited by his friend Joe Burke, a former Fianna Fáil councillor and a member of the so-called "Drumcondra Mafia", who had loaned the then Taoiseach , Bertie Ahern , 3,500 Irish pounds as part of
2928-425: The private sector. European Union companies are eligible to seek financing from the Pan-European Guarantee Fund if they have financial issues due to the economic implication of the COVID-19 pandemic but could have been able to secure loans under pre-crisis circumstances. In December 2019, the European Investment Bank signed a €50 million loan to help BioNTech work on cancer treatments. A new loan worth €100 million
2989-405: The purchase or sale of securities or any advisory services regarding project evaluation and audit. fi-compass is a comprehensive advisory service platform developed by the European Commission and the European Investment Bank (EIB) Group. It supports EU shared management managing authorities and other stakeholders by providing practical know-how and learning tools on financial instruments across
3050-496: The renewable energy sector (including wind , hydroelectric , solar and geothermal energy production) and the energy efficiency sector (e.g. projects for district heating , co-generation, and building insulation). The European Investment Bank's has capital from its shareholders, the Member States of the European Union. Each Member State is subscribed in capital based on its economic weight (expressed in Gross domestic product ) within
3111-678: The size of its deals, because they are aimed at startups and growth companies. The European Investment Fund (EIF) supports the EIB by working with SMEs and related financial partners (Banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds etc.). The EIB's investments in equity and debt funds usually cover 10% to 20% of the fund size (with a maximum of 25%) and address climate action, infrastructure, or private sector development and social impact goals. The EIB provides credit enhancement of senior debt using subordinated financing , funded or unfunded guarantees and contingent credit lines. Credit enhancement
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#17328585728923172-446: The subscribed capital of the EIB has increased by an additional EUR 5.5 billion, following the decision by two Member States to increase their capital subscriptions ( Poland and Romania ). The EIB's total subscribed capital now amounts to EUR 248.8 billion. The departure of the UK from the EU did not impact the EIB Group's AAA credit rating. The EIB Group was formed in 2000. It is composed of
3233-530: The village of Closh, County Carlow , where it intersects the N80 . The N81 is 76.784 km (47.711 mi) long ( route map ). The road is a dual carriageway between M50 motorway and west of Tallaght , known as the Tallaght Bypass or Blessington Road . It intersects with the M50 motorway at Junction 11. There are plans to extend the dual carriageway by 5 km (3.1 mi) to the urban boundary. The N81
3294-414: The world in the following geographical areas: Enlargement countries , European Free Trade Association (EFTA) , EU Southern Neighbourhood, EU Eastern Neighbourhood, Sub-Saharan Africa, Caribbean and Pacific, Asia and Latin America, Central Asia and the United Kingdom. It is one of the largest supranational lenders in the world. Since its establishment in 1958, the European Investment Bank has invested over
3355-588: The world, including the European Commission and European External Action Service , the United Nations (e.g. Sustainable Energy for All ) or the International Fund for Agricultural Development . The European Investment Bank is a not for profit organisation. While it is a European Union body, none of the European Investment Bank's funds come from the European Union budget, the bank is financially autonomous. It has its own resources and money raised through
3416-435: The world. In 2007, the EIB became the first institution in the world to issue green bonds . In 2019 it committed to stop funding fossil fuel projects by the end of 2021. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . The EIB is not funded through the budget of the EU . Instead, it raises money through the international capital markets by issuing bonds. The EIB
3477-421: The world. The EIB focuses on long-term investment and is triple-A rated by Moody's , Standard and Poor's , and Fitch . This allows the Bank to borrow money at lower rates to then lend it at lower rates to projects inside and outside Europe that foster EU policy objectives. In addition to benchmark bonds, public bonds, and private placements that vary in terms of size, currencies, maturities, and structures,
3538-629: Was approved in June 2020 to support the company's vaccine trials and manufacturing. BioNTech's COVID-19 vaccine was approved for use by the UK drug regulators in December 2020. The EIB Group, is one of the world's main financiers of climate action. The EIB plans to invest 1 trillion euros in climate-related projects by 2030 including a just transition . As the EU's climate Bank, the European Investment Bank Group committed in November 2019 to align its activities with
3599-521: Was closed in 1932 due to falling passenger numbers. In the 1990s when it was proposed to reestablish a tram system in Dublin due to chronic traffic congestion (see Luas ), the old tram route from the city centre via Terenure to Tallaght was proposed. This route was later ruled out as a result of space constraints and the pipes under the N81 route seemingly being too old in the Terenure area, thus proving to be
3660-548: Was reviewed before Mr. Justice Cyril Kelly, and not Judge Matthews, as would be the correct procedure. After the brief hearing Mr. Justice Kelly remitted what was left of Sheedy's sentence. Neither the garda í nor the Director of Public Prosecutions (DPP) were told of the review or the fact that Sheedy was released. The only representation by the state was the appearance of a clerk in the Chief State Solicitor's office who saw
3721-560: Was then) in Dublin Circuit Criminal Court in October 1997 and also admitted to driving with excess alcohol. On the day of sentencing Judge Joseph Mathews was asked by Judge Kelly to step-in and sentence Sheedy. Judge Matthews imposed a four-year sentence on Sheedy with leave to apply for a review of the sentence after two years (20 October 1999), as well as banning him from driving for twelve years. On 6 November 1997 Judge Mathews granted an application on Sheedy's behalf to vacate
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