provides free handouts, updates and other learning resources written specifically for students using Enda Connolly’s BUSINESS ON-LINE.

The website lists additional resources for each chapter on the Leaving Certificate Business course. It also has some news items on the homepage that are related to the subject.

Cheques to be phased out by 2016

We carry too much cash and write too many cheques compared to our European neighbours. That’s according to IPSO (Irish Payments Services Organisation).

IPSO wants all cheques to be phased out in Ireland by 2016. Some European countries have already stopped using cheques as a method payment. The average person in Ireland writes 29 cheques per annum compared to a European average of 15. We also use cash a lot more for payments compared to other European countries. The high use of cheques and cash is costing the economy €1.4bn annually and is damaging our competitiveness.

Both individuals and businesses should be making greater use of plastic cards and online banking.

MindMap for Balance of Payments

Here is a mindmap for Chapter 29 -The Balance of Payments and Foreign Exchange.

Remember all Mindmaps are in pdf format.

Download Balance of Payments Mindmap

National Income Quiz II

National Income Quiz II has been sent to your Google Apps account.

Mindmap for National Income

Here is a mindmap for revising National Income.

Mindmap for National IncomeThe mindmap is a pdf file. Print a copy for your notes.

Mindmap for National Income

Irish banks borrowed €39.4bn from ECB in 2007

Irish banks borrowed €39.4bn from the European Central Bank in 2007. This is 45% higher than the total amount borrowed in 2006.

The ECB regularly lends money to financial institutions in order to improve liquidity. Some Irish financial institutions use the ECB facility on a regular basis to finance part of their balance sheets, using their residential mortgage assets as collateral. All banks regard the facility as a continuous source of funding.

Borrowing by Irish banks from the ECB in 2007:

  • EBS – €2.3bn
  • Irish Life & Permanent – €5.3bn
  • Bank of Ireland – not disclosed
  • AIB and Anglo Irish Bank – no borrowing

Visa IPO

Visa, the international credit card company, made its debut on the NYSE yesterday. It’s the biggest IPO in US history and the third largest worldwide.

Visa trades under the symbol ‘V‘ on the NYSE and the shares closed up 28% on their first day.

They are up another 12% again today.

Subprime crisis continues

JP Morgan Chase is to buy Wall Street’s fifth-largest investment bank, Bear Stearns, for $2 a share, a fraction of its previous value.

The news has rattled investors worldwide, who fear that the credit crisis is deepening.

The bank got into trouble over its sub-prime mortgage debts, and other banks had stopped lending to it.

The rescue has been backed by the US Federal Reserve, who will lend $30bn and lower its discount rate to 3.25%.

The discount rate determines at which rate banks lend to each other, but the Fed is widely expected to slash interest rates that affect consumers as well – by up to 1% – when it meets on Tuesday. Taking inflation into account this would take interest rates into negative territory.

And it has created a new lending facility for big investment banks, who will be able to borrow against the value of their mortgage assets.

Stock markets fell sharply around the world on Monday, with the Hong Kong index down 5%, the Japanese market nearly 4%, while London’s FTSE dropped 100 points on its opening.

The deal values Bear Stearns, which has been at the centre of the US mortgage debt crisis, at just $236m.

Its shares have lost 98% of their value since their high of $158 in April one year ago, when the bank was worth $18bn.

In October, the shares had fallen to $117.

On Friday, the ailing bank’s shares had fallen 46% to $30 after an emergency rescue package was announced.

Under the deal, which emerged on Sunday, the Federal Reserve will fund up to $30bn of Bear Stearns’s less liquid assets.

In turn, JP Morgan will guarantee to meet all the payments due to Bear Sterns clients.


Citigroup: $18bn
Merrill Lynch: $14.1bn
UBS: $13.5bn
Morgan Stanley $9.4bn
HSBC: $3.4bn
Bear Stearns: $3.2bn
Deutsche Bank: $3.2bn
Bank of America: $3bn
Barclays: $2.6bn
Royal Bank of Scotland: $2.6bn
Freddie Mac: $2bn
JP Morgan Chase: $3.2bn
Credit Suisse: $1bn
Wachovia: $1.1bn
IKB: $2.6bn
Paribas: $197m
Source: BBC News

TED | Talks | Richard Branson: Life at 30,000 feet (video)

Vodpod videos no longer available.  

Mindmap for Capital

Mindmaps are a useful tool for revision of a topic. Here is a mindmap for revising the Factor of Production Capital. The mindmap is a pdf file. Print a copy for your notes.

Mindmap for Capital

Learn more about mindmaps or create your own.

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