European Commission seek explanation on Celtic land deals

[nachothelegend 1,932]

FFP investigation is separate from State Aid investigation. EU Commission is investigating State Aid.

Still good News.

[thebluedoo 2,652]

FFP investigation is separate from State Aid investigation. EU Commission is investigating State Aid.

Thanks guys for the heads up, after everything we have had to deal with, pardon my anxiety, wouldn,t put it past them to be listening at doors shitting their selves, lets hope for good news soon

[The Educator 1,572]

If the EU Commission upgrade their investigation of c****c then the FFP (UEFA) may be forced to open an investigation at some point down the line as would the SPFL. Don't forget that when they attempted to strip us of titles only one club was ever going to benefit, not the case now though as whoever was runner up over the three seasons we will have been absent from the SPL will want the title handed to them. Also any titles they won when we were in the SPL would then be up for grabs by us.

Would I take them? Too right I would, even if it was just to get at them, even funnier is they couldn't go on the radio saying titles are only won on the park as they have been saying he opposite for three years now. Just think folks, depending on how far back this could be judged to have gone on we might have done 10-in-a-row and not even know it.

[soulboy 2,518]

New update on westhorn on the football tax havens website http://footballtaxhavens.wordpress.com/2014/04/16/gcc-was-informed-of-the-hse-zones-in-2008-why-then-expand-them-when-selling-westhorn-in-2009/

[The Educator 1,572]

Can somebody clarify the above for me, does it actually mean that they had said there was little if any risk due to the blast zone for the land c****c got?

[Gillete 1,338]

Quinn ?

They are infiltrating everywhere now

[corkinator 611]

the more informastion comes out the more this fucking reeks, of nappy rippery.

[Faircity 186]

.

[soulboy 2,518]

Pzj on twitter saying the scums cheap loan deal will be ripped up as the co op banks getting rid of football clubs accounts

[Agentorange 17]

.

[Blue Nosed Babe 20,591]

Pzj on twitter saying the scums cheap loan deal will be ripped up as the co op banks getting rid of football clubs accounts

They surely will not write it off. Surely the scum will have to pay back the loan AND overdraft or transfer it to another bank and pay much higher interest.

[NixonRFC 1,333]

.

[Bad Robot 21,148]

Pzj on twitter saying the scums cheap loan deal will be ripped up as the co op banks getting rid of football clubs accounts

http://footballtaxhavens.wordpress.com/2014/04/17/co-operative-bank-risk-management-football-loans-being-managed-for-rundown-or-exit/

[there'sonlyoneamoruso 1,724]

Pzj on twitter saying the scums cheap loan deal will be ripped up as the co op banks getting rid of football clubs accounts

What does this mean? They are going to call in the debt or they are going to write it off? Given their poor financial results I'd like to think it means they are going to call it in asap.

[mabawsa 888]

Do the US Hedge fund managers want to make money or write off losses? Septic, Dunfermline, Killie.....what utter hypocrisy! Ultimately they have screwed the taxpayer.

[corkinator 611]

Pzj on twitter saying the scums cheap loan deal will be ripped up as the co op banks getting rid of football clubs accounts

why would the write off a perfectly servicable debt? BIZZARE!

[mabawsa 888]

Do the US Hedge fund managers want to make money or write off losses? Septic, Dunfermline, Killie.....what utter hypocrisy! Ultimately they have screwed the taxpayer.

Oh in addendum.... If the loan was given out under fraudulent circumstances could they claim the security?

[10pshortof17pound 2,492]

why would the write off a perfectly servicable debt? BIZZARE!

They will not write off the debt but they will push for it to be rebanked. At the interest rate quoted it is currently costing Coop bank more in capital cover costs than the revenue generated from the Catholic loan..Depends on the loan terms whether or not the Mhanky shower can hang on in there .

[soulboy 2,518]

My guess is the co-op will sell the debt to another bank. I'm sure there won't be a shortage of takers on a £32million loan especially since the co-op own all the scums assets stadium, training ground and all land the scum have bought from GCC.

So if any other bank get all that security then it'll be a no brainer for any bank, bad news for the scum as they will not get any deal worth 1.5% from anyone like they are now.

[ritchieshearercaldow 22,137]

Looks like the two most risky or non profitable loans are Football & Education, Wonder if it's septic minded places of education?

I don't think the loan will be written off, maybe they could ask for an early repayment at a discount price but the scum would have to find the capital to pay it off

[The Educator 1,572]

Mabawsa - "If the loan was given out under fraudulent circumstances could they claim the security?"

There has always been something very odd about this situation in that the Co-op bank have asked for extra collateral on number of occasions. If you lend £32m you will want security on assets worth £32m or more, was the original security put up worth this amount? I really have to doubt it as the value would have increased as the club took control of more land around the stadium, this would also be the case due to the announcement of the CG's in the east end, the value of the security should have increased due to what was going on in the area around it.

If the bank are continually asking for an increase in the security held against the £32m one would have to assume that the original security held was way under the value of what should have been required especially as the value of that security should have increased due to what was going on around it. So at the end of the day one must ask if the true value of c****c park and their training ground at Lennoxtown was ever originally worth £32m? The requests for increased security on the £32m would suggest it was never was, so does that mean that the club fraudulently obtained the money or did the bank break rules by giving out £32m with a totally under valued security placed on it? Alas that is one that may well end up in the hands of lawyers who specialize in that area.

If one was really suspicious it could be argued that there is a case for an investigation as both parties knew that the club would be in line to add security in the form of land before the deals were ever formally done. How could they know that the club would guaranteed to be able to purchase land below a certain value and then have it revalued instantly at a much, much higher value to cover the under valuation of the security being held on the £32m? People say that nothing in life is a certainty, well somebody certainly seemed to know differently didn't they.

[Malvern 11,329]

Septic will be fine, they will just get a loan on something else they do not own, like Alaska.

[Carsons Dog 9,878]

http://footballtaxhavens.wordpress.com/2014/04/17/co-operative-bank-risk-management-football-loans-being-managed-for-rundown-or-exit/

[Bad Robot 21,148]

Maybe our club or the associations should be making a statement regarding state aid as the Edinburgh airport boss has let his feelings be known in regards to rival airports and funding/subsidies.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-27061810

19 April 2014

Edinburgh Airport boss Gordon Dewar hits out at state aid

Mr Dewar called for all airports in the central belt to "stand on their own two feet"

Continue reading the main story

Related Stories

Plan to boost Dundee Airport numbers

Business concern over Prestwick deal

Airport in £1 public ownership deal

The chief executive of Edinburgh Airport has hit out at state support for other airports, claiming it is "distorting" competition.

Gordon Dewar said every airport in the central belt should be able to "stand on its own two feet".

His comments were directed at both Scottish government-owned Prestwick Airport and Dundee, which he said received support from the city council.

He also claimed some state aid could fall foul of new European rules.

However, Transport Scotland denied Prestwick was receiving state aid because it claimed any investment in the airport would be repaid.

Prestwick losses

Prestwick Airport was racking up losses of more than £2m a year before it was bought by the Scottish government last year for just £1.

Continue reading the main story

“

Start Quote

There are two strong commercial airports in the central belt of Scotland and it's really important we don't distort competition in the marketplace there”

Gordon Dewar

Edinburgh Airport

Ministers had tried to find a private buyer but when that failed it took ownership to safeguard jobs and services.

The Scottish government is having to subsidise the day-to-day running of the airport and that has infuriated the competition.

Glasgow Airport has previously expressed concern over the government's ownership of Prestwick.

Mr Dewar said: "We have some sympathy because certainly a company going out of business overnight is not good for the economy.

"The fact is there are two strong commercial airports in the central belt of Scotland and it's really important we don't distort competition in the marketplace there."

Mr Dewar returned to Scotland from Bahrain to take on the role of chief executive of Edinburgh after it was sold by BAA to Global Infrastructure Partners (GIP).

The sale was forced after competition concerns.

Dundee support

Mr Dewar has also called for Dundee City Council to justify its support of the airport there.

He said the airport was not surviving on commercial terms and was receiving support from the council.

He added: "What is the benefit to the public sector supporting and nationalising a failing business?

"There are plenty of opportunities to travel from Dundee and then to fly from Aberdeen or from Edinburgh or indeed from Glasgow."

Dundee recently announced a twice daily flight to Stansted.

A spokesman for Dundee City Council said: "We have been working closely with our partners in Transport Scotland, Highland and Islands Airports and Loganair to help ensure this continuity of service between Dundee and London.

"We are keen to find a longer term service to connect Dundee and London, and the council is in the process of attracting an operator under a Public Service Obligation."

He added: "Air links to Dundee have played an important role in the long-term regeneration of Dundee and we want to see even more people using services from Dundee Airport."

European scrutiny

State aid of airports has come under scrutiny from the European Commission.

Earlier this year the Commission adopted new guidelines on how Member States could support airports and airlines in line with EU state aid rules.

It means that operating aid for airports with more than 700,000 passengers per year will have to be curbed.

In 2012 Prestwick Airport had more than one million passengers.

However, Transport Scotland denied the airport was receiving state aid because it claimed any investment made would be repaid.

A Transport Scotland spokesman said: "The Scottish government's ownership of Prestwick Airport is being undertaken on a commercial basis.

'No state aid'

"Given that there is no state aid, the EU's new guidelines do not apply. There will be no ongoing subsidy of the airport's operations and we expect investment to generate a long term return for taxpayers' money."

He added: "We believe that there is a place for Glasgow Prestwick in the evolving and increasingly competitive Scottish aviation market and as an airport serving Ayrshire and other parts of the west of Scotland.

"This investment will help ensure the continuation of robust competition between airports in Scotland and will not be at the expense of it."

You can hear an interview with Gordon Dewar on the subject by listening to BBC Radio Scotland's Business Scotland programme at 06:05 on Saturday and again at 10:05 on Sunday. The programme will also be available by free download.

[Bad Robot 21,148]

Maybe our club or the associations should be making a statement regarding state aid as the Edinburgh airport boss has let his feelings be known in regards to rival airports and funding/subsidies.

Although the EC only goes back ten years out associations should be investigating further back especially the three streets around the piggery.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-27061810

19 April 2014

Edinburgh Airport boss Gordon Dewar hits out at state aid

Mr Dewar called for all airports in the central belt to "stand on their own two feet"

Continue reading the main story

Related Stories

Plan to boost Dundee Airport numbers

Business concern over Prestwick deal

Airport in £1 public ownership deal

The chief executive of Edinburgh Airport has hit out at state support for other airports, claiming it is "distorting" competition.

Gordon Dewar said every airport in the central belt should be able to "stand on its own two feet".

His comments were directed at both Scottish government-owned Prestwick Airport and Dundee, which he said received support from the city council.

He also claimed some state aid could fall foul of new European rules.

However, Transport Scotland denied Prestwick was receiving state aid because it claimed any investment in the airport would be repaid.

Prestwick losses

Prestwick Airport was racking up losses of more than £2m a year before it was bought by the Scottish government last year for just £1.

Continue reading the main story

“

Start Quote

There are two strong commercial airports in the central belt of Scotland and it's really important we don't distort competition in the marketplace there”

Gordon Dewar

Edinburgh Airport

Ministers had tried to find a private buyer but when that failed it took ownership to safeguard jobs and services.

The Scottish government is having to subsidise the day-to-day running of the airport and that has infuriated the competition.

Glasgow Airport has previously expressed concern over the government's ownership of Prestwick.

Mr Dewar said: "We have some sympathy because certainly a company going out of business overnight is not good for the economy.

"The fact is there are two strong commercial airports in the central belt of Scotland and it's really important we don't distort competition in the marketplace there."

Mr Dewar returned to Scotland from Bahrain to take on the role of chief executive of Edinburgh after it was sold by BAA to Global Infrastructure Partners (GIP).

The sale was forced after competition concerns.

Dundee support

Mr Dewar has also called for Dundee City Council to justify its support of the airport there.

He said the airport was not surviving on commercial terms and was receiving support from the council.

He added: "What is the benefit to the public sector supporting and nationalising a failing business?

"There are plenty of opportunities to travel from Dundee and then to fly from Aberdeen or from Edinburgh or indeed from Glasgow."

Dundee recently announced a twice daily flight to Stansted.

A spokesman for Dundee City Council said: "We have been working closely with our partners in Transport Scotland, Highland and Islands Airports and Loganair to help ensure this continuity of service between Dundee and London.

"We are keen to find a longer term service to connect Dundee and London, and the council is in the process of attracting an operator under a Public Service Obligation."

He added: "Air links to Dundee have played an important role in the long-term regeneration of Dundee and we want to see even more people using services from Dundee Airport."

European scrutiny

State aid of airports has come under scrutiny from the European Commission.

Earlier this year the Commission adopted new guidelines on how Member States could support airports and airlines in line with EU state aid rules.

It means that operating aid for airports with more than 700,000 passengers per year will have to be curbed.

In 2012 Prestwick Airport had more than one million passengers.

However, Transport Scotland denied the airport was receiving state aid because it claimed any investment made would be repaid.

A Transport Scotland spokesman said: "The Scottish government's ownership of Prestwick Airport is being undertaken on a commercial basis.

'No state aid'

"Given that there is no state aid, the EU's new guidelines do not apply. There will be no ongoing subsidy of the airport's operations and we expect investment to generate a long term return for taxpayers' money."

He added: "We believe that there is a place for Glasgow Prestwick in the evolving and increasingly competitive Scottish aviation market and as an airport serving Ayrshire and other parts of the west of Scotland.

"This investment will help ensure the continuation of robust competition between airports in Scotland and will not be at the expense of it."

You can hear an interview with Gordon Dewar on the subject by listening to BBC Radio Scotland's Business Scotland programme at 06:05 on Saturday and again at 10:05 on Sunday. The programme will also be available by free download.