CIT Students’ Union Magazine Volume Eleven - Issue Seven
Latest CIT News
Election Results 2010
Editorial
Opinion
Congratulations to our CIT €urostar Winners who represented CIT at the National IT Factor Song Contest.
CIT Students’ Union Rossa Ave, Bishopstown Cork, Ireland. Telephone: 021 493 3120 Fax: 021 454 5343 Email: info@expliCIT.ie expliCIT Staff Editor - Billy Byrne Design & Advertising - Philip O’Reilly Contributions John Lane Keith Ricken Gearóid Buckley Kevin McCarthy NMCI Sub Aqua Club Barbara McAllister
Deirdre Conroy ISS Society Glynis Dennehy Lia Morrissey Athletic Club Mary Sheahan
CIT Students’ Union President - Gearóid Buckley (supresident@cit.ie) Vice President Education - John lane (sueducation@cit.ie) Vice President Welfare - Deirdre Conroy (suwelfare@cit.ie) Entertainments Officer - Kelvin McLaughlin (suentertainments@cit.ie) Projects Officer - James O’Toole (suprojects@cit.ie) Communications Officer - Killian Hughes (sucommunications@cit.ie) Print Barnaville Print & Graphics LTD Advertising Opportunities CIT has almost 17,000 full and part-time students with over 1,500 staff. Why not use expliCIT to promote your business to this large audience? Copy deadlines, advertising rates and technical specifications are available from our website www.expliCIT.ie or upon request from the Publications Office.
expliCIT magazine is published monthly by CIT Students’ Union. The views expressed in the magazine are those of their authors and are not necessarily those of CIT Students’ Union. All articles and pictures are the property of their respective owners and should not be reproduced without their permission.
We Need You! If you would like to contribute to expliCIT please contact Philip in the Publications Office, 1st Floor, Student Centre or email: info@expliCIT.ie
(Left) Pearce Linehan, CIT’s EuroStar ‘Original Song’ winner, who went on to win the IT Factor original song section. The IT Factor is the national equivalent of our EuroStar Competition in which Institutes of Technologies from across the country compete. Congratulations to Pearce. (Right) Kate Curran, CIT’s EuroStar ‘Cover Song’ winner who also represented CIT at the IT Factor and received many accolades for her performance.
CITSU Executive Election Results The Executive Elections of CIT Students' Union took place on Thursday 11th March 2010. The following students have been elected and will take office from 1st June 2010. Sabbitical • President - John Lane • Vice President Education - Chris Scanlon • Vice President Welfare - Vicki Fitzpatrick Non-Sabbitical • Communications Officer - Shane Fitzgerald • Entertainments Officer - Gordon Forbes • Projects Officer - Niamh Hayes For more information please contact the Students’ Union office, first floor, Student Centre.
www.explicit.ie .com/citsu
Grade Inflation Should we be worried? Last December the Minister for Education, Batt O’Keeffe, was made aware of the concerns of the Heads of many Multi-Nationals about the disturbing trend of grade inflation. John O’Hara, Vice President of Google, highlighted in no uncertain terms that there was a clear gap between the skills graduates have on paper and their actual skills and abilities in the workplace. To reinforce this point, Craig Barrett, the former Head of Intel Ireland had previously told the Irish Government to stop boasting about a “world class education system” and face the truth that our education system was “average”. Now here is the scary part for us, the students of today. Multi-National companies in Ireland are aware that colleges don’t want to fail any students, want to give out as many first class honours as they can so as to look good in the eyes of their peers and want to be seen as having world class educated graduates. Multi-Nationals are reluctant to hire Irish graduates from certain colleges as they are aware that the quality of graduates aren’t as high as they would like. In fact, there are rumours that several IT’s and one Irish University are on a recruitment “black list”. This is quite worrying, considering that we are an IT, but the specific details of this black list are unknown. Just to explain this whole grade inflation controversy. Per thousand students in third level education, the amount of students receiving first class honours in the last 20 years has doubled. Teachers Unions’ put this down to excellent teaching, but the view point of employers differs considerably from this. Employers feel it ever more difficult to find graduates with the skills and flexibility that they need in their organisations. Although figures for CIT were difficult to come by, since 1994 NUI Maynooth has upped its first class honours output by 700 per cent, while UCCs’ has jumped up 174 per cent. More and more, colleges are willing to give out a pass degree than to see a student fail, lecturers are encouraged to find extra marks where possible if a student is borderline (gets 49, 59 or 69) and colleges want to see their students come out with better qualifications. Yes, this is all to the students benefit, but is it fair? Is it fair for a student who puts in hours and hours of work all year to come out with the same class of degree as someone who crams it all into the last two weeks? Is it fair for colleges to sell their graduates to employers as first class students when really they are borderline? The Dumbing Down of Education Although this could be justified by great teaching if that was the only change, it is not. More and more college places have been opening up every year, which leads to CAO points dropping every year, bringing in more and more “average” students to courses. Not so long ago a threshold was dropped. You could enter many third level science and technology courses
with less than 300 points. Logic says that as the quality and capability of students reduces, so will the results. In fact, there seems to have been an inverse relationship here – results rose. Weaker students were receiving ever improving grades. The reasons? Numerous according to most people within the third level system who look at it openly and honestly. I have heard disgruntled lecturers complain about how their syllabi have been chipped away at for years so as to reduce the workload for students and make it more understandable and passable, but at the end of the day, colleges have a responsibility not just to educate students, but also to make them employable. Lecturers talk of not being able to reduce the material anymore as the modules now being taught are simply the bare bones of the modules originally envisaged. In a nut shell, students are being taught less and thus able to answer questions better, Employers are also frustrated at the lack of flexibility in graduates – their ability to apply what they learned in college to real world events; lateral thinking and applicability basically. Employers have found that top graduates who should fit right into the job now need training that in previous years would have been unnecessary. The culture of education in Ireland also has a lot to do with this. From an early age, probably first year of secondary school, we are taught to learn by rota. If you don’t understand something, just learn it for the exam and you can then forget it. The leaving cert is the epitomy of this. Learn things off by heart and once the exam is over that’s it, forget it. By right, there is no way in hell you should be able to cram for an exam for the 24 hours before it, but we can. We all have a fair idea of what will be coming up, what’s important, and we all know the age old saying – “Learn the diagram, know the gist of it, sorted”. The flaws of this are picked up straight away when you go out into the real world, where you are expected to know what you are talking about. It is only then you realise how important all these different things are. Maybe the next Government can turn the Education system around. It may not be the popular choice, it may not be the easy choice, but it will benefit those who can work and who can dedicate themselves to their education. This is not a threat to us, if anything it will be a benefit. A better education means better jobs. Three, four or five years of intense study that will be paid off with better jobs, which in turn should equate to more money. And whether it is you as an individual, a MNC located in Ireland or even the Government, at the end of the day it is all about the money. John Lane
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Latest News
Batt O’Thief’s Head Up For Auction!
NUI Maynooth re-affiliate with USI as CIT is cast to the shadows NUI Maynooth has re-affiliated to the Union of Students in Ireland (USI) at a cost estimated to their Students’ Union of €33,000 per annum. A recent referendum saw Maynooth students vote in favour of joining the National Students’ Union, costing each student €5. Both NUI Maynooth and CIT disaffiliated together and stood firmly with UL and DCU in opposition to the Union of Students in Ireland. Although CITSU officers have always worked well with officers from other colleges, there is always a detachment from the National Organisation. CIT Students’ Union’s Gearóid Buckley stated: We have always worked well with other colleges and even last year were one of the founding colleges of Munster Students Against Fees, a coalition of all third level colleges in Munster. Negotiations were ongoing between CIT Students’ Union and USI relating to a fees protest, when in October last USI walked away from the table. This year we had agreed at a USI Conference that all Colleges in the South of Ireland would combine forces for a protest march in Cork. However a week before the
protest after everything had been organised, CIT Students’ Union found out through the grapevine that such plans had changed and the protest was now going to be called off. Under no circumstances could we cancel our organised protest March. After convincing UCC to join us we completed our protest. After this incident I have not received any further information from USI. We had a meeting with USI President Peter Manion and Dan O’ Neill in August regarding reaffiliating, but since then we have not heard a whisper from the organisation. Personally I disagree that CIT Students should re-affiliate but I do believe CIT is due a referendum, it should be up to CIT Students’ to decide. Whether or not CIT should hold a re-affiliation referendum is a question for CIT’s class reps to decide. As NUI Maynooth has now re-affiliated USI could be back to CIT’s door next year looking for an estimated €35,000 of your Union’s money. Watch this space. Gearóid Buckley
The Union of Students in Ireland has put its famous Batt O ‘Keeffe paper mache head up for sale to the highest bidder. The decision to sell the head was made after the reshuffling of the Cabinet, when Batt O’Keeffe was replaced as Minister for Education by Mary Coughlan. Mr O’Keeffe is now Minister for Enterprise, Trade and Employment. The reconstruction of his head, commissioned by the USI in 2008, was posted on www.ebay.ie with a starting bid of €500. As of going to print there was no bid. Any profits from the sale will be donated to the national charity of the USI, Our Lady’s Children’s Hospital in Crumlin. The Batt head has made many appearances at both CITSU & USI demonstrations, rallies and protests in previous years, as the organisation successfully campaigned against the re-introduction of college tuition fees, and for many other student causes. The sale of the Batt head coincides with the election of the new USI president, Gary Redmond, who is currently president of UCD Students’ Union. CITSU’s Gearóid Buckley congratulated and wished Mr. Redmond well in his new role. I have worked with Gary for the past two years and am convinced he will bring a breath of fresh air to USI. He must be applauded for work ethic and enthusiasm as all successful national campaign ran over the past year, has Gary’s signature on it in some form.”
BE HEARD ON CAMPUS! If you would like your letters, articles, reviews or photos printed in expliCIT... Email: submissions@explicit.ie or contact the SU Publications Office
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Latest News CIT Prize for Innovation Awards 2010 On the 19th of March“Entrepreneurs” showcased their businesses during the CIT Prize for Innovation exhibition where a total of €10,000 was awarded to the winning entries. The Cork County and City Enterprise Boards sponsored the competition and in addition to the cash prizes a perpetual cup will now be on display in the Department of Mechanical Engineering for the next twelve months. The adjudicators were very impressed with the quality of the work that was evidenced from the business plans and display stands. The judges found it difficult to come to a decision on the winners and felt that everyone who participated showed elements of enthusiasm and creativity that are required to start a business. Details of prize winners attached. There was an additional element to the CIT Prize for Innovation. Second level students from a number of schools around the city and county participated in exhibition and presented their businesses under the Cork Schools Enterprise Programme.
CIT Prize for Innovation Winners: 1st Prize and coveted title of CIT Entrepreneur(s) of the Year = €4,000 Business Name: Hydrostack Department: Mechanical Engineering Student Name: Laurence Barry Supervisor: Richard Guinee Most Technically Innovative Business Name: Department: Student Names: Supervisor: Best Business Plan = €1,000 Business Name: Department(s): Student Names: Supervisors:
= €2,000 Tip Top Mechanical Engineering Daniel Henderson, Jonathon Howley, Ronan O’Donoghue, Aidan Vaughan Michael J O’Mahony
Keep Me Close Electronic Engineering and Business Studies Colm Harrington, Juan F Martiez, Allanah Bates, Gary Cashman Finbarr Sheehan
Best Presentation Pitch = €1,000 Business Name: Mobalift Department Mechanical Engineering Student Name: Sarah Lindsey Supervisor: Sean F O Leary Most Emerging Space Award (instead of postgrad award) Business Name: MMODL Department: Computing and Business Studies Student Names: James O Sullivan, John Twohig, Kathryn Burguin Supervisor: Finbarr Sheehan Best Exhibition Stand = €1,000 Business Name: Ez BaR Department: Mechanical Engineering Student Names: Barry McKenna, Damien O’Flynn, Rian Edman, Conor Nevin-Maguire Supervisor: Sean F. O’Leary
J1 2010 last chance!! for early june departures
Book by 27 TH April SPECIAL OFFER € 99 PROGRAMME FEE - LIMITED PLACES TERMS AND CONDITIONS APPLY. LIMITED OFFER SUBJECT TO AVAILABILITY.
www.j1online.ie Tel: 021 427 0900 USIT, 66 oliver plunkett st, cork
Glynis Dennehy - CIT Development Office
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Union Address CITSU Vice President Education First of all, welcome back. I hope the Easter break was a nice get away from college, was relaxing and refreshing and that you are now all ready for the final push. To start on a light note, the summer is nearly here and another year is nearly complete. I hope you have all enjoyed yourselves and that all those finishing first year now are fitting in and getting involved and enjoying the college life. I wish good luck to all of you finished this year, and please don’t forget all of us here when you are gone. I would like to thank absolutely everyone who helped out with the SU elections, which seems so long ago at this stage. I would like to thank everyone who voted for me – and you are now stuck with me for another year whether you want to be or not! I am around the college all the time, and I would encourage anyone who has problems, questions or suggestions to feel free to come and talk to me anytime, be it in the hallways, canteens, or just give me a buzz or drop me an e-mail (all contact info is on the inside cover of the magazine). I am really looking forward to next year in my new role as SU President and I intend to work for the interests of the students first and foremost. As I am not a student currently though, I need you, the students, to keep me informed as to what is happening on the ground, what you want and what you need. I hope to alleviate financial pressures on students where possible, and focus on allowing students to go out and socialise for as low a cost as possible.
More seriously, the exams are just around the corner…again. This is the final stretch for the year so I would encourage people to put in the effort for the few weeks that’s in it because no one wants to come back in autumn. The Learning Resource Centre is still running every lunchtime, covering maths, physics and programming, and the library is a great resource if used correctly. The exams often place a lot of stress on students, so we are running a “Don’t Worry, Be Happy” campaign from the17th – 21st of May, offering exam advice, tips, healthy eating and brain food options and lots more. For more information, please contact our Welfare Officer, Deirdre Conroy. For those of you looking for accommodation for next year, I have put in an article this month to try to help you out. Looking at houses in the summer is the norm, but usually problems with houses only arise in the cold winter. Hopefully, you will have seen posters for the “Party & Pull @ Punchestown” event for this Wednesday. It’s a national event and a chance to go to the races. Also, it is a chance for a proper day out before the exams kick off. Colleges from all over the country will be going and it is a great chance to meet people. Buses will be leaving from CIT (early) that morning and coming back that evening too so as you will be back in college the next day. I will leave ye all on that. Have a great month; enjoy the issue and best of luck. John Lane
Batt Scores an F and Gets The Boot from Education
CITSU Welcome Coughlan to Education Ministry
Batt O'Keeffe is to be the new Minister for Enterprise, Trade and Innovation, replacing Mary Coughlan in the Taoiseach's reshuffling of the Cabinet. Although an ex CIT lecturer, Minister O’Keeffe was hell bent on bringing in tuition fees, until his leashed was pulled by the Green Party last October.
CIT Students’ Union President, Gearóid Buckley has welcomed Mary Coughlan to her new post as Minister of Education and Skills.
The Minister met with CIT Students’ Union representatives on numerous times and was far from honest and truthful. CIT Students’ Union President, Gearóid Buckley stated: “When we met the Minister for the first time in his office he was arrogant and typically political. There was no simple answer to simple questions. Representatives accompanied me from other Students’ Unions, and afterwards nobody could draw conclusions from what answers we received. We were naive and were played by a political mystro. A number of months later we met the Minister in CIT. We agreed to meet instead of holding a demonstration. This time he still managed to worm his way out of any controversial statement. He said that the introduction of fees was off the programme for government, which was witnessed by six CITSU elected officers and an independent student photographer in the room. He clarified this on my request and every newspaper in the country jumped on this as hot news. He denied everything once it was published and we even got a phone call from the Minister’s Secretary stating that they would threaten legal action if we did not withdraw the statement. However no such legal action followed, which demonstrates that what he did was wrong and attempted to bully student representatives. Education wasn’t his forte but maybe he can do something with his new role. Brian Cowen did a straight swap with Mary Coughlan moving to the newly named Department of Education and Skills.
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Opinion
“By no means it is easy task but I am hopeful deputy Coughlan will bring an open mind to the new world at her feet. This sector has been a victim of a Battman style slash and burn cutbacks since early 2008, and new thinking and ideas are needed. It is not an easy position to be in during this economic climate. I don’t envy her but she cannot close her office door and read report after report and make decisions on such, without meeting those on the ground, such as lecturers, manangment and most importantly students”. He added, ”although she has yet to make any announcements regarding the third level sector, we will wait with placards ready. We have written to the Minister requesting a meeting and are currently awaiting a reply. It is imperative the views of sixteen thousand CIT students are communicated to her. Our concerns include: • The Student Support Bill • The Grant System • The Registration Fee • Further Cutbacks • Public Sector Graduate Programs We hope to meet soon and will listen to the raw facts from the Minister, which have been used to justify the elaborate and wide scale cut backs of recent years. Once we hear those facts we will inform the Minister of the harsh realities of life as a student and trying to keep a household on an ordinary families income. If the Minister refuses to meet with us, we will travel to her Constituency Clinic in Donegal.”
Welfare Advice House Hunting Simple Steps for Students house. It is advised that you keep a rent book, but if you don’t get this far, at least collect and retain receipts.
House Appliances It’s that time of year again where people are looking for houses before the college breaks up for the summer. New apartments and houses bring excitement and anticipation, but just be careful and be prepared before agreeing to take a new place. Below I have listed out and explained everything you need to look out for, be wary of and keep in mind.
Heating If you are in a student apartment this should be relatively safe, but if you are moving into a house there is loads to consider. First of all, it is worth mentioning that a lot of the houses in the general Bishopstown area would be over 20 years old, so heating can be a big issue. It is easy to look at a house in sunny May and think it will do the job, but as I have seen from experience, when the winter kicks in, leaks, poor insulation and dampness become a very real concern. Gas heating is better than oil. With gas heating, you have a regular, constant supply. With oil heating, although you don’t get bi-monthly bills, it works out costing about the same and you need to keep an eye on oil levels. On top of this, when you do order oil, it is a one off large sum you could be paying. Also, check the insulation. Although it may sound funny, ask to have a look in the attic to see if it is suitably insulated. A poorly insulated can lead to massive heat loss (and massive home heating bills). It will also be an indication of the general state of the house – if a landlord isn’t bothered insulating the attic, it is fair to assume that other short cuts have been made elsewhere.
The most vital appliances in a house or apartment are a washing machine, dryer, dishwasher and television – in that order! A washing machine and dryer are absolutely necessary. A dishwasher is also a convenient luxury. Very often dishes pile up faster than you can imagine, despite everyone saying – “Oh, I’m really clean and tidy” before moving in. And what is the best advantage of a dishwasher? Being able to hide dirty plates. A television is a given these days as is a microwave, but just be doubly sure that they are all part of the agreement all the same. Also, a television licence is the responsibility of the tenants, not the landlord. A large freezer or even a chest freezer is so handy. A small compact freezer is not practical if more than two people live together. This may not be a deal breaker, but is definitely worth considering. Also make sure there is a hoover in the house!
Parking In recent years, parking all over Bishopstown is becoming a bigger and bigger issue. In Eden Hall and Parchment Square, parking is provided free of charge, whereas Deans Hall usually charge an annual fee. If you are living in an estate and need to park outside your house, a RESIDENTS PERMIT is now required. The City Council requires quite a bit of back up documentation for same so you are best checking out www.corkcity.ie/roads/trafficdivision. Do not forget about this or you could be clamped or towed for parking outside your own house. Visitors also need to be careful, so clear up any ambiguity with the landlord before settling any agreement.
Refuse Collection
Remember landlords are legally obliged to provide a copy of the BER energy rating cert and I would strongly recommend requesting this. It is rated from Rating A1 (the best attainable) to G (run away as fast as you can!)
If you live in a house you will probably be well aware of this. To get your bins collected you have two choices. Cork Corporation Refuse Service collects bins for an annual fee of €300 plus €6 for each collection. Recycling is taken for free. These are taken every second week i.e. One week refuse, next week recycling. Private companies like Greenstar operate at a charge of €329 for the year, with flexible payment options: Quarterly, Half Yearly or Annually and also Monthly by Direct Debit. They also collect refuse every second week, recycling three times a month, and a glass bin collection once a month (very handy for students). It is the tenants’ responsibility to look after the bin charges, not the landlords.
Rent Schedule
Neighbours
Double glazed windows are also vital. Double glazing dramatically reduces heat loss, drafts and condensation. If you are to go a step further, draft protectors around loose doors can cut heat loss by up to 20 per cent almost instantly.
At the moment, houses are plentiful, and rent prices are usually negotiable to some extent. Although the student apartments can average out at €100+ per week, there is no way a house should cost you this much. House rents should seldom go above €80 per week. I have lived in houses all over Bishopstown and speaking from experience, if it is above this you are being ripped off! Houses are available from just above the €60 mark, and these are houses that do not come with compromises. Also locate vacant houses from different sources. The CIT Accommodation Office publishes its Accommodation list usually around the end of April / start of May, but check out websites like daft.ie and myhometorent.ie. These sites are constantly updated and offer great value. How and when you pay rent is very important. Do you pay weekly or monthly, and is it paid in cash, through standing order or by lodgement. However it is paid, a receipt (or paper trail) should always be received. This is simply proof of you paying, and could come in very useful when applying for grants in future years or if anything goes wrong with the
Like it or lump it, you are stuck with your neighbours, so it’s a good idea to at least try and keep them sweet. There are a lot of elderly residents around Bishopstown, so PLEASE PLEASE PLEASE be considerate. If you are planning on having wild house parties and partying on until the early hours on a regular basis, you are better off living in a detached house. If you live adjoined to someone, you cannot realistically expect to have loud parties and music playing in the early hours of the morning. Also, keep in mind that although your ears might have a ringing in them at half two in the morning and you need to shout, your neighbours are asleep. Keeping neighbours sweet allows you a bit more freedom if you ever do push the boundaries, and makes people slower to call the Gardai – but of course students of CIT refrain from such behaviour! I hope this helps on the house search. Visit the Accommodation Office upstairs in the Student Centre if you have anymore questions. Best of luck, John Lane
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Style for Cents! I guess what they say is true; “when you look good, you feel good!” But I think you shouldn’t have to spend a fortune to look good. So I went out and about looking for fashion for less for you guys! Inevitably, I found myself in Penneys, Wilton Shopping Centre. I have always been a huge fan of this shop. They are always up to date with the trends and at a fraction of the cost of other high street retailers.
Casual College: • • • • • • •
Scarf – €3 Chain – €3 Bag – €7 Shoes – €11 Cardigan – €12 Jeans – €17 Top – €7
TOTAL: €60
by Deirdre Conroy So I rounded up two lovely CIT students to model for me, Ciara and Jamie, and off we went to see what we could rustle up at this student friendly store! We decided to piece together one dressy outfit and one casual “college” outfit for each model. All our ensembles are 60 euro or less, from head to toe! Here’s what we came up with.
Casual College: • • • • •
Jeans – €17 Trainers – €6 T-Shirt – €4 Shoes – €11 Hoodie – €15
TOTAL: €42
Casual Wear Ciara’s College look is casual yet smart. The jeans are a great staple for your summer wardrobe and the detailing on the tank top adds a bit of glam. The whole look is feminine and is set off with the funky studded flat shoes and the chrome “Chanel-esque” bag.
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Nothing is more important to a man than comfort in college. So we paired a button top long sleeved t-shirt with a comfy casual zip up hoodie. The jeans are a smart combat cut and are worn with “Vans” style slip on trainers. The trainers come in a variety of different prints.
(The broke students guide to fashion for less!)
Dressy Evening: • • • • •
Dress - €17 Chain – €3 Bag – €7 Shoes – €19 Bracelet – €3
TOTAL: €49
Dressy Evening: • • • • •
Jeans - €17 Trainers - €6 T-Shirt - €3 Shirt - €11 Jacket €20
TOTAL: €57
Evening Wear This outfit is definitely Chanel inspired, incorporating this season’s hottest colour of “dusky pink”. The look also has another of the season’s trends with the shoes having a lace finish detail. Finally, what better way to finish off a classy look like this than with some faux pearls.
Jamie’s channelling his inner Justin Timberlake with this funky look. The black and white shirt is a play on the average style with a lined hood attached. The leather bomber is a steal at only twenty euros.
(The broke students guide to fashion for less!)
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CITSU Elections & Safety Week 2010
CITSU Elections: Team John Lane
CITSU Elections: John Lane & Gear贸id Buckley
CITSU Safety Week - Balloon Event
CITSU Safety Week - Crashed Car
CITSU Safety Week - 238 Balloons Released
Safety Week - Free CIT AED Defib Course
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CITSU Elections: Gordon Forbes & Ken Curtin
CITSU Safety Week - Free Driving Sim Course
CITSU Elections: John Lane
CITSU Elections: Vicki & Shane
CITSU Elections: Team Niamh
Safety Week AED Defib Course
Safety Week - Free CIT AED Defib Course
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Punch Drunk Guide to the Irish Financial Crisis We have all seen and heard abou t the “deepening economic crisis” over the last few months and years, but how many of us really know what its all about – other than the fact that the country is up s**ts creek and our paddle, aka our Government, isn’t suitable to be used in wate r.
In a nut shell, our banks have gone bust, and are more financially strapped than any stud ent in the college. Our Government who used to have “giveaway budgets” have overlooked the fact that they really should have saved some money for leaner time s, and the EU are looking on us disfavourably, but at least Greece is worse off so we’re not getting the brunt of their anger. To understand this, we need to apply the logic that we are asked to develop in college, and ask why. Why are the banks bust? Why are houses now so chea p? Why are we in this situation? For months and months, commentators, journalists and all kinds of officials have been trying to explain why, usually leading to more and more conf usion and boredom among the general public, myself inclu ded.
Then, late one Friday eve ning I received this e-mail, which clea red it all up for me.....
The Financial Crisis explained: all of his Sean is the proprietor of a bar in Dublin. He realises that virtually afford to customers are unemployed alcoholics and, as such, can no longer g plan patronise the bar. To solve this problem, he comes up with a marketin later. pay but now, drink to rs that allows his custome the customers Sean keeps track of the drinks in a ledger (thereby granting marketing later" pay now, "drink Sean's about around gets Word loans). Soon he bar. Sean's into flood rs custome of numbers g strategy and increasin has the largest sales of any bar in Dublin. Sean gets no By providing his customers freedom from payment demands, the prices increases ially substant he , intervals regular resistance when, at masfor wine and beer. Consequently, Sean's gross sales volume increases sively. es that A young and dynamic under-manager at the local bank recognis Sean's these customer debts constitute valuable future assets and increases he has the borrowing limit. He sees no reason for any undue concern, since debts of the unemployed alcoholics as collateral. way to make At the bank's corporate headquarters, expert traders figure a NDS, huge commissions, and transform these customer loans into DRINKBO and traded bundled then are s securitie These NDS. PUKEBO and DS ALKIBON on international security markets. being sold to Naive investors don't really understand that the securities alcoholics. yed unemplo of debts the really are bonds secured AAA as them
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s soon Nevertheless, the bond prices continuously climb, and the securitie brokerleading nation's the of some for items elling hottest-s the become age houses. manager at One day, even though the bond prices are still climbing, a risk payment. demand to come has time the that decides bank local the original alcoholic the from payment s demand then He so informs Sean. Sean Sean canpatrons, but being unemployed alcoholics, they cannot pay. Since bar closes not fulfil his loan obligations he is forced into bankruptcy. The jobs. their lose es employe eleven and the in price Overnight, DRINKBONDS, ALKIBONDS and PUKEBONDS drop by 90%. prevents it The collapsed bond asset value destroys the banks liquidity and in the from issuing new loans, thus freezing credit and economic activity s payment community. The suppliers of Sean's bar had granted him generou various bond extensions and had invested their firms' pension funds in the off his bad securities. They find they are now faced with having to write bonds. His debt and with losing over 90% of the presumed value of the business wine supplier also claims bankruptcy, closing the doors on a family over by a taken is supplier beer his ons, generati three for endured that had off 150 workcompetitor, who immediately closes the local plant and lays ers. respective Fortunately though, the bank, the brokerage houses and their sno-string Euro lion multi-bil a by out bailed executives are saved and The funds attached cash infusion from their cronies in government. workers who required for this bailout are obtained by new taxes levied on bar. Sean's in been have never
So (hopefully) you can now see where it all went wrong. it was It wasn’t the barman or the proprietor i.e. the lenders, worthtrade and spread to decided who cats fat the actually pension less bonds across markets into investment funds, had funds, and all other investment mechanisms. If the fault weren’t been picked up early (that the loans initially given out we are to secure borrowers) then we wouldn’t be in the mess in today. . Admittedly, Ireland wasn’t the original cause of the collapse reliant so are we since but ocean, the in drop a only is Ireland us on other countries for trade, what happens abroad affects n, massively. Originally stemming from America and America could banks gave huge mortgages to people who obviously d suit not afford the repayments, then the Irish Banks followe build by giving every part-time developer who wanted to mortestates, apartment complexes and shopping centres on gages. At the time, everybody was making money, getting eating and a Gabban & Dolce wearing ladder, y propert the to lisorganic Nova Scotia smoked salmon, so no one wanted ists ten to the nay sayers, who came in the form of econom George Lee and David McWilliams. our Currently, we are looking towards NAMA to help get in banks up and going again. NAMA is to buy up any debts to see excess of five million from the banks at discounted rates, on the what value it can recover from these. We found out r a 30th of March last that NAMA is to cost the Irish taxpaye with minimum of €43 billion, and anything up to €75 billion, State over half of this being pumped into Anglo Irish. The Irish and Irish Anglo ide, Nationw Irish of ip ownersh take now will will in essence, EBS. The Government has insisted that they of the manage these at arms length, so as to keep control banks. reigns but allow the “professionals” to actually run the which system, esque NAMAown its had America 80’s, the In le although unpopular at the time, proved to be quite profitab y bankin later years. If we leave one of our banks go officiall When rupt, Ireland may as well be starting from scratch again. domino the , collapse to banks its of some allowed America ic force. effect was catastrophic, but America is a giant econom fabIf this was to happen in Ireland, there could be a rip in the albeit ric of space and time in which Ireland would fall into, assisalong with all its bankers, politicians and bureaucratic tants. above Anglo Irish Bank currently stands head and shoulders Anglo for bailout The s. dealing dodgy of terms in BoI and AIB billion. Irish currently stands at €30 billion, and could reach €40 It had lent billions, where common sense should have stepped and in and stopped it. To make matters worse, corruption reporthad CEO the where top the from even rife was deceit made edly tried to cover up losses and misdealings, which has to prethe problem even worse. Anglo Irish was nationalised to midvent it from collapsing, and a number of pay increases frustrathe to month last late ced announ were staff level dle need tion of most of the general public. Although AIB and BoI this €7.4 and €2.7 billion respectively, they are trying to raise via the issuing of bonds and selling foreign assets. It is believed
BoI should manage this comfortably, and whatever shortfall AIB has after the selling assets, the Irish taxpayer must make up the balance. We are now paying for our mistakes. Ireland’s National Debt at the end of January 2010 stood at €75.97 BILLION. This is an incomprehensible sum of money, which had risen by €25 billion in the previous 12 months, and coincidentally, nearly the mirror value of NAMA. But if anyone does have a few hundred thousand to throw around, now is the time to buy! House prices are after bottoming out. Anyone who has bought a house in peak times, well…you are now facing negative equity (your house being worth less than you actually paid for it) until about 2020 according to the most recent reports. You can now even buy a castle, Kilkea Castle, for €16 million at the moment. Crazy money I know, but listen to what you get. It’s a castle hotel with 99 bedrooms, an 18-hole championship golf course, clubhouse, an ultra-prestigious wedding venue and about 140 acres of land. Five years ago a large semid in D4 could nearly set you back this much! oySo now, what’s next? According to the CSO, the unempl ment rate is now 12.6%. In recent years, unemployment ists, was hovering around 4%, which, according to econom is considered full employment. We now see queues outside and the Cork Dole Office, stretching over the bridge of around the corner. This was unimaginable a number of years ago. The most frustrating thing is that nearly all these people want to work. For those leaving college this year, do not despair. Reports it from the ESRI say that the economy is picking up, but will be the end of 2010 before any improvement can actuis ally be seen. We will recover, and life does go on, but it very easy to get disheartened, having studied for nearly 20 years and then coming out the far end to ‘not so great’ opportunities. This challenge will harden your desire and aspirations and make you push yourself even harder. on Unfortunately, the Celtic Tiger was hunted to extincti by everyone’s greed and everyone wanting a bit of him. He will never return, but lets leave his memory live on and learn that when we want something it is more than attainable, and the only person who can get something for you is yourself. John Lane
The Management & Staff of the Rochestown Park Hotel would like to wish all students to CIT the best of luck with their exams. Thank you for once again making us your Number 1 Ball Venue for 2010
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Cit Society Awards 2010
Photos by Neil Danton - www.neildanton.eu
Dr Brendan Murphy, President, CIT; presenting Gaisce Silver Awards to Aoife Gleeson and Mary Sheahan
Dance Society members at the Cork Institute of Technology Annual Student Societies & Activities Awards Ceremony
Jennifer Cotter, Individual Award, Headway Society
Karen Buckley, Individual Award, Chairperson, Dance Society
Fire juggler at the Cork Institute of Technology Annual Student Societies & Activities Awards Ceremony
Richard Crowley, Individual Award, CIT CFC Radio Society
Urban Art Society, Crawford College of Art & Design, recipient of the Best New Society Award
Guest Speaker John O'Shea, GOAL; receiving a donation to GOAL
International Students Society, Society of the Year Award
Brian Mullins, chairperson Floppy Soc, Supreme Achievement in Society and College-wide Activities Award
Photographic Society, recipient of the Best Event for it's event Vertical
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Feature A
s we knuckle down and hit the books before exams in May, the world outside of CIT will soon become a reality for many CIT Students. Everyone is aware that there is a recession, but what is really going on. Well lets start with something simple like NAMA (National Asset Management Agency), yes simple.
the value of the loans. This, combined with the fact that NAMA purchases the loans from the banks for a substantial discount, makes it likely in the government’s opinion that NAMA will actually have turned a profit for the taxpayer by the projected date for the wind-up of the scheme in 2020.
In the midst of the economic collapse of 2008, many Irish banks and building societies found themselves in the position of having lent money and provided mortgages to individuals and corporations that now looked as if they may not be able to keep up their repayments. Many of these debtors were involved in property development, and with the bursting of the property bubble found their portfolios to be worth much less than the value of the loans which they had taken out to finance their development. As a consequence, the chance that the banks would get back the money they had lent became more difficult to assess.
What they said:
This left many of the banks in a difficult position. As part of the normal functioning of a commercial bank, it itself can receive loans from larger international financial institutions. However, with huge amounts of the Irish banks’ money tied up in “bad” loans that it was not clear would ever be repaid, lending to them became a riskier proposition for these institutions, due to the possibility that the banks may find themselves lacking in funds to repay such loans (or indeed may collapse altogether). The banks therefore found it more difficult to raise money to help them continue in their day-to-day business, and so could no longer afford to provide favourable loans and mortgages to individuals and businesses throughout the country. This was deeply damaging to the economy, and so the Government developed the NAMA plan. The objective of the plan is to relieve the banks of the pressures of these bad loans, and so to free up money which the banks can then lend to individuals and businesses. This is achieved by purchasing the bad loans of participating banks using taxpayers’ money. These bad loans are transferred to the ownership of NAMA, a government body, which continues to pursue the holders of these loans and mortgages in the hope of having them repaid; the money collected by NAMA in this way is then returned to the state. This approach was considered by the government to have a number of advantages in addition to freeing banks to lend. In order to maintain the health of their balance sheets, the banks would have required the bad loans to be repaid promptly in line with the original agreements between the banks and the debtors. As NAMA is backed by the resources of the state, however, it can afford to delay or space-out repayments of the loans if necessary, making it more likely that NAMA will recover a good percentage of
Brian Lenihen NAMA will ensure that credit flows again to viable businesses and households by cleansing the balance sheets of Irish banks. This is essential for economic recovery and the generation of employment. It will ensure that we avoid the Japanese outcome of zombie banks that are just ticking over and not making a vibrant contribution to economic growth. NAMA will ensure that credit flows again to viable businesses and households by cleansing the balance sheets of Irish banks. This is essential for economic recovery and the generation of employment. It will ensure that we avoid the Japanese outcome of zombie banks that are just ticking over and not making a vibrant contribution to economic growth.
What the opposition said: Fine Gael Leader Enda Kenny said “the Government's plans amounted to 8.5 on the Richter Scale and that the aftershock will be felt by future generations.” Labour's Joan Burton described the re-capitalisation and transfer of assets to NAMA as socialism for bankers and developers. She said the Irish taxpayer was seeing the costs and consequences of crony Irish capitalism. Sinn Féin Finance Spokesman Deputy Morgan said the Government was throwing money into the banks that could be better spent elsewhere. CIT Students’ Union President, Gearóid Buckley acknowledged that it is action to get the country back on it’s feet but fears that NAMA has mortgaged the future of the country’s youth. “Whether NAMA will be good or bad for Ireland, it will inevitably play a role in the future of the state thus it has the potential to be a hangover for future budgets, which I pray will not hand excuses to any Minister for Finance to inject further cutbacks on the third level sector.” NAMA to politicians is like what RAG Week is to students. This year’s national and local news has been dominated with the four letter word, a word which will grow further legs and arms over the coming years, but for now you have it simplified. Kevin McCarthy & Gearoid Buckley
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Sport & Societies
Congratulations to Ladies Football Club H.E.C. Lynch Shield Final CIT 5:14 AIT 5:14 (AFTER EXTRA TIME) Penalty Shoot Out CIT 3 AIT 2 Congratulations to Irene Hogan, her selectors Claire Hurley, Edel Scanell and Nicola Nagle and all the players of the CIT Ladies Football Club who won out a thriller in DCU on Saturday 20th March. The team was captained by Ursula Day (Masters Student in Business). Gillian O Brien of 1st year Recreation and Leisure and current CIT Bursary Recipient was awarded player of the match for her outstanding display at Midfield. Goalkeeper Ann Marie Ryan of Construction Management was the hero of the day with a fantastic final save to secure victory. Keith Ricken
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CIT host Cross Country Competitions On Saturday March 13th 2010, Cork Institute of Technology hosted the Irish schools and Irish intervarsity cross country competition, after hosting the South Munster schools cross country championships on January 29th. The course was set out around the playing fields and finished in front of the GAA stand. Hundreds of athletes from secondary schools and colleges from all over Ireland descended upon CIT to compete in the eight races which took place, six schools races and two college races. Although Dublin City University took the gold for both the Men and Women’s races, we can be extremely proud of the 18 CIT athletes who battled their way to complete their race. The day was enjoyed by all as the weather remained dry which prevented the usual outcome of cross country races – muck up to your shoulders!! The facilities received the approval of the president of the Irish schools athletics, Michael Hunt, who told me personally that they were one of the best facilities for cross country they have had in twenty years.
That evening, all of the college athletes gathered in the River Lee Hotel (formerly Jury’s) on the Western Road for a lovely meal and awards presentation. The meal was followed by a night of celebration in Gorbys Nightclub, where all athletes received concessions into the club. Congratulations to all athletes who competed on the day. Tributes are due to all of the officials who helped to ensure that the day ran smoothly. A special thank you must go to Mark Dineen and Ian O’Sullivan for their extra special help in organising the entire event from the races to the great night out. We would like to wish the best of luck to our CIT athletes travelling to Dublin to compete in the Intervarsity track and field competition on April 23rd and 24th. This competition is being hosted by Trinity College Dublin. For information on upcoming events visit the CIT Athletic Club page on Facebook. Barbara McAllister
Sport & Societies
CIT Gaisce Society
NMCI Sub Aqua Club Update Weather-wise 2010 so far has been quiet uncooperative, but there has been some glimmers of hope. The NMCI Sub Aqua club’s underwater calendar started in February with a refreshing snorkel in Oysterhaven. All who attended seemed to enjoy the event and the big first dive of the year has been conquered. This first day out was proving to be quite illusive. Between instructor’s personal commitments and Mother Nature having a laugh, our previous attempts were rendered futile. Not this time though! In the days previous all seemed to line up, it was feeling a little surreal. Normally it isn’t this tricky to organise a day out, but then again, you never know what the Irish weather system will throw at you.
In preparation for the day, the old gear bags were filled and the lunches made. Some wetsuits needed to be dusted off and some missing ones needed to be found. In all our cases, our nearest and dearest needed to be reminded, that we are not insane. It was a nice hardy frosty morning inland but the temperatures rose steadily as we approached the beach, getting up to an amazing 3° Celsius. We felt like our sanity pleas were coming back to haunt us. Imagine the local’s opinions of these pasty white “individuals” squeezing themselves into their wetsuits. We think their thoughts would fit into two main
categories, either “they’re not right in the head” or “they over did it on the Christmas pies”. Looking as brave as we could we walked down the slipway towards the water only to have the brave look shown up as a complete façade when we squeaked as the initial water hit our bodies. But the squeaking is only a phase. Once we’re in its all toasty. The water was 7°C. It made us appreciate good wetsuits. All the hopes and expectations of great visibility were quickly dashed when we tried to look through the water. It was a slight hindrance but not catastrophic to the snorkel. We got to play, practice skills, examine the bay and watch the birds. Diving down to around 3 meters the visibility improved. Fish were seen scattering. The bay cliffs are quiet beautiful, it’s a sight that us divers rarely take notice of, but also a sight that is seen by few. While out bopping up and down you really appreciate the power of the sea. Oysterhaven is a sheltered bay but when you look out to sea you can see the large waves crashing off the cliffs in the open water. Taking a longer route back to the shore we came across volumes of shallow water with improved visibility, here we were able to see some of the life in the bay. Arriving back to the slipway we were exhausted. We had travelled quite far. With 3°C air temperature you don’t wait around when getting changed. Following this, it was into three layers of fleece as fast as possible, yes it’s a race! Feeling revitalised and refreshed there is nothing quite like sitting down to nice cups of warm tea and sharing stories. We stayed chatting for an hour afterwards. A couple of more days out like this are planned and then Easter is when the real fun starts. That’s when the newest of the club members will grab the scuba gear and head into the deep for the first time.
www.citsocieties.ie Join Societies Online - Monthy Competitions - Latest News - Event Calendar
Hello from the CIT Gaisce Society. This year has been a great year for us, with the society growing and many great nights out! If you have not heard of the Gaisce ‘President’s Award’ before, let us tell you a bit about our society… The Gaisce - President’s Award is Ireland’s very own National Challenge Award. This year marks the 25th Anniversary of the Gaisce Award and one of our members Christine (currently a member of the Chaplaincy/Student Support Team) received her Gold Award on the 12th April. The Award is made up of three different levels – Bronze, Silver and Gold. Each type has four different personal challenge areas you must complete to earn an award, and each level has different requirements for the challenge. The Four Challenge areas are: 1. Community Involvement 2. Personal Skill 3. Physical Recreation 4. Adventure Journey (A Residential Project is required for the Gold Award!) Members of our society for their Community Involvement have helped to set up societies here on campus, organise Fashion shows and got involved with Charity and Youth Groups. For the Personal Skill Challenge members have learned sign language, how to play the guitar, and how to drive. For the physical recreation challenge members have got involved in martial arts and boot camps. The adventure challenge is a great way for us as a society to come together and complete the challenge. Over Easter we went to Killarney for three nights and walked part of the Kerry Way and climbed Mangerton Mountain. It was definitely challenging but also a great laugh to complete as a society! For anyone interested in joining the society or if you want to learn more about the Award, call to the Societies Office or look out in the “What’s On” for our next meeting. See you around campus! Mary Sheahan PRO & Christine Nolan Treasurer
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Sport & Societies CIT International Student Society We stopped for lunch in a small town along the way, where we were able to change into dry clothes as well as filling our stomachs with lots of delicious food. In the evening, we finally arrived back in Cork.
We hope you all enjoyed your Easter break. This is just a quick update to let you know, what the ISS did so far this semester and what we are planning to do in the next few weeks. The weekend before Easter, the International Student Society went on a trip to Galway which 56 people attended. Before arriving in Galway on Saturday, we stopped en route to visit Bunratty Castle. There we had a guided tour and some free time, which gave us the possibility to explore the castle, its folk park or just have lunch in one of the cozy pubs there. The view from the castle’s towers was amazing! Later that afternoon, after nearly two hours drive, we arrived in Galway, where we checked into the hostel and then started to explore the city in smaller groups. Later that night, we met to enjoy Galway’s pubs and clubs. After a rather short night, we met early on Saturday morning again, to go on a tour around Connemara. We stopped at Kylemore Abbey to visit the abbey itself and the surrounding grounds. These included a chapel and beautiful Victorian Gardens. We stopped a few times along the way for lots of beautiful pictures! After meeting to go dancing on Sunday night, we left Galway early to go back to Cork. On the way however, we stopped off at the Burren National Park to take some pictures of the Cliffs of Moher. There, we nearly got blown away by the heavy wind and soaked by the rain however we thankfully made it safely back to the bus- albeit some a bit wet!
E O Q J J Z M A N S Q Y D O S
W H N S O C I E T I E S V F P
K J B L T C X N N S C P Y J R
R N D I I S M G G I K N U V I
F G Z R C N M R D N Z S R Z N
R A U P I R E A O H J A A V G
H K Z A L U L I X H V J G K B
E A P T P C N K N E O S F A B
L G G O X U W K M Q T W V K M
Z R I O E E F Z U N K E I P B
Q X M X B M A Z E R I O T E X
T R V S E I D D A P D M F V T
A C I T S U U K J O Z W K X G
J T P U N T O Q L H B Q F Z G
E E G T S S K O E M T D U G I
Everybody enjoyed the trip and we all got the possibility to explore some of Ireland’s most popular visitor attractions like the Cliffs of Moher and Connemara. We also learned some aspects of the Irish culture and history when visiting the castle and the abbey as well as Galway City. The Galway trip was only one of many different events we organized, and already we are planning on doing more. Other events included a Welcome Back Party in the Old Oak, where we welcomed our new members and welcomed back our old ones. We also had an International Dinner, to which the entrance fee was a dish from the member’s home country. This gave everybody the possibility to enjoy different dishes from various nationalities, including French, Polish, Turkish, Czech, Spanish and German. Furthermore, we returned to the Greyhound Track again this semester, as our members enjoyed going there so much last semester- and again, we had lots of fun, and some of our members even won some money ☺. Some of our upcoming events include Q-Zar, regular movie nights, and another party. Every CIT student is welcome to join us for our events! If you want to know more about the International Student Society, just visit our website: https://sites.google.com/site/isscit/, our facebook page ISS CIT 2009/2010, or send us an e- mail to isscit@gmail.com. Also look out for our posters with which we will advertise all upcoming events! Katrhrin ISS PRO
This Month’s Prize: € 30 APRIL CITSU EXAMS EXPLICIT MAGAZINE ONLINE PADDIES SOCIETIES SPRING STUDENTS UNION WEBSITE
Competition Rules: All Entries to be returned by deadline to the CITSU Office, 1st Floor Student Centre on official form. Open to CIT Students only and one entry per student.
kindly sponsored by the new www.citsocieties.ie 18
Last Month’s Winners: Stephanie Mohelly - RL1 (Spot Difference - €20 Voucher Class Cuts) & Eileen O’Sullivan - 2A (Wordsearch - €30)
Drop in your competition entries to the Students’ Union office before 26th April 2010 in SAE. Winners notified and listed next issue
Fun Stuff Find
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Win â‚Ź20 Voucher for Class Cuts: Circle 5 differences in the top photo to enter
Competition Rules: All Entries to be returned by 26th April to CITSU Office on official form. Open to CIT Students only and one entry per student.
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