Categorized as: Syndicated News

Credit Union League had worked closely with bust lender

Asked about reports that president of the league Martin Sisk has been attending board meetings at the credit union for two years, a spokeswoman said a number of league personnel have been involved with the wound-up credit union.

The league, which is a representative body for most credit unions, was asked why Berehaven ended up having liquidators appointed by the High Court when it was aware of the problems at …

Confidence jumps as 86pc of Irish chief executives now positive about economy

The vast majority of company bosses are positive about the outlook – a three fold increase on 2013, according to PwC’s 2014 CEO Pulse Survey.

The study found that more chief executives are upbeat compared with 2007, but almost a quarter feel that their position has deteriorated.

Jobs Minister Richard Bruton said recent years have been painful for many workers but an improvement is starting to become evident.

“The survey …

Government failing to tackle subprime issue, claims FF

The scale of the mortgage arrears crisis among the subprime market has been shown with figures emerging that suggest almost 60 per cent of that market is struggling.

The state of the subprime mortgage book has been described as “appalling” by Fianna Fáil spokesman on finance Michael McGrath, who highlighted the figures and called on the Government to set targets for the resolution of subprime arrears cases. ‘Staggering’ arrears

“The …

Tenants who stop paying rent can live ‘free’ for 18 months

They have criticised the system for dealing with problem tenants and the Private Residential Tenancies Board (PRTB), which regulates the sector.

A number of landlords, who inherited property or are renting out their home after moving back in with their parents, complained about delays in getting determinations from the PRTB, being left without rent but still having to pay mortgages, and tenants ignoring requests to pay arrears.

The PRTB was …

Saudis to open stock exchange to international investors

Saudi shares climbed the most in 10 months after the country’s market regulator said it would open the Arab world’s biggest bourse to international investors by the middle of 2015. The Tadawul All Share Index rose 2 per cent to 9,940.11 this morning in Riyadh, the biggest jump since September.

Saudi Basic Industries, the world’s biggest petrochemicals producer, led the gains with a 5.3 per cent advance. Etihad Etisalat added …

Russia’s oil barons and billionaires fearful of trade sanctions

If Mr Putin doesn’t move to end the war in Ukraine in the wake of last week’s downing of a Malaysia Air jet in rebel-held territory, he risks becoming an international outcast like Belarus’ Aleksandr Lukashenko, whom the US famously labeled Europe’s last dictator, one Russian billionaire said on condition of anonymity.

“The economic and business elite is just in horror,” said Igor Bunin, who heads the Centre for Political …

IMF charges twice as much as Europe for Irish bailout

The State is now paying an estimated 4.99pc interest on the €22.5bn loan from the Washington-based lender – more than twice the cost Ireland is currently being charged to raise 10-year money on the international markets.

At 4.99pc of €22.5bn, the interest bill is €1.12bn.

The yield on Ireland’s 10-year-bond yesterday afternoon was 2.25pc, another record low and below both the UK and US. The State can borrow seven-year debt …

National Employment Rights Authority taking more companies to court

The prosecutions resulted in fines of €109,800 and 
pay awards of €41,226 to employees.

Seventy of the 84 cases were taken against firms operating in the catering industry.

The number of inspections carried out by NERA increased by 18pc going from 4,689 in 2012 to 5,546 last year.

NERA’s annual review for 2013 confirmed that the total amount of unpaid wages recovered from inspections totalled €824,052 compared to €855,935 in …

Richard Pym – Steering 
AIB in 
infested waters

His most high-profile gig until now was at Britain’s Co-operative Bank, where he took over as chairman in June 2013 in the wake of disgraced ex-chairman Paul Flowers. Flowers was the media doyen and ordained Methodist minister who fell spectacularly from grace after he was filmed buying cocaine and methamphetamines in his car in 2010. He was later accused of covering up child sex abuse scandals and hiring rent boys. …

Central Bank suffers €75m paper loss as gold plunges

Finance Minister Michael Noonan has revealed that the value of the Central Bank’s gold deposits was €168m at the end of last year – a decrease of €75m on the €243m put on the value of gold at the end of 2012.

The reversal last year more than wiped out two years of gains by the Central Bank after its gold holding increased from €203.79m at the start of 2011 …