Categorized as: Syndicated News

‘I think the ECB letters speak for themselves’ – Finance Minister Michael Noonan

Mr Noonan said the banking inquiry would reach a conclusion on any such issues, before adding: “I think the letters speak for themselves”.

Mr Noonan’s comments come after the letter was published today.

The European Central Bank threatened to cut off emergency funding to the Irish banks before the bailout, according to the contents of a letter sent to the former Minister for Finance, the late Brian Lenihan.

The secret …

PTSB kicks off roadshow after failing stress test

The bailed-out bank will hold a series of meetings – dubbed a “non-deal roadshow” – with investors over the coming two to three weeks.

The talks are aimed at reintroducing the bank to private investors ahead of the planned sale of a portion of its shares next year.

The bank must raise cash to meet European Central Bank demands that it boost its finances by €855m after failing stress tests …

Ireland to record highest growth of any EU economy this year at 4.6pc

But it slashed its growth forecast for the Euro area, and predicts no near term let up to high unemployment and low inflation.

The latest economic indicators from the Commission are that the Euro Area will avoid a new currency wide recession this year, but only just.

In its autumn estimates, Brussels said the euro zone’s economy will expand by 0.8pc this year, 1.1pc next year and by 1.7pc in …

BOI chief: Taxpayer’s stake in bank valued at €1.3bn

The State has made a €1.2bn profit on the €4.8bn Bank of Ireland rescue and continues to hold a 14pc stake in the bank, he said.

The bank is now the biggest lender in Ireland, including accounting for 50pc of non property lending to small land medium enterprises (SMEs),

50pc of new lending into agriculture, 30pc of corporate banking, 25pc of savings products and one in three mortgages.

Report encourages Irish exporters to look east for new markets

A new report written by economist, Sunday Independent columnist and Newstalk broadcaster Marc Coleman considers 16 Asian countries that together receive just 6pc of Irish exports – leaving significant room for expansion.

Mr Coleman told the Irish Independent that the opportunities Asian trade presents to Ireland are “absolutely staggering”.

“Demographically we’re only doing 6pc of our trade with an area of the world that has three billion people in it. …

Government borrows €3.75bn in first 15 year bond deal since 2009

Investors placed orders for €8.4bn of bonds, not all of which were filled. The money is expected to be used to repay costly IMF bailout loans.

Enda Kenny said today that Ireland could look at paying back €10bn of the loans this year – more than the €6.1bn previously indicated.

It will be repaid from a mix of cash already held by the NTMA and the new bonds.

The yield, …

AIB mortgage scheme sees 1,300 long-term resolutions

In 2013 the Irish Mortgage Holders Organisation entered into an arrangement to act as a broker to offer advice to borrowers in their dealings with AIB.

The scheme was launched as a pilot but has proved to be a success and will now be extended for another 12 months.

The scheme now receives around 125 calls a day.

Between 75-100 of those deals already struck involved debt write-down on family …

Ireland one step away from securing access to China’s €51bn beef market

The Chinese food safety authority, the ASQIQ, agreed to send a team of veterinary inspectors to audit Irish meat export plants and systems in early December, with a view to opening up the vast Chinese market to Irish product in 2015.

On what was the first day of a five-day trade mission to China, Agriculture Minister, Simon Coveney, also announced that technical inspections would commence to prepare the way for …

Regulator’s strict mortgage curbs face a baptism of fire

The recent rapid rise in house prices has rattled the Central Bank. Still smarting from criticism that it didn’t do enough to rein animal spirits during the Celtic Tiger house price boom, it has published a “consultation paper” on mortgage lending standards.

While lenders have been invited to submit their opinions on the Central Bank’s proposals, in practice it would seem that it has already made up its mind.

In …

Best Christmas in years will boost trade and jobs in retail

Traders are so confident of a return to a “normal” Christmas trade they will take on enough contract staff for 15 million hours of extra shifts in the next few weeks.

“We’ve turned a corner,” said a relieved Arnotts chief executive Ray Hernan.

Last year’s Christmas trade dashed retailers’ hopes. A combination of bad weather and lack of confidence among consumers killed the festive trade stone dead with retailers forced …