Categorized as: Syndicated News

New State bank to boost SME lending to be launched today

Mr Schaeuble will be joined by the head of the European Investment Bank (EIB) Werner Hoyer, as well as Finance Minister Michael Noonan and Public Expenditure and Reform Minister Brendan Howlin for a joint signing ceremony officially launching the Strategic Banking Corporation of Ireland (SBCI).

The state-backed SBCI, which was announced last May, will make up to €800m available for small and medium businesses under favourable terms.

Under the scheme, …

Number of defaulted loans at Bank of Ireland fall further

“Notwithstanding currency impacts in relation to UK assets, we have reduced the volume of defaulted loans by €1.9bn from June 30 2013 to a level of €16.4bn on September 30 2014,” it said.

The bank added that it was benefiting from the “positive economic” environments in both Ireland and the UK.

Irish mortgage and default arrears continued to reduce in the third quarter, with reductions achieved in both Owner Occupied …

Danske still writing off bad loans here despite upturn at home

Denmark’s biggest listed bank has had to cut staff and close branches to recover from the financial crisis, when it was hit hard by its exposure to Ireland as well as the sluggish Danish economy and a collapse in the country’s housing market.

Danske said it is aiming to pay out 40pc of net profit in dividends next year after its earnings almost doubled in the third quarter due to …

After debt do us part it will be a journey into the unknown

Except that, in the world of finance and economics, one has never been here before. Underlying truths may be permanent (despite the endless ill-fated attempts to deny them) but nothing ever repeats itself exactly.

Take debt. Back in the 1980s it was a central obsession, with lots of colourful statistics. The one I remember best was that we had more foreign debt per person than the Poles. This was considered …

The banks passed a stress test! Whoopee! and it only cost us €27bn

It was also spun out as a positive indicator for the future that Irish banks might now start to lend more money.

This missed the point entirely. In a country where the State bailed out the surviving banks to the tune of nearly €30bn, after conducting very arduous stress tests itself, basic innumeracy was the only way taxpayers would have had to fork out any more money for Bank of …

Business sentiment at highest level since 2006

All sectors have reported an improvement in business conditions, according to the latest KBC Bank of Ireland/Chartered Accountants Ireland Business Sentiment index.

Business chiefs also claimed that Budget 2015 will have a “modest” positive impact on employment and also help bolster investment.

Austin Hughes, KBC Bank Ireland chief economist, said the strongest element in the autumn survey was companies’ assessment of their own business volumes in the past three months.

Corporate lending in Ireland suffers steepest fall since 2011

Ireland recorded a 12.5pc decline in corporate lending – its steepest drop since July 2011.

The figures from the European Central Bank showed corporate lending decreased on an annual basis in Italy, Spain, Portugal and Ireland, but continued to rise in Germany, Finland, France and Austria.

Weak lending has been one of the main impediments to growth as European companies rely mostly on funding from banks, which have been reluctant …

State should back away from home loan insurance

Reports suggest that the Central Bank initiative to restrict banks to lending 3.5 times income and only 20pc of the value of the property, may be offset by government intervention.

One way of intervening without overly negating the financial stability plans of the Central Bank is to opt for some kind of mortgage insurance scheme. The idea is that first-time borrowers could borrow more than 80pc of the value of …

Banks free to lend after passing health checks

Finance Minister Michael Noonan said the ‘stress test’ results highlighted the strength of the banking system and the progress made in recent years.

Analysts said the main banks – Allied Irish and Bank of Ireland – should now be in a position to release credit more easily, although they cautioned debt repayments will likely outstrip new lending for at least a year.

Four banks – AIB, Bank of Ireland, Ulster …

Software firms join forces to declare war on Chinese hackers group

The group, known as Hidden Lynx, have targeted hundreds of organisations worldwide, according to Symantec.

“They use targeted attacks to infiltrate some of the most hard-to-get-into companies in the world,” said Stephen Doherty from Symantec’s response team in Dublin.

Mr Doherty said the group uses “a suite of very sophisticated tools” to hack into the firms without being detected.

“They may be after a company’s IP (intellectual property), if they’re …