Categorized as: Syndicated News

Rulebreaker Ulster Bank fined €1.96m over Central Bank breach

Third largest penalty in history imposed over capital shortfall. Ulster Bank has been hit with the third biggest fine ever imposed on an Irish bank.

The bank was ordered to pay €1.96m for breaches of Central Bank rules, including a €313m shortfall in its capital in 2011.

Bank of Ireland set for return to bonds market

Bank of Ireland is set to become the first bailed-out bank to return to the bond markets, after saying it plans to raise funds secured on some of its pool of Irish mortgages.

Bank of Ireland is set to become the first bailed-out bank to return to the bond markets, after saying it plans to raise funds secured on some of its pool of Irish mortgages. The Irish Independent says …

Government to focus on small firms in EU presidency role

TheGovernment will put growth and competitiveness “at the top of the agenda” when it takes over the EU presidency, Jobs Minister Richard Bruton said yesterday.

Speaking at an EU conference for small and medium enterprises in Dublin, Mr Bruton said the union would rely on small firms to drive future growth.

Markets sceptical over ‘cumbersome’ bailout fund

European Central Bank (ECB) governing council member Ewald Nowotny has admitted markets are sceptical about the new European rescue fund, because of cumbersome decision-making.

Austria’s Nowotny said he sees scepticism about how quickly funds from the European Stability Mechanism (ESM) can be deployed when they are needed.

IBEC cuts economic outlook on poor European trading conditions

IBEC has said it sees overall economic output or GDP of just 0.8% this year, down from its previous forecast of 1%.

But that is still a slightly better outturn than the one that is factored into the Department of Finance numbers of 0.7%.

Trade surplus rose by €1 billion to record high of €4.9 billion

The figures were stronger than expected and one economist described them as ”stunning”. The CSO data, which are preliminary figures, show an increase in exports of €1.258 billion (16%) in August compared with July. Seasonally adjusted imports increased by €215m (5%), resulting in an increase of €1.043 billion in the seasonally adjusted trade surplus.

Lack of bank competition ‘concern’

The Credit Review Office warned over the declining number of banks lending to small businesses.

The declining number of banks making loans to small businesses in Ireland is of increasing concern because of the need to ensure competition and protect customer service, the credit reviewer said.

Improved competitiveness boosts Irish exports

Improved competitiveness is helping to increase Irish exports despite the difficult conditions brought about by the weakening global economy.

A new export analysis report by Investec Bank Ireland showed that the index has risen by 0.7% in the year against the backdrop of a UK economy in recession and a contracting euro zone economy.

European Commission releases €1bn to Ireland following review

The European Commission has cleared the release of €1bn to Ireland as part of the EU/IMF/ECB bailout loan programme following its seventh review.

This brings total bailout loans from the Commission to Ireland to €36.6bn and an additional €700m is also being loaned by Britain, Denmark and Sweden.

National Treasury Management Agency says “significant progress towards achieving sustainable market re-entry”

Ireland has made “significant progress towards achieving sustainable market re-entry,” the chief executive of the National Treasury Management Agency (NTMA) said today.

On Tuesday, the NTMA announced an auction of Treasury Bills (Bills) on Thursday 13 September 2012. The NTMA will offer €500m of Treasury Bills with a three-month maturity similar to the last Treasury Bills auction in July.

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