February 7 2010 0comments
published in 2010-02-08 04:12:00
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February 7 2010VOL 27 NO 6Honohan to finalise bank recapitalisations in MayCENTRAL bank governor Patrick Honohan is working on a timetable that will see the regulator tell banks by May how many b ...
February 7 2010
VOL 27 NO 6
Honohan to finalise bank recapitalisations in May
CENTRAL bank governor Patrick Honohan is working on a time
Current wage rates building trouble right up from the foundations
While value for money remains first and foremost on everyone's mind floods of shoppers will continue to make the trek north of the border for cheaper prices. The government's response to this trend is to appeal to our sense of patriotism by encouraging us to buy local and ...
Average Nama haircut on bad bank loans will be 34%
The average discount applied to the entire 鈧?7bn Nama portfolio of bad bank loans is now expected to approach 34% with only Bank of Ireland likely to get a haircut as low as the 30% guided by Nama chief executive Brendan McDonagh in January market sources say.According to tough ...
Irish horse racing body mounts campaign to stride out recession
Irish racing has never been stronger ba
What Were Irish Lenders Up To In America?
Out of sight and out of mind: at the best of times it is difficult to get a handle on what the Irish banks were up to in the United States. Just as it was at home the lenders quickened their lending just as the boom was about to go ...
Dunne and Desmond at odds again
Billionaire businessman Dermot Desmond has clashed again with developer Sean Dunne over his plans'>plans to redevelop a site in Ballsbridge Dublin 4. Desmond said Dunne's plan to develop a new building on the site of Hume House was a "blatant effort to shoehorn the maximum amount of usable space ...
New four-part RTE drama to document the banking crisis
The bankers and the Irish financial crisis is to be dramatised in a major RTE series on television the Sunday Tribune has learned. RTE's commission of the four episode series each of which will be an hour long has already raised major interest among senior former bankers about the ...
Green Property in bid to recoup equity lost by Anglo
Green Property will attempt to recover the equity lost by Anglo Irish Bank on part of its property portfolio if a deal for the bank's UK assets is signed off. The deal will involve Green sweating the assets in order to add value. The bank has made huge losses ...
Going Dutch: Ethical Label Eyes Ireland
Dutch clothing label Kuyichi has hired advisers ahead of a planned expansion into the Irish market. The ethical clothing brand best known for using organic fabrics has appointed London-ba
Up to 10 bite on Bang
UP TO 10 offers have been made for the lease on C谩fe Bang the trendy Dublin restaurant than went into liquidation last month.James Dunphy of McNally Handy which is managing the search for a new tenant for the premises said he hopes to reach an agreement on finding ...
KBC could have 鈧?bn to lend to Irish house buyers
KBC Bank is targeting up to 25% of the new mortgage market in Ireland. The bank's Belgian parent is prepared to commit another tranche of new mortgage funding to the bank's Irish home-loans division if it manages to lend up to 鈧?bn this year through two new mortgage ...
Affluent Dublin locale sees flush on debt assistance
The co-ordinator of the main debt counselling service in the most middle-class district in Dublin has warned that the number of home-loan borrowers facing difficulties repaying their mortgages and personal loans has risen steeply since Christmas. Gerry Dowling of the Money Advice and Budgeting Service (Mabs) office in Rathfarnham and ...
Ballymore cleared for high rise on prime east London site
Developer Sean Mulryan's Ballymore Group has received a boost after mayor of London Boris Johnson and Hackney and Tower Hamlets backed new planning guidelines for its 12-acre Bishopsgate Goods Yard site in London. The new rules will allow high-rise development on part of the site and up to 2 ...
Ryanair reserves boosted by 鈧?2.2m after surge in Aer Lingus share price
Budget airline Ryanair's reserves were boosted by 鈧?2.2m thanks to a surge in the share price of Aer Lingus towards the end of 2009.According to third quarter results released by the airline last week the increase in Aer Lingus shares 鈥?from 50 cents to 64 cents 鈥?meant ...
Lenihan and the NTMA get cosy
The reasons behind Brian Lenihan's knap decision last week to delegate the highly sensitive handling of the banks to the National Treasury Management Agency is still shrouded in mystery. The announcement came out of the blue on a day when the economic news agenda was dominated by bad news ...
Lending strategies to stimulate green shoots of recovery
The key issue in the renewable energy sector is raising finance and deal structures and a recent three-day conference in New Orleans saw discussions on those topics take top billing. In the second half of last year the number of active lenders decreased significantly due to capital constraints in the ...
I can't go on I'll go on: a busy businesswoman speaks
Recessions are tough. How do I know? Because I run a small business in London and believe me I know. Everything takes twice as long to do in a recession 鈥?winning business executing business collecting money from people who owe it to you dealing with staff you name it. Above ...
Back To Business Simon Kelly - Let the vultures feed on Irish banks
A couple of interesting trends reappeared last week in the world of Irish banking. The attention for the past 12 months has been on the developers and their debts which are bound for Nama. It is now slowly being discovered that the banks' non-developer loans are in equally bad shape ...
Neil Callanan - Ignore the home moaners
Eamon Ryan's solo run on a "Nama for homeowners" is baffling because it already exists. The budget announcement by finance minister Brian Lenihan of an extension of mortgage interest relief for property owners confirmed in last week's Finance Bill is exactly that: a bailout for those who bought ...
Straight Talking Oliver Gilvarry Head of Research at Dolmen
Last week minister Eamon Ryan stated the government would implement plans by the summer to help struggling homeowners. Such a plan was part of the new Programme for Government put in place months ago by the Green Party and Fianna F谩il. A panel of experts is to be set ...
Banks facing a new hurdle in bond market
Irish banks face a huge new hurdle in their battle to remain solvent. New plans will make fund raising significantly more expensive on the capital markets if the major credit rating agencies proceed with plans to change the stray they rate covered bonds.The two biggest agencies Standard & Poors (S ...
State under pressure to convert AIB warrants
The government is at risk of overpaying to convert its preference shares in AIB to ordinary shares as part of post-Nama recapitalisation if it does not exercise its warrants before the bank's shares fall below the 鈧?.975 strike price.AIB shares closed at 鈧?.09 last week after ...
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State targets investment from Arab nations in IFSC
The state is lining up double tax agreements with several wealthy Arab states including the United Arab Emirates Kuwait and Saudi Arabia in a bid to expand wholesale Islamic finance activity in the IFSC and to attract sovereign wealth funds administration to Ireland the Department of Finance has confirmed. An ...
鈧?3bn in US debt to Irish banks under threat
The 鈧?3bn Irish banks have loaned into the United States is under greater stress than expected despite the tentative economic recovery there a major Sunday Tribune survey of all US bankruptcy and civil courts has revealed. The survey showed a surprisingly large number of cases in recent weeks involving US ...
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Cinema group Ster Century and retailer lobby group RGData have ob
London mayor backs REO plans for Battersea
London mayor Boris Johnson has again backed plans for the redevelopment of Real Estate Opportunities' Battersea Power Station in London. The mayor said the design was "encouraging" even though it technically failed its planning application because it does not comply with the London plan.Real Estate Opportunities is a listed ...
John Bruton appointed to board of US industrial giant Ingersoll Rand
FORMER Taoiseach John Bruton has joined the board of the US industrial giant Ingersoll Rand.The appointment is Bruton's first as company director since leaving his role as the European's Union's am颅bassador to Washington where he was ba
Toronto bank unlikely to buy AIB's stake in M&T
Toronto Dominion Bank (TD) has effectively ruled out acquiring AIB's minority stake in New York's M&T Bank and will be focusing instead on acquiring banks with much smaller assets according to statements by its chief executive last week.TD chief Edmund Clark told a Morgan Stanley conference ...
Bord G谩is share of electricity market passes 12%
BORD G谩is has grown its share of the domestic electricity market to just over 12% according to new data by the Commission for Energy Regulation (CER).The figure for the third quarter of 2009 compares with a market share of 8.9% for the second quarter the CER said ...
'Heads down' as sovereign debt crisis hits Greece and Portugal
The government will "keep its head down" as the sovereign debt crisis that swirled around Ireland a year ago now buffets Greece and Portugal Department of Finance sources said last week.Government officials believe that Ireland is benefiting from Brian Lenihan's series of austerity budgets saving Irish bonds from ...
Ganley says yes to $25m US contract
Declan Ganley's Rivada Networks has won a $25.3m contract from the Rural Utilities Service (RUS) and National Telecommunications and Information Administration (NTIA) as part of a broadband project in southwest Alaska. Ganley who is best known for his opposition to the Lisbon treaty is partnering Sea Lion Management ...more
Business students to visit China in bid to set up exchange programme
Students from Dun Laoghaire Institute of Art Design and Technology will travel to China in May as part of a business and cultural exchange. The group of 25 business and enterprise students will meet with local businesses Enterprise Ireland representatives and officials from the Irish embassy in Beijing. The 10-day ...more
Irish developer to build major office project in UK
Irish developer McAleer & Rushe is planning to develop 200000sq ft of offices in two buildings in Preston in the UK. The project has no start date at present but has secured planning consent.The developer has a substantial UK property portfolio including hotels in Liverpool and a W hotel ...more
Microsoft expands facebook deal
Microsoft has expanded an internet-search agreement with social-networking service Facebook in which it is a shareholder while losing the site's banner-advertising business. An earlier agreement to sell internet-search ads for Facebook will now extend outside the US and include new featuresmore
WG Mitchell a partner in 拢27m Scottish project
Northern Irish property developer WG Mitchell has been named as a development partner for a new 拢27m community health centre in Lanarkshire in Scotland. Work on the centre is to begin shortly with a target opening date of early 2012. The centre will have dental podiatry paediatric and physiotherapy services ...more
Current wage rates building trouble right up from the foundationsAverage Nama haircut on bad bank loans will be 34%Honohan to finalise bank recapitalisations in MayDunne and Desmond at odds againAffluent Dublin locale sees rush on debt assistance
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