Ireland

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SMEs With Property Debt Twice As Likely To Default, Report Finds

Irish SMEs that borrowed money to invest in property are almost twice as likely to default as similar-sized businesses without property debt, according to new research from the Central Bank. In its report, the bank calculates that 20 per cent of SMEs in ...

Daily Headline - global.abi.org - 08/20/2014 - 20:37 - 0 comments

Irish Banks In Limbo As ECB Stress Testers Pore Over Data

Europe’s banks have done the heavy-lifting in the toughest ever test of their financial strength, but an intensive quality assurance process and decisions still to be taken by supervisors means they cannot work out how they have fared, the Irish Times ...

Daily Headline - global.abi.org - 08/19/2014 - 21:31 - 0 comments

O’Flynn Succeeds In Removing Examiner From Building Firms

Cork brothers Michael and John O’Flynn have succeeded in removing the interim examiner appointed to four key companies in their construction group and have been put back in charge of their business by the High Court, the Irish Times reported. Ms Just ...

Daily Headline - global.abi.org - 08/13/2014 - 22:14 - 0 comments

O’Flynn Says He Can ‘Immediately Repay’ Personal Loans Of €24.9 Million

Michael O’Flynn has today written to Carbon Finance Ltd, a subsidiary of Blackstone, to inform the American multibillion investment fund that he can repay it his personal loans, the Irish Times reported. In a statement the Cork developer said he had ...

Daily Headline - global.abi.org - 08/12/2014 - 23:18 - 0 comments

U.S. Investigation into David Drumm Has Cost Nearly €1 Million

Investigations into the financial affairs of disgraced former Anglo Irish Bank chief executive David Drumm have cost almost $1m (€0.75m), the Irish Independent reported today. Lawyers hired to ... (€0.75m), the Irish Independent reported today. Lawyers hired to probe the banker's cash have submitted ...

Daily Headline - abi_admin - 08/11/2014 - 12:39 - 0 comments

Cork Credit Union Customers Begin Receiving Compensation

Compensation payments totalling €10 million have been paid to more than 3,100 depositors of Berehaven Credit Union, the Central Bank has said. The credit union in Cork closed its doors last week and a liquidator was appointed following High Court orders ...

Daily Headline - global.abi.org - 07/31/2014 - 18:58 - 0 comments

Refinancing IMF Loans Could Shave €375 Million A Year Off State’s Interest Bill

Ireland could save up to €375 million a year in interest costs on our national debt if it can secure an agreement to refinance €15 billion worth of IMF loans from the Troika bailout programme, the Minister for Finance Michael Noonan said Monday, the Ir ...

Daily Headline - global.abi.org - 07/28/2014 - 20:25 - 0 comments

Ireland Has ‘No Chance’ Of Deal On Legacy Bank Debt, Says Senior German Politician

Ireland has “no chance” of securing a deal on its legacy bank debt, one of the most influential figures in German politics has told the Irish Times . Joachim Pfeiffer, who is the economic policy spokesman for the parliamentary group of the ruling Chri ...

Daily Headline - global.abi.org - 07/27/2014 - 21:14 - 0 comments

Loophole Used By Banks To Hide Property Losses To Be Closed

The loophole that allowed Irish banks not to disclose their property losses during the crash has finally been closed, the Irish Times reported. Under new international accounting rules, which will take effect in 2018, banks will be obliged to provisi ...

Daily Headline - global.abi.org - 07/24/2014 - 22:06 - 0 comments

Central Bank Secures Order To Wind Up Cork Credit Union

The Central Bank has secured High Court orders winding up a credit union in Cork with 3,500 members, the Irish Times reported. The President of the High Court, Mr Justice Nicholas Kearns, today appointed insolvency practitioners Jim Hamilton and Davi ...

Daily Headline - global.abi.org - 07/23/2014 - 21:27 - 0 comments

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