Ailing German lender WestLB has received several bids, its official sales agent said, as the bank enters the final stretch to present a restructuring plan to the European Commission, Reuters reported. But sources close to the bank said that although four non-binding bids from strategic players and private equity investors have been tendered, none of the bidders will end up buying the whole lender. Instead, they will only try to pick up parts of it at later stages of the process.

Growing uncertainty over State banking policy and a greater chance that burden-sharing will be forced on bondholders have led Moody’s to downgrade the senior unsecured debt of the six domestic banks, the Irish Times reported. The rating agency said the move had stemmed from “statements from both the leading Opposition party and the incumbent finance minister”. The existing “supportive” policy in relation to Irish banks has been called into question, Moody’s said.

Struggling British sportswear retailer JJB Sports said it plans to close another 45 stores as it proposed a second company voluntary arrangement (CVA) to creditors in as many years to keep the business afloat, Reuters reported. The firm, in which Bill Gates holds 5.5 percent, said approval from shareholders and creditors of its new CVA would let it continue trading while striking a deal with landlords to close stores and pay only part of the rent.

Barely two months old, Ireland's €67.5 billion ($91.76 billion) deal for an international bailout is showing signs of strain, and the party expected to take power in this month's elections is maneuvering to renegotiate its terms, The Wall Street Journal reported. European finance ministers meeting in Brussels this coming week are expected to discuss how the plan could be modified amid Irish concern that it is too burdensome. Ireland has griped about the interest rate and the fact that taxpayers are bearing the brunt of the losses of the Irish banks.

International rig and drilling contractor KCA Deutag's restructuring neared the finish line Friday as creditors approved a proposal that includes what is believed to be Europe's biggest cash injection into a company since the financial crisis began, Dow Jones Daily Bankruptcy Review reported. KCA Deutag's wider senior lender group Friday agreed to be locked into a restructuring deal which includes a $550 million check underwritten by the company's private equity owners, Pamplona Capital Management, and the company's junior creditors. Full approval from creditors follows the Jan.

A third rate of income tax, a wealth tax on assets worth over €1 million, restructuring bank debts and capping the salaries of TDs and ministers are among the proposals in the Sinn Féin election manifesto launched in Dublin yesterday, the Irish Times reported. Launching the 40-page bilingual document, There is a Better Way – Tá Bealach Níos Fearr Ann, Sinn Féin leader Gerry Adams told a news conference that it aimed to create “an Ireland of equals”.

The European Central Bank has intervened in eurozone bond markets for the first time in weeks, buying Portuguese debt amid fears that the country could yet seek an international rescue, the Financial Times reported. The ECB returned to the market on Thursday as Portugal’s cost of borrowing on 10-year debt jumped to a euro-era high of 7.63 per cent, traders said. The ECB temporarily suspended its bond-buying programme in mid-January.

The man likely to be Ireland's next prime minister said the government should wait until a round of stress tests on the country's banks has been completed before recapitalizing them, expressing concern that they may still have a "black hole" on their balance sheets, The Wall Street Journal reported. In an interview, Enda Kenny said it would be "prudent and realistic" to wait until the stress tests had been completed "to see if there is another black hole in the banks" before they receive any new capital injections. Mr.

Permanent TSB’S decision to introduce immediate increases of between 2 and 3 per cent on its fixed interest rates for existing mortgage holders rolling off fixed or discounted rates has been described as “shocking”, the Irish Times reported. The bank announced last night it was increasing its two-year fixed term rate from 5.25 per cent to 7.25 per cent while the five-year fixed rate will go from 5.75 per cent to 8.75 per cent. A 10-year fixed rate will increase from 6.1 per cent to 9.1 per cent.

EU approval was required to “telescope” the EU-IMF bailout of the banks and the Central Bank’s next set of stress tests into one announcement at the end of March, according to Minister for Finance Brian Lenihan, the Irish Times reported. Mr Lenihan postponed further injections of up to €10 billion into Bank of Ireland, Allied Irish Banks and the EBS building society until after the general election so they can be agreed by the new government.