Ireland

Businessman Seán Dunne “misled” his Irish bankruptcy official and was “as obstructive as he could possibly be” in response to questions about dealings with a Dublin 4 property, the High Court has been told. Mark Sanfey SC, for official assignee Chris Lehane, who is administering his bankruptcy here, said Mr Dunne gave certain answers to questions during a June 2016 interview with Mr Lehane which amounted to “clear” non-co-operation, the Irish Times reported.

The wife of former Anglo Irish Bank chairman Sean Fitzpatrick is claiming some € 40 million investments he had were mostly funded from loan accounts in their joint names before he was declared bankrupt in 2010, the High Court heard. Catriona Fitzpatrick, Whitshed Road, Greystones, Co Wicklow, says that under family law she has a beneficial interest in these investments regardless of the bankruptcy, the Irish Times reported. The court heard some € 45million was realised from the sale of those assets.

Irish drinks company C&C has bought the wholesale business of Conviviality, after the ailing alcoholic drinks retailer and supplier appointed administrators on Wednesday, the Financial Times reported. Following “advanced discussions” with Conviviality, which owns brands such as Wine Rack and Bargain Booze, C&C said it had agreed to buy Conviviality brands Matthew Clark, Bibendum, Catalyst, Peppermint, Elastic and Walker & Wodehouse for a nominal sum. C&C brands include Magners cider and Tennent’s lager.

The Central Bank has warned of the “increased indebtedness” of consumers who sign PCPs, as well as the banking system’s exposure to the car market with the controversial scheme now the go-to source for finance in the Irish market, the Irish Times reported. PCPs, or personal contract plans, were introduced following the economic crash as sales of new cars fell by 63 per cent in 2009. They address situations whereby consumers do not have enough trade-in value to use their car as a deposit for a new one.

Ryanair has agreed to buy a majority stake in the airline founded by Niki Lauda — two months after the former Formula One champion scuppered an attempt by British Airways’ owner IAG to snap it up, the Financial Times reported. The Irish carrier will acquire 75 per cent of Austria’s LaudaMotion subject to EU competition approval, it said on Tuesday. It will take a 24.9 per cent stake until the all-clear is received. British Airways’ parent, IAG, had originally emerged as the successful bidder for the airline when it was sold under the insolvency of previous owner Air Berlin.

The Revenue Commissioners settled more than 60 cases of tax defaulting totalling more than €10 million during the final quarter of last year, the Irish Times reported. Settlements in 26 of the cases, involving sums of €4,923,453 remains outstanding, at least in part, at year end. The biggest settlement concerned Dunbar IT Consulting, a company in liquidation with an address on Upper Mount St in Dublin 2. The total of €1,042,236 involved €482,285 under various tax headings, plus penalties and interest.

The failure to put some problem loans before a committee set up to deal with the issue was a failing of Irish Nationwide Building Society (INBS), its former credit administrator Frank Casey has conceded, the Irish Times reported. Under cross-examination at the Central Bank’s inquiry into the building society’s failure on Friday, however, Mr Casey denied being to blame for the failure to alert the committee to every bad loan on the bank’s books.

Staff levels in Irish Nationwide Building Society’s credit risk function were inadequate, an inquiry into alleged regulatory breaches at the building society before the financial crisis has been told, the Irish Times reported. Giving evidence to the public inquiry on Wednesday was Frank Casey, who joined Irish Nationwide in 2003 from Bank of Ireland. Mr Casey was a commercial lending administrator at the building society, involved in rating and reviewing the credit risk of commercial mortgages.

Dixon’s Carphone is winding up its telecoms operator, iD Mobile, after the business failed to attract enough customers to be viable, the Irish Times reported. The Carphone Warehouse owner established ID in 2015 to facilitate competition in the wake of Three’s take over of rival O2. Dixon’s said on Tuesday that iD was unable to grow its business sufficiently against the established operators and its losses became unsustainable.

A significant degree of hysteria is being whipped up in relation to vulture funds and the sale of loans by Permanent TSB, according to the head of an organisation that assists people in mortgage distress. Founder of New Beginnings Ross Maguire SC said if the sale of loans such as the 14,000 being sold by Permanent TSB does not go through then the Irish banks will remain broken, the Irish Times reported.