Trade unions have acknowledged that the eradication of inefficiencies at Bus Éireann may result in some staff earning less than at present, the Irish Times reported. In letters to the company on Wednesday, they said that any losses incurred by members as part of any new survival plan could be addressed as part of future discussions. However, unions have insisted that Bus Éireann should continue to provide “industry-leading” terms and conditions for its employees.

Britain's plans to leave the European Union threaten to cause Ireland all kinds of economic and security headaches. But a silver lining is expanding daily along the crane-filled banks of the River Liffey, a likely post-Brexit refuge for British banking operations, the International New York Times reported on an Associated Press story. Dublin's financial district barely existed three decades ago but today stretches for nearly a mile on both banks of the river. More than 60 construction cranes are erecting future high-rise offices, hotels and apartments along the riverfront.

The resolution of non-performing loans (NPLs) by Irish banks needs to “regain momentum” while plans to give the Central Bank powers to cap mortgage interest rates could prevent lenders from generating “sustainable profits” and deter new entrants to the market, the European Commission has warned. In its latest unpublished post-bailout surveillance report on Ireland, seen by The Irish Times, the commission stated that while much work has been done by the banks to reduce their NPLs, the stock “remains high and shows signs of stickiness,” the Irish Times reported.

Some €700 million worth of non-performing mortgage loans (NPLs) across 1,560 accounts at Permanent TSB are “en route to closure” through a legal process, the bank’s chief executive Jeremy Masding warned yesterday, the Irish Times reported. In addition, about 4,000 mortgage account holders have yet to receive a determination from the bank on their untreated loan arrears. This includes a “hard core” of 1,500 account holders who have refused to engage with the lender.

The CIÉ Group has confirmed it is prepared in certain circumstances to provide financial support to assist Bus Éireann in dealing with its financial problems, the Irish Times reported. Details of the move emerged as new talks between Bus Éireann and trade unions on a survival plan for the State-owned transport company commenced at the Workplace Relations Commission. Last Friday, the company withdrew plans to unilaterally impose new efficiency measures and changes to work practices while unions simultaneously deferred an all-out strike which was scheduled to get under way on Monday.

More than 100 people turned out in Clonmel on Thursday night to protest against the decision by Bus Éireann to close the town’s regular service to Dublin, the Irish Times reported. The “Save Our Bus” meeting was organised by the National Bus and Railworkers Union (NBRU) in response to Bus Éireann’s cost-cutting plans which the company says are necessary as part of efforts to stave off insolvency plans. The X7 route, Dublin-Clonmel, is one of three to be axed by Bus Éireann, with its eight daily services each way.

Faced by the industrial relations equivalent of a perfect storm, Bus Éireann stopped short yesterday of proceeding immediately with some of the most controversial elements of a survival plan it says is essential to its future, the Irish Times reported. But the decision to go ahead with 55 other changes brought a swift – and probably inevitable – response. The National Bus and Rail Union and Siptu said they would begin an all-out strike if the changes are implemented as planned next Monday. Extreme positions have been on display at Bus Éireann for some time.

An all-out indefinite strike in Bus Éireann, which could spread to other parts of the public transport sector, now seems likely after the collapse of talks on Tuesday aimed at resolving the financial crisis at the company, the Irish Times reported. The board and management of the State-owned transport company are expected to consider on Wednesday whether to press ahead with highly controversial cuts to staff earnings as part of a survival plan. Unions representing the 2,600 staff at the company warned of an all-out strike if Bus Éireann moved unilaterally to impose cuts to pay.

Geoffrey Stevenson, who was in charge of exploration company Petroceltic’s prime asset in the Algerian desert until the company was bought out of examinership last year following a bitter takeover battle, is taking on the new owners of the business in the High Court in Dublin, the Irish Times reported. Mr Stevenson was not an employee of Petroceltic prior to the takeover by Swiss-Cayman Islands fund Worldview Capital, but rather he was a consultant and also project director at Petroceltic’s Ain Tsila gas field project in Algeria.

The Central Bank has sold a further €500 million of bonds that were linked to the restructuring four years ago of the bailout of now-defunct Anglo Irish Bank, the Irish Times reported. The Central Bank received €25 billion of government bonds in February 2013 under a complex restructuring of promissory notes used by the State during the financial crisis to rescue the bank, which was subsequently named Irish Bank Resolution Corporation (IBRC). IBRC had been using the promissory notes as collateral for emergency funding at the Central Bank.