Ireland

Businessman Sean Quinn’s family have appealed to a High Court judge not to grant the DPP a second deferral of the hearing of their action. They allege they are not liable for about €2.34 billion loans advanced by the former Anglo Irish Bank to Quinn companies, the Irish Times reported. The DPP says there is a “clear threat” to the fairness of criminal proceedings against former Anglo chairman Sean Fitzpatrick, due to open before a jury on April 13th, from the Quinns’ civil action, due to open at the Commercial Court on April 14th.

Rising property prices have not yet lifted a significant proportion of Irish homeowners out of negative equity, according to a new report from the Central Bank, the Irish Times reported. In its latest Household Credit Market Report, the Central Bank presents data which shows that over 50 per cent of mortgages taken out in 2007 were still innegative equity at June 2014. Those who bought in 2005 and 2006 are also likely to still be underwater, with Central Bank showing that approximately 40 and 45 per cent of these home buyers, respectively, are also in negative equity.

Switzerland refused a request for assistance to help bring prosecutions here on the basis of the leaked HSBC Geneva banking files, according to the Irish Revenue Commissioners. Revenue chairman Niall Cody has also told the Dáil Committee of Public Accounts that 13 people are the subject of ongoing investigations arising from the Swiss data, with the amount in their accounts involving a maximum of $14.83 million.

Professor of Accounting at UCD, Eamonn Walsh told Deputy Pearse Doherty that using today’s standards Anglo would still appear as if it were on course for a profit of almost half a million euro, the Independent reported. “There has been no change in standards so one could reach much the same conclusion today as one would have reached in 2008”, he added. The inquiry has also heard how inaction by both the Central Bank and the Banking Regulator had resulted in “costly failure” and how political bias may have unduly influenced the decision to bring in the Bank Guarantee.

Shareholders in technology developer Altobridge say that questions remain to be answered over the decision to place it in receivership last year, the Irish Times reported. Intel Capital and the World Bank appointed a receiver to Altobridge last year on foot of a secured debt in a move that resulted in the loss of 45 jobs at its base in Tralee, Co Kerry and a further 85 in its offices outside Ireland. The exchequer footed the bill for the Irish workers’ statutory redundancy payments, which came to more than €270,000, through the Department of Social Protection.

Ulster Bank was not aware of an alleged £25-30 million black hole in one-time property giant Taggart Group’s finances, the High Court heard Thursday, the Irish Times reported. A senior banker who was part of the firm’s relationship management team claimed information that emerged later showed it was not a well-run business. Richard Ennis was giving evidence as part of the bank’s multi-million pound legal battle with former housebuilding tycoons Michael and John Taggart.

Minister for Finance Michael Noonan has dismissed comments made by the former IMF chief of mission to Ireland, that the Irish government blew an opportunity to get a debt writedown deal. Ashoka Mody, the former IMF mission chief, said Ireland should have gotten a superior deal in 2011, the Irish Times reported. Speaking on Newstalk’s Lunchtime programme Monday, Mr Mody said Ireland had its opportunity.

Ireland will insist that any new or better deal secured by Greece will also apply to Ireland, Minister for Agriculture Simon Coveney has said, the Irish Times reported. Greek prime minister Alexis Tsipras yesterday ruled out requesting an extension of the Greek bailout when meeting his European counterparts at a summit in Brussels this week. Rather than an extension of the bailout when it expires on February 28th, Mr Tsipras reiterated his demand for a bridge programme to tide the country over until June, when a more long-standing loan arrangement can be established.

The Pensions Authority has obtained a High Court order allowing it to replace a company managing some 180 pension schemes, involving €80 million, following concerns about the finances of the firm, the Irish Times reported. Trustee Principles Ltd will take over the schemes from Source Pensions Administration and Trustee Company for a year, the court heard. Source Pensions is also not to act as a trustee for another five years unless it makes an application to the court. The court heard an investigation started by the authority is ongoing.

The Department of Finance has informed the Oireachtas Public Accounts Committee that Irish banks will not now pay into a domestic special resolution fund set up in 2011 to provide bailouts to credit institutions that run into financial difficulties, the Irish Times reported. Only credit unions will contribute to the fund, which was started with a €250 million payment from the State in December 2011, according to correspondence posted on the PAC’s website.