Ireland

Just 124 deals on debt were done under the auspices of the Insolvency Service of Ireland (ISI) in the second quarter of 2014 according to figures published today, the Irish Times reported. The State agency set up last year to help distressed borrowers admitted the number was low, but it insisted the rate of pick-up was increasing as people became more familiar with the options open to them. However critics have said that low number of applications being successfully processed proves that the agency has been a “failure”.

Senior Bundestag figures in Berlin have said the ESM bailout fund’s new power to recapitalise banks – in the future and retroactively – is a political “fig leaf” that will never benefit Ireland, the Irish Times reported. Their resistance comes a day after the cabinet signed off on legislation that would allow the ESM to take direct stakes in ailing banks in the future and established a principle of agreeing to do doing so for bank recapitalisations in the past.

The liquidation of Setanta Insurance, which collapsed in April of this year, may “take some time”, director of consumer protection at the Central Bank Bernard Sheridan said today, the Irish Times reported. Speaking before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, Mr Sheridan said that the liquidator is currently in the process of assessing the level of potential claims and the assets and liabilities of Setanta in order to estimate the actual shortfall.

The Government needs to overhaul the new insolvency regime and amend the mortgage-to-rent scheme to help resolve the mortgage arrears crisis in Ireland, according to the Oireachtas finance committee, the Irish Times reported. These are two of the main recommendations included in a 36-page report on arrears published by the committee yesterday. On mortgage-to-rent, the committee said: “The scheme...is not fit for purpose.

Permanent TSB will ensure that the buyer of its Springboard sub-prime mortgage portfolio will sign up to the terms of the Central Bank of Ireland’s code of conduct on mortgage arrears (CCMA), the minister for finance Michael Noonan has said, the Irish Times reported. Mr Noonan was replying ot a questions from Fianna Fail’s finance spokesman Michael McGrath on whether the sale of Springboard was likely to take place before the enactment of legislation to protect mortgage holders whose loans are sold to unregulated third parties.

Judgment has been reserved on the Central Bank’s move to stop a former director of Irish Nationwide Building Society pursuing it for an indemnity against any award of damages against him arising from alleged delegation of powers of the Board of the Society to its former chief executive Michael Fingleton, the Irish Times reported.

Minister for Transport Leo Varadkar yesterday called on all parties to accept what he called the “best and last” opportunity to resolve a €750 million pensions row that has several times threatened to halt air travel in or out of the Republic, the Irish Times reported. Aer Lingus and the Dublin Airport Authority (DAA) have been locked in a dispute with unions for several years over the insolvent Irish Airlines’ Superannuation Scheme, which has an estimated deficit of €750 million. The dispute almost closed the Republic’s main airports on St Patrick’s weekend.

Anthony O’Reilly, Ireland’s first billionaire and the former chief executive and chairman of the H.J. Heinz Company, has been declared insolvent, and on Friday he was ordered to sell his assets immediately to repay loans to one bank exceeding $30 million, the International New York Times reported. A Dublin judge rejected pleas from Mr. O’Reilly’s lawyers for a six-month postponement. Legal experts believe that the ruling is likely to prompt claims by other creditors, who are owed an estimated $266 million in total. Mr.

A number of likely suitors have signalled their interest in building materials manufacturer Dan Morrissey, which is under High Court protection from its creditors, the Irish Times reported. Mr Justice Peter Kelly yesterday confirmed the appointment of Brian McEnery of BDO as examiner to Carlow-based quarry operator and manufacturer Dan Morrissey Irl Ltd, giving him up to three months to save the business, which owes AIB €26 million.

The court-appointed official overseeing the US bankruptcy of Seán Dunne has asked an American court for permission to examine, in private, documents from Irish and Swiss family law proceedings in which the developer is involved, the Irish Times reported. Bankruptcy trustee Richard Coan has also asked to question the Co Carlow developer (59), now living in the US, on the records at a private hearing if required.