Mayo-based Elverys Sports is set to be placed into receivership before being acquired by the company’s management team with the backing of investors brought to the deal by Dublin-based corporate finance house Capnua. This will secure the 650 jobs at the 55 Elverys outlets across the country but will result in the current owners, Mayo brothers John and James Staunton, no longer being involved in the business, the Irish Times reported.

AIB has raised with the Government the issue of bank bonuses being reinstated and the cap on pay for executives being lifted, the Irish Times reported. It is understood that the matter was raised with officials at the Department of Finance earlier this month by AIB chairman David Hodgkinson and Jim O’Hara, who chairs the bank’s remuneration committee. The Department of Finance confirmed yesterday that the matter had been discussed but declined to comment further.

The creditors of liquidated stockbroking firm Bloxham could get 40 per cent of what they are owed, rather than 10 per cent, if the liquidator wins his challenge to the Irish Stock Exchange’s decision to revoke its membership, the High Court has heard. The firm’s largest creditors include National Irish Bank, owed €8.5 million, and the Revenue Commissioners, owed €2.3 million, the Irish Times reported.

The National Asset Management Agency (Nama) last night announced a new tender for servicing any remaining IBRC commercial loans not sold by Anglo Irish Bank’s special liquidator KPMG, the Irish Times reported. In July 2013, Certus, the largest bank services outsourcing company in Ireland, was named as the preferred bidder to manage these loans, which then stood at €22 billion. Certus said at the time it expected to create up to 300 new jobs as a result. However, the success of the KPMG sale process has fundamentally changed the proposed contract.

Troubled building group Siac’s main shareholders, the Feighery family, will take control of the business with the backing of a French-owned construction-related business and a private investment company, it was confirmed yesterday, the Irish Times reported. The High Court appointed Michael McAteer of Grant Thornton as examiner to Siac Construction and eight related companies late last year, giving them protection from creditors, including three banks owed €42 million and suppliers owed €26 million.

A consortium backed by French giant, Bouygues, looks poised to take over troubled building group, Siac, after the original preferred bidder for the company, businessman Brian Harvey, decided against going ahead with an offer, the Irish Times reported. The High Court appointed Michael McAteer of Grant Thornton as examiner to Siac Construction and eight related companies late last year, giving them protection from creditors, including three banks owed €42 million.

The board of Permanent TSB is targeting a return to profitability for its “good bank” retail arm by 2016 and a full or part-return to private ownership by “2017 or earlier”. It also plans to begin deleveraging non-core assets this year, the Irish Times reported. The plans have emerged from an investor presentation given on January 7th by chief executive Jeremy Masding and group treasurer Kieran Bristow.

The troubled More Than insurer RSA signalled another burst of pain ahead on the dividend yesterday as it prepares to strengthen its finances following "completely unacceptable" losses in Ireland, The Independent reported. A review of its Irish business by the accountancy firms PwC and KPMG found that "inappropriate collaboration" between the subsidiary's top executives undermined accounting controls, but said the problems were confined to Ireland. The problems were uncovered in November, forcing RSA to pump £200m into the business.

The State has a long way to go in its battle against unemployment, despite a 28,000 fall in the numbers signing on last year, Taoiseach Enda Kenny warned yesterday, the Irish Times reported. Figures published by the Central Statistics Office show the numbers on the Live Register fell by 3,300 on a seasonally adjusted basis in December to 402,800 from 406,100 in November, a month-on-month reduction of 0.1 per cent.

The National Treasury Management Agency (NTMA) is readying a 10-year syndicated government bond issue, which may be issued as early as tomorrow morning. The issue, which will likely range between €3 and €5 billion, will mark Ireland’s first foray into the bond markets since exiting the IMF/EU bail-outprogramme in December, the Irish Times reported. Ireland is fully funded out to the second quarter of 2015, but the NTMA has indicated that it would borrow €6-10 billion this year.