Richard Pym – Steering AIB in shark infested waters
His most high-profile gig until now was at Britain’s Co-operative Bank, where he took over as chairman in June 2013 in the wake of disgraced ex-chairman Paul Flowers. Flowers was the media doyen and ordained Methodist minister who fell spectacularly from grace after he was filmed buying cocaine and methamphetamines in his car in 2010. He was later accused of covering up child sex abuse scandals and hiring rent boys. …
Central Bank suffers €75m paper loss as gold plunges
Finance Minister Michael Noonan has revealed that the value of the Central Bank’s gold deposits was €168m at the end of last year – a decrease of €75m on the €243m put on the value of gold at the end of 2012.
The reversal last year more than wiped out two years of gains by the Central Bank after its gold holding increased from €203.79m at the start of 2011 …
‘We won’t bankrupt you,’ NAMA tells developers who co-operate
The assurances come as an increasing number of developers in NAMA have moved to England and declared bankruptcy under that country’s relatively lax bankruptcy laws.
A total of 65 NAMA debtors have declared bankruptcy in the UK or US.
NAMA is worried that developers have little incentive to continue co-operating with the toxic loans agency if they know that they are likely to be forced into bankruptcy at the end …
Rise of services in modern economies does not herald mass unemployment
Last week’s slew of data on the state of the economy contained many nuggets. Among them was the sheer scale of Ireland’s services exports, the value of which last year exceeded the value of manufactured goods exports for the first time.
In this regard Ireland is unique. While most countries have seen their services exports increase, reflecting the rise and rise of services provision in economic activity, in no other …
Eircom rings around as it weighs sale vs IPO
ADVISORS for Eircom have approached some of Europe’s largest private-equity firms as the company weighs the possibility of a sale as an alternative to returning to the stock market.
UK-based Apax Partners, CVC Capital Partners and US multinational KKR & Co are among buyout firms that have been approached to form a consortium for the Dublin-based firm.
Officials at Eircom, Apax and CVC declined to comment. KKR representatives didn’t immediately …
Stock Exchange and Government plan bond finance for Irish SMEs
It will mirror a new structure pioneered by Germany where mid size companies are now able to bypass banks to borrow through the capital market.
“We are working with the Department of Enterprise, Enterprise Ireland and the Department of Finance to see is there a credible – or on what basis could we have – a credible bond market for mid sized enterprises in Ireland,” ISE chief executive Deirdre Somers …
Irish bank debt deal gets shot in arm in Bundestag
GERMANY has approved draft laws including a plan that could give Ireland’s bid for a debt deal a shot in the arm.
The laws ensure that biggest European economy is in line with rules that allow the European Stability Mechanism (ESM) to recapitalise banks directly under strict circumstances.
The move is a positive sign for Ireland in light of ongoing talks about recapitalisations that had centred on Bank of Ireland …
Mortgage arrears: Just one in five homeowners getting lower payment deal
JUST one in five homeowners who are in arrears has been offered a permanent deal to lower their payments by their bank.
New figures out this afternoon show that close to 15,000 of the almost 74,000 residential mortgage accounts that are arrears for three months or more have had a permanent restructure put in place.
But the overall number of residential mortgage accounts that are in arrears fell in May, …
Irish loans sell-off could be genesis of third banking force
THE mass sell-off of loans books by Irish lenders could be used by a US private equity house to create the kernel of a third baning force, according to one of the country’s leading corporate finance executives.
So far this year €27bn of Irish business loans, property loans and residential mortgages have been sold by banks, according to new research from PWC.
Noonan says Europe doesn’t need to micro-manage Budget
IRELAND should be given greater flexibility from the European Commission in setting the Budget, Michael Noonan has signalled.
SHARE Brussels doesn’t need to pour over every detail of our tax and spending plans, the finance minister said ahead of a meeting of euro zone finance ministers in Brussels yesterday.
His comments come as Italy, which has taken over the six month rotating presidency of the European Union, called for a …