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Fri, Jul 14, 2017

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Former Anglo Irish Bank chairman Seán FitzPatrick. Photograph: Collins Courts If resources are an issue, why does the ODCE hand back half its budget?
  • Financial Services
  • July 11, 2017, 05:38

Watchdog has returned about €6 million to the State over the last three years

The average allocation to equities has risen modestly in Irish pension funds from 36 per cent to 40 per cent, a Mercer survey shows. Low-returning bonds still dominant asset class in Irish pensions
  • Financial Services
  • Eoin Burke-Kennedy
  • July 11, 2017, 05:00

Bonds account for 48 per cent of average allocation, Mercer survey finds

Davy’s acquisition of  Danske Bank’s wealth-management business in Northern Ireland will have no associated redundancies. Davy buys Danske Bank’s Northern Irish wealth business
  • Financial Services
  • Joe Brennan
  • July 10, 2017, 20:22

Deal involves transfer of management of more than 1,100 customer portfolios

Analysts at stockbrokers Davy raised their price target for the new Bank of Ireland shares to €8.40 from €8.10 Photograph: Nick Bradshaw Bank of Ireland’s new shares edge higher on first day of trading
  • Financial Services
  • Joe Brennan
  • July 10, 2017, 17:47

Davy increases price target for bank’s new shares to €8.40

The Greek parliament in Athens. the government is exploring whether funds from the public investment budget can be transferred to the new lender. (Photograph: iStock) Greece plans to create state development bank in 2018
  • Financial Services
  • July 10, 2017, 14:51

The bank would lend to SMEs to aid the recovery from the economic crisis

Sean Fitzpatrick, former chair of Anglo Irish Bank. Tánaiste wary of publishing ODCE FitzPatrick report
  • Financial Services
  • Mark Paul
  • July 10, 2017, 13:49

Fitzgerald awaiting advice of Attorney General before deciding whether to publish

Bank of Ireland’s new holding company began trading on the Irish Stock Exchange today. (Photograph: Nick Bradshaw) Ratings agency Fitch says Bank of Ireland outlook is positive
  • Financial Services
  • Peter Hamilton
  • July 10, 2017, 11:11

The company also assigned the bank’s new holding group a ‘secure’ rating

Irish businessman Dermot Desmond is a major shareholder in Rietumu Bank in Latvia, which was fined €80m last week in a French court. Photograph: Cyril Byrne Latvian bank Rietumu to appeal French court ruling and €80m fine
  • Financial Services
  • Joe Brennan
  • July 9, 2017, 17:52

Irish businessman Dermot Desmond holds a 33% stake in lender

Shares in Bank of Ireland are set to be reclassified on Monday morning amid warnings from Fitch about the high level of non-performing loans still held by Irish banks. Photograph: Nick Bradshaw Fitch highlights problem loans as new BoI shares get set for trading
  • Financial Services
  • Joe Brennan
  • July 9, 2017, 14:43

Level of non-performing loans in Irish banks three times higher than euro area average

Bank of Ireland’s chief executive Richie Boucher: will step step down at the end of this year. Photograph: Aidan Crawley Bank of Ireland’s new share price set at €7.38
  • Financial Services
  • Joe Brennan
  • July 8, 2017, 05:45

Reverse share split cuts outstanding shares by 97% and is part of a broader restructuring

The three other firms known to have been inspected by competition authorities this week – Aon, Marsh and Campion Insurance in Dublin – have said that they were co-operating with the review Irish-based firm raided by European Commission expects to be cleared
  • Financial Services
  • Joe Brennan
  • July 7, 2017, 21:17

Wright Insurance Brokers one of four firms reviewed over concerns of anti-competitive practices

Insurance Ireland’s office in Dublin, which was raided this week as part of an investigation by the European Commission into complaints about cartel-like behaviour. Photograph: Collins Four insurance brokers ‘co-operating’ with antitrust inquiry
  • Financial Services
  • Joe Brennan
  • July 7, 2017, 14:14

At least four insurance firms in Ireland raided by European Commission this week

Bernard Byrne was appointed chief executive of AIB in May 2015. ‘Irish Times’ Business Person of the Month: Bernard Byrne
  • Financial Services
  • July 7, 2017, 11:39

Byrne has been instrumental in the turnaround of AIB over the past six years

Irish Road Haulage Association president Verona Murphy: says her members had experienced premium hikes of up to 100 per cent in the space of a year, leaving the average cost of covering a truck at €5,000, compared with €3,000 in the UK and €2,000 in Poland.  Photograph: Dylan Vaughan. Motor insurance raids triggered by claims over haulage cover
  • Financial Services
  • Joe Brennan
  • July 7, 2017, 08:52

European Commission investigating at least four brokers over anti-competitive practices

US investigators home in on Trump nominee’s links to Dublin company
  • Financial Services
  • Mark Paul
  • July 6, 2017, 22:12

IFSC bond vehicle used kids charity as shareholder, raising concern in Washington

JP Morgan chief executive Jamie Dimon. The bank is looking for additional office space to lease in Dublin as well as Amsterdam as it works on plans to deal with Brexit. JP Morgan chief Jamie Dimon briefs Taoiseach on plans for Ireland
  • Financial Services
  • Joe Brennan
  • July 6, 2017, 16:15

Bank recently bought office in Dublin capable of holding up to 1,000 workers

The Department of Finance said on Thursday that it will receive the maximum €3.4 billion envisaged from the sale of its AIB stake. Photograph: Cyril Byrne State proceeds from AIB stake sale confirmed at maximum €3.4bn
  • Financial Services
  • Joe Brennan
  • July 6, 2017, 07:26

AIB shares have continued to perform well since IPO closing at €5.121 on Wednesday

The new voluntary severance scheme mirrors similar programmes introduced by AIB in the last few years, almost all of which have been oversubscribed. Photograph: Aidan Crawley/Bloomberg AIB expands voluntary redundancy plan for managers
  • Financial Services
  • Charlie Taylor
  • July 6, 2017, 05:30

Between 160 and 200 employees expected to leave bank by end of year

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