Scene & Heard

Carlton investors asked to accept 50% cut in rent

Investors in the Ritz Carlton Hotel in Enniskerry, Co Wicklow, have been given until tomorrow to accept a 50 per cent cut in rent on their suites or face having their leases repudiated by the hotel’s new owner, according to the Sunday Times.

Declan Taite of RSM Farrell Grant Sparks, examiner of Carrylane, the hotel’s developer, has entered talks with Ranieri Real Estate Partners, a US investment fund, on a rescue plan for the property.

Some of the suites in the €200 million development are owned by investors who were guaranteed a fixed-rent up to October 2014 by the Treasury Holding subsidiary.

However, the US investment firm wants that rent reduced by up to 50 per cent.

Investors in the suites include broadcaster Pat Kenny and music promoter Denis Desmond, according to the report.

Tax breaks urged to encourage new investments

A Government report has proposed the introduction of tax breaks to entice high earners and venture capitalists to invest in fledgling Irish companies, according to a report in the Sunday Business Post.

While the Government has sought to curb tax reliefs, the report has urged the reintroduction of certain incentives to help boost investment in Irish companies and young businesses.

The report, drafted by Forfás on behalf of the Department of Enterprise, Jobs and Innovation, recommends reducing the tax rate for dividends on investments and introducing a more favourable regime for so-called angel investors.

AIB seeks to outsource its residential loan book

AIB is preparing to outsource the management of €13 billion of its residential loan book as part of a cost-cutting exercise, the Sunday Independent reported.

The 99 per cent State-owned bank is seeking proposals from the private sector in Ireland and overseas to take over the collection and servicing of the mortgage book.

The mortgage book was formerly run by the EBS and has more than 600,000 individual mortgages on it, according to the report.

Thalidomide manufacturer faces Irish court actions

Twenty-two Irish victims of the thalidomide drug have launched a series of High Court actions against Ireland and the drug’s German manufacturer, Grünenthal, according to the Sunday Business Post.

The move comes in the wake of the admission by the State that a deal reached between it and the victims in 1975 – when the victims were children – was not legally binding.

The drug, which was designed to combat nausea during pregnancy, caused miscarriages and severe birth defects.