Up to 50 of the concession holders at Clerys could share the offer, subject to the approval of the High Court. Photograph: Frank Miller/The Irish Times

Group had sought to block appointment of KPMG liquidators due to conflict of interest

Former taoiseach Brian Cowen arriving at Leinster House for his appearance at the Banking Inquiry, July 2nd, 2015. Photograph: Cyril Byrne/The Irish Times

Unlike Charlie McCreevy, ex-taoiseach accepts mistakes were made on his watch

Former taoiseach and minister for finance Brian Cowen appearing at the Banking Inquiry on Thursday, July 2nd, 2015. Photograph: Oireachtas TV

Official told Cowen NTMA needed ‘written instruction’ as its policy was not to lodge with Anglo

Former taoiseach Brian Cowen at Leinster House. Photograph: Cyril Byrne

Party paid ‘heavy price’ for crash, former taoiseach tells Oireachtas banking inquiry

Willie McAteer and Peter Fitzgerald had sought to be excused from questioning

Brian Cowen at the Dáil this morning before Thursday’s banking inquiry hearing. Photograph: Cyril Byrne/The Irish Times

Take-home points from the former taoiseach’s first appearance before the committee

In a dramatic turn on Wednesday,   the Banking Inquiry  adjourned to take legal advice after Charlie  McCreevy sidestepped Pearse  Doherty’s question on five occasions about whether Ireland had experienced a property bubble. File photograph: Frank Miller/The Irish Times

Ex-minister threatened with criminal sanction over stance on property bubble query

IPO document says: “Digicel is in the process of evolving from a pure mobile telecommunications company into a leading total communications and entertainment provider”

Debt is held in dollars but Digital’s revenues are collected in local currencies, most of which have dropped against the dollar in(...)

Former chair of Anglo Irish Bank Seán FitzPatrick. Photograph: Aidan Crawley

Committee tells former chairman Seán FitzPatrick he must appear before it

Former concession holders are considering a High Court court move next week to block the appointment of KPMG as liquidators. Photograph: Aidan Crawley

Concession holders considering High Court move to oppose appointment of liquidators

 VHI has been given an extra month by Minister for Health Leo Varadkar to raise the capital necessary to complete its switch to being a regulated non-life insurer as per an EU ruling in 2011. Photograph: Gareth Chaney Collins

The State-owned insurer must make switch to regulated non-life insurer by July 31st

Treasuries advanced with the yen and gold as the market fell and investors sought haven assets. Photograph: Chris Ratcliffe/Bloomberg

Iseq index falls by 2.5 per cent but full effect of debt crisis likely to come later

Accounts for OCS Operations Ltd, which ran the Clerys department store until its closure on June 12th, show it made a loss of €1.1 million in the year to the end of January 2015. File photograph: Aidan Crawley

Accounts show company loss of €1.1m in the year to end of January 2015

Project includes high-definition smart TVs in the 246 guest rooms and suites in John Fitzpatrick’s New York hotels

Irish hotelier plans refurbishment programme for the two US premises

Michael Noonan was also asked about staff shortages within the unit of the Central Bank that supervised the insurance sector. Photograph:  Eric Piermont/AFP/Getty Images

Minister says €574m in 2012 and €450m in 2013 lost through property reliefs

The share sale will dilute Denis O’Brien’s holding in Digicel, but the flotation document indicates that he will keep control of the business. Photograph: Dara Mac Dónaill

Denis O’Brien received $1.1bn in dividends from mobile phone business over three years

A Digicel shop in Jamaica: the company’s $6.5 billion total debt is denominated in dollars but its revenues come from local currencies in the Caribbean, Central America and the South Pacific. Photograph: Peter Murtagh

Near-300-page IPO registration document includes 29 pages of potential problems

Digicel paid $2 million to Communicorp, a media investment company owned by Mr O’Brien, for office space, printing and telecoms services. Photograph: David Sleator

Businessman had quarterly payout of $10m plus $950m in special dividends

Digicel Chairman Denis O’Brien

Company has just filed documents with US markets regulator

Customers queue outside a branch of Northern Rock in Kingston upon Thames, UK, during a bank run in 2007 sparked during a credit crisis at the time. File photograph: Stefan Rousseau/PA Wire

Inquiry told Central Bank chief was speaking to ‘middle Ireland’ on radio

Central Bank of Ireland chief Patrick Honohan said by September 2008, more than 90 per cent of the costs of the boom and bust had “become unavoidable”. File photograph: Getty Images

Figures relating to Irish banking and economic crash still have power to shock

‘I knew the government wouldn’t be happy but I didn’t realise they’d be so unhappy’

Banking Inquiry: Former secretary general, Department of Finance Kevin Cardiff recounted a hilarious Sir Humphrey-type conversation at the time with a colleague from another country. Photograph: Leah Farrell/Photocall Ireland

Analysis: ‘Discreet’ inquiries made in September 2008 about IMF bailout

Philip Smith was paid €635,000 annually as chief executive of the country’s largest insurer. He told the tribunal that since leaving RSA, he had earned just €25,000 in consultancy fees. Photograph: The Irish Times

Philip Smith case shone uncomfortable light on workings of Ireland’s biggest insurer

Cyril Roux, the Central Bank’s deputy governor for financial regulation:  “imperative that firms have proper systems and controls in place” to ensure lenders are delivering appropriate solutions for consumers.    Photograph: Dara Mac Donaill/The Irish Times

Central Bank thought to be particularly concerned about breaches of fair process, which it views as essence of code of conduct

Michael Fingleton led INBS for 38 years before resigning in March 2009. This was one year before the first of two recapitalisations of the institution by the State, involving a bailout of €5.4 billion.

Former INBS chief to appear on September 2nd

Former chief executive of Royal Sun Alliance Philip Smith arrives at the Employment Appeals Tribunal with members of his legal team on Monday morning. Photograph: Dave Meehan

EAT decision to award €1.25m leaves RSA Insurance reeling

The board, led by chairman John Fitzpatrick,  agreed a $100,000 donation to assist the families of those killed or injured in the Berkeley balcony collapse.

Ambitious target set for next 10 years of fundraising

The George pub on South Great Georges Street in  Dublin is part of the Danu portfolio. Photograph: Aidan Crawley

Partnership that began with Setanta and Italia ’90 has a varied portfolio

Leonard Ryan, Mark O’Meara and Mickey O’Rourke this week opened a London franchise of the famous New York steakhouse, Smith & Wollensky.

Irish trio invest €10 million in first European franchise of famed New York steakhouse

Lily Kelly, who would have worked for Clerys for 45 years this day fortnight and was due to retire, with other former staff  protesting outside the offices of  new owners Natrium on Harcourt Terrace on Friday. Photograph: Fergal Phillips

Liquidated OCS Operations Ltd which ran store made loss of just over €2m in same period

The Irish company had a market cap on admission of about €299.7 million and a total of 78.9 million ordinary shares in issue

Company began trading in Dublin and London on Friday

Denis O’Brien is selling  his  Gulfstream jet for  $67.95 million. O’GaraJets in Atlanta is selling the Gulfstream G650 S/N 6032, which has  a small Irish tricolour on its tail fin.

State-of-the-art jet, which has a small tricolour on its tail fin, can sleep up to six ‘comfortably’

Kevin Cardiff  believes then taoiseach Brian Cowen had made up his mind on a blanket guarantee before the long debate at Government Buildings on the night of September 29th, 2008. Photograph: Eric Luke/The Irish Times

Analysis: Cowen settled on guarantee before meeting - Cardiff

Former secretary general of the Department of Finance Kevin Cardiff says no adviser advocated a liquidation of Anglo Irish Bank on the night of the guarantee. Photograph: Alan Betson/The Irish Times

Kevin Cardiff says he is still not sure his position on the night was the ‘right’ one

Kevin Cardiff, a former secretary general of the Department of Finance, says it was “quite unlikely” Ireland could have financed itself in 2011 in sovereign debt markets. Photograph: Alan Betson/The Irish Times

Former secretary general at Department of Finance tells banking inquiry of leaks

Kevin Cardiff said a ‘lengthy set of options’ had been drawn up in advance of the Government’s pressing the button on a blanket guarantee.

Former finance minister Charlie McCreevey said a political statement was needed, Cardiff said

Kevin Cardiff said liquidating Anglo on that night in September 29th 2008 was ‘too dangerous to contemplate’.

‘It was too dangerous to contemplate liquidating Anglo,’ former finance official says

Legally there might be nothing wrong with the transactions last Friday that have led to Clerys closing  after 162 years in business although these  could yet be tested by creditors. Morally they stink

Gordon Brothers had split the Clerys business into two parts – a property company which owns the building and an operating entity (...)

A protest outside Clerys in support of the department store’s workers. The store closed on Friday with the loss of 460 jobs. Photograph: Ciaran D’Arcy

Protest in support of workers held outside Dublin store as KPMG meets union officials

The closed shutters of Clerys  in O’Connell Street, Dublin.  Photograph: Aidan Crawley/The Irish Times

About 50 companies seek May takings and release of stock

Clerys store on O’Connell Street, Dublin:   Concession-holders have written to liquidators KPMG seeking details on the whereabouts of their takings from May. Photograph:  Dara Mac Dónaill/The Irish Times

‘It was our impression that it would be sold as a going concern, there was no indication the store was going to close’

European Commissioner Jonathan Hill: his main project is to deliver a capital markets union in the EU by 2019, which he believes many British businesses support. Photograph: Dara Mac Donaill / The Irish Times

Commissioner Jonathan Hill says there has yet to be a debate about the alternative to EU membership

Workers protest outside Clerys on O’Connell Street in Dublin. Photograph: Kitty Holland/The Irish Times

Staff protest outside landmark Dublin retailer after loss of 460 jobs

NTR chairman Tom Roche. Photograph: Frank Miller

Committee established to consider options

Clerys on O’Connell Street, Dublin: between August 2012 and January 2015, the business lost €4.3 million and relied on loans from its parent group. Photographer: Dara Mac Dónaill/The Irish Times

Employees stage sit-in following appointment of KPMG as liquidators

The shutters come down at the entrance to Clerys Department Store in O’Connell Street, Dublin. Photograph: Aidan Crawley

About a dozen Clerys staff stage sit-in in protest

US-based cable TV giant Liberty Global, owned by  Irish-American businessman John Malone (above), is conducting due diligence on Irish  TV3 with a view to buying the business. Liberty Global  owns the UPC Ireland cable TV, telephone and broadband company. File photograph: Kevork Djansezian/Getty Images

Deal requiring regulatory and ministerial approval well advanced - but months away

Shoppers leave Clerys department store on O’Connell Street, Dublin, yesterday. At about 6pm yesterday, liquidators from KPMG broke the news to staff that the Clerys was closing for good. Photograph: Aidan Crawley

KPMG liquidators break news to staff that Dublin department store is closing

Former financial regulator Liam O’Reilly: “In future, the Financial Regulator must adopt a more intrusive and aggressive approach.” Photograph: Bryan O’Brien

Liam O’Reilly tells inquiry he accepts principles-based approach had ‘shortcomings’

Brian Patterson, former chairman of the Financial Regulator: said they did not see the enormity of the risks being taken by the banks. Photograph: Mac Innes Photography

Testimony to the banking inquiry reveals shortcomings of the Financial Regulator

File photograph of former Anglo Irish Bank executives David Drumm and Sean Fitzpatrick. Photograph: Cyril Byrne

Former taoiseach Bertie Ahern asked to appear on July 16th, before former Anglo executives

Former chairman of the Financial Regulator Brian Patterson giving evidence at the banking inquiry on June 11th, 2015.

Banking inquiry: Brian Patterson says authority was unaware of ‘enormity’ of risks

Cyril Roux, deputy governor (Financial Regulation) at the Central Bank of Ireland, arriving at Leinster House for the Banking Inquiry. Photograph: Sam Boal/Photocall Ireland

Central Bank deputy governor tells inquiry dangers are hacking and interest rate rises

the Central Bank’s former head economist Thomas O’Connell has told the Oireachtas Banking Inquiry that Ireland’s banking and economic crash should never have happened.

Ex Central Bank chief economist at inquiry

 Cyril Roux , deputy governor (Financial Regulation) of the Central Bank of Ireland who said lessons have been learned in the euro zone about how to deal with struggling banks. Photograph: The Irish Times

Banking inquiry told of new pan-European approach to respond to failing banks

Mary O’Dea speaking before the banking inquiry committee on June 10th, 2015

Live: Mary O’Dea, Cyril Roux, Thomas O’Connell before committee

Eason: generated cash last year and increased its earnings before interest, tax, depreciation and amortisation by €200,000 to €5.8 million.

Group has new entity to separate trading and property assets

Cyril Roux, deputy governor of the Central Bank: said the “disjointed” nature of the regulator’s enforcement powers over non-life companies was an “impediment to their effectiveness” and needed consolidation. Photograph: Eric Luke

Central Bank has too few powers and staff for insurance oversight, says deputy governor

East Coast Bakehouse managing director  Michael Carey: “We love the food industry. We get a real buzz out of doing stuff in the food sector. The opportunity here is very real.”   Photograph: Eric Luke

Ex-Jacob Fruitfield man is entering a market worth €3.3 million a week in Ireland alone

Mount Juliet: goal of the investment is to enhance the property as “the highest-quality golf resort and residential community in Ireland”.

Better maintenance equipment and golf buggies to be purchased

 Patrick Neary, former chief executive of the  Irish Financial Services Regulatory Authority, arriving at the Banking Inquiry on May 28th, 2015. Photograph: Dara Mac Dónaill/The Irish Times

Former financial regulator says he believed banks were solvent on September 29th, 2008

‘Patrick Neary never saw it as his role to be intrusive. Rather, he placed far too much trust in the banks.’ Photograph: Dara Mac Donaill

Patrick Neary did not see it as his role to challenge Anglo on customer concentration

The former financial regulator Patrick Neary did not believe that any of the domestic Irish banks were insolvent on the night of the bank guarantee in September 29th 2008. Photograph: Dara Mac Donaill/The Irish Times.

Neary says meetings with Seán Quinn were ‘unannounced’ and ‘unexpected’

The former financial regulator, Patrick Neary, has said “sorry” for not taking sufficient measures to prevent the banking collapse in Ireland in late 2008. Photograph: Dara Mac Donaill/The Irish Times.

Former regulator Patrick Neary says he relied on banks for risk analysis

Irish forecourt operator Applegreen has announced plans to float on the stock market in June.

Irish company intends to raise €70 million from the sale of a 25 per cent stake

Digit is Ireland’s largest game developer, employing 20 staff at its studio in Dublin. Photograph: Thinkstock

Digit Game Studios has secured investment from US entertainment network Scopely

“Improving profitability at farm level will be key to a strong future for the livestock sector,” says IFA president Eddie Downey. Photograph: David Sleator/The Irish Times

Of 200 beef farmers surveyed a quarter said they will invest €50,000 or more

Nama chief executive Brendan McDonagh received €386,777 in remuneration last year, down from €387,210 in 2013. While his salary rose by €501 to €366,001, his taxable benefits reduced by almost €1,000 to €20,776

Number of staff rose to 369 from 331 last year

Nama chief executive Brendan McDonagh said the agency had a very strong performance in 2014, posting an after-tax profit of €458 million. Photo: Eric Luke/The Irish Times

Agency reports after-tax profit of €458 million for 2014

Ulster Bank headquarters in Dublin. Photograph: Frank Miller

Disposal represents ‘final material transaction for RBS Capital Resolution’ in NI

 Aer Lingus aircraft at Dublin airport. The airline is in good shape at present, arguably enjoying some of its best trading years since the Irish economy collapsed in  2008. Photograph: Brian Lawless/PA Wire

Airline has operated successfully in the midst of Europe’s worst recession in living memory

The five-star Monart hotel and spa in Co Wexford. It is included in the sale of Ulster Bank’s Project Coney portfolio to Sankaty Advisers

US group to buy portfolio of loans linked to 36 hotels and 66 pubs in the Republic

Michael Noonan: he wants the banks to conduct publicity campaigns to inform customers of their options in securing a lower rate

Minister for Finance says six main lenders have agreed to offer lower mortgage rates

US stocks fluctuated in early trading, as investors weighed the timing for higher interest rates amid data showing the fastest rise in consumer prices in two years.  Photographer: Chris Ratcliffe/Bloomberg

Iseq Overall Index in Dublin rises 0.1 per cent to 6,273.56 even as banks slip back

AIB is implementing its second SVR rate cut in six months, which will reduce its headline rate to 3.9 per cent from 4.15 per cent

Bank of Ireland is not planning to lower its standard variable rate before July 1st, the deadline set by the Minister for action (...)

Mr Noonan said there was agreement from all lenders that customers should have access to more competitive mortgage products

Central Bank warns measures could have a detrimental effect

John Hurley: made clear to the inquiry he thought the government’s decision to separate out financial regulation more than a decade ago was a “mistake”. Photograph: Cyril Byrne

Central Bank ex-governor John Hurley says regulation delegated to financial regulator

John Hurley appearing at the Oireachtas banking inquiry on Thursday.  John Hurley at the Oireachtas banking inquiry on Thursday.

Former Central Bank governor John Hurley says he ‘would not have advised’ the risk

Established in 1992, Applegreen has 98 forecourts in the Republic,

Board of Irish fuel group Petrogas is expected to give a green light to IPO

File photograph of Enda Kenny. Mr Kenny has been called to give evidence at the banking inquiry, along with Tánaiste Joan Burton. File photograph: Niall Carson/PA Wire

Joan Burton and Michael Noonan also sent invites to attend Oireachtas committee

John McDonnell, Partner PwC and Ronan Murphy, Senior Partner PwC appearing before the Oireachtas banking inquiry

Director defends quality of B of I, AIB and Bank of Scotland audits around time of crash

 Minister for Finance Michael Noonan relayed message on interest rates to AIB, Ulster Bank and ACC when they met  yesterday. Photograph: Gareth Chaney/Collins

State seeking fall of up to 0.75 percentage points within two months

AIB’s rate cuts have put some  blue water between it and Bank of Ireland,  whose SVR is 4.5 per cent. These things are never black and white, of course – Bank of Ireland will pay the 1 per cent stamp duty for first-time buyers.

Minister’s meetings with Permanent TSB and Bank of Ireland will be different

Former head of Irish Nationwide Michael Fingleton (left) and Taoiseach Enda Kenny are to be called as witnesses at the Banking Inquiry.

Opposition politicians in place at time of economic crash to be questioned

The cost of sales at the UK subsidiary declined to £13.6 million from just under £15 million while its operating expenses reduced by 3.4 per cent to just over £10 million. Photograph: Matt Kavanagh

Company reduces tax bill to record after-tax profit of £966,000

A number of high-profile hotel and leisure assets are connected with the portfolio, including the Lyrath Estate Hotel in Kilkenny (pictured) and the Regency Hotel in Drumcondra in Dublin. Photograph: Dylan Vaughan

Assets connected with UK bank’s sale of €4.2bn of loans includes Lyrath Estate

Retail shareholders in Permanent TSB have subscribed for 479,954 new shares in the company under the terms of an open offer, which formed part of the bank’s €525 million recent capital raise.

Issuance of 3-year notes marks significant step in bank’s re-entry into wholesale markets

 Alan Dukes: was referring to Ms Nolan’s comments to the committee that there was a culture in IBRC “that never really recognised the damage they had done to the country”.

Former IBRC chairman says Anne Nolan showed a lack of understanding

Richard Burrows, who was Bank of Ireland chairman in 2008, outlined in  detail yesterday the events of September 29th. Photograph: Cyril Byrne

When major players on the night of the bank guarantee give conflicting evidence, it is clear we are not yet getting the full pic(...)

Ulster Bank Group Headquarters

Loans were connected with Project Aran, a portfolio of Irish real estate

Former RSA Ireland chief executive Philip Smith. He  “had to be a fall guy to satisfy the various outside interests”, his barrister claimed. Photograph: Dave Meehan

Insurer’s internal investigation ‘prejudicial’, Employment Appeals Tribunal told

It is not clear how much Enterprise Ireland has paid for its investment in Cesanta

Fledgling Irish internet software company Cesanta to hire extra staff

Minister for Finance Michael Noonan: expects the State to get back all of the funds put into AIB, Bank of Ireland and IL&P. Photograph: Dara Mac Dónaill

Total falls short of €29.5bn banks received as part of bailouts

Sentenial’s directors include former Minister for Finance, Charlie McCreevy

New initiative will offer businesses a non-bank option for payment processing

Bill Kyle, chief executive of Irish Life, said assets under management at ILIM had exceeded €50bn Photograph: Dara Mac Dónaill / The Irish Times

Irish Life Investment Management played significant part in growth over three months

Former Ulster Bank executives Michael Torpey (left) and Robert Gallagher speaking at the Oireachtas banking inquiry on Thursday

Former Ulster Bank executive has ‘no doubt’ about proactivity to attract deposits

A briefing note for Michael Noonan said just 11 payments authorisations had been provided in Ireland as opposed to more than 1,000 in the UK and that no “e-money licences” have been granted by the Central Bank. Photograph: Matt Kavanagh

Claim made in feedback from British businesses to Irish Ambassador

Cormac McCarthy former chief executive of Ulster Bank apologised at Dáil banking inquiry for not anticipating the financial crash and for relying too much on  certain economic assumptions in the years before 2008. Photograph:  Matt Kavanagh

‘Our strategy, while genuine in its motives was . . . ultimately ill-judged and mistaken’

 Bank of Ireland chief executive Richie Boucher: told the banking inquiry he was “surprised” the guarantee “went beyond senior debt”. Photograph: Dara Mac Dónaill/The Irish Times

Bank of Ireland chief gives frank account of events to inquiry

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