Bankers’ pay; bailout bills; and the mounting cost of Brexit

Business Today: the best news, analysis and comment from The Irish Times business desk

  Anglo Irish Bank headquarters in Dublin back in 2009.

Anglo Irish Bank headquarters in Dublin back in 2009.

 

Pay for Irish bank chiefs is not out of line with their international peers, according to a new report by Citigroup, at least when you look at their relative size and the complexity of their operations. Joe Brennan reports.

Sticking with the banks, Ciarán Hancock reminds us that we are still paying over €3 million a week to service the money we borrowed to bail out Ireland’s five banks in the financial crisis...and the Comptroller & Auditor General reckons we are most unlikely ever to see the full cost repaid.

And talking of unwelcome bills, the Oireachtas budget watchdog estimates that a disorderly Brexit could cost Ireland over €100 million in extra jobseekers payments along in 2020 – and close to €1 billion by the end of the decade. Eoin Burke-Kennedy reports

Inherited rare disease specialist BioMarin announces another investment in Ireland Inc with the opening today of its new offices in Dublin that means the company now has a fifth of its worldwide workforce in Ireland.

Peter Hamilton reports on Ryanair’s Austrian airline that will fly out of an Irish regional airport to Spanish summer resorts next year.

On a lighter note, Ed Sheeran fans will be pleased to see their idol was selling €100,000 in sales of tickets and other merchandise a day last year. Gordon Deegan has the details.

He also reports on the healthy returns made to date by the company that bought out Shell’s interest in the Corrib gas field. Nephin Energy has taken €414 million in dividends from the business it acquired in 2017.

Finally, back to those banks again, with the chairman of the new Irish Banks Culture Board declaring he too is sceptical about banks’ promises to improve how they treat customers. Joe Brennan reports that he told an Oireachtas committee that he nonetheless remains optimistic.

Budget 2020 is coming ever closer so why not get all the latest news, analysis and comment on our dedicated site.

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