Chicago exchange scraps Dublin plan in wake of Brexit

Seen and Heard: NUI Maynooth to spend €300 million redeveloping campus

Almost €160 million in funding for the redevelopment of the campus at NUI Maynooth has been secured, according to the university’s president, Prof Philip Nolan. Photograph: David Sleator

Almost €160 million in funding for the redevelopment of the campus at NUI Maynooth has been secured, according to the university’s president, Prof Philip Nolan. Photograph: David Sleator

 

The Chicago Mercantile Exchange has scrapped plans to set up a trading operation in Dublin in the wake of Brexit, the Sunday Business Post reports.

The CME Group, which operates the exchange, announced last week that it will instead close its London-based derivatives exchange and clearing house by the end of this year.

Shire says Meath plant review not connected to Brexit

The Sunday Business Post also reports that a decision by pharmaceutical group Shire to review plans for a €400 million manufacturing facility in Meath is not connected with Brexit or the new US administration.

The Dublin-headquartered by London-listed company has insisted that even though it is reviewing the design and “scheduling” around the project, this will not lead to a significant delay. It is scheduled to be in operation by the middle of 2019.

NUI Maynooth plans €300 million spend on campus

NUI Maynooth is planning to spend some €300 million over the next decade redeveloping its campus as student numbers continue to increase, according to the Sunday Independent.

The newspaper cites the university’s president, Prof Philip Nolan, as saying that almost €160 million of the funding has already been secured, with a significant amount coming from the European Investment Bank. The college expects the Government to commit about €100 million.

Banks unwilling to lend to developers, Central Bank warns

The Sunday Independent also reports that the Central Bank has warned in an internal report that Irish banks are unwilling to lend enough cash to developers to sort out the housing crisis.

Residential development loans currently account for just 1 per cent of Irish loans. While the report cites a Central Bank risk-analysis team as saying credit demand may increase, banks may not be willing to meet it, partly as a result of their memory of previous losses on loans to the sector.

IBRC liquidators recover $25m from Quinn-related assets

The liquidators of Irish Bank Resolution Corporation have recovered $24.9 million (€23.4 million) from Russian and Ukrainian property assets seized by the State from the family of former cement-to-insurance tycoon Seán Quinn, according to the Sunday Times.

The asset-recovery operation was set up in 2013 to go after a portfolio of office blocks, shopping malls and logistics warehouses, once worth €500 million. The funds were recovered in the 18-month period through June of last year.

Union to challenge AIB on high turnover of staff

The Sunday Times also carries a report saying that the Financial Services Union (FSU) is to challenge AIB on its high rate of staff turnover after the bank revealed to financial analysts recently that more than half of the 13,500 staff on its payroll in 2012 have left the company.

While the bank’s total workforce has fallen by 3,000 to 10,400 since 2012, this is made up of 7,400 departures and 4,400 new recruits. The FSU said the rate of turnover was a “cause for concern” and that the company clearly “has an issue retaining talented, experienced staff”. AIB said the rate was part of natural attrition.