Specialist loan-servicing firm Certus will cease trading next year with the loss of about 320 jobs, according to the Sunday Times. The closure follows the loss of its contract to service Lloyds's €5.5 billion Irish residential mortgage book. The mortgages – formerly of Bank of Scotland (Ireland) – will be taken over by Australian loan administrator Pepper.
Siteserv, sold by IBRC to Denis O’Brien for €45 million in 2012, will be renamed Actavo next month in parallel with a corporate reorganisation. The firm is targeting €1 billion in annual sales by 2020, the
reports, in an interview with its chief executive
AIB court actions
Investors in a series of boom-time property funds promoted by Allied Irish Bank are due to begin their
actions against the bank starting today.
The cases are between investors in the Belfry property funds, five of which went bust, and the bank. More than 274 actions have been filed by former investors in the funds. Some 300 aggrieved former investors have come together as the Belfry Investors Action Group. The Sunday Business Post reports the bank will seek to have six cases entered in the Commercial Court in an effort to fight the ongoing legal battle. The Sunday Times reports the bank will seek to have seven cases listed.
Corporate tax ‘pariahs’
An unofficial adviser to Britain’s
is viewed as a “pariah state” by the international community due to the corporate tax policies. The
reports chartered accountant
as saying “Ireland needs to fundamentally change its approach”. “It is not as unpopular as
but more so than pretty much any other country. No one believes companies locate in Ireland because of great employees, infrastructure etc. They just think of tax-dodging as the first, last and only reason,” said Mr Murphy.
is to end its Gold Circle Club frequent flyer programme, replacing it with a scheme called the Aer Club. The
, in an interview with the airline’s chief commercial officer
, reports it will be distinct Aer Lingus programme, not an IAG plan. However, it is expected to provide more redemption options with IAG’s other airlines and partners.
is no longer the world’s “swing producer”, capable of lifting oil prices with shattering economic effect, the group’s former president has told the
. Adbullah bin Hamad al-Attiyah said Opec’s loss of market share over the past two decades has ended its domination of world oil markets. His remarks come as Opec gathers energy experts in
this week where it is expected that a Venezuelan plan to restore a $70 per barrel price floor for crude will be discussed.