EBS cheers its members

Following the news of its proposed acquisition of Norwich Irish Building Society, EBS will continue to cheer members when it reports full-year results today. The ongoing health of the economy and, particularly, the spectacular growth in its core business, mortgage lending, will yield another healthy set of results for what will be, following First National's move to demutualise, one of the last two mutual societies in the Republic.

All this is good news for borrowers and savers at the group which has continued this year with its policy of providing more attractive interest rates to borrowers and savers than its publicly-listed rivals are generally able to under the careful eye of shareholders.

The cost to the society of its interest rate policy last year will be in the region of £7 million according to analysts.

Economic data: A range of important national and international economic indicators is released this week. Among the most closely watched will be the US non-farm payrolls figure. Despite the testimony of Federal Reserve chief, Alan Greenspan, to Congress last week about the likely economic slowdown in spring due to the effects of the collapse of the Asian tiger economies, the figure for January is likely to show a rise of around 275,000 in the number of jobs in the US economy, continuing a trend which has caused some observers to fear the return of inflation - a fear as yet unfounded. At home, the monthly EBR is likely to show a surplus of around £40 million, according to Riada, while credit growth is set to slow, if only marginally.

BSkyB: Two weeks ago, BSkyB said it was on target to begin selling its digital TV set top boxes in the second quarter of the year. More details are expected when it announces half year results tomorrow.

Analysts are looking for profits of around £129 million sterling, slightly lower than the £133 million achieved at the same stage last year.

Monday

Results: BAA (Q3), Beale, Peter Black Holdings (H1), EBS, Whittard of Chelsea (H1).

Meetings: World Economic Forum (Davos, Switzerland).

Indicators: British purchasing managers' index (Jan) and M0 money supply data (Jan); US personal income figures (Dec) and National Association of Purchasing Managers Index (Jan).

Tuesday

Results: BSkyB (H1), Henderson (Q3), St Andrews Trust, Stoves Group.

A.G.M.: Chemex International, Electronic Data Proc, Hit Entertainment, Sidlaw, Swiss Bank Corp, Tate & Lyle.

Meetings: US Federal Reserve open market committee; World Economic Forum (Davos, Switzerland).

Indicators: Irish Exchequer borrowing (Jan) and Output, input and income in agriculture 1997; US leading indicators (Dec), new home sales (Dec) and LRJ Redbook.

Others: Irish Brokers' Association back in court to contest award of £500,000 to Albert Dawson.

Wednesday

Results: Capital Shopping Centres.

A.G.M.: Allders, Blick, Edinburgh Java Trust (e.g.m.), Firth Rixson, Galen Holdings, Granada Group, IOC International, Stakis.

Meetings: Minister for Finance, Mr McCreevy, attends Oireachtas finance committee with the pound and ERM among the topics on the agenda; Bank of England monetary policy committee; Creditors' meeting of Millfield Textiles, The Country Club, Montenotte, Cork.

Indicators: British CIPS report on services (Jan); German industrial production (Dec)

Thursday

Results: Crest Nicholson, ICI, Photo-Me International (H1).

A.G.M.: API Group, Bass, Jordec, National Grid (e.g.m.), Quadramatic, RCO Holdings.

Meetings: Bundesbank Council meets; Bank of France monetary policy committee meeting.

Indicators: Irish credit figures (Dec) and index of employment in construction (Dec); British CBI distributive trades survey (Jan); German unemployment (Jan).

Others: Athlone Extrusions begins trading; Taoiseach, Bertie Ahern opens new Fexco teleservices centre in Killorglin, Co Kerry.

Friday

Results: Cassidy Brothers (H1), Shire Pharmaceuticals (H1).

A.G.M.: Baring Stratton Inv (e.g.m.), Cambridge Antibody Technology, Chrysalis Group, Hozelock, Jacques Vert (also e.g.m.), Syltone (e.g.m.).

Indicators: Irish live register statement (Jan); British industrial production (Dec); US unemployment (Jan).