Bank reveals numbers who lost homes, new €7,000 grant for taxi drivers who opt for electric
Business Today: the best news, analysis and comment from ‘The Irish Times’ business desk
Bank of Ireland admitted that 14 of its borrowers lost residential properties as a result of the tracker-mortgage scandal. Photograph: Bryan O’Brien
Bank of Ireland boss Francesca McDonagh has revealed that 14 of its borrowers lost residential properties as a result of the tracker-mortgage scandal. Speaking last night before the Oireachtas finance committee she said eight owner-occupier and six buy-to-let borrowers lost their properties as a result of being denied their right to a low-cost mortgage tied to the European Central Bank rate.
Taxi drivers and operators of other public service vehicles are set to benefit from a new €7,000 grant scheme aimed at encouraging them to opt for electric vehicles. Minister for Transport, Shane Ross, will this week announce a new incentive scheme offering a €7,000 grant towards the purchase of an electric vehicle for those with a small public service vehicle (SPSV) licence.
Moving from electric to diesel cars and the European Commission has upped the ante in Germany’s Dieselgate debacle, giving Berlin until next Monday to present effective measures for cleaner air - or be hauled before the European Court of Justice (ECJ). Derek Scally reports on another dark day for the German car giants.
Financier Castlehaven plans to loan €100 million to developers building social housing in centres around the Republic this year. The move is part of an overall plan to lend €350 million to builders for residential development in 2018 and expand from the greater Dublin area into Cork and Limerick. It comes as figures from Goodbody Stockbrokers showed home building in the Republic grew 77 per cent to 11,000 last year.
Back to the world of banking and Cliff Taylor considers the chances of Philip Lane securing the high profile ECB vice-president post. It follows confirmation yesterday that the Central Bank governor is to be nominated as a candidate by Paschal Donohoe. Mr Lane may be a very strong runner, but it’ll all be down to political haggling, writes Taylor.
In commercial property, Jack Fagan outlines the plan to convert the former Central Bank on Dame St in Dublin into a 12,500 sq m fashion, food and office location. The new owners plan to spend €100 million upgrading and converting the building to attract a range of big-name traders.