THE CENTRAL Bank is to tell the boards of the three main domestic lenders to take direct responsibility for the implementation of policies to deal with the mortgage arrears crisis, the Sunday Business Post reports.
The paper says that the Central Bank is unhappy with the progress being made on the issue.
The move comes ahead of the publication of figures regarding mortgage arrears this week which are expected to show a further increase in the percentage of mortgages in arrears.
* According to a report in the Sunday Times, former Goldman Sachs trader Mark McGoldrick, who now runs vulture fund Mount Kellett, is poised to become a big investor in Jurys Inn in a plan to secure the hotel chain’s future.
Mount Kellett is part of a consortium planning to inject up to £160 million (€198 million) into Jurys in return for a big reduction in its loans.
Jurys, which has 32 hotels in Britain and Ireland, has been struggling under its debts since a takeover by Derek Quinlan in 2007 at the height of the boom.
* The Sunday Independent reports that U2 guitarist the Edge (above) has bought financier Derek Quinlan’s stake in a 400-acre-plus site in Malibu for $1.
The sale, which according to the paper was approved by Nama, saw the Edge take on $25 million in debts associated with the project.
The musician and Mr Quinlan were involved in six property deals in Malibu, the report states.
Uncertainty regarding planning permission is believed to be the reason why the stake was valued at just $1, according to the report.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)