Financial Services News | Business News | The Irish Times

The headquarters of the European Central Bank in Frankfurt. European financial regulators are expected to loosen rules on the payment of dividends by banks in the euro zone, which were suspended during the pandemic. Photograph: REUTERS/Kai Pfaffenbach/File Photo

Euro zone banks set to restart dividend payments under strict limits

Financial Services
December 13, 2020, 17:47

European Central Bank’s supervisory board, which oversees the 117 biggest banks in the euro zone, plans to announce its decision on Tuesday

Mastercard has faced numerous legal challenges since EU courts said its cross-border payment fees unfairly restricted competition

Mastercard facing prospect of £14bn class action over illegal swipe fees

Financial Services
December 11, 2020, 16:57

UK’s supreme court rules in favour of group representing 46m consumers

The ICCL said progress has been impacted due to a court hearing on a technical legal issue put forward by the liquidator

Majority of Custom House Capital clients still awaiting compensation

Financial Services
Fiona Reddan
December 11, 2020, 14:06

ICCL is now waiting on court ruling to allow compensation to proceed

Assets held in these entities grew by €20 billion to €438 billion, Central Bank data show. Photograph: Niall Carson/ PA Wire

Assets held by Irish-resident SPEs valued at €859bn

Financial Services
December 11, 2020, 13:38

Central Bank data reveal growth was driven in part of securitisation of bank loans

The European Securities and Markets Authority’s move on Friday to temporarily recognise Euroclear UK & Ireland in London as a so-called third country CSD for the first six months of the year gives time for the transfer to the new system.

EU regulator clears way to keep Irish shares trading post-Brexit

Financial Services
Joe Brennan
December 11, 2020, 11:49

Planning well advanced for settlement of securities

‘Declan O’Rourke is CEO of Aviva’s general insurance business, John Quinlan has left the business,’ a spokeswoman for Aviva said in response to questions from The Irish Times

Aviva Ireland confirms exit of John Quinlan as legal case dropped

Financial Services
Joe Brennan
December 11, 2020, 07:23

Former CEO went on leave a year ago and launched proceedings against insurer in July

The investors say they invested sums between €100,000 and €400,000 in the funds which they allege were promoted between 2002 and 2006. Photograph: iStock

Investors cleared to pursue AIB over Belfry fund losses

Financial Services
Mary Carolan
December 10, 2020, 18:30

Plaintiffs allege bank was negligent in operation of funds investing in property in UK

The company, which is a joint venture between the French multinational Egis and the Dublin-based Electro Automation

Easytrip plans foray into motor insurance market

Financial Services
Joe Brennan
December 10, 2020, 06:11

‘Motor insurance prices remain too high in Ireland,’ says company’s chief executive

EY will become Deutsche Bank’s auditor in 2021. Photograph: Tolga Akmen/AFP via Getty

Deutsche Bank executive steps aside over Wirecard allegations

Financial Services
Olaf Storbeck
December 9, 2020, 15:41

Former EY partner Andreas Loetscher moves as prosecutors examine audits

The deal is Davy’s 11th since 2012

Davy buys Luxembourg fund-servicing firm

Financial Services
Joe Brennan
December 8, 2020, 19:29

New unit to provide management company functions for EU-regulated funds

Depfa’s balance sheet has contracted at an accelerated pace under the German bad bank, with total assets falling to €6.9 billion at the end of June. Photograph: Cyril Byrne

Depfa bypasses ECB ban with €150m dividend payout

Financial Services
Joe Brennan
December 8, 2020, 19:16

Bank based in Dublin is in wind-down mode and has more than €630m in reserves

NatWest is using the coronavirus crisis as “a cover” to carry out a review into its Ulster Bank business in the Republic, which is known to be actively looking at winding down the unit, the Financial Services Union has claimed.

NatWest using Covid as ‘cover’ for Ulster Bank review, FSU says

Financial Services
Joe Brennan
December 8, 2020, 16:57

Ulster Bank, Central Bank refuse to appear before Oireachtas committee on bank’s future

Bank of Ireland is writing to 47,000 restructured-loan customers to apologise over errors in reporting amended agreements to the Central Credit Register.

Bank of Ireland apologises to 47,000 customers over restructured loan reporting

Financial Services
Joe Brennan
December 8, 2020, 10:57

Issue relates to both mortgage and non-mortgage borrowers, typically over two-year period

NatWest is reported to be considering the sale of Ulster Bank’s €20.5bn loan book in the Republic to US debt firm Cerberus. Photograph: Frank Miller

Donohoe has no formal power to prevent Ulster Bank loan sell-off

Financial Services
Eoin Burke-Kennedy
December 7, 2020, 19:41

Minister meets union amid speculation over bank’s operation in Republic

Irish funds industry is expected to grow by up to 10.8 per cent a year from now until 2025, to reach a total value of €5.3 trillion.

Irish funds industry to be worth €5.3 trillion by 2025

Financial Services
Fiona Reddan
December 7, 2020, 13:05

Sector has potential to create 6,000 new jobs over next five years

John Collison, president and co-founder of Stripe and Patrick Collison, chief executive officer and co-founder of Stripe. Photographer: David Paul Morris/Bloomberg via Getty Images

Stripe teams up with banks to offer checking accounts to online businesses

Financial Services
December 4, 2020, 10:28

Payments company says banks including Goldman Sachs will offer services through e-commerce providers

The car insurance industry in Ireland could save €287m in reduced claims as a result of the Covid crisis

Irish car insurance industry in line for €287m Covid saving

Financial Services
Eoin Burke-Kennedy
December 3, 2020, 19:45

Report suggests two national lockdowns and other restrictions will see 35% reduction in claims this year

Colm Kelleher: does not speak German and spent his career at a Wall Street institution hugely different to Deutsche Bank. Photograph: Peter Foley/Bloomberg

Irish banker was tapped to head Deutsche Bank board

Financial Services
December 3, 2020, 16:08

Cerberus floated Morgan Stanley veteran Kelleher’s name in effort to oust Achleitner

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