In Short

A round-up of today's other stories in brief.

Commission changes criticised

Mortgage brokers have criticised Permanent TSB's decision to increase the time within which it can claim back their commissions from three to five years, complaining that it creates uncertainty for their businesses.

Paul Short, president of the Independent Mortgage Advisers Federation, said the change means that brokers have to wait up to five years to find out if they will get paid in full for any Permanent TSB mortgages they sell. From July 1st, Permanent TSB will claim back a percentage of commissions on mortgages sold by brokers if the customer pays off the mortgage within five years.

The bank is also cutting the commissions paid to brokers from January 2009.

Republic's rating affirmed as AAA

Ratings agency Rating and Investment Information (R&I) has affirmed the Republic's AAA rating as a foreign and domestic currency issuer - the highest possible - and said the outlook for the rating is stable, as the Republic's "solid" fiscal base remains "unshaken".

R&I notes that economic growth is slackening as the housing market adjusts but adds that the fallout from the US subprime market in the Republic is minimal.

Readymix buys €12.75m reserves

Building materials group Readymix has acquired limestone mineral reserves from the McGrath family in Tullamore, Co Offaly, for €12.75 million. Readymix, which was founded in 1965, operates in Ireland under the Cemex brand.

Caulfield leaves TVC Holdings

Brian Caulfield, an investment adviser with TVC Holdings, has left the company and has taken up the position of interim chief executive with telecoms software Aepona.

Mr Caulfield oversaw many of TVC's technology investments when it traded as Trinity Venture Capital. This year the company floated on the Dublin and London markets and recast itself as an investment holdings company.

AIB wins approval for joint venture

AIB has won secured European Commission approval to form a joint venture with First Data Corp, Europe's largest credit card payment processor.

The commission said yesterday that the venture "wouldn't significantly impede effective competition" in the EU.

AIB said in November that the new company would have assets of €5.5 million.

Gold futures hit $900 record

Gold futures rose to a record $900.10 (€612.5) an ounce yesterday on speculation the Federal Reserve will further cut US interest rates, weakening the dollar and boosting the investment appeal of the precious metal. Silver also climbed. - (Bloomberg)

Northern Rock in £2.2bn sell-off

Northern Rock, the bank bailed out by the Bank of England, has agreed to sell mortgages valued at £2.2 billion to JPMorgan Chase to help repay loans from the central bank.

The asset sale is Northern Rock's first since it was forced to borrow more than £25 billion from the Bank of England. Northern Rock has until mid-February to show how it will repay the debt. - (Bloomberg)