In Short

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

Extension for Maryborough examiner

The High Court has agreed to continue the appointment of an examiner to a shopping centre and residential development company for another 14 days to enable a new investor to come up with funding of €33.6 million.

Maryborough Construction Holdings Ltd, which operates the Maltings Centre in Portlaoise, sought the protection of the court on November 21st, when an examiner was appointed by Mr Justice Peter Kelly.

The petition for the appointment of an examiner was brought by the company's directors, who expressed confidence that they could reschedule the company's liabilities and that all or a substantial part of its business could be saved as a going concern.

Anglo Irish Bank Corporation, which had loaned €23.5 million to Maryborough, opposed the examinership, but the petition was supported by other creditors.

Regulator settles with two firms

The Irish Financial Services Regulatory Authority has reached settlements with Johnston Properties and Don Harte, trading as DGH & Associates, in relation to suspected breaches of regulatory requirements.

The financial regulator said it had reasonable cause to suspect that the breaches occurred when Mr Harte and Johnston Properties were regulated financial service providers.

It said that in both cases they had failed to ensure that they had employed effectively resources and procedures necessary for the proper performance of their business activities and had failed to seek "sufficient information from clients in relation to their financial situation and objectives".

The regulator found that Johnston Properties had failed to disclose fees in accordance with the Consumer Credit Act, while Mr Harte had failed to submit accounts to the regulator on an annual basis.

The regulator reprimanded both, but it said both co-operated fully with the examination and the matter was closed, and confirmed that no client had made a complaint to it in relation to the suspected breaches.

Iveagh to help finance $150m fund

Iveagh, the investment arm for the Guinness family brewing fortune, said it would help finance a $150 million (€102 million) fund for new Asian hedge funds as investors seek returns higher than those in US or European markets.

Iveagh is teaming with hedge-fund group Asia Alternative Asset Partners to find new managers. They plan to provide seed capital of $5-20 million to at least eight new managers in 2008. - (Bloomberg)

M&A activity escapes crunch

Merger and acquisitions (M&A) activity in Ireland has escaped the worst effects of the credit crunch, according to Bank of Ireland. While some deals have "stalled temporarily" as a result of market uncertainty, most are expected to proceed, according to Pat Gaynor, managing director of the corporate banking division.

However, he said there would be changes in pricing and deal structure.

"Larger scale deals over €100 million are more likely to be impacted by recent market volatility while typical deals in the Irish market are below this level," he wrote in the bank's Irish Business Review.

B of I chief named top accountant

Bank of Ireland chief executive Brian Goggin has been named accountant of the year by the Association of Chartered Certified Accounts (ACCA) Ireland.

The award was presented at the association's Christmas lunch in Dublin yesterday. It was made in recognition of Mr Goggin's support of the ACCA within Bank of Ireland, where many senior executives are ACCA-qualified.