Trump tax cuts sees US companies pull €50bn out of Ireland

Seen & Heard: Spanish power, banker expenses and chasing licence evaders

Donald Trump’s tax cuts, designed to get US multinationals  to repatriate profits,   have ‘pulled €50 billion out of Ireland’, according to the Sunday Times.  Photograph: Al Drago/ The New York Times

Donald Trump’s tax cuts, designed to get US multinationals to repatriate profits, have ‘pulled €50 billion out of Ireland’, according to the Sunday Times. Photograph: Al Drago/ The New York Times

 

The Sunday Times reports that US multinationals have “pulled €50 billion out of Ireland” since US president Donald Trump introduced tax cuts designed to get them to repatriate profits. The paper reports that the Central Bank made the calculation after using holdings in US government bonds in Ireland as a proxy for the cash pile here.

Iberdrola, Spain’s largest energy company, has confirmed plans to enter the Irish gas and electricity markets, according to the Sunday Times. The State’s power regulator said it had issued the firm with the necessary licences.

The Sunday Times also reports that outgoing Central Bank governor Philip Lane claimed almost €75,000 in expenses last year, including numerous five-star hotel trips, chauffeur-driven vehicles, and long-haul flights, some of which were more than €7,000 each.

A report in the Sunday Independent casts doubt on whether a plan for the Revenue Commissioners to take over collection of the licence fee for RTÉ will go ahead. It says Revenue is “strongly against” the plan. Cash-strapped RTÉ believes a crackdown on licence fee evasion could yield €40 million.

The Sunday Independent also reports that the State’s competition watchdog has written for a second time to the chief financial officer of Bank of Ireland, Andrew Keating, to warn him against price signalling. The Competition and Consumer Protection Commission has concerns over comments about mortgage pricing that were made by Mr Keating in a results briefing.

Construction output

The Sunday Independent also reports that “Ireland’s construction output is being substantially inflated by State intervention”. It says analysis presented to politicians by housing commentator Mel Reynolds shows more than half of all estates and scheme homes built last year were subvented with State cash.

The Sunday Business Post reports that the State will this month begin repayments on the £3.25 billion (€3.77 billion) loan received from the UK as part of the 2010 bailout. The first tranche of £403 million will be repaid on April 15th.

Global Student Accommodation group told the Sunday Business Post it will invest €450 million developing 5,000 student beds in this State. Operating under the UniNest brand, it has 2,000 beds already in operation, with a further 1,300 at various stages of the development process.

The Post also reports that “fashion firm Michael Kors has financed its acquisition of the Versace empire by funnelling nearly €2.5 billion worth of loans through its Irish arm in the last three years”.