Seen & Heard

Sanctions over trackers, Google’s €120m office purchase and State pays multinationals

Individual bankers could be sanctioned over tracker mortgage scandal

Individual bankers could face sanctions from the Central Bank of Ireland resulting from the fallout from the tracker mortgage scandal, The Sunday Business Post reported.

In an interview with the paper, Central Bank governor Philip Lane said some 20,000 tracker cases had been identified to date but he expected there to be a "lot more" to come. Lane said that on top of fines and public shaming, individuals could face action for their roles in the scandal. "Let me emphasise we also can hold individuals to account," he said.

Google to buy Treasury Building for €120m

Both the Sunday Times and the Sunday Independent reported that Google is poised to acquire the Treasury Building in Dublin for €120 million.

The high-profile office building was developed in 1989 by Johnny Ronan and Paddy McKillen, who both still retain stakes in the property. Its tenants include the National Treasury Management Agency and the National Asset Management Agency, which are due to leave next year for new accommodation in the city.


CBRE is believed to be acting for Google, which has acquired a number of buildings nearby over the past decade to house its nearly 6,000-strong workforce.

State gives €600m to multinationals for overseas tax bills

The State has paid out almost €600 million to multinationals to help them pay off tax settlements in other jurisdictions, The Sunday Post revealed.

The sums, known as corporate adjustments, occur after a company reaches a tax settlement with another jurisdiction and revises its Irish profits downwards to meet its obligations in that country.

The companies apply for a refund on their Irish taxes to the Revenue Commissioners, which is used to settle tax liabilities elsewhere.

Oisín Fanning company facing wind-up threat

San Leon Energy, an AIM-listed oil exploration group headed by Irishman Oisín Fanning, is facing a winding-up petition from a creditor in a dispute over a €14.7 million debt, according to the Sunday Times.

Avobone, a Dutch group that was involved with San Leon on a project in Poland, sought the petition in the High Court in Dublin last week. It is due to be heard on December 4th.

Investors to gain in €600m Valeo refinancing

Shareholders at Valeo Foods have received a dividend as part of a €600 million refinancing of the company's debts, the Sunday Independent reports.

The paper said some €100 million of the debt raised was allocated for a dividend to shareholders. CapVest, the Mayfair-based private equity firm run by Cavan businessman Séamus Fitzpatrick, has a majority stake in the business. Its brands include Jacob’s, Batchelors, Odlums and Chef.

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times