Pedestrians walk past a branch of AIB in Dublin. , Ireland, on Monday, Aug. 17, 2009. AIB chief financial officer Donal Galvin told analysts last week that the heightened level of loan-loss provisioning among Irish banks in the first half of the year reflected the fact that forecasting models are skewed by the effects of the financial crisis.  Photograph: Crispin Rodwell/Bloomberg

Irish lenders started crisis with sound capital cushions available to absorb credit losses, says ratings agency

 Bank of Ireland decided to reimburse deceived clients following complaints about its initial refusal on RTÉ  and to banking authorities. Photograph: Cyril Byrne

Permanent TSB and AIB customers also targeted by online and phone fraudsters

US private equity groups Apollo and JC Flowers are among the parties to have signalled bid interest in Depfa

The German lender based in Dublin has also drawn interest from hedge funds

Financial Services and Pensions Ombudsman Ger Deering. Photograph: Brenda Fitzsimons

About 50 of the complaints relate to business interruption insurance, spokeswoman says

Former Debenhams staff protesting outside its store on Dublin’s Henry Street in June: the company was one of the high-profile retailers to put their Irish arms into liquidation. Photograph: Nick Bradshaw

Improved grant scheme to help businesses reopen accepting applications

Cranes reflected against the windows of a Dublin building. Construction activity increased in July. Photograph: Nick Bradshaw/The Irish Times

Industry continued recovery from Covid-19 slump for second straight month

Financial services and pensions ombudsman Ger Deering has warned of a phone scam. Photograph: Brenda Fitzsimons

Ger Deering urges vigilance after his office is impersonated on phone calls

The State’s five retail banks  set aside a combined €2.6 billion of provisions to absorb an expected surge in bad loan losses. Image: iStock

Results week has revealed huge loan-loss provisions among financials

Photograph: iSTock

Bank slides into loss for first half of 2020 as Covid-19 leads to loan charge and hits income

KBC Bank Ireland is setting aside €97m to cover an expected jump in problem loans as a result of the coronavirus crisis. Photograph: Bryan O’Brien/The Irish Times

Provisions for expected jump in problem loans push lender into second quarter loss

Bank of Ireland chief executive Francesca McDonagh. Photograph: Laura Hutton

New lending volumes now expected to fall 30% this year

Photograph: iStock

Move follows bank’s decision to charge interest on pension firms’ cash desposits.

Bank of Ireland is offering four weeks’ pay per year of service, in addition to the statutory two weeks. Photograph: Bloomberg

Group launches voluntary redundancy scheme, drawing union criticism

Michael Hynes. Photograph: Nick Bradshaw/The Irish Times

Quintain directors on Covid-19, a scrapped IPO and plans for Dublin’s Cherrywood

Quintain Ireland’s Michael Hynes (left) and Eddie Byrne at Cherrywood in south Dublin. Photograph: Nick Bradshaw/The Irish Times

Homebuilder aims to deliver 3,000 homes over seven years in south Dublin zone

Permanent TSB chief executive Eamonn Crowley. Photograph: Alan Betson

Mortgage lender slides into loss amid €75m charge to cover bad loans

IPL Plastics chiief executive Alan Walsh: current trading in the shares shows the market is pricing in a high probability of the deal going through, with little chance of  flushing  out a higher offer. Photograph: Dave Meehan

Analysts see little chance of higher offer for company that never got traction in the market

Ulster Bank extended payment breaks on about 12,000 mortgages, 1,300 personal loans and 3,500 business facilities in recent months. Photograph: Nick Bradshaw

Charge lays down marker for rivals due to report results next week

FBD decided last month to scrap plans for a €34.9m  final dividend on last year’s earnings.

Tomás O’Midheach will join State’s only indigenous general insurer on February 1st

Seán Canney. Photograph: Crispin Rodwell

Borrowers on wage subsidy told they must wait to draw down approved loans

 A Covid-linked drop in motor claims helped to underpin the Irish performance. Photograph: iStock

Motor, workplace and public liability claims all declined

Deloitte Ireland forecast last week that Irish retail banks are likely to cut  as many as 7,650 positions  in the next five years.

It was forecast last week that Irish retail banks are likely to cut 20-30 per cent of roles

Ed Sibley’s report found women represented just over a third of those in the highest pay quartile in the insurance sector. Photograph Nick Bradshaw

Central Bank report finds insurance companies fail to promote women employees

Sale agreed: Alan Walsh, chief executive of IPL Plastics (formerly One51). Photograph: Dave Meehan/The Irish Times

Irish-run company to be sold to US private equity giant at 26% discount to IPO price

Smurfit Kappa will pay a €193 million interim dividend even as earnings dropped in the first half of the year. Photograph: Luke MacGregor/Bloomberg

Covid-19 knocks sales by 9% in first half of the year for packaging giant as demand falls

Eamonn Crowley: “This move goes a long way to addressing the discrepancy which traditionally existed between our pricing for new and existing mortgage customers.”  Photograph:

Lender also narrows gap favouring new borrowers over existing customers

Bank of Ireland said it regretted not disclosing all relevant information on the fraud to the Central Bank from the outset. Photograph: Cyril Byrne

Security questions not asked and request for money transfer not checked with client

The Irish Glass Bottle site at Ringsend, Dublin. Photograph: Cyril Byrne

Winning bid for 80% stake in Dublin’s largest vacant plot believed to have exceeded €130m

Bad as the second quarter was for United Airlines, it wasn’t as dismal as analysts’ expectations for the US airline. Photograph: iStock

Dublin-listed companies to start reporting Covid-hit interim earnings next week

 Grafton Street in Dublin recently: Insolvent liquidations are set to spike in the coming months, particularly in the retail, hospitality and tourism sectors. Photograph: Dara Mac Dónaill

Implosion of Germany’s Wirecard may prompt another attempt at audit reforms, experts say

The Irish Glass Bottle site at Ringsend. Photograph: Cyril Byrne

Former adversaries could join forces to develop Dublin’s largest vacant plot

Ardagh said its glass business was particularly affected by coronavirus disruption

Sales dropped 6% in second quarter at glass and metal container group

Irish Life Group saw its profit soar to €272 million last year from €108 million in 2018. Photograph:   Chris Bellew/Fennell Photography

This equates to almost 60% of €1.3bn Great-West Lifeco paid State to acquire Irish Life in 2013

Irish  banks are likely to cut the equivalent of 7,650 positions  in the next five years, according to Deloitte Ireland. Photograph: Crispin Rodwell/Bloomberg

Covid-19 crisis sees transactions shift online and lenders rein in costs

Bank of Ireland, AIB and Permanent TSB, in which the State continues to have major stakes, are set to post €1.03 billon of bad loan provisions.

Lenders on track for €525m in combined losses when they report Covid-hit first-half performance

Amundi had €1.65 trillion of assets under management at the end of 2019.  Photograph: iStock

Revenues at asset manager’s Dublin business drop 35% as London branch spun off

Companies refused coverage for Covid-19 losses under certain business interruption policies appear to have a “strong case”, according to Department of Finance officials. Photograph: Alan Betson

Finance officials say wording of some business interruption policies is ambiguous

The Republic faces “serious” financial implications if the retirement age does not rise, according to wide-ranging briefing documents prepared for the Minister for Finance, Paschal Donohoe, by officials. Photograph: Julien Behal/PA Wire

State faces ‘serious’ financial implications if pension age does not rise, officials advise

Gary McGann, Aryzta chairman, and Kevin Toland, CEO, in Dublin. Photograph: Alan Betson / The Irish Times

Gary McGann to resign as Aryzta chairman if no deal reached at baked goods group

Cairn Homes lost 4.2 per cent to 81c, while Glenveagh Properties edged down 0.3 per cent to 69.5c. Photograph: Nick Bradshaw

Iseq closes lower with housing stocks and industrial companies out of sorts

Tesla CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 during an event in Shanghai, China in January. Photograph: Reuters

Company overtakes Toyota to become the world’s most valuable carmaker

EU competition commissioner Margrethe Vestager ordered Apple in 2016 to pay €13.1bn in back taxes. Photograph: John Thys/AFP via Getty Images

The court ruling highlights that using state-aid rules is not a way to secure tax justice

Tánaiste Leo Varadkar said work was ongoing to ensure “smooth return to regular repayments”. Photograph: Cyril Byrne

Varadkar, Donohoe and McGrath meet AIB, Bank of Ireland and Ulster Bank chiefs

 Minister for Finance Paschal Donohoe  at a press conference following the ruling of the EU General Court  in the Apple state aid case.  Photograph: Julien Behal/PA Wire

Commission plans to use treaty clause to allow it act against low-tax member states

Apple chief executive Tim Cook: The European General Court delivered its ruling on appeals by the company and Ireland to a European Commission decision that it had to pay €13 billion in back taxes. Photograph: David Paul Morris/Bloomberg

Case likely to be appealed again up to Europe’s highest court

Apple claimed it was singled out as a convenient target. Photograph: Stephen Lam/Reuters

40-year saga of how a valued foreign investment unravelled

Depfa’s s portfolio mainly consists of loans and bonds to German and other western European borrowers from the public sector.

Bank nearly collapsed during 2008 financial crisis

“This is another key milestone for Datalex,” said chief executive Sean Corkery of the company’s permission for a resumption of trading in its stock. Photograph: Tom Honan

Travel software company’s stock was suspended after accounting scandal

Is accrued interest a price worth paying for access to a payment breaks scheme that has been effectively open to any borrower who mentioned Covid-19?

Joe Brennan: Interest rate row far cry from banks’ initial chance to be good guy in crisis

Goodbody managing director Roy Barrett

This is the second time in 18 months that the sale of the Irish stockbroker to a Chinese group has collapsed

Ulster Bank Northern Ireland employs about 2,000 people and has 44 branches. Photograph: Nick Bradshaw

Lender is distinct from operation in Republic and cites ‘changing customer behaviour’

Security guards at the Wirecard headquarters in Aschheim near Munich, Germany. Photograph: Philipp Guelland/ EPA

Irish offices were raided as part of an international fraud investigation

Banks are currently engaging with customers that have availed of payment breaks to assess how many will not be able to return to regular payments at the end of six months. Photograph: Jose Luis Gonzalez/Reuters

Central Bank data shows almost 10% of Irish mortgage debt also subject to relief

On Thursday, the NTMA sold €500 million of bonds due in 2027.

Latest bond auction brings to €20 billion amount NTMA has raised on long-term debt markets so far this year

Woodie’s, which opened in the Republic on May 18th after a two-month closure, set a new record for monthly sales in June.  Photograph: Laura Hutton

Slower UK recovery sees Grafton Group report 1.1% fall in underlying sales

Bulmers maker C&C has been on the hunt for a new chief executive since Stephen Glancey stepped down earlier this year. Photograph: Bryan O’Brien

David Forde to become C&C chief executive, ending search that began in January

A spokeswoman for Aviva said that John Quinlan remained the chief executive of the Irish general insurance unit, but declined to comment further.

John Quinlan has been on leave for almost eight months, successor has been lined up

Shares in travel software company Datalex were suspended from trading in May last year after it missed a deadline to file 2018 results. Image: iStock

Travel software group expects earnings of up to €1.3m under new management team

The European Commission decided in August 2016 that Apple owed Ireland €13 billion of back taxes, with interest bringing the total to about €14.3 billion. Photograph: EPA

Widely expected that result will be appealed

When banks agreed in mid-March to offer payment holidays on loans, they were relying on EU banking rules which stated that non-accrual of interest is taken as a sign a borrower is unlikely to repay a loan, and should be classified as being in default. Photograph: iStock

Industry body denies banks misled government over accrual of interest on paused loans

The former Irish Nationwide building on Grand Parade in Dublin. Photograph: Cyril Byrne

KPMG estimates virus pandemic will add up to €14 million to cost of liquidation

The European Banking Authority  published a report on payment breaks which clarified that loans would not have to be reclassified as being in trouble if a bank stopped applying interest during the period of relief.  Photograph: Getty Images

Not applying interest for six months during Covid-19 payment holiday could cost banks up to €150m

Grafton Street, Dublin, in early April.

Four test cases being taken against FBD

Financial Services Union:  “We cannot assume that rules made for the pre-Covid-19 world are sufficient now.” Photograph: Joe Giddens/PA

Call for allowances, IT and legislation to professionalise move to remote labour

Central Bank governor Gabriel Makhlouf: said Government supports should be focused on boosting economic activity and avoiding long-term unemployment. Photograph: Nick Bradshaw

High level of debt will leave State vulnerable to future shocks, warns Makhlouf

Minister for Finance Paschal Donohoe says the Government is on track to run a budget deficit of between €23bn  and €30bn   this year. Photograph: Dara Mac Donaill

The agency has raised €18.5bn so far this year in long-term bond markets

The Central Bank projected that the Republic’s economy will shrink by 9 per cent this year. Photograph: Alan Betson

Majority surveyed expect it will be end of 2021 before economy returns to normality

Providence Resources: Barryroe Well

Market sees appointment of Andrew Mackay as vote of confidence in Irish prospect

Datalex’s software is used for booking flights, seats and bags and allowing carriers to sell on car, hotel and insurance deals. Photograph: iStock

Market Beat: Desmond-backed travel software provider’s shares still suspended

Spread betting allows players to bet on the movement of stock market indices, share prices, commodity values, currencies, asset values, and sports results. Photograph: iStock

UK financial regulator moving against Irish man who founded spread-betting firm

 “Open economies feel awful in a crisis and feel much better in the recovery,” says    head of Citigroup’s European operations David Livingstone.

Bank’s David Livingstone optimistic about recovery for open Irish economy

Digicel operates across 31 markets in the Caribbean, Central America and Asia Pacific regions. Photograph: iStock

Earnings rose by 5% to just over $1bn

Shares in Aryzta are down more than 85% from when the company raised about €800m in an emergency share sale in late 2018. Photograph: Reuters

Activist investors up the ante ahead of August showdown with Swiss-Irish food group

Provisional liquidators have been appointed to Drumcondra and District Credit Union after efforts to fold its business into a stronger peer failed. Photograph:  Colin Keegan, Collins

Central Bank triggers deposit guarantee scheme to protect members’ savings

Malin’s stock trades at about €5, some 35 per cent below what it estimates to be its “intrinsic equity value” as of the end of 2019. Photograph: iStock

Shares in Dublin-based life sciences group have rallied by more than 250% since March

Shares in Aryzta are down more than 85% from when the company raised about €800m in an emergency share sale in late 2018. Photograph: Reuters

Activist investors up the ante ahead of August showdown with Swiss-Irish food group

Paschal Donohoe said a “guiding principle” is that decisions taken to stimulate the economy must “genuinely have an effect in 2020”. Photograph: Dara Mac Donaill

Minister says stimulus plan must have immediate effect

Nama’s remit to increase housing supply in a dysfunctional market has seen it and its borrowers deliver 17,380 new homes since 2014. Photograph: Cyril Byrne

Agency has transferred €2bn in surplus cash to Government

The European Central Bank said consolidation  ‘may boost the low profitability of euro area banks by helping them achieve economies of scale, become more cost-efficient and improve their capacity to face a future that is increasingly digital and definitely global’. Photograph: AFP

Permanent TSB in the Republic mooted as M&A candidate for more than a decade

The new future index complements Euronext Dublin’s core Irish equity offering by providing investors with an alternative way to gain exposure to the top 20 companies in the ISEQ 20 Index

New futures contract allows investors to buy or sell exposure to index of large companies

ICG had postponed a decision on paying out a dividend

Irish Continental Group has seen passenger numbers fall 60% but freight volumes robust

Eamonn Rothwell, right, chief executive of Irish Continental Group with Andrew McDowell, vice-president of European Investment Bank. Photograph: Julien Behal

Last government committed at start of April to provide up to €15m of PSO subventions

Iaasa found that Bank of Cyprus Holdings was not in compliance with certain accounting requirements in its 2017 annual report. Photograph: Yannis Behrakis/Reuters

Travel software firm Datalex also taken to task by Irish accounting watchdog

Datalex’s chief executive, Sean Corkery, says they are “well placed to benefit from a recovery in travel and with our new strategic plan already in motion, we are ready for a return to consistent growth and profitability”.

Company says it is in advanced discussions with Central Bank and Euronext over resuming share trading.

Aryzta chairman Gary McGann. Photograph: Getty Images

Investors may instead seek to have the Swiss-Irish baking group agree to a wider overhaul of non-executive directors

An Post has frozen 50,000 pre-payment cards issued to customers over the past three years as the German Wirecard scandal spread to include Irish consumers.  Photograph: Andreas Gebert/Bloomberg

Listed director of Irish Wired unit faces questioning after collapse

This week, insurer FBD decided it couldn’t delay much longer on holding its annual general meeting and   chose July 31st as the day. Photograph: Nick Bradshaw

Insurer pulls dividend as market awaits outcome of test case over wording of business interruption policies

Jeremy Masding (left), former chief executive of Permanent TSB, with Eamonn Crowley, his successor in the role. Photograph: Andres Poveda

The economic shock has thrown the problems facing Eamonn Crowley into sharp focus

A drilling rig operating at the Irish oil prospect Barryroe. San Leon Energy, the Africa-focused oil and gas explorer wrote down the value of its interest in the area.

Oil and gas explorer posted a pretax loss of €48m last year

Dalata chief executive Pat McCann: The group’s stock are being pushed as a ‘buy’ Investment bank Jefferies

Bank gives Irish hotel group a ‘buy’ rating and says investors don’t appreciate its strong balance sheet and UK growth

Arrow Capital Partners will be targeting industrial and logistics assets with a rental yield more than 5 per cent together with assets with development opportunities, mainly in Dublin, Cork and Galway.

Arrow Capital Partners plans investment in warehouse and other logistics property assets

Arachas   chief executive of Conor Brennan said the company was  looking to double the amount of business written in Ireland over the next five years by a combination of organic growth and acquisitions. Photograph: Dara Mac Dónaill

Dublin-based insurance broker to be rolled into UK brokerage group Ardonagh

An aerial view of central Dublin.

Value of Irish commercial property deals slumped 79% during height of restrictions

Grafton Street in Dublin on Tuesday. The KBC Bank Irish index reading for Irish consumers’ general economic outlook rose to 21.2 in June from 1.8 in April. Photograph: Gareth Chaney/Collins

Consumer sentiment index rises to 61.6 in June from 52.3 in May and 42.6 in April

Wall Street’s three major indices were higher in early afternoon trading as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery from Covid. Photograph: Michael Nagle/Bloomberg

Scandal-hit Wirecard rallied after three consecutive slumps

The Central Bank of Ireland wants to avoid a cliff-edge in arrears once payment breaks expire. Photograph: Alan Betson

New spike is expected later this year once lenders’ payment breaks expire

Eamonn Crowley (right), who has been confirmed as Permanent TSB chief executive, taking over from Jeremy Masding (left). Photograph: Alan Betson

Eamonn Crowley takes over as lender battles with fallout from coronavirus pandemic

The Restaurant Association of Ireland wants the State’s subsidised wages scheme  to be extended beyond the current scheduled expiry in August. Photograph: iStock

Economist warns it may take two years for restaurants to see pre-Covid business levels

The People’s Bank of China building in Beijing. Bank of China set up an Irish branch three years ago. Photograph: Wu Hong/EPA

Firm was hired alongside international banks to sell €890m of bonds for Bank of China’s Hong Kong branch

The ODCE will have due regard to the impacts of the pandemic as it examines and adjudicates upon liquidators’ reports.  Photograph: Dara Mac Donaill

Stance on responsible behaviour of directors will take into account coronavirus havoc

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