Rolls-Royce tumbled nearly 15 per cent to the bottom of the FTSE 100 as Standard & Poor’s cut its credit rating to junk. Photograph: Bloomberg

Banking stocks among worst performers on Iseq: AIB falls 4.7% while BoI drops 5.2%

The Kentucky Derby in Louisville. US states, strapped for cash as a result of the coronavirus crisis, are expected to speed up the regulation of online gambling.

Shares have surged by more than 90 per cent over the past 2½ months,

The move comes just weeks after Flutter completed its merger with Stars Group to create an Irish-headquartered gambling giant with revenues close to €5 billion a year. Photograph: PA Wire

Paddy Power owner seeking to cut debt in uncertain betting market due to Covid-19

Ardagh is a global supplier of recyclablemetal and glass packaging

Maker of glass and metal containers will use the funds to refinance existing debt to push out repayment dates

 Minister for Finance Paschal Donohoe defended the slow pace of reopening the economy, saying that it will give consumers more confidence when it is complete. Photograph: Leon Farrell/Photocall Ireland.

Consumers ‘not confident’ in countries that have moved more quickly, minister says

The number of mortgage payment breaks granted by Irish lenders increased by  20 per cent in less than a month.

Total of 140,000 mortgage, personal and business loans now paused temporarily

Dublin city centre bank: Covid-19 pandemic is severely damaging the finances of households, firms and the Government. Photograph: Jason Cairnduff

Think tank warns against ‘tapering’ Covid-19 payment as businesses gradually restart

A quiet St Stephen's Green in Dublin on Wednesday. The ESRI has warned the economy is on track to shrink by more than 12 per cent this year. Photograph: Gareth Chaney/Collins

Green Party set to agree budget deficit reduction in second half of next government term

Group chairman Declan Moylan and group CEO Margaret Sweeney at the 2019 Irish Residential Properties (Ires) Reit annual general meeting.  Photograph Nick Bradshaw

Remuneration committee increases Declan Moylan’s fees to €140,000 a year from February 2019

7/2/2014Witness, Former Quinn Group CEO, Liam McCaffrey pictured arriving at the Courts of Criminal Justice (CCJ) on Parkgate Street in Dublin yesterday(Fri) to give evidence in the trial of three(3) former Anglo employees.Pic: Collins.Pic: Collins

McCaffrey investigated for transactions that allegedly undermined business

Bank of Ireland has to rebuild its capital levels to its medium-term targets, which may see it delay returning to regular dividend payments to 2023, analysts said. File photograph: iStock

Pandemic will wipe out capital due to be returned to shareholders

Bank of Ireland and AIB see GDP originally projected to grow almost 4 per cent this year, contracting 7.5-8 per cent, and unemployment averaging 13.5 per cent. Photograph: Crispin Rodwell/Bloomberg

The initiative is aimed at avoiding a cliff-edge effect at the end of September

The Irish Fiscal Advisory Council  says a surge in State borrowings to deal with the crisis will see national debt rise by next year to between 114 per cent and 160 per cent of the size of the underlying economy.

Budgetary watchdog says Republic ‘could have been running a much bigger surplus’ in recent years

The report comes at a crucial time for government formation talks between Fianna Fáil, Fine Gael and the Green Party. Photographs: Nick Bradshaw/The Irish Times and Gareth Chaney/Collins

Irish Fiscal and Advisory Council says worst-case scenario could be €15bn

Corporate Business, Indian, Office - Group of Customer Service Executives Attending Calls at a Busy Call Centre

Employees tell union survey they don’t have enough hand-washing breaks

Gary McGann, Chairman and Kevin Toland, CEO of Aryzta. Photograph: Alan Betson

Food group says there are signs of improvement in May as restrictions begin to lift

Posturing since the last election passed the 100-day mark last Monday. Photograph: Ben Stansall/AFP via Getty

In 2014 Morgan Kelly predicted where fresh trouble would come from: SMEs

Aviva moved to stop investors in the funds withdrawing money for up to six months at the end of January after dealing with a sharp rise  in people looking to take their money out of the portfolios

Funds have a value of €840m and include assets such as Blackrock Shopping Centre

A rainbow projected onto Dublin’s Samuel Beckett Bridge in support of  health and key workers during the coronavirus outbreak. Photograph:  Leon Farrell/Photocall Ireland/PA Wire

Bank of Ireland, AIB and PTSB facing huge challenges, says debt ratings agency

Kingspan has walked away from a deal to buy a UK manufacturer of construction products after being unable to renegotiate the terms amid the Covid-19 economic crisis. Photograph: Cyril Byrne

Both sides fail to agree renegotiated terms as Covid-19 crisis hits business

The phone group had planned at the start of April to get five categories of bondholders to write off $1.7 billion of its $7-billion-plus debt pile. Photograph: iStock

Less than 8% of bondholders due to be repaid in 2023 sign up for two-year push-out deal

The auction secured demand for 4.9 times the amount of bills that were on offer. Photograph: iStock

Debt agency sold short-term bills at minus 0.43%

Digicel has been forced under US bond laws to post filings with the SEC in relation to one of the new bonds being issued in the company’s planned debt exchange. Photograph: Ken Cedeno/Digital/Corbis

Companies linked to businessman received almost $134m in 3½ years

Gabriel Makhlouf said that although some of the multinationals resident in the Republic have proven more resilient than others to the Covid-19 shock, they are not immune to global economic developments. Photograph: Nick Bradshaw

Central Bank governor highlights risks to global ‘interconnectedness’

The Digicel debt restructuring   arrangement   has been described by credit ratings agency Moody’s as a ‘distressed debt exchange, which is a default’ in its books. Photograph: Corbis via Getty Images

Company filings to SEC say debt restructuring plan a ‘superior’ outcome for creditors

Bank of Ireland chief executive Francesca McDonagh pictured at the bank’s AGM in the RDS in 2019. Photograph: Laura Hutton/The Irish Times

App will be phased in for customers during May, initially on Android devices

Cartrawler: was thrown into emergency debt restructuring talks as its business was hit by the grounding of airline fleets internationally amid the Covid-19 pandemic. Photograph: Cyril Byrne

Dublin-based travel software company has been hit badly by Covid-19 crisis

Aryzta CEO Kevin Toland and chairman Gary McGann persuaded shareholders to back a 2018 rescue fundraise. Photograph: Arnd Wiegmann/Reuters

Baked goods group now worth just 60% of sum it raised in 2018 rescue fundraise

Mercer is advising pension fund trustees and sponsors to scenario plan for the possible economic disruption of a second, or extended, coronavirus. Photograph: iStock

Mercer estimates that assets held by schemes fell by 5-15%

The pandemic’s impact has eclipsed problems – including an income squeeze from low interest rates, concerns over Brexit and a dysfunctional housing market – that had long had Irish bank shares trading at a discount to European peers.  Photograph: Nick Bradshaw

Irish lenders have the capital reserves to weather the Covid-19 storm but expect bank charges to start rising

Bank of Ireland expects loan losses to rise significantly as the year progresses and the economy grapples with the pandemic. Photograph: Nick Bradshaw

Shares rose 6.7% as the bank secured orders for twice the level of bonds on offer

Digicel is in the middle of a plan to wipe away as much as one-quarter of its $7 billion debt. Photograph: iStock

Denis O’Brien mobile group in midst of debt restructuring plan

PTSB said new lending is expected to fall between 40 per cent and 50 per cent from the €1.7 billion figure delivered in 2019. Photograph:  Alan Betson

Bank has approved payment breaks on 10,000 loans, equating to 9% of its total loanbook by value

KBC Group sees house prices in the Republic falling by 12 per cent this year, as the economy deals with the coronavirus crisis

House price decline would be weakest performance by market since 2012

Gabriel Makhlouf: ‘A stable supply of credit is essential to ensure the liquidity demands of viable firms are met.’ Photograph: Nick Bradshaw

Lenders expect sharp contraction in demand for mortgages

The RSA building in Dundrum, Dublin.  The claimants allege the company   made misleading statements on its financial position before the accounting irregularities were reported. The issue blew a large hole in the Irish unit’s balance sheet and dented the group’s capital position. Photograph: John Reid/Fennell Photography

Some 65 major institutional shareholders have launched legal actions

AIB has €6.6 billion of loans out to business sectors hit directly or highly exposed to Covid-19.

Covid-19 is a black swan event that could see things turn ugly

Covid-19 has prompted AIB to press the pause button on redundancy plans.

Economic shock caused by pandemic has seen bank extend almost 50,000 loan payment breaks

Michael Carvill , managing director of Kenmare Resources. The   company  plans to increase possible executive stock awards under a restricted share plan to 100 per cent of salary from 75 per cent currently.  Photograph: Bryan O’Brien

Advisory group ISS says rationale for potential move not ‘particularly compelling’

Michael Carvill , managing director of Kenmare Resources. The   company  plans to increase possible executive stock awards under a restricted share plan to 100 per cent of salary from 75 per cent currently.  Photograph: Bryan O’Brien

Advisory group ISS says rationale for potential move not ‘particularly compelling’

Shares in Bank of Ireland, which have been among the most sold off in the sector in Europe so far this year, slid by as much as 13.4 per cent in Dublin.

Lender says it has enough capital to cope with surge in loan losses stemming from coronavirus pandemic

Bank of Ireland slid into a loss in the first quarter as it accounted for the impact of  Covid-19

Lender says it has extended loan breaks to 86,000 customers in Ireland and Britain

Frances Fitzgerald: “Credit ratings agencies have announced a large amount of rating downgrades for vulnerable companies and sovereigns in the wake of the coronavirus crisis”

Fine Gael MEP says the EU should not allow rating agencies to ‘unleash panic in the financial markets’

An Post secured board approval in September 2018 for a new financial services strategy, signalling at the time that it planned to offer mortgage rates priced at a 1 percentage point discount to the market

State postal service had planned to offer lower home-loan rates than banks

Covid-19 guidelines at the entrance to a building site in Dublin  city centre. . Photo credit should read: Brian Lawless/PA Wire

Ulster Bank survey saw 93 per cent of respondents report a decline in activity in April

CarTrawler, which makes software used by airlines and travel agents to connect to car-hire firms, was thrown into emergency debt restructuring talks as its business was hit by the grounding of airline fleets internationally amid the Covid-19 pandemic. Photograph: iStock

Rescue deal will see UK group TowerBrook take control of Dublin travel software firm

It had been hoped that the new management team – led by chief executive Sean Corkery (pictured) and chief financial officer Niall O’Sullivan – would have been able to publish a set of audited accounts for 2019 before now. Photograph: Tom Honan

With airlines firmly in the doldrums, the travel software company is under pressure

Moody’s  said AIB’s “solid capital” position should provide it with a good level of reserves to absorb any shock losses brought on by the pandemic

Ratings agency predicts Irish lender will be hit by a surge in bad loan losses and slower growth in new lending

While premium income rose on the year, fee and other income dropped as Irish Life Investment Managers (ILIM) lost a ‘large fund mandate’. Photograph: iStock

Canadian parent company reports Irish operation’s income fell by 30% in first quarter

An almost empty Grafton Street last month as coronavirus social distancing measures saw footfall dry up. Photograph: Dara Mac Donaill

Central Bank governor sees 12% euro zone GDP shrinkage as ‘realistic’

Cormac Barry, former head of Flutter Entertainment’s Sportsbet operation in Australia, became the group’s chief executive in 2018. Photograph: Dara Mac Donaill

Deal could see up to €100m injected into Dublin business

Digicel, set up by Denis O’Brien in 2001, operates in 32 markets across the Caribbean, Central America and Asia Pacific regions. Photograph: iStock

Denis O’Brien’s mobile group seeking to wipe away up to $1.7bn in debt

Permanent TSB, the last of the State’s banks to return to profit after the financial crisis, is set to slide back to a loss this year. Photograph: Alan Betson

First-quarter trading statements come against backdrop of unprecedented uncertainties

A pedestrian in Dublin’s shut-down city centre. Unlike during the last crisis, Irish banks have much higher levels of capital to absorb shock losses. Photograph: Gareth Chaney/Collins

Joe Brennan: Banks must be honest with themselves about what loans are unsustainable, make specific provisions and cut restructuri(...)

Ulster Bank swung to a loss in the first quarter of the year in the Republic as the bank took a €32 million net impairment charge in anticipation of a likely surge in bad loan losses.  Photograph: Nick Bradshaw

Planning for a future hit from loans soured by economic downturn pushes bank to a loss

The April survey found that 69 per cent of women and 66 per cent of men said that they were worried about their personal finances. Photograph: iStock

Survey finds people living outside Dublin most concerned about economic outlook

The Central Bank said that borrowers availing of extended breaks will not be classified as having missed payments on its Central Credit Register. Photograph: Alan Betson

Central Bank says borrowers may be still under pressure at end of six-month hiatus

The talks come a month after the Dublin-listed company issued a sales warning as the aviation industry was thrown into turmoil as a result of Covid-19. Photograph: iStock

Travel software provider issued sales warning four weeks ago

BPFI chief executive Brian Hayes; “These measures may need to remain in operation for some time or may only be lifted gradually with an unknown impact on the economy going forward.”

Banks and other mortgage lenders and servicers sign up to extension of relief scheme

Kingspan chief executive Gene Murtagh: the company’s  bank debt currently stands at €551m

Trading in the Americas ‘robust so far’ as construction has been deemed an essential service in most US markets

Kerry chief executive Edmond Scanlon said the company expected the impact on second quarter performance to be much more significant than the first quarter

Consumer foods business benefitted from stockpiling by households in March

PBFI  is urging the Government to improve its Covid-19 working capital loan scheme. Photograph: Nick Bradshaw

Banking and Payments Federation Ireland urges plan to aid economic recovery from pandemic

Taxpayers committed €29.3 billion to Anglo Irish Bank by the end of 2010.

Now-defunct lender nationalised 11 years ago

AIB chief executive Colin Hunt told the bank’s agm  it had granted more than 40,000 payment breaks to borrowers hit by the coronavirus crisis. Photograph: Nick Bradshaw

Chief executive Colin Hunt tells virtual agm that bank is in a strong position

Digicel operates in 32 markets across the Caribbean, Central America and Asia Pacific regions. Photograph: iStock

Mobile group aiming to wipe away about a quarter of $7bn debt

The Department of Public Expenditure and Reform secretary general Robert Watt has signalled that the Government is looking at  guarantee schemes, open-ended grants, and cases for equity capital support

There are some indications that the scheme may be tweaked or enhanced

Minister for Finance  Paschal Donohoe: leading motor coverage providers Allianz, Axa, FBD, RSA and Zurich agreed to pass on ‘appropriate financial supports’ to customers. Photograph: Leon Farrell/Photocall Ireland

Insurance body sought advice from Arthur Cox amid concerns over reliefs for customers

S&P sees 5.5 per cent economic contraction this year being followed by 5.5 per cent growth in 2021

Ratings agency expects Irish lenders’ bad loan losses to rise due to coronavirus crisis

Banks including Spain’s Santander to UniCredit in Italy, Germany’s Deutshe Bank and London-headquartered HSBC have announced billions of euros of bad debt charges between them in the past week. Photograph: iStock

Banks have already announced billions of euros of bad debt charges

Photograph: iStock

Bank started legal proceedings against 400 mortgage holders without first issuing letters

CRH chief executive Albert Manifold, a veteran of at least five recessions, had been anticipating an economic slowdown. Photograph: Cyril Byrne

Group’s €4.3bn distribution and DIY sales appear prescient amid Covid-19

 Debenhams in Ireland is among those firms whose business has  collapsed  in the past month. Photograph: Andrew Redington/Getty

Auditors may issue qualified opinions on firms’ annual accounts and directors’ ability

 Debenhams in Ireland is among those firms whose business has  collapsed  in the past month. Photograph: Andrew Redington/Getty

Auditors may issue qualified opinions on firms’ annual accounts and directors’ ability

Germany and Switzerland have introduced schemes offering 100 per cent state guarantees for loans to SMEs to get through the coronavirus crisis and grow on the other side. Photograph: iStock

Credit guarantee schemes have been introduced elsewhere in Europe

Group sales at Ardagh dipped 1 per cent in the first quarter to $1.62 billion. Photograph: iStock

First-quarter results in line with company’s expectations

Barclays said in 2018  it expected Barclays Bank Ireland to ultimately hold €255bn of assets as the unit is used as a hub to maintain access to clients across the EU after Brexit.  Photograph: Getty Images

Barclays’ Irish operation will be the biggest bank in the Republic

Shares in CRH rose 7.1 per cent to €26.10 in Dublin following the update.  Photograph: Brenda Fitzsimons

Building materials giant sticks to €494m dividend plan even as outlook uncertain

The Central Bank of Ireland is placing an emphasis on requests for firms to file specific data relating to issues thrown up as they deal with the coronavirus crisis. Photograph: Alan Betson

Financial bodies are still expected to meet ‘statutory obligations’ despite the respite

The NTMA has already issued over €11 billion of bonds this year.

Agency set to raise between €20 billion and €24 billion in long-term bond markets in 2020

Pascal Donoghue: the Minister of Finance is set to publish and send the Government’s  latest updated economic forecasts to the EU by the end of this month. Photograph: Cyril Byrne

State agency borrowing now at just a fraction of the cost prevailing before financial crisis

Jeremy Masding (left) with Eamonn Crowley, his planned successor as Permanent TSB chief executive.   Photograph: Alan Betson

Internal candidate must pass second Central Bank review before confirmation in job

Minister for Finance Paschal Donohoe: ‘Strong case for some type of refund of consumers’ motor premium package.’

Reputations at stake amid Covid-19 stand-off, says Minister for Finance

For punch-drunk financial markets, truly scary numbers seem to have lost their shock value. Graphic: Dado Ruvic/Reuters

Central banks’ stimulus has driven relentless rebound but it comes at a cost that markets haven’t priced in

llustration: iStock

Insurers may find themselves in Central Bank examination similar to tracker mortgage debacle

Minister for Finance Paschal Donohoe said last Friday he would be following up with Insurance Ireland this week on ‘urgent matters such as business interruption cover’.  Photograph: Photocall Ireland/PA Wire

Virtual meeting comes amid concerns the industry is using fine print to avoid payouts

Digicel’s restructuring plan is aimed at wiping $1.7 billion of debt  in a process judged by Fitch to amount to a “distressed debt exchange”. Photograph: Ken Cedeno/Corbis via Getty Images

Phone group’s ‘distressed debt exchange’ offer due to expire on April 28th

Yew Grove’s five largest tenants at year end were all in the life sciences sector or Irish State entities. Photograph: Douglas Magno/AFP via Getty Images

Planned acquisitions paused pending greater clarity on economic fallout of pandemic

Smurfit Kappa saw its European business volumes grow 3% and demand in the Americas expand by 3.5% in the first quarte.

Company joins slew of firms scrapping payouts in wake of virus’s financial ripple effect

In its first world economic outlook report since the spread of coronavirus, the IMF estimated that global GDP will shrink 3% this year. Photograph: Andrew Harrer/ Bloomberg

US-based fund predicts Irish economy will shrink by 6.8% before rebounding in 2021

Global debt markets may come to a sudden stop amid a prolonged recession due to the Covid-19 crisis, the IMF  has warned.

Junk bond market among areas most at risk after general weakening on lending standards

An All Bar One pub in the UK, part of the Irish-backed Mitchells & Butlers group

Birmingham-based company says its banks have granted it a waiver until May 15th of a debt service covenant test

“Getting property deals over the line is getting more challenging as financiers become nervous”

Law firms are cutting salaries and some are seeking to participate in the Government’s temporary Covid-19 wage subsidiary scheme

CRH chief executive Albert Manifold. Photograph: Nick Bradshaw

Investor adviser concerned about Albert Manifold’s €677k pension benefit last year

Audiotonix’s equipment has been used on tours by bands including U2 and Coldplay. Bank of Ireland and the other lenders would ordinarily have sought to sell a large portion of the debt  to institutional investors

Lenders led by bank left with €370m of debt relating to Ardian’s acquisition of Audiotonix

Denis O’Brien baulked at the prospect of handing over more than 50% of his empire to stock market investors.

Company handed over at least $1.9bn of dividends to O’Brien between 2007 and 2015

Ardagh chairman Paul Coulson. Photograph: Frank Miller

New York-based company says trading during first quarter in line with expectations

Bank of Ireland has extended its long-term financial services partnership with the AA in the UK. Photograph: Phil Noble

New AA branded car finance product will join savings and personal loan offering

FBD’s outgoing chief executive Fiona Muldoon: the move by Eiopa came on the eve of Paul D’Alton taking over as chief executive of the insurer. Photograph: Eric Luke

European regulator calls for suspension of all insurance company payouts to investors

KBC Bank Ireland now ‘very unlikely’ to elect to make dividend payments this year, according to a company spokeswoman. Photograph: Bryan O’Brien

ECB said capital may be needed to support lending to households and businesses during pandemic

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