Healthcare 21 chief executive Tara Kearney in the company’s warehouses in Blarney, Cork City. Photograph: Clare Keogh

Sale of medical equipment supplier triggers payday for founder and top managers

Alan Kerr (left) and Thomas Davy of Erisbeg. Photograph: Chris Bellew /Fennell Photography

Investment fund co-founded by Alan Kerr expected to ultimately reach €100m

The deal is believed to mark Balbec’s initial foray into  Irish non-performing loans. Photograph: iStock

Goldman Sachs is selling the portfolio of mortgages in arrears to Balbec Capital

Tony Morley previously worked for the bank between 1993 and 2005, before working in the private clients division of Davy for a period

Morley has held number of senior roles since rejoining the bank in 2013 from BDO Ireland

Depfa, a former high-flying German public sector finance bank, moved its headquarters to Dublin in 2002. Photograph: Cyril Byrne

German state bad bank sold business to Bawag, which will continue the orderly winding down of the business

Dublin already accounted for about 70 per cent of European CLO assets before the flight of Dutch vehicles. Now it’s home for almost the entire market.

Level of CLO assets in Ireland is now 10 times what it was six years ago

A view from the IFSC in Dublin. File photograph: iStock

Irish-resident special purpose vehicles held almost €896bn of assets as of last December

Goodbody Stockbrokers fell into a pretax loss of €1.8m in 2019. File photograph: iStock

Roy Barrett’s company loan also fell from €80,000 to €18,880, latest accounts show

Ires Reit is led by Margaret Sweeney. The group is the State’s largest residential landlord. Photograph: Nick Bradshaw

Group also signals likely movement of property management in house

The directed buyback contract will ‘help facilitate the return of AIB to full private ownership over time’. Photograph: Aidan Crawley / Bloomberg

State-controlled lender intends to buy back up to almost 5% of company

Goldman Sachs headquarters in New York. Photograph: Johannes Eisele/AFP

Banking giant taking advantage of window in market ahead of other loan sales

More than 15% of the Republic’s adult population have received at least one dose of a Covid-19 vaccine, compared to more than 50%  in the UK. Photograph: AFP via Getty

Ratings agency claims Ireland will continue to outperform its euro area peers due to its multinational sector and demographics

Analysts have estimated that the hit to Credit Suisse from the Archegos debacle may top $3 billion. Photograph: Getty

Dublin unit did not provide services to imploding US hedge fund

 A number of banks, including Credit Suisse and Nomura, have warned of significant losses to their Q1 results due to the collapse of a large US hedge fund. Photograph:  Chris J Ratcliffe/Getty Images

Credit Suisse told shareholders on Monday they are facing ‘significant losses’

Ulster Bank’s parent, NatWest, confirmed last month that it was winding down the bank in the Republic. Photograph: Alan Betson

Large portion of its personal deposits could be acquired by 75% State-owned lender

Smurfit Kappa chief executive Tony Smufit, pictured at its headquarters in Clonskeagh, saw his pay package jump by 43 per cent last year to €5.26 million. Photograph: Alan Betson / The Irish Times

Review of maximum potential awards follows 12% share price rise last year

PTSB sold the loans to US banking giant Citigroup late in 2020. File photograph: Alan Betson

Prospectus for €300m securitisation deal revealed loans exceeding value of property

Bernard Byrne said Davy was ‘committed to working as hard as we can’ to restore clients’ trust. Photograph: Sasko Lazarov/RollingNews.ie

Interim chief reassures clients as stockbroker put on sale following bond trade scandal

Davy staff were told by interim chief executive Bernard Byrne: “We have an important duty to our clients to be fair, and we have one chance to reset the agenda.” Photograph: Gareth Chaney/Collins

Former AIB customer care chief to take key role in handling Davy customer grievances

Bank of Ireland paid three unnamed executives more than €1m each last year. File photograph: iStock

Two of the three pushed above €1m threshold by payments on exit

This is the fourth time Ulster Bank has been fined by the Central Bank since the financial crisis. Photograph: Alan Betson

Total for all lenders set to rise as Central Bank investigations into scandal continue

Ulster Bank chief executive Jane Howard apologised on Thursday for the bank’s ‘responses to [the] investigation’ and to affected customers. File photograph: Alan Betson/The Irish Times

Regulator found lender devised ‘deliberate strategies’ to overcharge customers

Ulster Bank has paid €128 million in refunds and compensation to 5,940 overcharged mortgage customers. Photograph: Nick Bradshaw

Borrowers lost 43 properties as result of bank’s strategies

Core Industrial’s portfolio includes properties in Rathcoole, Clondalkin and Finglas, but its largest single asset is Naas Enterprise Park in Co Kildare.

Company says that industrial real estate ‘held its value’ during Covid-19 pandemic

PTSB would most likely be interested in €9bn of Ulster Bank’s €20bn loan book, a Deutsche Bank analyst has said. File photograph: Alan Betson/The Irish Times

Deutsche Bank analysis shows possible route forward for purchase of part of loan book

Bank of Ireland’s headquarter building on Mespil Road in Dublin. The bank is set to leave the property. Photograph: Dara Mac Dónaill

Move from Mespil Road takes account of many staff working remotely

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

Francesca McDonagh argues that restrictions on variable pay are ‘anti-competitive’

Analysts highlight that a sale of London-based Greencoat Capital would have no immediate impact on Greencoat Renewables or other funds, including Greencoat UK Wind, a listed infrastructure fund that is a member of the benchmark FTSE 250 Index.

Firm has about £6 billion of assets under management

Malin said that the valuation of all its assets stood at €449 million at the end of last week. Photograph: iStock

ISIF owns almost 11% of Malin, which saw the value of its portfolio jump since late 2019

CRH will be well placed to benefit from US president Joe Biden’s plans for a €2.52tn economic stimulus. Photograph: Brenda Fitzsimons

Veteran succeeds Senan Murphy, who announced his surprise departure last year

Risky business: this case also throws into focus the risk entailed in the market for loan notes

Over 20,000 investors in total committed savings into Charles Smethurst’s GPG

The European Central  Bank. Irish-based EAA Covered Bond Bank has returned its licence to the ECB.  Photograph: Armando Babani/AFP

Attempt to sell EAA Covered Bond Bank fell through a year ago

Davy has asked Alvarez & Marsal, an international professional services firm, to carry out a “forensic assessment” of staff trading over the past seven years.

Review to assess controls and governance aimed at preventing conflicts of interest

Arachas chief executive Conor Brennan.

Purchase of Orange Bear part of plan to target the online consumer market

AIB chief executive  Colin Hunt:  Green lending accounts for 16 per cent of all the bank’s  new lending.  Photograph: Nick Bradshaw

Borrowers getting cheaper mortgage rates for more energy-efficient homes

Davy formally put itself up for sale on Thursday evening, as its board seeks to rebuild trust in the business. Photograph: PA Wire

Bernard Byrne offers ‘unreserved and unequivocal’ apology

Davy formally put itself up for sale on Thursday evening. Photograph: Niall Carson/PA Wire

Minister also says it is important that stockbroker finds ‘stable owner’

The  crisis has resulted in the exit of all of the remaining 16 employees in the firm who took part in the ill-conceived trade, including former chief executive Brian McKiernan, former deputy chairman Kyran McLaughlin (above) and Barry Nangle.

Public will be sickened at any sight of Davy 16 profiting from firm’s sale

Davy’s premises in Dublin. Photograph: Sasko Lazarov/RollingNews.ie

Minister for Finance ‘supportive’ of move as investment bank Rothschild hired to find a buyer

Stockbroker Davy is expected to hire an overseas investment bank to manage the sale of the firm. Photograph: Sasko Lazarov/RollingNews.ie

Stockbroker expected to confirm before weekend that business is on the market

Any potential buyer of Davy would be conscious of the need for extensive due diligence. File photograph: Gareth Chaney/Collins

No evidence of suspected criminal activity in broker inquiry, according to Central Bank

Derville Rowland speaking to the Oireachtas finance committee on Tuesday.

‘Live supervisory matter’ but regulator declines to say if action likely against individuals

Davy is preparing to hire an outside firm to carry out an independent review of matters arising from the Central Bank’s findings.  Photograph: Niall Carson/PA Wire

Bernard Byrne says it is not right workers should pay for indiscretions of others

Davy was the only Irish-owned firm among the 15 primary dealers of Government bonds recognised by the NTMA. Photograph: Getty

NTMA earlier pulled Davy’s ability to act as primary dealer of Government bonds

Davy Stockbrokers, Davy House, Dawson Street, Dublin.

Firms says no remaining employees from Davy 16 remain with the firm

Conor O’Kelly, chief executive of the NTMA. Photograph: Alan Betson

Debt agency has sought answers from stockbroker to concerns after record fine over rogue bond deal

investment bankers at US financial services giant JP Morgan are advising AIB on its planned purchase of a €4 billion Irish corporate and SME loan book from Ulster Bank. Photographer: Crispin Rodwell/Bloomberg

CEO announced last December that the bank was exiting the British SME market

The Davy Group at Davy House on Dawson Street, Dublin. Photograph: Gareth Chaney/Collins

Stockbroker faces scramble to hold on to clients as top executives resign

The Davy Group at Davy House on Dawson Street, Dublin. Photograph: Gareth Chaney/Collins

Group of 16 involved in rogue bond trade own at least 33% of stockbrokers

The handling of the fallout from the €4.1 million fine last week left a lot to be desired, Minister Michael McGrath said.  Photo: Sasko Lazarov/Rollingnews.ie

Handling of issue last week ‘left a lot to be desired’, including delays in holding people accountable

The Davy Group at Davy House on Dawson Street, Dublin. Photograph: Gareth Chaney/Collins

Former AIB chief Bernard Byrne named as interim chief of State’s largest stockbrokers

The Central Bank is facing political pressure to hold individuals accountable for a bond deal that saw a record fine levied on Davy stockbrokers. Photograph: Gareth Chaney/Collins

Politicians press Central Bank to hold individuals to account over trading scandal

Of the 13 Irish companies on the Iseq 20 that use Davy as a corporate broker, 11 have so far declined to comment on the actions of the firm. Photograph: Sasko Lazarov/Rollingnews.ie

Staff anger ‘palpable’ at perceived golden circle following €4.1 million fine by regulator

AIB said on Friday that it made a loss after tax of €741 million last year but expects to return to profit in 2021. Photograph: Aidan Crawley/Bloomberg via Getty Images

Customer savings jump by more than €10bn to €82bn

The Central Bank of Ireland has fined stockbroker Davy €4.13m for breaching market rules in relation to a transaction involving the broker’s own staff. Photograph: Sasko Lazarov/Rollingnews.ie

Pressure bears down on stockbroker shrouding itself in ‘vague’ details of scandal

Davy House on Dawson Street, Dublin. Photograph: Gareth Chaney/Collins

Brokerage begins review of Central Bank findings that it breached market rules on conflicts of interest

The Oireachtas finance committee is to ask Davy for an explanation of the events that led to it being hit with the heavy fine. File photograph: The Irish Times

Board review on ‘reckless’ actions will be led by brokerage’s four non-executive directors

Bank of Ireland: “We are disappointed by Davy’s breach of its MifID obligations”. Photograph: iStock

Other clients of broker express concern too

Minister for Finance Paschal Donohoe expects the National Treasury Management Agency will “monitor” fallout from a Central Bank investigation into Davy which resulted in a record €4.1 million fine. Photograph: Gareth Chaney/Collins

Paschal Donohoe reiterates call for measures that ‘reflect the gravity of the situation’

Davy is a primary dealer of Irish Government bonds. Photograph: Gareth Chaney/Collins

Regulator finds State’s largest stockbroker broke rules and then withheld information

A group of 16 Davy staff sought to make a profit without telling the client for whom it was acting or the firm’s compliance team. File photograph:  Aidan Crawley

Top figures at stockbroking firm involved in bond deal that fell foul of conflict of interest rules

Minister for Finance Paschal Donohoe.

Paschal Donohoe cites increase in spending and weaker revenues

Fine relates to a bond deal in which a group of 16 staff sought to make a profit without telling the client or the stockbroker’s own compliance officers. Photograph: Gareth Chaney/Collins

Case relates to handling of subordinated bonds sale in 2014

 Goodbody managing director Roy Barrett confirmed  he will be stepping down after 25 years at the helm once the deal is completed.

Deal protects bonuses at brokerage as 30 AIB staff to transfer by end of next year

Bank of Ireland reported that it swung into underlying pre-tax loss of €374 million last year.

Lender plans to revive the sale of long-standing problem mortgages this year

Bank of Irealand’s branch closures largely cover the 101 locations that were shut down temporarily last spring at the height of the Covid-19 crisis.

Up to 88 to be shuttered by September

Bank of Ireland  reported it made a net loss of €742 million for 2020.

Bank has reached tipping point between online and offline banking, chief executive says

Bank of Ireland has almost 260 branches.

Bank expected to announce closure of up to 100 branches next week

Carl McCann, chairman of Total Produce.

Market Beat: There is a limit to Kingspan self-flagellation over Grenfell, it seems

FBD posted a surprise pre-tax profit of €4.8 million for 2020.

Insurer posts surprise profit for 2020

Ulster Bank has a total of €9.67 billion of “unrecognised” crisis-era losses that could theoretically be carried forward indefinitely to reduce tax liabilities.

Bank’s accounting of tax assets shows how profit outlook had weakened in recent years

Wall Street’s main indices were lower in early afternoon trading. Photograph: AFP via Getty

Markets report: Irish housebuilders out of sorts as construction remains in lockdown

The amount of money spent online rose 10 per cent on the year to €2.48 million. Photograph: iStock

Spending on groceries one of few areas to see an increase

Grafton Group chief executive Gavin Slark. ‘While we remain cautious about first half revenue trends in our markets in light of Covid uncertainty, we expect to make further progress in the current year,’ he said on Thursday on the publication of its full year results. Photograph: Nick Bradshaw

Grafton Group expansion beyond Ireland, UK and Netherlands on hold amid Covid-19

Lloyds inherited Bank of Scotland’s €32bn Irish loan book under its rescue takeover of HBOS in 2008. Photograph: Andy Rain

The group recorded €14.8bn in losses on its Irish loan book after the 2008 crash

Shoppers pictured on Grafton Street last year. Investec has cut its forecast for full-year personal consumption to 3 per cent for this year from 6.8 per cent previously.  Photograph: Gareth Chaney/Collins

Domestic recovery predicted for ‘later stages’ of the third quarter

Ulster Bank told an Oireachtas committee it would support current mortgage applicants and borrowers in difficulty. Photograph: Patrick Bolger/Bloomberg

Bank commits to support current mortgage applicants and borrowers in difficulty

Ulster Bank Republic of Ireland CEO Jane Howard appeared before the Oireachtas finance committee on Tuesday, after the bank’s parent, NatWest, confirmed it was winding down the Irish unit. Photograph: Alan Betson/The Irish Times

Lender says colleagues kept in the dark over wind-down due to ‘confidentiality restriction’

Ardagh, which traces its roots back to the long-shuttered Irish Glass Bottle factory in Ringsend in Dublin, entered the drink cans business in 2016.

Deal aims to tap into higher valuation markets are placing on pure drink cans businesses

FBD Insurance  is seen by analysts posting a full-year net loss, implying no dividend for shareholders for the year. Photograph: Dave Meehan/The Irish Times

Irish insurer had set aside €30m to deal with outcome of test case taken by pub groups

Tony Smurfit: “I was lucky. Things just opened at the right time. It wasn’t planned.” Photograph: Alan Betson

With its share price at an all-time high, Smurfit Kappa chief Tony Smurfit has been vindicated in his decision to reject a rival o(...)

Ulster Bank’s situation tells any bank  looking at entering the Irish market that it’s very hard to get excess capital out.  Photograph: Brian Lawless/PA Wire

Parent NatWest loses patience with the cost of financial crisis fallout

AIB said it plans to buy €4 billion of Ulster Bank loans to large and medium-sized companies. Photograph: Nick Bradshaw/The Irish Times

AIB and PTSB shares soar as they eye parts of departing lender’s €20 billion loan book

Ulster Bank would bankroll some of the country’s largest developers, including Sean Dunne, and launch the State’s first 100 per cent mortgages

Over the course of 160 years, Ulster Bank grew from a small regional presence to being a major property lender in the Celtic Tiger(...)

 A Permanent TSB office in Dublin. PTSB is interested in acquiring mortgages and SME loans of Ulster Bank, which is now in wind down. Photograph: Alan Betson / The Irish Times

AIB and PTSB shares soar as they eye parts of Ulster Ban k’s €20 billion loan boo k

AIB said the portfolio consists of 4,000 non-performing loans, with an average time since first default of 10 years.

Average balance in portfolio being sold is €300,000 and in arrears to tune of €95,000

Ulster Bank’s HQ  in Dublin. Photograph: Nick Bradshaw

Financial Services Union says bank staff must have option to move with their work

Permanent TSB and AIB, in both of which the Government has majority stakes, are on track to say on Friday that they are in talks to buy parts of Ulster Bank’s €20.5 billion loan book in the Republic. Photograph Nick Bradshaw

State holds majority share in both banks and may see PTSB as ‘third force’

Ulster Bank’s chief executive in the Republic, Jane Howard, told the lender’s 2,800 staff  that “no decision has been taken” on the future of the company.  Photograph: Dara Mac Donaill

Staff to be briefed after bank results are published on Friday

Ulster Bank offices on College Green in Dublin. NatWest Group has decided to wind-down the bank in the Republic.  Photograph: Patrick Bolger/Bloomberg

Decision by NatWest affects mortgages, business loans and deposits

The average total reimbursement to customers is €16.35, a spokesman for the bank said. Photograph: Bryan O’Brien

Some 35,000 customers were overcharged due to miscalculation on their mortgages

Central Bank director general for financial conduct Derville Rowland.

High Court rules in favour of four publicans who challenged FBD on its refusal to pay out on its pubs policy

An announcement is scheduled to be made on Friday morning as the UK group  reports annual results.  File photograph:  Nick Bradshaw

Goldman Sachs engaged with number of parties interested in elements of loan book

An Ardagh bottling plant.

Earnings dip by 2% to €1.6bn

Dublin-based Depfa Bank is set to be bought by Austrian lender Bawag from a German State bad bank. Photograph: Kate Geraghty

Bank expects to make money by running down former public sector lender

Photograph: iStock

Germany Property Group collapsed last year after raising €107m from Irish investors

Kerry chief executive Edmond Scanlon.

Market Beat: Little hope of any deal until milk price issue is resolved

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