Ulster Bank chief executive Gerry Mallon: the bank’s non-performing mortgage loan book consists of about 20,000 customers, and is worth about €4 billion, he says. Photograph: Cyril Byrne

Tracker costs push the bank into a €151m operating loss for 2017

KBC Bank Ireland’s profit fell almost a fifth last year to €227 million. Photograph: Bryan O’Brien

Bank plans to conclude tracker-mortgage scandal redress no later than end of June

RSA Insurance Ireland received €423 million of cash injections between 2013 and 2015 after  a large hole emerged in its balance sheet. Photograph: Bloomberg

Company implemented change policy after accounting hole emerged in 2013

Michael Fingleton is one of four people subject to the Central Bank’s inquiry. Photograph: Alan Betson

Former INBS chief continues to represent himself at Central Bank inquiry

Photograph: Bryan O’Brien /The Irish Times

Bank to free up less Irish bad-debt provisions in 2018

 Former managing director Michael Fingleton arriving at the inquiry into Irish Nationwide Building Society in 2016. Photograph: Eric Luke

The inquiry is looking into allegations that at least some of the four men failed to ensure commercial loan applications were proc(...)

 Edmond Scanlon. “Kerry Group delivered strong top-line growth and sustained business development in 2017.” Photograph: Dara Mac Dónaill

Weaker sterling hits Denny and Dairygold, leading to 8% decline for 2017

C&C said that it will resume responsibility for selling and marketing its portfolio of cider brands – including Magners, Woodchuck and Wyders – in the US from April

Subsidiary Vermont Hard Cider Company to resume responsibilities from April 1st

In an unusual application, AIBMB has urged Ms Justice Marie Baker, before making final orders in the relevant case, to “amplify” the reasons for her findings. Photograph: Aidan Crawley

AIB worried ruling could raise doubt about transfer of €17.8bn debt to mortgage bank unit

The  stock exchange in Frankfurt on Monday. Photograph: Reuters

US markets closed as traders on Wall Street observe Presidents Day

CBL revealed less than two weeks ago that the Central Bank of Ireland (above) had also commenced a “supervisory engagement process” in relation to group’s Irish-regulated unit, CBL Insurance Europe.

European operation of New Zealand-based insurer specialises in construction credit

Irish Continental Group  is investing more than €300 million in two ferries

Shares in ICG fell as much as 1.4% in early trading to €5.72, valuing the group at almost €1.1bn

The Irish Stock Exchange, Dublin: Euronext reached a deal in late November to buy the exchange

Sale worth €158.8m and will deliver a big payday for owners of Dublin-based market

Central Bank governor Philip Lane said there were “very clear areas for improvement such as leadership and clarity on strategy and direction”. Photograph: Eric Luke

‘Clarity on strategy’ required, Philip Lane says after survey of workplace satisfaction

Rosneft International DAC directors concluded that US and EU sanctions over the invasion of Ukraine’s Crimean peninsula did not impact company’s “going concern status”. Photograph: Alexander Zemlianichenko

Rosneft International directors say sanctions over Crimea invasion have not harmed it

 ‘PTSB’s biggest problem – its chart-topping level of non-performing loans  – remains.’ File photograph: Alan Betson/The Irish Times

Removal of bank’s problem loans raises questions over its continued existence

 Fiona Muldoon, CEO of FBD Insurance. Photograph: Eric Luke

Deal with Post Insurance part of FBD strategy to rebuild its car cover business

Central Bank  governor Philip Lane, pictured on his first day in office in November 2015. Photograph: Eric Luke/The Irish Times

The Central Bank governor could finally secure an ECB executive board seat for Ireland

 The IFSC in  Dublin. Fineco AM is understood to be currently in the market searching for additional portfolio managers and analysts. Photograph: Bryan O’Brien

FinecoBank set up new company in Dublin late last year called Fineco AM Limited

Francesca McDonagh took over the top job at Bank of Ireland last October. Photograph: Dara Mac Donaill

Bank of Ireland chief is granddaughter of Irish immigrants to Britain

Permanent TSB had the highest level of non-performing loans in the Republic last June, at 28 per cent.  Photograph: Bryan O’Brien

Bank had originally planned to sell up to €1.2bn in troubled loans

Bank of Ireland strategists said volatility was set to pick up further this year for both bond and stock markets.

Returns of recent years ‘no longer achievable’, Bank of Ireland strategists say

PTSB said it had pressed the start button on the sale of a portfolio of loans known as Project Glas as it seeks to lower its level of non-performing loans. Photograph: Alan Betson

Loans being sold by Lloyds, PTSB and AIB mostly comprise mortgages

Digicel deal: Denis O’Brien’s company has sold 215 masts to Phoenix Tower International. Photograph: Ken Cedeno/Digital/Corbis via Getty

Denis O’Brien company in second big deal with Phoenix Tower International

In a statement on Tuesday, PTSB said that it has instructed EY to begin the formal sales process of Project Glas.

Bank has the highest ratio of non-performing loans among Ireland’s bailed-out financial institutions

York Capital plans to put almost €83 million of industrial units into Core Industrial. Photograph: Eric Luke

Core Industrial executives set to benefit from potentially lucrative York Capital plan

The European commissioner for economic and monetary affairs, Pierre Moscovici on Friday: “The Irish problems can be addressed,” the commissioner said. Photograph: Simela Pantzartzi/EPA

Economic and financial affairs commissioner says citizens expect tech giants to pay fair share of tax

Greek prime minister Alexis Tsipras: has set his sights on a clean bailout exit, without a backstop or precautionary credit line. Photograph: Getty Images

Greece planning to raise €19bn in bond sales as buffer

A deal to acquire Goodbody would provide the Chinese with a European Union-regulated entity. Photograph: Dara Mac Dónaill

Broker and controlling investor in talks with unnamed party, managing director says

Moody’s said on Monday that it has placed its credit ratings on Ulster Bank Ireland on review for an upgrade. Photograph: Alan Betson

Rules designed to lower likelihood of essential banking services being put at risk

NTMA chief executive Conor O’Kelly. The State’s debt agency is to  sell between €1 billion-€1.25 billion of bonds due to be repaid in 2028 and 2037. Photograph: Dara Mac Dónaill

Irish bond yields have surged since last bond sale in early January

A housing construction site in Ireland. The Ireland Strategic Investment Fund will provide €25 million to a new vehicle that will target smaller developers seeking to complete new housing projects. Photograph: Alan Betson

ISIF will contribute one-third of funding to a new €75m vehicle for small housing projects

Dublin’s ISFC: Figures released this week show the Revenue Commissioners completed five audits of special purpose vehicles, known as section 110 companies, over the past two years

Why operators in the darkest part of Ireland’s €1.76bn shadow banking hub needn’t worry about the taxman

Bank of Ireland chief executive Francesca McDonagh: said the so-called core banking systems programme was “a big part of the work were are doing on our systems”. Photograph: Dara Mac Dónaill

Steve Collier has held senior roles in retail, credit and strategic programmes at NAB

AIB is among a number of parties circling the Irish unit of South African financial services group Investec in what sources are describing as a competitive process

Move comes after bank exited EU aid plan which prevented it from doing deals

HWBC estimates that 2.73 million square feet of office space set to be built in Dublin this year, up from 1.97 million square feet in 2017. Photograph: Bryan O’Brien

Dublin office market vacancy rate currently 7 per cent, agency estimates

Of the 3,500 cases currently acknowledged, Ulster Bank has commenced refunds and compensation in relation to 1,200.

Lender confirms its tracker-scandal numbers set to rise within weeks

The project is a joint venture between Mountpark, whose existing tenants include Amazon and Eddie Stobart, and Texas-headquartered USAA Real Estate. Photograph: Emmanuel Dunand/AFP/Getty Images

Newry-based Mac-group hired to develop first phase of project in south Co Dublin

Paschal Donohoe declined to say who might succeed Prof Lane in the event of his moving to the ECB. Photograph: Collins

Paschal Donohoe says important for countries to identify ambitions

Morgan Stanley president  Colm Kelleher speaking at the European Financial Forum in Dublin on Wednesday.  He dismissed recent financial market jitters as a “healthy correction”. Photograph: Sam Boal/Rollingnews.ie

Central Bank chief Philip Lane warns European Financial Forum warns firms to prepare for downside risks on hopes for ‘soft’ Brexit

Prof Lane said that it is “desirable” for Europe to make progress on banking union and capital markets union. Photograph: Cyril Byrne / THE IRISH TIMES

European financial supervisory system will be ‘agile’ in response to Brexit, Philip Lane says

Francesca McDonagh. The Bank of Ireland head says staff at fault for the tracker scandal will be held accountable. Photograph: Dara Mac Dónaill

BoI chief says bank ‘did not go far enough’ to protect consumers

Ireland’s five main banks, which account for more than 99 per cent of all identified tracker overcharging cases in an industry-wide problem, have so far signalled the controversy will cost up to €890 million to resolve.

It noted hat the average cost stood at €73,232 per PTSB customer compared to €19,947 at Bank of Ireland

Central Bank of Ireland.

He had previously queried the regulator on ‘unhelpful attitude’

France’s president  Emmanuel Macron used the world’s biggest stage to press the case for EU tax harmonisation, singling out Ireland as a country that woos overseas firms through an ultra-competitive tax regime. Photograph: Jason Alden/Bloomberg

IMF sees euro zone economy growing 2% this year and 2.2% in 2019

US president Donald Trump: told the World Economic Forum  in Davos that “America is open for business”. Photograph: Nicholas Kamm/AFP/Getty Images

President warns that US will not turn blind eye to ‘massive intellectual property theft’

Davos: home to 3,000 delegates and journalists for four days. Photograph: Jason Alden/Bloomberg

World Economic Forum backdrop is a buoyant global economy and stock-market highs

Minister for Finance Paschal Donohoe in Davos. Photograph: Jason Alden/Bloomberg

Stiglitz says Vestager is a ‘real champion’ for pursuing Apple in tax case

Leo Varadkar in Davos on Thursday: “America made itself great by trading and accepting migrants from all over the world.” Photograph: Simon Dawson/Bloomberg

Davos: Leo Varadkar cites European past in which big countries over-ran little ones

Nobel Prize winning economist Joseph Stiglitz has been critical of the State’s corporate tax regime.

Nobel prize-winning economist lauds Vestager’s actions

Taoiseach Leo Varadkar: “I am Taoiseach, so ultimately the question that we’re putting to the Irish people has to be one that is sound.” Photograph: Dara Mac Dónaill

Taoiseach indicates that his previously espoused anti-abortion attitude has ‘evolved’

Taoiseach Leo Varadkar arrives for a television interview at the World Economic Forum in Davos, Switzerland. Photograph: Simon Dawson/Bloomberg

Donohoe agrees with Taoiseach’s sentiments

Steven Mnuchin, the US treasury secretary, walks through the snow during at Davos. Mr Mnuchin said he isn’t concerned about short-term fluctuations in the dollar, a day after he suggested a weaker US currency would help trade. Photograph: Markus Schreiber / AP Photo

IMF boss Lagarde called on Treasury secretary to clarify his position as currency hit three-year low

Digicel founder Denis O Brien: not “hung up on an IPO but we wouldn’t rule it out”. Photograph: Cyril Byrne

Businessman might look, instead, in the near term at opportunities to refinance its debt

Denis O’Brien  described Brexit as “Dunkirk without the ships” for the UK.

O’Brien, speaking at Davos forum, also warns about bitcoin and soaring stocks

Taoiseach Leo Varadkar will on Thursday host an event for 70 people, mostly senior executives, at the ski resort. Photograph: Bloomberg

Martin Shanahan says Ireland well placed as UK’s share of FDI seems to be shrinking

French president Emmanuel Macron said countries were “moving back to strategies of non-co-operation, undoing what globalisation has been able to achieve”. Photograph: Jason Alden/Bloomberg

EU needs common foreign policy to combat protectionism, says Merkel

IMF managing director Christine Lagarde called for tax and labour-market reforms to narrow the income gap between young people and older people. Photograph: Bloomberg

Funds need to transfer between one generation and another, IMF chief says in Davos

US treasury secretary Steven Mnuchin leave a press briefing at the World Economic Forum in Davos. Photograph: Jason Alden/Bloomberg

US ready for trade wars, commerce secretary indicates

Swiss armed security personnel on the rooftop of a hotel in Davos on the opening day of the World Economic Forum. Photograph: Abrice Coffrini/AFP

Trump not due until Friday, yet imminent presence already felt

Michael Lavelle, head of Citigroup’s UK and Ireland corporate and investment banking business

At Davos, banker tells ‘Irish Times’ market is now ready for AIB to sell more shares

Canada’s prime minister Justin Trudeau attends the World Economic Forum in Davos, Switzerland.

‘We’re in a new age of doing business. You need to give back. You need to be part of the solution’

Michael Corbat, chief executive of Citigroup: “If the turn comes, and it will come” on financial markets, the risk is that it “will be more violent”

Citigroup CEO warns ambivalence is ‘concerning’ as markets ignore risks

Stephen Schwarzman, Adena Friedman, Brian Moynihan,  Tidjane Thiam,  and Frank Appel, in Davos. Photograph: Bloomberg

Claims US tax overhaul will lure overseas firms countered by warnings of higher deficits

The WEF gathering of political and corporate leaders, alongside a smattering of celebrities, at Davos  has itself been criticised for perceived elitism. Photograph: Arnd Wiegmann/Reuters

World Economic Forum gauge goes beyond economic growth data to use other criteria

The closing address at the four-day Davos conference is due to be given on Friday by Donald Trump, the first sitting US president to attend the annual gathering since 2000. Photograph: Bloomberg

Optimism level of US chief executives more than doubles on back of Trump agenda

The ranking marks an improvement on Ireland’s 12th place among 29 advanced economies in a previous report published by the WEF, organisers of the annual Davos conference taking place this week.

World Economic Forum measurement looks beyond economic growth data

Stripe co-founder John Collison (pictured) and his brother Patrick were added to the list of Irish billionaires last year, according to a report by Oxfam. Photograph: Dave Meehan

Surge in number of billionaires fuelling ‘inequality crisis’, charity says

Jamie Dinan: forced to cross the globe to persuade big investors to stick with his funds as they grappled with weak returns and money withdrawals

Ireland has catching up to do building up warehousing infrastructure

Aviva chief executive Mark Wilson at the Aviva Stadium in Dublin. The insurance group has extended until 2025 its contract for the venue’s naming rights. Photograph: Dara Mac Dónaill

Aviva chief executive Mark Wilson says several challenges remain after five years in job

Aviva managers across 15 countries have been asked to find deals as the group looks to spend excess capital.

Mark Wilson says insurance giant’s large war chest can fuel purchase of ‘tactical bolt-ons’

Dermot Ryan: former  head of external affairs at Amnesty International Australia and chief of staff of Australia’s Transport Worker Union

Dermot Ryan (44) will be taking up the position ‘in the coming weeks’

US President Donald Trump. Photograph: Carlos Barria/Reuters

Cyber security risks, military conflicts also concerns

Core Industrial to include property in Dublin locations Rathcoole, Clondalkin and Finglas

Michael Somers, the former National Treasury Management Agency chief executive who was appointed to the board of AIB in 2010 as a non-executive director stepped down  last month

State to remain involved in the nomination of bank directors through reformed process

Moody’s lead analyst on Ireland Katrin Muehlbronner: the Republic needs to have “larger buffers than a country that is less volatile, which means you have to have lower debt”. Photograph: Cyril Byrne

Ratings agency warns Ireland’s debt must fall lower for any return to top score

Paul Coulson: he is chairman, chief executive and holder of a 33%   stake in Ardagh Group

Company was acquired as part of $1.7bn deal in 2014

Irish Life was sold by the State to Canada’s Great-West Lifecoin 2013 for €1.3bn to recoup some of the cost of the lender’s rescue

Firm is moving ahead with plans to close defined benefit schemes to future accruals

New payments rules aim to break up banks’ monopoly of the payments system in Europe.  It’s ultimately aimed at making it cheaper for consumers and retailers to do business.

Hiding behind acronyms are measures designed to reduce costs and broaden choice for customers

Ardagh Group chairman  Paul Coulson ventured into the riskiest area of the bond markets this week, raising $350 million through the sale of payment-in-kind notes. Photograph: Alan Betson

Ardagh Group chairman positioned to gain almost $124 million from esoteric deal

Mainstream’s move to set up a grey market in its stocks comes as the group has put a full stock market flotation on the back-burner until the end of the decade. Photograph: Jasper Juinen/Bloomberg

Eddie O’Connor’s green energy group to sell major wind farm project off coast of Scotland

 Andy Kinsella: “We won’t get into a joint venture agreement unless our partners sign up to our standards. It’s part of the pitch we go with”

Mainstream chief dangles investor payback as green energy reaches tipping point

The EU Payments Services Directive 2 is aimed at giving non-banking firms including tech giants such as Amazon, Apple and Facebook a chance to compete with traditional banks in the payments business. Photograph: Cyril Byrne

EU payments services directive set to open door to fintech online applications

Paul Coulson is set to benefit by €100 million, based on his 36 per cent stake in the holding company.  Photograph: Alan Betson

Offering understood to have been many times oversubscribed

At the end of last year, the Central Bank had a total investment portfolio of €18.7 billion, having decreased in value by €300 million over the previous 12 months.

Decision is first time it has outsourced investment management function

The Eir bonds, due to mature in 2022,  are currently yielding 3.6 per cent in the market at a time when similar-duration Irish Government bonds are carrying a rate in the market of less than zero

Group is going through its seventh change of ownership in less than 20 years

Paul Coulson’s effective stake in the listed Ardagh Group is about 33 per cent.  Photograph: Alan Betson

Packaging giant’s parent taking advantage of favourable market conditions

Irish law from 2010 limits to six months the period under which a person can be suspended while falling under regulatory investigation. The Central Bank wants this to be extended. Photograph: Alan Betson

Regulator wants heads of financial firms to be liable for company failures

“Ireland is probably in the best shape it has been in since about 2001, with few imbalances in the economy,” the NTMA said.

Irish debt burden, relative to government income, remains among highest in euro area, says NTMA

Minister for Finance Paschal Donohoe intends to use the introduction of another batch of rules this year – the EU Insurance Distribution Directive – to ban commissions in insurance-linked investment products. Photograph: Nick Bradshaw

MiFID II has implications for brokers who describe themselves as ‘independent’

HSBC airline analyst Andrew Lobbenberg cut his price target on Ryanair shares, currently trading at almost €15.30, to €13.50. Photograph: Arnulf Stoffel

Maintaining positive momentum on talks would avert further VC strike action

San Leon Energy chief executive Oisín Fanning. Photograph: Frank Miller

UK hedge fund Toscafond increases stake in Dublin-based oil and gas explorer

  Pete Smyth, CEO of Broadlake: “We view Crown as an ideal partner to support the company on the next stage of its growth and development”

Deal with US pharmaceutical company Crown likely to be worth nearly €25m

The former Anglo Irish Bank on St Stephen’s Green, Dublin: The Quinn family  claims Anglo Irish lent it billions of euro illegally in 2008 to shore up its investment in the bank. Photograph: Frank Miller

Lambay Capital Securities went into liquidation last month

According to reports, music streaming platform Spotify has filed for its IPO, aiming to make its stock available as a direct listing in the first half of 2018. Photograph: Mario Tama/Getty Images

Closer to home, IPL Plastics and Digicel could also make the move this year

Applegreen, whose shares surged 29 per cent last year, is among the most widely tipped Irish stocks among analysts for 2018. Photograph: Cyril Byrne

Agenda: Applegreen and CRH top of the list, but C&C and PTSB are out of favour

Brokers on the dealing floor at ICAP in London: a rise in oil majors helped pushed the UK’s top share index to an all-time high on Thursday. Photograph: Simon Dawson/Reuters

Dow Jones Industrial Average breaks through 25,000-point level for first time

Davy expects CRH’s net profit to increase to €1.52 billion this year from €1.34 billion in 2017, though US tax reforms could boost the 2018 outcome by 5 per cent.

CRH completes €2.2 billion sale within two weeks of US tax reforms being enacted

Traders monitor  data as the second iteration of the Markets in Financial Instruments Directive (MiFID II) comes into force, at the Frankfurt Stock Exchange. Photograph: Alex Kraus/Bloomberg

‘Issue’ at Central Bank could not be rectified before MiFID II went live on January 3rd

NTMA chief executive Conor O’Kelly: Citigroup, Danske Bank, Davy in Dublin, JP Morgan, Morgan Stanley and Nomura managed the latest bond sale on behalf of the NTMA. Photograph: Dara Mac Dónaill

Ireland is first European sovereign to tap bond markets in 2018, drawing €14bn in orders

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