Lending in INBS was ‘entirely informal and was controlled’ by the society’s long-time managing director, Michael Fingleton, said Brian Fitzgibbon, who worked at the lender between 2000 and 2008. Photograph: Alan Betson

Every file examined in review ahead of planned sale of building society ‘had something missing’

Even the large investor that UDG originally had in the bag to support the deal can’t be counted on to the extent that was once hoped

Market Beat: Just two weeks out from the egm, there are no signs of any rival bidders

Redundancy packages are capped at 104 weeks and monetary amount of £300,000, which currently equates to €349,250. File photograph: Rollingnews.ie

New terms propose exiting staff receive five weeks’ pay per year of service

Barclays Bank Ireland’s time as the largest bank in the State could prove short lived.

Top 1000: UK bank may now be the top dog in Irish banking - but for how long?

“We saw what happened when banks became overly reliant on international markets for funding and there is now a similar risk emerging in insurance.”

Firm covering policyholders may hit trouble or market be in turmoil, John Farrell says

Bank of Ireland  currently has a €2 billion sustainable finance fund.

Covid-19 has accelerated the focus on climate change, says bank

EML bought Prepaid Financial Services last year, which was founded by Co Meath couple Valerie and Noel Moran in 2008. Photograph: Alan Betson/The Irish Times

Central Bank considering taking action against Meath-based PFS Card Services

CLOs are a small but fast-growing part of the almost €5 trillion non-bank finance sector in Ireland. Photograph: iStock

Growth fuelled by IFSC’s role as hub for repackaged loans

The Pensions Authority’s case is scheduled to come before the courts on June 28th. Photograph: iStock

Watchdog lodges papers with High Court against Wealth Options Trustees Limited

The level of office space that was not  let out in the capital exceeded 9 per cent by the end of 2020, up from 5 per cent for the previous year, the Central Bank said. Photograph: iStock

Many businesses planning to return to the office on a hybrid basis

Hanover-based German Property Group, formerly known as Dolphin Trust, collapsed last year after taking €1.5 billion from investors in the Republic, the UK, Asia and elsewhere.

Delay by directors in responding to questions ‘unsatisfactory’, liquidator tells investors

Chartered Accountants Ireland made another procedural misstep in November 2016 when it decided to declare the independent reviewer’s decision void and appoint a second independent reviewer.

CAI handling of complaint a member failed to disclose commission was core of issue

Dermot Desmond has agreed to keep the additional €10 million credit line in place for Datalex until the end of 2022.

Market Beat: Company has long been surrounded by takeover whispers even in darkest days

Dermot Desmond . Photograph: Dara Mac Dónaill

Travel retail software provider raising funds in market to repay loans

Making money ‘has never been more difficult’ than now for a small operator

Digicel’s Pacific business spans Papua New Guinea to Fiji, Samoa, Vanuatu Tonga and Nauru. File photograph: Getty

Digicel Pacific least indebted part of group which achieved €1.6bn write-off in 2020

Dermot Smurfit: he said the plan was to ramp up production in the mill’s folding box board and carrier board  lines of business.  Photograph: Brenda Fitzsimons

Whakatane mill had been earmarked for closure by the end of June with the loss of 170 jobs

Along with Bank of Ireland and Permanent TSB, AIB set aside a combined €2.7bn of loan impairment provisions last year

Parts of economy have proven much more resilient than expected

The annual report said that operational costs of running both inquiries between 2016 and 2020 amounted to €7.82 million. Photograph: iStock

Total fees attached to long-running INBS inquiry yet to emerge

Central Bank governor  Gabriel Makhlouf. File photograph: Nick Bradshaw

Dividend paid to exchequer to fall by same rate to €665.7m

Eamon Waters set up Panda in 1990 on land adjoining his family’s filling station business in Beauparc, near Slane, Co Meath. Photograph: Photocall Ireland

Industry sources value waste collection company at about €1 billion

C&C, owner of the Bulmers brand in the Republic and Tennant’s lager in Scotland, said on Wednesday  its full-year net revenue had plunged 56.1 per cent to €736.9m due to the pandemic. Photograph: Nick Bradshaw

Beer and cider maker’s annual report shows yearly loss amid plans to raise €175.6m

While Bank of Ireland stands to benefit most among Irish financial stocks from rising UK interest rates, it dipped 0.8 per cent to €5.32 per cent. AIB, on the other hand, jumped 4.2 per cent to €2.74.

Bank of Ireland slides but AIB jumps 4.2%

Magners enjoyed a boom in England more than a decade ago.

Market Beat: Launch of rights-issue share sale took many by surprise but was inevitable

Businessman Sean Quinn. Photograph: Dara Mac Donaill

Assets linked to family’s overseas property portfolio

Shares in FBD spiked in the middle of last month when Protector Forsikring first emerged on the shareholder register, with a 6.3 per cent holding.

Firm says it is not a strategic investment

Aviva’s Irish personal lines of insurance premiums, including motor and home business, declined by 7 per cent to £53 million (€61.4 million) on the year.

Insurer reports sharp rise in commercial premium income

Aviva Insurance Ireland saw its operating profit fall to €35 million last year from €54 million. This was mainly the result of net premiums dropping 7 per cent to €440 million.

Remuneration for senior executives rises to €4m in 2020 at UK-owned general insurer

Industry figures say builders are facing sharp raw material price hikes amid shortages of timber, steel, insulation and other supplies. File photograph: Getty

Exit of UK insurance underwriters who dominated professional indemnity market

Irish investments were administered by Wealth Options Trustees Ltd (WOTL), based in Naas, Co Kildare. Photograph: iStock

Company formerly known as Dolphin Trust has taken €1.5bn from investors since 2008

Australian fintech EML Payments has answered queries from the Sydney stock exchange operator on the nature and timing of communications from the Central Bank of Ireland the week before last on “significant regulatory concerns” surrounding its Irish unit.

Company says it complied with rules on disclosure of price-sensitive information

European Mortgage’s licence to act as a  mortgage intermediary expired in 2012 but the company continued to be authorised as both an investments and insurance intermediary.

Investigation found James Cumiskey was not managing his financial affairs as required

Valerie and Noel Moran, who owned 81 per cent of PFS, received a 6.9 per cent stake in EML as part of last year’s deal. Photograph: Alan Betson

Market Beat: Prepaid cards are of use to drug cartels, terrorists and petty fraudsters

Shares in UDG Healthcare spiked on Friday amid speculation that its private equity suitor, Clayton Dubilier & Rice,  may have to raise its £2.61 million bid.

‘AllianzGI firmly believes that the offer is opportunistic’

The Iseq overall index managed to rise 1.6%, with Cairn Homes advancing 1.6% to €1.04

Inflation worries no longer centre stage

Malin received a $113 million (€95 million) up-front payment last month as French drugs giant Sanofi bought Kymab. Image: iStock

Purchase comes soon after life sciences group’s sale of Kymab stake

Philip Lane: “There is nearly zero connection between any kinds of spikes under the reopening of the economy and what goes into the inflation.” Photograph: AFP via Getty

Prices have been rising as economies have relaxed Covid restrictions

Top executives at Total Produce  stand to receive special bonuses on the completion of a merger with Dole Foods to create the world’s largest fresh fruit and vegetable supplier. Photograph: aluxum/iStock

Allocation of cash and shares to be decided ahead of planned IPO of world’s largest fruit and veg supplier

Eamonn Crowley, CEO of Permanent TSB. The bank  would most likely be interested in €9 billion of Ulster Bank’s €20 billion loan book.

PTSB CEO says it will approach State and stock market for cash to seal deal if necessary

Conor O’Kelly, chief executive of the National Treasury Management Agency.

Conor O’Kelly says ECB and other policymakers will ensure environment is benign

EML agreed originally to buy Prepaid Financial Services, which was founded by Co Meath couple Valerie and Noel Moran in 2008

Central Bank considering taking regulatory action against Irish-founded firm

Davy stockbrokers was fined €4.13 million for breaching market rules in relation to a transaction involving the broker’s own staff. Photograph  Sasko Lazarov

Bank of Ireland widely seen as most likely buyer of breacher of market rules

DCC chief executive Donal Murphy

Dublin-based conglomerate hikes annual dividend by 10%

EML agreed originally to buy Prepaid Financial Services, which was founded by Co Meath couple Valerie  and Noel Moran in 2008, for an upfront payment of AUS$453.6m. File photograph: The Irish Times

Shares in new owner EML Payments suspended in Sydney on ‘regulatory’ worries

Davy has claimed that developer Patrick Kearney lawsuit is ‘entirely opportunistic’. Photograph: Gareth Chaney/Collins

Developer takes action against firm and named employees over 2014 bond deal

Minister for Finance Paschal Donohoe: ‘The survey indicates that banks have missed an opportunity to make a positive difference during the pandemic.’ File photograph: Gareth Chaney/Collins

Minister plans to publish heads of Bill for senior accountability regime in July

Businessman Brendan Hickey, who in 1990 formed joint venture Davy Hickey with Davy executives and clients. File photograph: Cyril Byrne

Directors of firm accused of ‘oppression and disregard’ of minority shareholders’ rights

Valeo’s Oliver Sutherland and fifth-generation miller Nigel Odlum: The Bain deal has been set at more than 10 times Valeo’s €170 million ebitda. Photograph: Chris Bellew/Fennell

Agenda: Bain Capital’s purchase of Valeo nets it 85 household brands across 106 markets

A spokeswoman for Paris-listed Orpea declined to give specifics on the deal. Photograph: iStock

Reputed deal of over €100m makes firm largest private player

Former UDG Healthcare chief executive Liam FitzGerald is now a deals adviser to US private equity giant Clayton, Dubilier & Rice which has agreed to buy the Irish business for €3.15 billion. Photograph: Finbarr O’Rourke

Irish group employs 9,000 people in 29 countries

The Irish Ferries vessel Ulysses leaving Dublin port. Photograph: Bryan O’Brien

Government figures have backed reopening Common Travel Area in coming months

FBD claims it has been proactive in reflecting the impact of new guidelines for personal injuries in the prices charged to customers. Photograph: iStock

Insurer welcomes new guidelines reducing awards for personal injuries

The past decade has seen a number of banks in the IFSC hand back their licences. Photograph: iStock

Irish unit posted €42m net profit last year, 72% ahead of of internal forecasts

The Belgian-owned bank revealed last month that it was in talks to sell its almost €9 billion of performing loans, mainly mortgages, to Bank of Ireland. Photograph: Brian Lawless/PA Wire

Bank did not give any indication if roles would transfer with disposal of loan book

Eddie O’Connor, co-founder and chairman Mainstream Renewable Power. Photograph: Dara Mac Donaill/The Irish Times

Agreement includes a potential €100 million payment in 2023 if certain performance conditions are met

Valeo-owned brands included Batchelors baked beans, Jacobs biscuits, Kettle Crisps, Odlums, Kelkin and Fox’s Glacier Mints

US private equity group Bain buys Irish firm Valeo which also makes Jacobs products

Bank of Ireland signalled earlier this year that it was lowering the threshold at which negative interest rates will apply from €2.5m to €1m. File photograph: Getty

Bank to contact personal customers affected but vast majority unaffected by policy change

Glass Lewis has also called on ICG shareholders to vote against its pay report at its agm next Wednesday. File photograph: Getty

Advisory firms to big corporate companies critical of top-level remuneration ahead of agms

Paul Coulson of Ardagh

Market Beat: Coulson cemented the deal with Gores using yachts in the Bahamas

Nigel Dunne, chief executive of Standard Life International, with then-chief executive David Nish in 2011. Photograph: Marc O’Sullivan

European Life Group also bidding to take over both Standard Life and Ark Life

Minister for Housing Darragh O’Brien says he is looking at ‘whatever measures that are needed, up to and including a ban’ to address the issue of bulk-buying of new homes by investment funds. Photograph: Gareth Chaney/Collins

Finance officials considered special tax increase on funds buying up Irish property

Central Bank figures show 283,000 people borrowed €151 million from moneylenders in 2020. Photograph: iStock

Minister does not support Sinn Féin call for 36% cap due to ‘shock’ fears

New homes at Mullen Park, Maynooth, Co Kildare. Round Hill, a multinational investment company, is in discussions to buy 115 homes at the development. Photograph: Dara Mac Dónaill

Darragh O’Brien says tax treatment of investment funds was long-term resolution

Total income fell by 4 per cent in the first-quarter, with net interest income decreasing by 13 per cent and other income increasing 36 per cent. Photograph: iStock

Bank ‘confident’ about achieving guidance of full-year profit

Cairn Homes  chief executive Michael Stanley, whose total remuneration almost halved last year to €520,000 as the Covid-19 crisis led to a slump in earnings.

Advisory firm calls on shareholders to vote against Cairn’s remuneration report

PTSB’s non-performing loans amounted to €1.1 billion at the end of March, in line with where they stood at the end of last year. File photograph: Alan Betson

Bank’s new mortgage lending grew by 30%, outperforming wider market by a distance

Irishman Pat Plunkett is head of T5 Oil & Gas. File photograph: Dara Mac Dónaill

Firm in talks to provide ‘funding solutions for the development of this very attractive asset’

CRH chairman Richie Boucher at the company’s agm at the Royal Marine hotel, Dún Laoghaire, in 2018. Photograph: Nick Bradshaw

Short agms of some Irish listed firms this week saw few questions asked by shareholders

 Smurfit Kappa chief executive Tony Smurfit. Photograph: Alan Betson / The Irish Times

Group’s corrugated box volumes rose by 7% both in Europe and the Americas

Bank of Ireland: ‘experienced no notable change in loan losses since December 2020.’ Photographer: Frantzesco Kangaris/Bloomberg

Level of distress on mortgage books has so far turned out to be much lower than feared

Ardagh announced in February that it plans to secure a separate US stock listing for its  metal packaging business

Sales increase by 9% to €1.77bn

Increased investment in technology comes as PTSB is in talks to buy a large part of Ulster Bank’s loan book and some of its branch network. Photograph: Alan Betson

Programme is in preparation for increased customer base, greater use of digital services

Datalex chief executive Sean Corkery at the company’s agm in 2019. Photograph: Tom Honan

Additional €10m debt facility granted last year not yet drawn down, Datalex says

Tullow Oil said on Thursday that it is launching a $1.8 billion bond sale and has received a $600 million credit facility from banks as it goes about a major refinancing of its debts.

Proceeds will finance repayment of $300m of convertible bonds, early redemption of $650m of senior bonds

Ulster Bank swung to an operating profit as the bank  freed up money that was previously set aside to cover bad loans. Photograph: Alan Betson

Loan book dipped by €200m to €19.8bn during the first three months of the year

Valeo chief executive Seamus Kearney.

PAI Partners, Cinven and Bain Capital are given until end of May to submit final bids

The Central Bank has sold €18.5 billion of the bonds since 2014, including Thursday’s transaction, to the NTMA, which has immediately cancelled the notes. Photograph: Alan Betson

A further €500m in bonds sold to NTMA and cancelled

Patrick Kearney’s Kilmona Holdings previously sued Davy in 2015 in relation to the deal, settling his case. Photograph: RollingNews.ie

Patrick Kearney lawsuit comes at sensitive time as suitors bid for stockbroking firm

The group has spent about $200 million on four acquisitions so far this year

Building materials giant posted $1.6bn in earnings for first six months of 2020

The Central Bank received pushback from some insurers in recent months on its plans to introduce a recovery regime for the industry.

Central Bank is copying some aspects of rules brought in for euro-zone banks

Billy Kane: “Business last year, considering the state of the economy, ended up being very good.” File photograph: Bryan James Brophy

Non-bank lenders seen to benefit as Ulster Bank and KBC Bank Ireland quit the Irish market

Goodbody had been working with credit unions since last September on the initiative.

The venture is the first of its kind in the Republic

The SCSI says the virtual closure of the construction sector in early 2021 has significantly dampened activity over the last number of months. Photograph: Alan Betson

Society of Chartered Surveyors Ireland says latest figures reflect massive impact Covid is continuing to have on the sector

Bank of Ireland CEO Francesca McDonagh. Some industry observers say the bank’s move to assess the possibility of becoming a primary dealer may be part of the group’s plan to acquire Davy.

AIB looking to get back into market as part of planned repurchase of Goodbodys – sources

Dermot Desmond owns 29.8 per cent of Datalex. File photograph: Dara Mac Dónaill

Businessman agreed last summer to provide additional €10m credit line to travel retail software provider

Some 53 per cent of firms are anticipating a pick-up in business activity in the near term, Bank of Ireland says.

Business pulse index rose by 14.3 points from March; economy to grow by 5% this year – EY

File photograph: Sasko Lazarov/RollingNews.ie

Seen & Heard: Landlords offering rents below monthly prices listed on official leases

Providence shares slumped as much as 22 per cent within an hour  on Thursday as the market digested news that a partnership to develop  Barryroe. Photograph: iStock

Market Beat: Explorer has yet to deliver on long-standing ‘black gold’ hype

A KBC Bank branch in Dublin city centre. Photograph: Brian Lawless/PA Wire

Three surviving banks could benefit by mopping up loans of exiting lenders

London’s financial district: UK stockbroker Numis was left in limbo by not having set up a hub in the EU before Brexit transition arrangements ended in December.

London stockbroker has vied with Davy and Goodbody for corporate brokerships

The GPG Redress Group has been set up to act on behalf of Irish investors affected by the German company’s collapse. Image: iStock

Firms with clients affected by collapse of GPG have come together to deal with liquidator

The Barryroe well: Providence Resources has stated that Barryroe could yield 350 million barrels of oil, enough to supply all the Republic’s needs for almost a decade at current consumption. File photograph: Finbarr O’Rourke

Company has terminated an agreement with Norway’s SpotOn

KBC has about 1,300 employees and 12 branches, or hubs, in the Republic. File photograph: The Irish Times

Belgian lender expects sale of almost €9bn of performing loans and €5bn deposits to BofI

AIB chief executive Colin Hunt, a former chief economist at Goodbody, wants to fully integrate the stockbroker into the banking group. Photograph:  Nick Bradshaw/The Irish Times

Planned interim chief Brian O’Kelly will leave stockbroker when deal is finalised

KBC Bank Ireland’s headquarters on Sandwith Street, Dublin. Photograph: Nick Bradshaw

KBC does not recognise unions, but ‘substantial’ number of staff are members

 Davy: have been grappling since early last month with the fallout from a €4.1 million Central Bank fine and reprimand.  Photo: Sasko Lazarov/Rollingnews.ie

Bank of Ireland widely considered to be the most likely buyer

It became clear in recent months to KBC Group that its Irish unit was going to be reduced to being even more of a bit player in a consolidating market. Photograph: Brian Lawless/PA Wire

Market Watch: Belgians had been feeling queasy about staying in a challenging market

Bank of Ireland’s flagship branch on College Green in Dublin. Photograph: Bryan O’Brien

Lender expects to fund transaction with KBC from ‘internal resources’, spokesman says

A workman removes the Anglo Irish Bank signage and lettering from its former head office in St Stephen’s green Dublin in 2011, two years after the bank had collapsed and was nationalised. Photograph: Bryan O’Brien / THE IRISH TIMES ARCHIVE

The list of lenders who have left the banking market in the Republic since 2008 includes Bank of Scotland, Anglo Irish Bank, Irish(...)

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