Barclays Bank Ireland has announced the appointment of Kevin Wall as its new chief executive. He succeeds Sarah Wiggins who will take up a new role within Barclays as head of east and south east in UK corporate banking next month. Mr Wall joined Barclays in 1981 and has held a variety of roles across the business, […]
BNY Mellon, a global leader in investment management and investment servicing, is celebrating 15 years of operations in Wexford. BNY Mellon’s Irish operations currently employ over 1,600 people and offer a broad range of services including asset servicing, alternative investment services and corporate trust.
Commenting on BNY Mellon’s anniversary, Head of International Financial Services Kieran Donoghue […]
The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, Minister for Finance Michael Noonan and Northern Trust have announced that the company is to further expand its operations in Limerick by adding up to 400 new jobs over the next five years.
The expansion is supported by the Department of Jobs through IDA Ireland and […]
Grant Thornton has announced it is to create 250 new jobs across all areas of its business operations in Ireland. A significant number of the new posts will be in its Centre of Excellence, which provides a new framework for the delivery of global compliance and reporting services, from its base in Ireland.
Welcoming the announcement […]
Peer-to-Peer (P2P) lending platform Linked Finance has received full authorisation by the UK’s Financial Conduct Authority (FCA) which will enable it to move into the UK market. The approval comes as the Department of Finance initiates a public consultation process on the potential introduction of regulation of the P2P sector in Ireland.
The authorisation means that […]
BC Bank Ireland has announced that as part of KBC Bright Ideas it has doubled its support fund to €200,000 and launched a new scheme for Ireland’s leading social innovators and entrepreneurs. KBC’s Business Bright Ideas will assist for-profit organisations in the business of having a positive impact on a city or community by addressing […]
IDA Ireland has welcomed JP Morgan’s announcement that it will be expanding its operations significantly in Dublin. The global financial services company has been in Ireland since 1968 and currently employs 500 people here. The company is to acquire a 130,000sq ft building in the heart of Dublin’s docklands in a move that will provide […]
Early and new start companies across Ireland are being encouraged to enter the 15th annual Seedcorn Investor Readiness Competition to be in with a chance of competing for a no-equity total cash prize fund of €280,000. At a time where it is competitive to get seed funding, the competition is a great avenue for ambitious […]
FundRock Management Company S.A., a leading independent UCITS Fund Management Company and AIFM (Alternative Investment Fund Manager), has opened its new office in Dublin and has also announced that it plans to hire up to 20 people by the end of 2019. The new office is part of FundRock’s growing presence in three of the […]
The Minister for Jobs, Enterprise & Innovation, Mary Mitchell O’Connor has announced that up to €44 million is being made available for co-investment in Seed and early stage growth companies and through Enterprise Ireland has issued an open competitive call to fund managers to signal their interest in establishing funds. This investment will leverage private […]
Income tax (including USC) is the largest individual source of tax revenue in Ireland, accounting for over 35% of the total. According to the ESRI, fluctuations in this source of revenue have a significant bearing on the total tax revenue.
Research from the Institute has found that income tax revenue automatically increases by 2% for every […]
As part of a major restructuring of the business, Ulster Bank has announced it will close 22 of its branches in the Republic by the end of September. The restructuring will also result in 220 redundancies and approximately 8% of its workforce leaving the business.
Staff were informed of the bank’s plans on Thursday and have […]
A fund run by former executives at Goldman Sachs has received €50m from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland.
Reverence Capital Partners Opportunities Fund has received €50 million from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland. Run by former Goldman Sachs bankers Milton […]
Hopes that global insurer AIG might relocate its European regional HQ to Dublin from London have been dashed, with Luxembourg selected for the switch. This is despite a strong pitch made by the IDA and Government to AIG for Dublin to become the new regional headquarters. It is understood Dublin finished as runner-up to Luxembourg […]
AIB announced annual pre-tax profits of €1.7 Billion and proposed a dividend of €250 million on Thursday. In a statement, AIB said that the profits were driven by strong sustainable business performance, net credit provision writebacks of €294million and one-off benefits including the Visa Europe transaction.
“2016 has been another milestone year for AIB Group,” AIB CEO […]
Two Competitive Start Fund (CSF) competitions worth a total of €1 million in funding from Enterprise Ireland will open for applications to international entrepreneurs and recent graduates on Wednesday 8 March 2017.
Up to twenty successful applicants will receive high-level business development support and an investment of up to €50,000 each. The CSF is designed to […]
Nutrition company Glanbia announced the proposed sale of 60% of Dairy Ireland on Wednesday as results for the year 2016 were released, showing an increase in adjusted Earnings Per Share to 87.66 cent, up 11.2% from 2015. This marks the seventh year in a row of double-digit earnings for the group.
“ It has been an exciting […]
OncoMark, a University College Dublin (UCD) spin-out company, announced on Wednesday that it has secured €2.1 million to fund the commercialisation of OncoMark’s lead product, OncoMasTR, which it plans to launch in 2018. OncoMasTR is a novel prognostic test for early-stage breast cancer that will reduce the number of breast cancer patients receiving unnecessary chemotherapy.
OncoMark CEO […]
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From building technologies and enhanced decision-making systems, the advances in both digital technology and connectivity with established engineering systems and principles has created the much needed drive for innovation in the construction sector. Given recent opportunities and prior reflections, owners and practitioners alike should seek efficient projects, lower costs, advance materials and […]
Shard Capital Partners LLP announcesd on Thursday the launch and first closing of the Suir Valley Venture Fund of Suir Valley Funds ICAV, the first Irish focused venture capital fund in Ireland that uses a regulated fund with a fully regulated Alternative Investment Fund Manager. The Fund invests in early stage software companies in the […]
State agency Enterprise Ireland announced on Thursday that it invested €32 million in Irish start-ups in 2016 and supported a total of 229 start-up companies, the highest number to date in a single year. Investment was provided in the form of Competitive Start Funds (CSFs) and High Potential Start-Up (HSPU) funding.
Over 400 entrepreneurs and representatives […]
KBC banking group on Thursday released preliminary results for their Irish operations 2016, in which it confirmed its long-term commitment to continuing business in Ireland.
KBC Bank Ireland reported a full year net profit of €227 million after tax and impairments for 2016, compared to a profit of €75 million in 2015. KBC Group ended 2016 […]
The Government-funded, not-for-profit lender, Microfinance Ireland (MFI), supported the creation of almost 1,000 Irish jobs through loans to small business in 2016, MFI reported on Monday.
A record number of 397 loans totaling €5.4 million were approved in 2016, supporting the creation of 990 jobs. This brings to 2,811 the number of new jobs supported by MFI […]
The Taoiseach and Minister Simon Coveney launched a major national consultation for the preparation of a strategic planning and development framework for Ireland between now and 2040, in Maynooth University on Thirsday. The event was the first of two public consultation exercises and a series of regional and stakeholder events in preparing Ireland 2040 – […]
Minister for International Financial Services Eoghan Murphy, published the IFS2020 Action Plan for 2017 on Monday.
The IFS2020 Strategy is a five year Strategy for the development of our International Financial Services Sector. The Strategy was first launched in March 2015 under the previous Government by the Taoiseach Enda Kenny and the then Junior Minister for […]
Card payment service provider EVO Payments International plans to open a new Irish headquarters and create 50 new jobs as part of a €9.1 million investment in the Irish market, the Department of Jobs, Enterprise and Innovation reported on Friday.
The new full-time positions, spanning sales and marketing, customer support and administration, will be based in the […]
Digital company SilverCloud Health raised $8.1 million in Series A funding, the Department of Jobs announced on Thursday. Venture capital firm B Capital Group, founded by Raj Ganguly and Facebook co-founder Eduardo Saverin, led the investment round with significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, […]
Enterprise Ireland announced on Thursday a new Competitive Start Fund (CSF) of up to €750,000 to support start up activity in all sectors. The Fund which provides €50,000 in equity funding for each successful applicant will open for submissions on Wednesday, January 8 and will close at 3pm, Wednesday, February 8.
The Competitive Start Fund provides […]
Founded in 2010, TransferMate Global Payments is the market-leading, international choice for businesses worldwide that send and receive foreign currency payments. TransferMate are are driving change across the global payments and wider FinTech sector alike. TransferMate’s unique portfolio of global regulation has enabled them to build one of the world’s most extensive networks of bank […]
Irish house price inflation is set to accelerate in 2017, potentially reaching double-digit levels, according to the MyHome.ie property report for the final quarter of 2016.
“Clearly low stock levels will be the main driver of what’s happening in the market and will be for the foreseeable future,” MyHome.ie Managing Director Angela Keegan said. “Our report […]
Bank fo Ireland announced on Friday that it was executing a credit risk transfer transaction on a portfolio of business banking and corporate loan assets effective 29 December 2016. The bank also announced that it was revising its calculation of capital requirements under the Internal Ratings Based (IRB) approach on its Republic of Ireland mortgage […]
The number of mortgages approved rose by 30.8% year-on-year and increased by 2.0% month-on-month for the three months ending November 2016, according to the latest figures from the Banking & Payments Federation Ireland (BPFI) Mortgage Approvals Report released on Thursday.
The report also found that a total of 3,377 mortgages were approved per month, on average, in […]
The wealthiest 10% of households own 52.2% of the total net wealth in the Euro area, except Lithuania, and Hungary and Poland, according to the results from the second wave of the Household Finance and Consumption Survey, released European Central Bank on Friday. Inequality in the euro area also increased slightly and the report noted […]
Bank of America Merrill Lynch, Davy and Deutsche Bank were appointed as ‘Global Coordinators’ to assist in a potential future Initial Public Offering (IPO) of AIB, the Department of Finance announced on Friday.
The appointments were made following a mini tender competition involving all of the members of Lot 3 of the Department’s Capital Markets Distribution […]
The Irish government is seeking submissions for a European Commission proposal for a Directive on insolvency, debt, restructuring and second chance, it was announced on Monday. The Department of Justice and the Department of Jobs are seeking views of interested parties on a EU proposal that seeks to harmonise, for the first time, substantive provisions […]
The first interim dividend of 25% was paid to all admitted unsecured creditors of the Irish Bank Resolution Corporation (IBRC), the Department of Finance said on Tuesday.
“The payment of the interim dividend will benefit a wide range of unsecured creditors, including the State, who have been creditors of IBRC since its liquidation in February 2013,” […]
The first meeting of a European Investment Bank (EIB) – Ireland Financing Group, chaired by Minister of Finance Michael Noonan, took place on Friday morning, shortly before the EIB’s first permanent Dublin office was officially opened by Taoiseach Enda Kenny.
The new office, located in Upper Mount Street, Dublin, is expected to strengthen links between the […]
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Dublin is the fourth most attractive city in Europe for real estate investment, according to an analysis by PwC and the Urban Land Institute (ULI) released on Thursday. Dublin saw €4 billion of real estate activity in the 12 months before September 2016, putting it behind Berlin, Hamburg and Frankfurt, and […]
MDO Management Company S.A., a privately held company based in Luxembourg, will establish a branch in Dublin, Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor announced on Friday. MDO Management Company Ireland plans to create 30 roles in risk management, compliance, business development and administration over the next few years.
MDO Management Company currently acts […]
Photo credit: Doyler79
A research technical paper published by the Central Bank of Ireland on Monday, shows that the cost of bank finance “increased disproportionately for smaller enterprises” during the euro crisis.
The paper, written by Sarah Holton and Fergal McCann, showed that banks with a greater market share were more likely to pass on greater interest […]
The Central Statistic Office released “Brexit: Ireland and the UK in numbers”, on Wednesday, December 7. The publication provides the available figures covering the main areas of Ireland’s engagement with the UK.
“Following the vote by the electorate in the United Kingdom to leave the European Union in June 2016, the CSO decided to compile a […]
The European Commission and ECB finished the sixth post-programme surveillance review for Ireland on Friday, December 2, in which they said that Ireland’s economic prospects remained bright, but warned that “some clouds are on the horizon”.
The main objective of review was to assess the country’s capacity to repay loans granted under the former EU-IMF financial […]
Net asset value of money market funds (MMFs) in Ireland decreased by €16 billion to €444 billion in September 2016, according to statistics on money market funds during the third quarter of 2016, released by the Central Bank on Tuesday, November 29. This decrease was largely driven by devaluations of the Sterling which makes up […]
Dublin-headquartered medical device company Medtronic reported the financial results of its second quarter on Tuesday, November 22.
The company reported second quarter worldwide revenue of $7.345 billion, an increase of 4 percent, or 3 percent on a constant currency basis, however Medtronic CEO Omar Ishrak said that second quarter revenue was “disappointing and did not meet […]
The Department of Finance announce on Thursday, November 17, that they have launched a competition to appoint investment banks to help coordinate in a potential Initial Public Offering (IPO) of Allied Irish Bank. The coordinators will be appointed for a 18-month period, into 2018. The department cautioned that the Minister for Finance has not given […]
Push notification platform Hurree has raised more than £200,000 online since launching a crowdsourcing campaign on Crowdcube less than two weeks ago.
Created by Aaron Gibson, described by the Belfast Telegraph as a 23-year-old early school leaver from County Down, Hurree allows app developers to monitor and analyse user information to optimise push notification apps on […]
Minister Mary Mitchell O’Connor has announced that new legislation will allow Irish SME’s involved in research and development activities to avail of a lower corporation tax rate of 6.25% in a bid to further incentivise innovation in the country.
Under the scheme, profits from Irish inventions resulting from R&D activities in Ireland will be taxed at […]
A Dublin-based fintech startup has raised €725,000 in its seed funding.
Plynk, an online platform that acts as Europe’s first money messaging app, has received investment from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund. Additional funding has come from Delta Partners, Enterprise Ireland, NDRC and a number of angel investors.
The company has received mentoring […]
ACI Worldwide has announced the opening of its new European data centre in Limerick, that will add 50 new jobs to the existing workforce of nearly 100.
The provider of real-time electronic payment and banking solutions will deliver the utmost in reliability, security and data privacy from their new data centre as ACI expands to accommodate […]
The application process is now underway for Accenture’s Fintech Innovation Lab, which invites start-ups in the fintech space to participate in this mentoring and collaboration accelerator.
Fintech continues to be an emerging field, with the potential to disrupt traditional financial services. The latest application round expires on the 31st October, and Accenture are looking to increase […]
A senior Central Bank official has warned that, while progress is being made by Irish banks on non-performing loans, they remain far too high.
Addressing delegates at a Banking and Payments Federation of Ireland event, Director of Credit Institutions Supervision Ed Silbey said: “We forget the lessons from the crisis at our peril.”
By the end of […]
US-based fintech company, Yapstone, has held the grand opening of its international headquarters at a new, 16,000 sq ft office in Drogheda.
The company delivers online and mobile payment solutions for businesses large and small. Intended to streamline how transactions are made and collected, the company has undergone significant growth in the US and around the […]
More than three quarters of banks from around the world fear the impact that fintech could have on their business, according to a new report published by PwC.
The report highlights that as many as 76% of banking respondents included in the report believe that sections of their business may be at risk due to fintech. […]
PayPal has invited Irish charities to apply for bursaries totalling €13,500, in order to help people and businesses that struggle to secure safe and affordable financial services.
Individuals with poor credit histories usually find it difficult utilising financial services, creating a feeling of exclusion from accessing credit and other essential services. Start-ups and small businesses may […]
Permanent TSB Group has said in a trading statement today that trading has been in line with expectations and that it was profitable over the first quarter of the year. But the bank said it may not generate the return on equity of around 10% by 2018 it had flagged to investors just a year ago, […]
DZ Bank Ireland, has become the latest former IFSC bank to hand back its Branch in Dublin.
The bank, which in recent years was particularly active in the securities and asset-backed securities business, closed its Dublin branch last month, with the loss of 20 jobs.
The move follows a decision last year by the supervisory board of DZ […]