Industry & Business

Finance

Bank of Ireland Issues Credit Default Swap During Capital Requirements Revision

    Bank of Ireland Issues Credit Default Swap During Capital Requirements Revision

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 […]

Read Full Article

Mortgage Approvals Rise by 30.8%

    Mortgage Approvals Rise by 30.8%

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 […]

Read Full Article

Wealthiest 10% of Households Own 51.2% of Total Net Wealth – ECB Household survey

    Wealthiest 10% of Households Own 51.2% of Total Net Wealth – ECB Household survey

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 […]

Read Full Article

Global Coordinators Appointed to Sell AIB Shares

    Global Coordinators Appointed to Sell AIB Shares

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 […]

Read Full Article

SEAI Doubles Sustainable Energy Research Fund to €2 Million in 2017

    SEAI Doubles Sustainable Energy Research Fund to €2 Million in 2017

The Sustainable Energy Authority of Ireland (SEAI) announced on Thursday a doubling of its Energy Research, Development and Demonstration fund for next year to €2 million. The fund is open to Irish researchers in industry and academia to support sustainable energy research. Priority areas include energy efficiency, citizen engagement and energy storage with the programme […]

Read Full Article

European Commission Invites Submissions for Insolvency & Debt Proposal

    European Commission Invites Submissions for Insolvency & Debt Proposal

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 […]

Read Full Article

First Interim Dividend Paid to Unsecured Creditors of IBRC

    First Interim Dividend Paid to Unsecured Creditors of IBRC

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,” […]

Read Full Article

EIB Opens Dublin Office, Establishes New Financing Group

    EIB Opens Dublin Office, Establishes New Financing Group

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 […]

Read Full Article

Dublin Ranked Fourth Most Attractive City for Property Investment

Photo credit: Hans-Peter Bock hpbock@avaapgh.de
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 […]

Read Full Article

MDO Management Company to Open Dublin Branch

    MDO Management Company to Open Dublin Branch

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 […]

Read Full Article

During Euro Crisis, Finance Costs Increased Disproportionately for Small Enterprises

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 […]

Read Full Article

CSO Publishes Statistical Guide to Brexit

    CSO Publishes Statistical Guide to Brexit

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 […]

Read Full Article

Ireland’s Prospects Bright, But Uncertain – ECB

    Ireland’s Prospects Bright, But Uncertain – ECB

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 […]

Read Full Article

Value of Irish Money Market Funds Decreased by €16 Billion in September

    Value of Irish Money Market Funds Decreased by €16 Billion in September

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 […]

Read Full Article

Medtronic Releases Second Quarter Financial Report

    Medtronic Releases Second Quarter Financial Report

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 […]

Read Full Article

State Prepares to Sell Shareholding of AIB

    State Prepares to Sell Shareholding of AIB

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 […]

Read Full Article

Belfast Push Notification Platform Crowdsources More Than £200,000 Online

    Belfast Push Notification Platform Crowdsources More Than £200,000 Online

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 […]

Read Full Article

Irish SMEs will get chance to avail of lower corporation tax, says Minister

    Irish SMEs will get chance to avail of lower corporation tax, says Minister

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 […]

Read Full Article

Fintech startup raises €725,000 funding

    Fintech startup raises €725,000 funding

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 […]

Read Full Article

ACI to bring 50 new jobs as it opens data centre in Limerick

    ACI to bring 50 new jobs as it opens data centre in Limerick

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 […]

Read Full Article

Accenture on the lookout for start-ups with Fintech Innovation Lab

    Accenture on the lookout for start-ups with Fintech Innovation Lab

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 […]

Read Full Article

Central Bank warns “forget the lessons from the crisis at our peril” on non-performing loans

    Central Bank warns “forget the lessons from the crisis at our peril” on non-performing loans

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 […]

Read Full Article

Fintech leader Yapstone opens global headquarters in Drogheda

    Fintech leader Yapstone opens global headquarters in Drogheda

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 […]

Read Full Article

Banks fear fintech’s disruptive potential, says new report

    Banks fear fintech’s disruptive potential, says new report

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. […]

Read Full Article

PayPal launches initiative to boost financial inclusion with Irish charities

    PayPal launches initiative to boost financial inclusion with Irish charities

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 […]

Read Full Article

Permanent TSB’s first quarter trading in line with expectations

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, […]

Read Full Article

DZ Bank to close with loss of 20 jobs

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 […]

Read Full Article

Credit Suisse will cut 2,000 jobs at its global markets business

Swiss bank Credit Suisse has announced that it will cut 2,000 jobs at its global markets business.
The latest cuts are in addition to the 4,000 job cuts that the Swiss banking giant announced last month and are part of the bank’s efforts to reduce annual costs by 800m Swiss francs a year.
Deutsche Bank’s finance chief said […]

Read Full Article

Credit Agricole unviels new ownership structure

Credit Agricole has promised stable investor returns and a solid capital base in the future as the French bank outlined plans to simplify its much-criticised ownership structure.
Its chief executive Philippe Brassac said the plan would put to rest criticism from analysts, shareholders and regulators that the cross-shareholding between its listed entity and its cooperative parent […]

Read Full Article

Microfinance Ireland approves €5.4m in loans

Microfinance Ireland has said 930 jobs were supported in small companies last year, after it approved €5.4m worth of loans.
A total of 357 small companies were supported, out of 752 loan applications.
Microfinance Ireland offers unsecured business loans of between €2,000 and €25,000 to companies with fewer than 10 employees and with a turnover of less […]

Read Full Article

100 jobs to be created in Dublin by Credit Suisse

    100 jobs to be created in Dublin by Credit Suisse

Investment bank Credit Suisse is to open a trading floor in Dublin and will hire up to 100 staff here before the end of the year.
The bank is to take on 40 trading, risk and capital professionals and 60 support roles as it begins offering brokerage, financing and securities lending from Dublin for clients around the […]

Read Full Article

NAMA predicts a €2 billion surplus once work completed

    NAMA predicts a €2 billion surplus once work completed

The National Asset Management Agency predicts a €2 billion surplus by the time it completes its work, according to management at the organisation.
Appearing before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, NAMA chairman Frank Daly and chief executive Brendan McDonagh said the agency was on track to make a €1 billion profit this year.
They […]

Read Full Article

Government aims to increase R&D spend to €5b by 2020

    Government aims to increase R&D spend to €5b by 2020

The Government launches today a new five-year science strategy, which aims to double total spending on research and development in Ireland to €5 billion by 2020.
The strategy, titled Innovation 2020, also details a five year plan for science and technology which hopes to see an increase of 30pc in research masters and PhD enrolements.
Welcoming the […]

Read Full Article

EU launches investigation into McDonald’s Luxembourg tax deals

    EU launches investigation into McDonald’s Luxembourg tax deals

The European Union commission has opened a formal state aid investigation into allegations that fast food giant McDonald’s received a tax deal from Luxembourg six years ago.
The case against one of the world’s most iconic companies adds to a series of probes launched last year following the LuxLeaks affair.
EU commissioner for competition Margrethe Vestager announced […]

Read Full Article

AIB issues 500€ million of fixed rate

    AIB issues  500€ million of fixed rate

Allied Irish Banks, p.l.c. (AIB) today successfully agreed to issue €500 million fixed rate resettable T1
perpetual contingent temporary write-down securities. The coupon for the initial fixed rate period until December 2020 has been fixed at 7.375%.
The transaction was arranged by Morgan Stanley, Deutsche Bank, Bank of America Merrill Lynch, HSBC, Davy and Goodbody Stockbrokers and attracted circa […]

Read Full Article

Government to profit from Pfizer’s €151bn takeover of Allergan

    Government to profit from Pfizer’s €151bn takeover of Allergan

Pfizer’s deal to buy-out Allergan was formally announced yesterday the 23rd November, it will be one of the largest corporate takeovers in history, which will not only benefit the shareholders of Allergan but also the Irish Government.
Ireland’s exchequer will be in line for an annual boost of up to €620 million following the announcement.
When the deal is completed, Pfizer […]

Read Full Article

Eurazeo to buy Galway-based Fintrax for €335m

French investment firm Eurazeo has said that it plans to pay up to €335m to buy 90 percent of Irish group Fintrax, a provider of VAT refunds for tourists.
Eurazeo will pay €300m at the closing of the deal, based on an enterprise value of €550m, with a further €35m payable based upon 2016 performance, Eurazeo […]

Read Full Article

Credit Suisse plans for major trading floor in Dublin

Swiss bank, Credit Suisse, is on course to become the first international bank to set up a major trading floor in Dublin.
The Swiss bank wants to move 40 traders and 60 support staff to Ireland as part of a cost-cutting drive. The move will create one of the biggest trading floors in Dublin, a city which […]

Read Full Article

AvantCard to cut 37 jobs at it’s Leitrim office

    AvantCard to cut 37 jobs at it’s Leitrim office

AvantCard, one of Ireland largest credit card company is to cut nearly a quarter of it’s workforce at it’s Carrick-on-Shannon office in Co. Leitrim.
The company has struggled to attract new customers due to changing trends, new technologies and more people carrying out financial transactions online.
In a statement the company said: “Like many other employers, we regularly […]

Read Full Article

Bank of Ireland approves €3.6bn of new SME loans

Bank of Ireland said it approved €3.6bn of new credit for Irish business in the nine months to the end of September.
This result has increased by 13 percent compared to the same period last year.
The figures are boosted by lending to farmers, including approving loans to buy 500 acres of land a week. Bank of […]

Read Full Article

Central Bank to roll out rounding initiative on Wednesday October 28

    Central Bank to roll out rounding initiative on Wednesday October 28

Consumers will be able to opt out of rounding and 1c and 2c coins will still be legal tender.
Rounding will apply only to cash payments ands, only to the total amount of any bill.
The move follows a two-month trial scheme in Wexford in 2013.
“The reaction so far to rounding has been fantastic. As a country […]

Read Full Article

Pro-cyclical budget ‘likely to increase economic volatility’

    Pro-cyclical budget ‘likely to increase economic volatility’

The stimulus boost provided by Budget 2016 is likely to increase economic volatility, ratings agency Fitch has said.
The ratings giant nonetheless said the Budget was consistent with improving finances, arguing that the strong fiscal performance since the start of this year had made room for some giveaways.
And it said some stimulus ahead of an election […]

Read Full Article

Budget 2016: USC cut worth €1,000 for workers

    Budget 2016: USC cut worth €1,000 for workers

The final Budget before the General Election will see Fine Gael and the Labour Party seek to appeal to working families.
Every worker in the country will be €1,000 better off thanks to cuts in the much-hated Universal Social Charge (USC).
The hiring of thousands of nurses, doctors, gardaí and teachers will be promised.
Tánaiste Joan Burton has […]

Read Full Article

New Central Bank chief to be named after budget

    New Central Bank chief to be named after budget

Minister for Finance Michael Noonan will wait until after Budget 2016 to nominate a successor to outgoing Central Bank governor Patrick Honohan.
Although the Minister had been expected to bring a name to Cabinet this week, the appointment process might not now been completed until the week after next.
After final interviews a week ago, the race […]

Read Full Article

Credit union lending slumps to 15-year low

    Credit union lending slumps to 15-year low

Lending by Ireland’s 354 credit unions slumped to a 15-year low of €3.5 billion in the 12 months to June 2015, due to a combination of reduced demand and lending restrictions imposed by the Central Bank.
However, with some €5.5 billion in available funds ready to lend to members, the movement is hopeful that an upturn […]

Read Full Article

Budget 2016: Proposals will continue boom-bust cycle warns ESRI

    Budget 2016: Proposals will continue boom-bust cycle warns ESRI

The additional €1.5bn of spending increases and lower taxes planned for Budget 2016 is not needed in an economy already growing at the fastest pace in Europe, according to the economics agency.
A looser Budget now will only continue the so-called ‘pro-cyclical’ policies that drove the last boom and subsequent bust, according to Kieran McQuinn, Associate […]

Read Full Article

Investec predicts economy will grow by more than 6pc this year

    Investec predicts economy will grow by more than 6pc this year

In its latest quarterly Irish Economy Monitor, the company said that its previous forecasts for GDP, of growth of 4pc this year, followed by a further 3.7pc in 2016, were “too light”.
“Having reviewed the recent data, we move our forecasts to growth of 6.1pc in 2015 and 5pc next year,” the company said. It also […]

Read Full Article

Zurich ‘terminates’ takeover talks with RSA

    Zurich ‘terminates’ takeover talks with RSA

Zurich Insurance Group abandoned an offer for RSA Insurance Group because it expects a loss in its own general insurance business in the third quarter and will conduct a review of the unit.
“Discussions with RSA have now been terminated,” the Swiss insurer said in a statement. The proposed takeover would have valued RSA about £5.6 […]

Read Full Article

Bank of America moves $9bn out of Ireland to UK

    Bank of America moves $9bn out of Ireland to UK

Bank of America-Merrill Lynch, the corporate banking arm of the massive US institution, has shifted $9 billion (€8 billion) of assets from Ireland to the UK so far this year, as it accelerates its plan to unwind its Irish-based derivatives business.
Filings this month for Dublin-based Merrill Lynch International Bank (MLIB), which reports in dollars, show […]

Read Full Article

Former Donegal Creameries sees slight revenue decline

    Former Donegal Creameries sees slight revenue decline

Donegal Investment Group has reported revenues which were down €500,000 in the first six months of the year as a rise in turnover in its speciality dairy division offset by the cessation of ware potato trading.
The Dublin-listed group, which rebranded from Donegal Creameries in 2013, said revenues fell from €39,161 to €39,065 in the six […]

Read Full Article

Eircom back in black, confirms rebrand as Q4 revenues surge 5pc to €325m

    Eircom back in black, confirms rebrand as Q4 revenues surge 5pc to €325m

Quad play player Eircom has reported its first year-on-year growth in seven years with revenues up 5pc to €325m. The company plans to rebrand for the first time in 16 years to reflect its growing ambitions as a fibre broadband player that will reach 1.9m homes by 2020.
Eircom reported this morning that operating costs were […]

Read Full Article

Eircom gives digital boost to 10 firms with €100,000 awarded under scheme

    Eircom gives digital boost to 10 firms with €100,000 awarded under scheme

The initiative aims to offer help in business mobility, digital training, sales, marketing and business productivity for companies within the SME community.
The Little Milk Company, based in Dungarvan, Co Waterford, was one of the businesses to benefit from the scheme.
It was awarded over €10,600 in digital solutions which saw staff receive a Google Export Markets […]

Read Full Article

Whitegate oil refinery operator gets $200m injection

    Whitegate oil refinery operator gets $200m injection

The increase in authorised capital in the US-owned Phillips 66 Whitegate Refinery is confirmed in documents lodged with the Companies Office.
Phillips 66 is the fourth largest non-government refiner in the world and its Whitegate refinery has a capacity to produce 75,000 tonnes of oil per day and supplies around 40pc of Ireland’s fuel needs.
The refinery […]

Read Full Article





New Subscriber





Subscribe Here



Advertisements
































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4