Conor's Feed
Apr 14, 2015

Irish lender permanent tsb launches stock market return

DUBLIN, April 14 (Reuters) – Permanent tsb (PTSB)
launched a 400 million euro ($423 million) public share offering
on Tuesday, the first by an Irish lender since the financial
crisis, in a move that will cut the government’s stake to at
least 75 percent.

The loss-making bank will also issue a further 125 million
euros in risky additional tier one bonds to help it fill a
capital shortfall identified last year when it was the only
Irish bank to fail European stress tests.

Apr 13, 2015

Irish lender permanent tsb to make stock market return

DUBLIN, April 13 (Reuters) – Permanent tsb will
launch the first public share sale by an Irish bank since the
financial crisis on Tuesday with a 400 million euro ($423
million) offering, a source close to the matter said, in a key
test of investor appetite for the sector.

The sale by the smallest of Ireland’s three domestically
owned banks and the only one to fail European stress tests last
year is part of its plan to raise 525 million euros to help fill
a capital hole identified by the European Central Bank (ECB).

Apr 9, 2015

Unionist bid to be UK ‘kingmakers’ unsettles some in Northern Ireland

BELFAST (Reuters) – Less than two decades after a U.S.-brokered deal brought peace to Northern Ireland, British Prime Minister David Cameron may have to go cap in hand to one side of the sectarian divide if he wants to keep power after the May 7 election.

Northern Ireland’s Democratic Unionist Party (DUP), whose combative British nationalism was forged in the Protestant ghettos of 1970s Belfast, is promising voters the opportunity of holding the balance of power in the United Kingdom.

Apr 9, 2015

Unionist bid to be UK ‘kingmakers’ unsettles some in N. Ireland

BELFAST, April 9 (Reuters) – Less than two decades after a
U.S.-brokered deal brought peace to Northern Ireland, British
Prime Minister David Cameron may have to go cap in hand to one
side of the sectarian divide if he wants to keep power after the
May 7 election.

Northern Ireland’s Democratic Unionist Party (DUP), whose
combative British nationalism was forged in the Protestant
ghettos of 1970s Belfast, is promising voters the opportunity of
holding the balance of power in the United Kingdom.

Mar 31, 2015

Bank of Ireland shares fall 6 percent as Fairfax sells stake

By Graham Fahy and Conor Humphries

DUBLIN (Reuters/IFR) – Canada’s Fairfax Financial Holdings (FFH.TO: Quote, Profile, Research) has sold half of its 5.8 percent stake in Bank of Ireland (BKIR.I: Quote, Profile, Research) for more than triple what it paid for it in 2011, a source with knowledge of the deal said, pushing the share price down 6 percent.

The Canadian property and casualty insurer run by investor Prem Watsa on Tuesday sold 935 million shares for 36 euro cents (26 pence) apiece, the source told Thomson Reuters publication IFR.

Mar 12, 2015

Irish economy hits post-crisis high with 5 percent annual growth

DUBLIN (Reuters) – Ireland’s economic growth rate surged to a post-crisis high of 4.8 percent last year, likely the fastest rate in the European Union, as data confirmed a stunning recovery from a devastating 2008 property crash.

After two years of near stagnation, higher exports and consumer spending lifted 2014 gross domestic product growth to almost four times the average 1.3 percent rate posted across the European Union after most countries had published data.

Mar 11, 2015

RSA says ex-Irish boss failed to set aside enough money to cover claims

DUBLIN, March 11 (Reuters) – Former RSA Ireland boss Philip
Smith failed to set aside enough money to cover potential
insurance claims, contributing to the British insurer having to
inject 200 million pounds ($302 million) into its Irish arm in
2013, a lawyer for RSA said on Wednesday.

RSA blamed a handful of executives at the division
for accounting irregularities that led to the group overstating
its profits in Ireland and required it to tap shareholders for
cash to plug the hole in its finances.

Mar 10, 2015

RSA bosses knew of Irish problems before scandal erupted – former executive

DUBLIN, March 10 (Reuters) – Financial problems at RSA’s
business in Ireland were known at group level before a
scandal erupted and the British insurer was forced to inject 200
million pounds ($302 million) into it, according to the former
CEO of the Irish division.

RSA blamed a handful of executives at the division for
accounting irregularities that led to the group overstating its
profits in Ireland and required it to tap shareholders for cash
to plug the hole in its finances.

Mar 6, 2015

Europe farmers fear ‘roller coaster’ as milk market deregulated

BELVIEW PORT, Ireland (Reuters) – Billions of euros and thousands of jobs will flow from the historic deregulation of Europe’s dairy sector, a string of Irish ministers promised at the opening this week of a vast new plant to make dried milk for developing markets.

But elsewhere in the European Union, many farmers are less sanguine, fearing their liberation from 30 years of milk production quotas will only expose them to a new world of competition and an increase in already sharp price volatility.

Mar 3, 2015

Aircraft leasor Avolon sees no impact on demand from low oil prices

DUBLIN, March 3 (Reuters) – Irish aircraft lessor Avolon
does not expect lower oil prices to have any impact on
aircraft demand, its chief executive said on Tuesday, adding
that most airlines were basing their long-term planning on $100
per barrel of oil.

A fall in oil prices from over $100 a barrel in June
2014 to around $60 today have reduced the potential savings from
operating more fuel-efficient new-generation aircraft but
Domhnal Slattery said airlines he was talking to were not
expecting fuel prices to remain low.