Padraic's Feed
Oct 24, 2014

Bank of Ireland staff set for first pay rise since crisis

DUBLIN, Oct 24 (Reuters) – Staff at Bank of Ireland
, the country’s largest bank by assets, are set to
receive their first pay increase in six years after the part
state-owned lender reached an agreement with its largest trade
union on Friday.

Irish banks have cut thousands of jobs and executive pay as
the result of a 2008 banking crash, which led to the closure or
merger of half of its domestic banks, the exit of a slew of
foreign lenders and an international bailout that it completed
last year.

Oct 24, 2014

ECB tests find 800-850 mln euro shortfall at PTSB -source

DUBLIN, Oct 24 (Reuters) – European bank stress tests have
found that Ireland’s permanent tsb (PTSB) had a capital
shortfall of 800 million to 850 million euros at the end of
2013, a source familiar with the process said on Friday.

The shortfall will drop to around 200 million euros ($253
million) after taking into account the bank’s financial actions
so far this year plus the potential conversion of 400 million
euros of contingent capital notes, known as CoCo bonds, the
source added.

Oct 24, 2014

Chiquita turns to Brazilian group after Fyffes deal collapses

By Sruthi Ramakrishnan and Padraic Halpin

(Reuters) – Banana producer Chiquita Brands International Inc (CQB.N: Quote, Profile, Research, Stock Buzz) said it would start takeover talks with Brazil’s Grupo Cutrale and Safra Group after its shareholders voted against a proposed merger with Irish rival Fyffes Plc (FFY.I: Quote, Profile, Research, Stock Buzz).

Chiquita shares rose 2.9 percent to $14.16 in afternoon trading on the New York Stock Exchange on Friday, below the recently sweetened offer of $14.50 from Cutrale-Safra.

Oct 23, 2014

Big bang, not big bucks, the key for euro zone bank lending

DUBLIN/FRANKFURT, Oct 23 (Reuters) – If the European Central
Bank really wants to kick-start the euro zone economy, it should
ensure the bloc’s banks are up to the task of lending.

The International Monetary Fund has estimated that nearly
three-quarters of euro zone banks need to significantly change
their business models before they will be able to meet the
demand for credit when the economy recovers.

Oct 17, 2014

Ireland eyes 15-year bond to refinance bailout loans – sources

DUBLIN (Reuters) – Ireland’s debt agency has told investors it would like to issue 15-year debt to refinance the first portion of bailout loans from the International Monetary Fund, two sources familiar with the matter said on Friday.

Ireland is seeking to reduce the cost of its debt by repaying its more expensive IMF loans early with funds raised at cheaper market rates. Its debt office has said it may begin the process before year-end once a deal is signed off.

Oct 14, 2014

Ireland sees gains by moving first on tax loopholes: Noonan

DUBLIN (Reuters) – Ireland decided to close a loophole that multinationals used to save billions of dollars because it was becoming a “slur”, threatening a low-tax regime that has created tens of thousands of jobs, Finance Minister Michael Noonan said.

Noonan announced the phasing out of the much-criticized “Double Irish” tax arrangement under sweeping changes to the country’s corporate tax structure in Tuesday’s budget, the first in seven years without new austerity measures.

Oct 14, 2014

Ireland calls time on austerity, ‘Double Irish’ tax dodge

DUBLIN, Oct 14 (Reuters) – Ireland will phase out a tax
loophole that multinationals use to save billions of dollars as
part of sweeping changes to its corporate tax structure
announced in Tuesday’s first austerity-free budget in seven
years.

The ailing euro zone has pointed to Ireland’s economic
resurgence as proof that its austerity policies can work. But
Dublin has also faced criticism over the past 18 months from
both the European Union and the United States for tax rules that
have enabled firms such as Google and Apple
to cut their overseas tax rates to single digits.

Oct 14, 2014

Irish budget set to phase out multinationals’ favourable tax arrangement

DUBLIN, Oct 14 (Reuters) – Ireland is set to announce
sweeping changes to its corporate tax structure in its budget on
Tuesday, phasing out a loophole that has allowed multinationals
to save billions of dollars in tax on their worldwide income.

The country has faced sustained criticism over the past 18
months from other European Union members and the United States
for its tax rules and Finance Minister Michael Noonan is
expected to lay out plans to end an arrangement that has enabled
firms such as Google and Apple to cut their
overseas tax rates to single digits.

Oct 10, 2014

Ireland likely to phase out ‘Double Irish’ tax regime: sources

DUBLIN (Reuters) – Ireland is set to announce legal changes next week to phase out the “Double Irish” tax arrangement that has let firms such as Google (GOOGL.O: Quote, Profile, Research, Stock Buzz) save billions of dollars, two sources familiar with the matter said.

Ireland has come under sustained attack from Europe and the United States over the past 18 months for its tax rules that allow multinational companies such as Google and Apple (AAPL.O: Quote, Profile, Research, Stock Buzz) to cut their overseas tax rates to single digits.

Oct 7, 2014

Irish central bank proposes mortgage lending restrictions

DUBLIN (Reuters) – Ireland’s central bank proposed restrictions on how much banks can lend to home buyers on Tuesday in a bid to reduce the risk of a new property bubble forming as prices recover rapidly from a crash.

A combination of reckless lending and lax regulation during Ireland’s “Celtic Tiger” era helped fuel a property bubble that dragged the country into an international bailout after it burst and left the surviving banks in need of expensive state rescues.