Padraic's Feed
Jan 19, 2015

Allied Irish Banks CEO leaving to run NAB’s UK business

DUBLIN, Jan 19 (Reuters) – Allied Irish Banks (AIB)
Chief Executive David Duffy is stepping down to take over
National Australia Bank’s troubled British business
which he will try to revive ahead of a planned sale or stock
market listing.

Duffy will take over as CEO at National Australia Bank’s
Clydesdale Bank within the next few months, NAB said, as it
looks at ways to leave Britain after years of poor performance
and high charges to compensate customers for mis-selling.

Jan 19, 2015

Irish lending proposals not “socially acceptable” – fin ministry

DUBLIN, Jan 19 (Reuters) – Restrictions on mortgage lending
as currently proposed by Ireland’s central bank are not
“socially acceptable”, a senior official from the finance
ministry said on Monday.

The central bank wants to avoid any repeat of the reckless
lending and lax regulation that led to a devastating property
crash six years ago, and has proposed new limits as prices
recover quickly amid a lack of supply in urban areas.

Jan 19, 2015

Allied Irish Banks says CEO David Duffy to resign

DUBLIN, Jan 19 (Reuters) – Allied Irish Banks (AIB)
Chief Executive David Duffy is stepping down to take over
National Australia Bank’s troubled UK business, just a
week after the Irish government appointed advisers to kick off
the sale of its shares in AIB.

Duffy, who joined AIB at the end of 2011 and has guided the
99-percent state-owned bank back to profit, will remain in
position to support the board in identifying his successor with
his final departure date to be agreed, the bank said.

Jan 15, 2015

Anglo Irish should have been allowed to fail in 2008: central bank

DUBLIN (Reuters) – Anglo Irish Bank, the lender at the heart of Ireland’s banking crisis, should have been allowed to fail instead of being included in government guarantees on bank liabilities in 2008, central bank governor Patrick Honohan said on Thursday.

Like all Irish lenders, Anglo’s years of reckless lending helped push Ireland into a bailout in 2010. It was put into liquidation two years ago in deal with the European Central Bank (ECB) to ease the state’s debt burden.

Jan 5, 2015

Ireland says 2014 budget deficit likely to be higher than expected

DUBLIN (Reuters) – Ireland’s budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping.

Dublin emerged from an EU/IMF bailout just over a year ago after a seven-year austerity drive, which has helped restore investor confidence but took some 30 billion euros (23 billion pounds), or about 20 percent of annual output, out of the economy.

Jan 5, 2015

New Irish party to sound a centrist voice

DUBLIN (Reuters) – The growth of extremist groups in Europe should not obscure the huge potential for centrists, a former Irish minister who is creating her own her new party said on Monday.

Dublin’s former minister for Europe, Lucinda Creighton, laid out plans last week to form the as-yet-unnamed party ahead of wide open elections next year that could give the former ally of Prime Minister Enda Kenny influence over any new coalition.

Jan 5, 2015

Ryanair shares hit all-time high on further surge in passengers

DUBLIN, Jan 5 (Reuters) – Ryanair shares rose to an
all-time high on Monday after passenger numbers surged for a
second successive month and the budget airline’s expanding fleet
had fewer empty seats than a year ago.

Just over six million people flew with Europe’s largest
low-cost carrier in December, a year-on-year rise of 20 percent
that Ryanair attributed to lower fares, a drive to sell more
tickets earlier and improvements to its much maligned customer

Jan 2, 2015

Ex-Irish minister to form new party ahead of wide open election

DUBLIN (Reuters) – Ireland’s former Europe minister Lucinda Creighton said she will form a new political party ahead of scheduled parliamentary elections next year that polls predict will signal a major shift away from dominant parties.

Despite an upturn in the economy, government support slumped throughout last year at the expense primarily of independents, raising the prospect that any new party could have a considerable say in the forming a fresh coalition in 2016.

Dec 12, 2014

Protest and political strife: Inside Europe’s fastest growing economy

DUBLIN, Dec 12 (Reuters) – Fergus Reynolds has supported
Ireland’s governing Fine Gael party for 43 years, but this week
he joined tens of thousands of people to march against them and
pledged never to vote for Prime Minister Enda Kenny again.

Since taking voluntary redundancy five years ago, the
62-year-old former bank worker’s income has been stretched by a
new pension levy and a property tax. When his son-in-law lost
his job, he began to help pay his mortgage as well as his own.

Dec 11, 2014

Irish economy ekes out growth in third quarter, on track for strong 2014

DUBLIN (Reuters) – Ireland’s economy grew just 0.1 percent in the third quarter as an austerity-weary public appeared to refrain from spending, but the country is still set to be the fastest-growing economy in Europe this year, data showed on Thursday.

That was weaker than some analysts expected, but a surge in gross domestic product in the first six months of the year means little if any quarter-on-quarter growth is now needed to meet government projections for GDP to expand almost 5 percent this year.