Padraic's Feed
Nov 10, 2014

Writebacks begin as Allied Irish Banks sustains profitability

DUBLIN, Nov 10 (Reuters) – Falling bad debts allowed Allied
Irish Banks (AIB) to writeback provisions and build on
its capital reserves in the third quarter, the state-owned bank
said in a trading update on Monday.

The rescue of AIB that began in 2009 has cost Irish
taxpayers more than 20 billion euros ($24.9 billion), the most
given to any Irish bank still trading, but it marked a milestone
in its recovery when it returned to profit in the first half of
this year.

Nov 8, 2014

Deep Irish squad an excellent place to be – O’Connell

DUBLIN (Reuters) – The deep squad Ireland have built up is an “excellent place to be”, captain Paul O’Connell said on Saturday after his injury-depleted side powered to a 29-15 victory over South Africa.

Ireland were without seven of the team that clinched the Six Nations trophy in France last March, missing the likes of Sean O’Brien and Cian Healy and even losing flanker Chris Henry to illness hours before kickoff.

Nov 8, 2014

Ireland stand tall to ease past South Africa

DUBLIN (Reuters) – Depleted Ireland surged to a magnificent 29-15 victory over South Africa at the Aviva Stadium on Saturday to pick up where they left off in this year’s Six Nations championship.

South Africa came into the game fresh from beating world champions New Zealand but were overwhelmed in the second half by an Irish side without seven of the team that clinched the Six Nations trophy in France last March.

Nov 8, 2014

Rugby-Ireland stand tall to ease past South Africa

DUBLIN, Nov 8 (Reuters) – Depleted Ireland surged to a magnificent 29-15 victory over South Africa at the Aviva Stadium on Saturday to pick up where they left off in this year’s Six Nations championship.

South Africa came into the game fresh from beating world champions New Zealand but were overwhelmed in the second half by an Irish side without seven of the team that clinched the Six Nations trophy in France last March.

Nov 6, 2014

Pioneering James marvels as influence spreads far

DUBLIN (Reuters) – For must of his 40 years spent analyzing and writing about baseball, Bill James, the godfather of the sport’s data-driven “Moneyball” movement, was an outcast.

This week the 65-year-old Boston Red Sox advisor shared the stage with technology CEOs a third his age at Europe’s largest tech conference, Dublin’s Web Summit, watching on as sport was acknowledged as being a part of their world.

Nov 6, 2014

Baseball-Pioneering James marvels as influence spreads far

DUBLIN, Nov 6 (Reuters) – For must of his 40 years spent analysing and writing about baseball, Bill James, the godfather of the sport’s data-driven “Moneyball” movement, was an outcast.

This week the 65-year-old Boston Red Sox advisor shared the stage with technology CEOs a third his age at Europe’s largest tech conference, Dublin’s Web Summit, watching on as sport was acknowledged as being a part of their world.

Nov 6, 2014

ECB releases letter showing pressure ahead of Irish bailout

DUBLIN, Nov 6 (Reuters) – Then European Central Bank head
Jean-Claude Trichet told Ireland in November 2010 that it would
not extend further emergency funding to the country’s banks if
Dublin did not sign up to a bailout, according to a letter
published on Thursday.

The contents of the letter and other correspondence between
Trichet and then Finance Minister Brian Lenihan have been the
source of much speculation as to how much pressure the ECB put
on Dublin ahead of its application for aid.

Nov 4, 2014

Ireland raises debt at record low to pay back bailout loans

By Padraic Halpin and Michael Turner

DUBLIN/LONDON (Reuters/IFR) – Ireland raised 3.75 billion euros (2.94 billion British pound) in 15-year debt on Tuesday as it took advantage of low interest rates to start refinancing some of its bailout loans from the International Monetary Fund with cheaper market funding.

Ireland sold the new debt via syndication at a record-low yield of 2.49 percent, a level unthinkable just three years ago, when 10-year money was trading on secondary markets at 15 percent at the height of the euro zone debt crisis.

Oct 26, 2014

Ireland’s PTSB plans capital raise after stress test fail

DUBLIN (Reuters) – Permanent tsb (PTSB) said it can cover over 80 percent of an 855 million euro capital hole identified in European bank stress tests on Sunday and is finalizing plans to raise capital from private investors to fill the rest.

The 99.2 percent state-owned bank, the only Irish lender to fail the tests, said the identified shortfall at the end of 2013 would largely be dealt with by financial actions taken so far this year and existing contingent convertible bonds held in the bank.

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.