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.
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.
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.
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
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
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.
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.
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.
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.
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
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.