Padraic's Feed
May 1, 2015

Irish central bank bond policy unchanged, makes record profit

DUBLIN (Reuters) – Ireland’s central bank said on Friday it will not change the timetable for bond sales tied to a 2013 deal to ease the state’s burden as it delivered a record profit to the state last year, mainly on the sale of such bonds.

As part of the deal struck with the European Central Bank (ECB) to stretch out the cost of liquidating the collapsed Anglo Irish Bank, Ireland pledged to slowly feed new bonds worth 25 billion euros into the market via the country’s central bank.

May 1, 2015

Irish central bank chief cautions on recovery as prepares to retire

DUBLIN, May 1 (Reuters) – Ireland’s economy is still showing
the scars of the financial crisis and will need to be managed
very carefully, central bank Governor Patrick Honohan said on
Friday as he confirmed he would retire at the end of the year.

Honohan, who was appointed in late 2009 during Ireland’s
financial difficulties, said it was a good time to step down as
the bank was moving away from a crisis management phase with the
economy recovering and banks back in profit.

May 1, 2015

Allied Irish cuts mortgage rates after making first-quarter profit

May 1 (Reuters) – Allied Irish Banks (AIB) remained
profitable in the first quarter after clawing back more money
put aside for bad loans, the lender said on Friday, and
announced a cut to its standard variable mortgage after
political and public pressure.

After exceeding expectations with the sale of a 25 percent
stake in permanent tsb, the Irish government has turned
its attention to AIB and is considering a similarly sized sale
in the next country’s number 2 lender.

Apr 30, 2015

Irish central bank governor to retire at end of year – sources

DUBLIN (Reuters) – Irish Central Bank Governor Patrick Honohan will announce on Friday he intends to retire at the end of the year, nine months before his seven-year term was due to end, two sources familiar with the decision said.

Honohan, who is also a member of the European Central Bank’s (ECB) governing council, was appointed to his role at the height of Ireland’s financial crisis in September 2009 and tasked with restoring confidence in its banks and economy.

Apr 30, 2015

Trichet defends ECB role in Irish bailout, banking crisis

DUBLIN, April 30 (Reuters) – Ireland was in such a perilous
position in 2010 that it had no choice but to seek an
international aid programme, former European Central Bank head
Jean-Claude Trichet said on Thursday, defending his role in the
Irish crisis.

At a much-anticipated event during a parliamentary inquiry
into Ireland’s banking crisis, Trichet was questioned on his
actions during the near collapse of the country’s banks and
about the pressure Frankfurt put on Ireland before its bailout.

Apr 30, 2015

Trichet defends role in Irish bailout, says no other option

DUBLIN, April 30 (Reuters) – Ireland was in such a perilous
position in 2010 that it had no choice but to seek an
international aid programme, former European Central Bank head
Jean-Claude Trichet said on Wednesday, defending his role in the
bailout.

Trichet was speaking at a much-anticipated event,
facilitated by a parliamentary inquiry into Ireland’s banking
crisis, where he was questioned on the pressure Frankfurt put on
Ireland to take a bailout from the European Union and
International Monetary Fund.

Apr 30, 2015

Ex-Bank of Ireland CEO says day of guarantee worst of his life

DUBLIN, April 30 (Reuters) – The day in late September 2008
that began with former Bank of Ireland chief Brian Goggin being
asked to take over a rival and ended with the state guaranteeing
the entire sector was the worst of his life, Goggin said on
Thursday.

Irish lawmakers are for the first time questioning the
executives at the helm of the country’s banks when they imploded
seven years ago as part of a parliamentary inquiry into the most
expensive state bailout in the euro zone.

Apr 29, 2015

Bank of Ireland pension deficit rises, shares fall

April 29 (Reuters) – Bank Of Ireland’s pension
deficit increased in the first four months of the year as a
result of European Central Bank quantitative easing, affecting
its capital and denting its share price on Wednesday.

The bank said in a trading update that its Core Tier 1
capital – a measure of financial strength – fell to 14.6 percent
from 14.8 percent at the end of December or to 11.7 versus 11.9
percent under the so-called fully loaded Basel III ratios.

Apr 29, 2015

Ex-Allied Irish Banks CEO says failures a matter of eternal shame

DUBLIN, April 29 (Reuters) – Former Allied Irish Banks
(AIB) boss Eugene Sheehy said his failures while at the
helm of the now state-owned lender during the financial crisis
are a “matter of eternal shame”.

Irish lawmakers are questioning former bank executives,
government ministers and officials as part of a parliamentary
inquiry into the country’s banking crisis, seven years after it
took hold and led to the most expensive state bailout in the
euro zone.

Apr 27, 2015

Ireland’s permanent tsb prices flotation at top of range – source

DUBLIN, April 27 (Reuters) – Permanent tsb (PTSB)
has raised 400 million euros ($436 million) in a share offer
priced at 4.50 euros per share, a source familiar with the
transaction said, valuing the first Irish lender to launch a
public share sale since the financial crisis at 2 billion euros.

The smallest of Ireland’s three remaining domestically-owned
banks had set a range of 3.90 to 4.50 euros per ordinary share
for the issue, a key test of investor appetite for the sector
and for the country’s No. 2 lender Allied Irish Banks
ahead of a possible stake sale in the next 12 months.