Padraic's Feed
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

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.

Apr 23, 2015

Ex-Allied Irish chairman sheds light on controversial guarantee

DUBLIN, April 23 (Reuters) – Allied Irish Banks
(AIB) did not seek a guarantee on all bank liabilities in 2008
and had assumed the government was instead set to dismantle
other “irretrievably broken” lenders, former chairman Dermot
Gleeson said on Thursday.

Ireland tied its fate to its financial sector in the early
hours of Sept. 30, 2008, when it issued a blanket guarantee, the
discussions behind which have not been fully disclosed and will
form a key part of a parliamentary inquiry that has entered its
most politically-sensitive stage.

Apr 21, 2015

Irish banking inquiry enters politically-sensitive stage

DUBLIN, April 21 (Reuters) – Irish lawmakers will question
former European Central Bank (ECB) governor Jean-Claude Trichet
and the executives at the helm of Ireland’s banks when they
imploded, as a parliamentary inquiry enters its most
politically-sensitive stage.

While Ireland’s economy is growing faster than any other in
Europe and the government has begun recouping some of the
billions of euros it sunk into its banks, the euro zone’s most
expensive bank rescue is still a sore and hotly debated subject.

Mar 20, 2015

Ireland’s Malin raises up to 330 million euros in IPO

DUBLIN, March 20 (Reuters) – Malin has raised
up to 330 million euros in one of Europe’s biggest life science
IPOs, the Irish company said on Friday, surpassing its target
range of 275 to 325 million euros as it prepares to invest the
cash in smaller, pre-IPO companies.

Malin, set up by a number of executives from former Irish
stock market stalwart Elan, said that 302 million euros will be
raised through the issue of new ordinary shares on its admission
to Ireland’s ESM market on Wednesday.

Mar 19, 2015

Ireland’s Malin raises 330 mln euros in biotech IPO -source

DUBLIN, March 19 (Reuters) – Ireland’s Malin Corp
IPO-MALI.L has raised 330 million euros ($352 million) in one
of Europe’s biggest biotechnology IPOs, a source close to the
life sciences company said on Thursday, surpassing its target
range of 275 million to 325 million euros.

Malin, set up by a number of ex-Elan executives to invest in
privately held assets, said earlier this month that leading
British fund manager Neil Woodford and the Irish state’s new
strategic investment fund had committed to buying around 60
percent of the total estimated placing.

Mar 19, 2015

Cement rival CRH assumes Lafarge, Holcim deal will work

DUBLIN, March 19 (Reuters) – Irish cement firm CRH
is assuming the merger of rivals Lafarge and Holcim
will still happen, its chief said after CRH
shareholders approved an asset purchase that depends on the

CRH has agreed to buy a number of mostly European assets
from Lafarge and Holcim for 6.5 billion euros ($6.9 billion) so
the French and Swiss firms can get antitrust clearance for their
plan to create the cement industry’s biggest company.

Mar 19, 2015

Asset-buyer CRH assuming Lafarge/Holcim deal will work out

DUBLIN, March 19 (Reuters) – Irish cement firm CRH
is working on the basis that the troubled merger of industry
giants Lafarge and Holcim will happen, its
chief executive said as his shareholders approved asset
purchases that depends on it.

“At this moment in time, we’re working forward on the basis
that the deal will close, the merger will happen,” CRH CEO
Albert Manifold told reporters on the sidelines of a shareholder
meeting on Thursday.