DUBLIN (Reuters) – Ireland laid out a fiscal blueprint for the next seven years on Tuesday to confirm its bailout exit and show that its economy can grow enough to cut its debt by a quarter by the end of the decade.
Dublin has turned down a backup credit line with enough debt-market funding to cover costs until 2015. Now it is keen to prove to investors that it will maintain its fiscal rigor, while offering hope to the austerity-weary that the worst is over.
DUBLIN (Reuters) – Ireland, the first euro zone member to successfully exit its bailout, will return to debt markets with an issue of 10-year paper in early 2014 and may have space to ease austerity in its next budget, its finance minister said.
Ireland completed its European Union/International Monetary Fund bailout program last week and its economic progress and debt sales will be closely monitored for pointers on how easily other bailout recipients Portugal, Greece and Cyprus may fare.
DUBLIN (Reuters) – In March 2011 Bank of Ireland had four months to find 4.2 billion euros or the government would seize control. The country’s central bank was issued powers to fire senior financiers. The outlook seemed bleak for Richie Boucher.
While analysts and commentators sharpened their knives, Boucher – the bank’s burly chief executive, described by one MP as “a hard bastard with a hide like a rhino” – started setting up meetings.
DUBLIN, Dec 13 (Reuters) – Six months after Ireland was
rescued from financial crisis with an international aid package,
some investors were treating the country as an emerging market.
The reputation of the former triple-A credit rated sovereign
was in tatters, and it fell to a team of three officials in the
Irish debt management office to try and turn its image around.
DUBLIN/LONDON, Dec 4 (Reuters) – With liberation from
Ireland’s three-year bailout getting closer by the day, the
banks which drove the country into the arms of the EU and IMF
are once again taking centre stage as Dublin tries to turn 11
billion euros ($15 billion) of its banking assets into hard
That mission got off to a promising start on Wednesday with
the announcement of the sale of 1.8 billion euros of the state’s
Bank of Ireland (BoI) preference shares.
DUBLIN, Dec 4 (Reuters) – Bank of Ireland plans to
raise 580 million euros ($788 million) of equity on Wednesday as
part of a deal to repay 1.8 billion euros of state-owned
preference shares and hand the government a timely boost.
The plan to redeem the preference shares issued when the 15
percent state-owned bank was rescued in 2009 cuts its reliance
on the government less than two weeks before Ireland becomes the
first euro zone country to exit an EU/IMF bailout.
DUBLIN, Dec 2 (Reuters) – Bank of Ireland’s capital
adequacy ratios suffered a sharp drop on Monday after the Irish
central bank said it needed to make extra provisions for loan
losses as part of an industry-wide review.
Bank of Ireland said it was not required to raise additional
capital after the health check, carried out ahead of Ireland’s
exit from an EU/IMF bailout scheme, but noted that it was still
in talks with the central bank about the results of the review.
DUBLIN, Nov 28 (Reuters) – The number of Irish mortgages in
arrears for over 90 days rose at a slower pace in the third
quarter and fewer borrowers fell into early stage arrears in a
tentative sign that the home loan crisis may be stabilising.
Households’ bad debts are a major impediment to Ireland’s
hopes of economic recovery as it comes out of an international
bailout next month, deterring spending and raising questions
over whether banks will need more capital.
DUBLIN (Reuters) – The head of insurer RSA’s (RSA.L: Quote, Profile, Research) Irish unit resigned on Thursday, saying he had become the “fall-guy” in an investigation into allegations of accounting problems at the business.
Britain’s largest general insurer is looking into alleged irregularities and accounting issues at the unit going back at least two years after an internal audit of the business triggered a second profit warning in a week.
DUBLIN, Nov 28 (Reuters) – The chief executive of UK-based
insurer RSA’s Irish unit resigned on Thursday, saying he
had become the “fall-guy” in an investigation into problems with
the Irish business unit.
Britain’s largest general insurer is looking into claims of
irregularities and accounting issues at the unit going back at
least two years after an internal audit of the business
triggered a second profit warning in a week.