Author: Practicenet

The UK triggering Article 50 will soon be forgotten – then the hard negotiations start

On Wednesday, the UK prime minister is scheduled to ­’trigger’ Article 50 of the Treaty on European Union to announce to the 27 other EU member states that the UK intends to leave the union. It will be no surprise. On June 23 last a majority of voters in the UK and Gibraltar voted in […]

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Ireland joins China-led Asian bank in bid to boost links

Ireland’s application for membership of the China-led Asian Infrastructure Investment Bank (AIIB) has been formally approved. Ireland is one of 13 applicants to the new Beijing-based international financial institution whose membership was approved yesterday. It is the first time the AIIB has welcomed new members since it inception, the multilateral financial institution said. The approved […]

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Banks grab €233bn in free ECB loans as Draghi warns on profits

Euro-area lenders took €233.5bn in free long-term loans from the European Central Bank as they prepare for the potential end of extraordinary stimulus. The take-up in the last of the ECB’s Targeted Longer-Term Refinancing Operations (TLTROs) – four-year loans at a rate that starts at zero and could go lower – compares with a median […]

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Sterling boost as UK retail sales surge beats predictions

The pound jumped yesterday after retail sales in the United Kingdom beat expectations, despite rising inflation. It comes just days after it was announced that inflation in the UK crashed through the Bank of England’s 2pc target last month, pushed up by rising food and fuel prices. Data from the Office for National Statistics (ONS) […]

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C&AG will no longer be Nama’s sole auditor as outside firm to be hired

The State’s Comptroller and Auditor General (C&AG) will no longer be sole auditor of Nama’s group entities, with the bad bank now drafting in a firm to undertake statutory audit work for the next three years, when the agency expects to be wound up. The C&AG has previously defended its role as Nama’s only auditor […]

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PTSB set to lure suitors with toxic loan book

Permanent TSB will finalise a clean-up strategy for its problems loans, including mortgages, by mid-year, the Irish Independent has learned, in a move designed to end investor uncertainty about the mounting regulatory pressures facing the lender. Global distressed-debt funds are circling the troubled residential mortgage portfolio of State-backed Permanent TSB, amid intensifying expectations the recovering […]

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Profits fall at financial firm IFG by more than 25pc

Profits before tax at Irish listed financial firm IFG fell by 26pc last year to £6.4m(€7.3m), according to preliminary results for 2016 released this morning. Adjusted profit at the company fell by 14pc to £10m(€11.5m) last year, while earnings per share dropped by 7pc over the course of the year. IFG said it had incurred […]

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ISIF puts €50m into ex-Goldman chiefs’ financial firm fund

A FUND run by former executives at Goldman Sachs has received €50m from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland. Reverence Capital Partners Opportunities Fund is run by former Goldman bankers Milton Berlinski, Peter Aberg and Alexander Chulack. The firm is an investment fund that focuses on middle market […]

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Bank of England’s Carney plays down 2.3pc jump in UK inflation

Inflation in the United Kingdom crashed through the Bank of England’s 2pc target last month, pushed up by rising food and fuel prices. The data highlights in part the impact the Brexit vote has had on the pound. Consumer prices increased by 2.3pc – faster than expected by economists – and marking the biggest annual […]

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Irish entrepreneur initiative adds another €5,000 to winnings in hunt for your bright ideas

An initiative that aims to encourage and support Irish entrepreneurs has thrown a little more bait in the pool to entice more ambitious minds. Social Entrepreneurs Ireland are now adding an extra €5,000 to the winnings that applicants can vie for as part of their 2017 Awards Programme The DCC supported project recognises and rewards […]

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