Connect to share and comment

Ireland risks slip from EU poster boy to problem child

By Padraic Halpin and Sam Cage DUBLIN (Reuters) - As Ireland teetered on the edge of bankruptcy in October 2008, its then-finance minister Brian Lenihan hailed the government's rescue of its banks as the "cheapest bailout in the world". Five years later, the bank rescue has cost 64 billion euros - 40 percent of annual output - and condemned Ireland's 4.6 million people to years of austerity.

Irish PM shocked by 'vulgar' Anglo Irish Bank tapes

Irish Prime Minister Enda Kenny said Friday he was thunderstruck by leaked tapes at the centre of a scandal at the bailed-out Anglo Irish Bank which he said has tarnished Ireland's reputation. But Kenny said after an EU summit in Brussels that he hoped his fellow European leaders realised that the conversations revealed in the tapes belonged to the past, and Ireland had worked hard to mend it ways.

Anglo Irish Bank tapes show brusque demands by failed lender

Bosses of Anglo Irish Bank were ordered to go to Ireland's central bank with "arms swinging" to demand a multi-billion-euro taxpayer bailout, according to the latest in a series of embarrassing leaked recordings. The transcript of the tapes, the latest published Thursday by the Irish Independent newspaper, have prompted a promise from the government that it will open an inquiry into the bailout of the bank, one of the institutions whose rapid fall from grace epitomised the Irish financial collapse.

Co-op Bank investors hire U.S. law firm to fight losses

By Matt Scuffham LONDON (Reuters) - U.S. law firm Brown Rudnick has been hired to represent small investors in Britain's Co-operative Bank who are fighting for a better deal in its 1.5 billion pound ($2.3 billion) rescue plan, sources familiar with the matter said. The bank's parent, the Co-operative Group <CWSGR.UL>, is making bondholders swap their debt at a discount of at least 30 percent for new bonds and equity in the bank, which will be listed on the London Stock Exchange.

Bank of Ireland plans first unsecured bond issue since crisis

DUBLIN (Reuters) - Bank of Ireland <BKIR.I> plans to issue a senior unsecured bond for the first time since the financial crisis forced Ireland to take an international bailout, the bank said on Tuesday. The bank has appointed BNP Paribas <BNPP.PA>, Deutsche Bank <DBKGn.DE>, Morgan Stanley <MS.N> and Royal Bank of Scotland <RBS.L> to manage the bond issue, which it expects will be launched in the near future, a Bank of Ireland spokeswoman said.

Irish deposits rose in March despite Cyprus fears

DUBLIN (Reuters) - Deposits held by Ireland's domestically-owned banks rose by 0.6 percent in March, data from the country's finance department showed on Wednesday, indicating no knock-on effects from the tax on savers imposed under Cyprus' bailout last month. Deposits at Bank of Ireland <BKIR.I>, permanent tsb <IPM.I> and Allied Irish Banks Group <ALBK.I> rose by 0.9 billion euros (773.31 million pounds) to 155.6 billion euros due to strong retail inflows, the department said.

Irish financial regulator Elderfield to step down

By Laura Noonan and Conor Humphries DUBLIN (Reuters) - Ireland's financial regulator Matthew Elderfield said on Tuesday he would quit after three years in which he overhauled a dysfunctional system of bank oversight and pressed lenders to deal more quickly with bad debts. Elderfield was hired in 2010 to overhaul a watchdog that had failed to rein in years of reckless lending that pushed the Irish economy and banking sector to the brink.

Rescued Irish bank AIB posts soaring annual losses

State-rescued Allied Irish Banks on Tuesday announced soaring annual net losses, despite massively scaling down its provisions for bad loans. The bank's after-tax loss jumped to 3.6 billion euros ($4.6 billion) in 2012, compared with a shortfall of 2.3 billion euros in 2011, AIB said in a statement. Allied Irish Banks, once one of Ireland's biggest banks, is almost fully state owned after receiving enormous taxpayer funds following Ireland's own financial rescue by the EU and IMF.

Rescued Irish bank AIB posts soaring annual losses

State-rescued Allied Irish Banks on Tuesday announced soaring annual net losses, despite massively scaling down its provisions for bad loans. The bank's after-tax loss jumped to 3.6 billion euros ($4.6 billion) in 2012, compared with a shortfall of 2.3 billion euros in 2011, AIB said in a statement. Allied Irish Banks, once one of Ireland's biggest banks, is almost fully state owned after receiving enormous taxpayer funds following Ireland's own financial rescue by the EU and IMF.

Irish banks told to cuts costs by up to 10 percent

DUBLIN (Reuters) - Ireland wants its main banks to cut their wage bills by as much as 10 percent after a new report on Tuesday showed that pay rates at Irish banks increased between 2008 and 2012, as the country waded through the depths of its economic crisis. The government said its state-supported banks AIB <ALBK.I>, Bank of Ireland (BOI) <BKIR.I> and Permanent TSB <IPM.I> must cut salary and pensions costs and also wants them to implement new working arrangements to deliver savings.
Syndicate content