Business

Monday 20 February 2017

In brief

Published 24/06/2015 | 02:30

The Nevin Economic Research Institute (Neri) has branded government plans for a 50:50 split in Budget 2016 between spending increases and tax cuts as inappropriate.

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In its latest assessment of the economy, the trade union-funded think-tank said long term economic growth, employment and equity goals by boosting public capital investment levels.

"In addition, we argue for a modest increase in social spending funded by a set of growth-friendly reforms to increase total government revenue," Neri said.

KPMG probe

Britain's accounting watchdog is investigating how auditors KPMG made sure that Bank of New York Mellon's London branch complied with rules on keeping customer money safe.

"We are committed to setting the highest standards in our work and will cooperate fully with the Financial Reporting Council (FRC) in its enquiries," a KPMG spokesman said.

The FRC fined BNY Mellon, the world's biggest custody bank, £126m (€177m) in April for failing to keep customer money safe during the financial crisis.

KPMG, one of the world's "Big Four" accounting firms, was responsible for reporting to the financial regulator that BNY Mellon was complying with rules on the safe-keeping of customer assets.

BNY's rule breaches spanned nearly six years from November 2007 to August 2013. (Reuters)

Aer Lingus loans

IAG has lined up Spanish bank Santander along with Deutsche Bank, Bank of America and its own subsidiary British Airways as lenders for the €1.4bn bridge loan to buy Aer Lingus.

The financing is a bridge loan maturing on May 26 2016, a temporary debt facility that can be extended until the following but is structuired to be replaced in the longer term, probably with bonds or a corporate loans.

The debt is being raised to fund IAG's bid to buy Aer Lingus, which remains in the balance pending a decision from biggest shareholder Ryanair which has yet to say one way or another whether it will accept the offer for its almost 29pc stake. Ryanair itself has been blocked from buying Aer Lingus by competition authorities.

Irish Independent

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