AIB bondholders to get some cash back
THE International Swaps and Derivatives Association (ISDA) has ruled that AIB's decision not to pay a coupon on a subordinated bond has triggered what it calls a "failure to pay" credit event. This means bondholders are likely to be able to get some money back through credit default swaps (CDS) insurance. The decision overrides a previous announcement by ISDA that a restructuring event had taken place on June 9. A failure to pay credit event means that subordinated bondholders will probably get more money back than they might have expected from the restructuring credit event.
Varadkar names new CIE chiefs
TRANSPORT Minister Leo Varadkar has named the new chairmen of CIE and its three constituent companies, Dublin Bus, Bus Eireann and Iarnrod Eireann. The new chairman of CIE is management consultant Vivienne Jupp. Former secretary-general of the Department of Enterprise Kevin Bonner is chair of Dublin Bus; Paul Mallee, the president of the Chartered Institute of Transport and Logistics in Ireland, becomes chair of Bus Eireann; while the chair of Iarnrod Eireann will be Phil Gaffney, former managing director of the Hong Kong Metro.
Aviva Stadium wins international award
AVIVA Stadium has won the Best New Venue Award in the International Stadium Business Awards 2011. The awards were presented at a ceremony in FC Barcelona's Camp Nou stadium in Spain. Hundreds of nominations from around the world were narrowed down to a shortlist, judged by an independent panel of industry experts.
Broadband enjoys strong growth in Q1
A REPORT from the communications regulator shows strong growth in cable and mobile broadband in the first quarter of this year. Broadband subscriptions rose by 10pc from a year ago to just over 1.6m. Mobile broadband numbers jumped by more than 20pc compared with the same period last year, while cable grew by more than 33pc. DSL subscriptions -- broadband delivered over a fixed-line phone network -- fell for the first time, according to ComReg.