Sunday 11 December 2016

Anglo is closing sale of its US loan book

FINANCE

Published 27/10/2011 | 05:00

ANGLO Irish Bank last night confirmed that it had begun closing the sale of its $9.2bn (€6.6bn) US loan book and had already transferred over loans with a face value of $3.5bn to their new owners. The news comes a week after the Irish Independent reported that Anglo had taken deposits from Wells Fargo, JP Morgan Chase and Lone Star for the US assets. Previous reports have suggested the loans were sold at an average discount of 20pc. The $3.5bn received will be used to repay a $1bn (€700m) Anglo senior bond that falls due next Wednesday and will also help the bank reduce its net borrowings.

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Firm fined over sale of insurance items

REGULATION

THE Central Bank has fined a Sligo-based company €10,000 and reprimanded it for breaching guidelines on the sale of insurance products to consumers. Regulators said McSharry & Foley Ltd applied fees to some customers which were above those advised in its terms of business document. These came to more than €32,500 over a five-year period to October 2009. The bank said the firm also applied charges to rebates due to customers without their written agreement.

McDonald's profits in Ireland take a dip



FOOD

FAST-FOOD group McDonald's said its Irish restaurants made a profit after tax of €11.1m last year, down from €11.5m in 2009. The company said sales and customer numbers rose compared with 2009, despite tough economic conditions and low consumer confidence. It also benefited from lower commodity costs, but also spent €5m on refurbishing 17 of its restaurants. McDonald's Restaurants of Ireland revealed that it paid €2.7m in tax on its profits last year.

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