Business Irish

Tuesday 23 May 2017

BoI confirms listing notes with exchange

Bank of Ireland (BoI) yesterday confirmed it had listed €1.9bn of notes from its mortgage-covered securities programme with the stock exchange so it could continue to draw money from the European Central Bank (ECB).

NCB's head of fixed income sales Cathal O'Leary said the move was a "simple exercise to maintain ECB eligibility of their mortgage assets". "This is not new to Ireland as other banks have had to do the same thing when they were downgraded," he added. (Bloomberg)

Elan links up with research company

Elan has announced an agreement with contract research company PPD. Under the agreement, PPD will be the main provider of the services needed to develop Elan's products. These include project and data management, biostatistics and medical monitoring. Elan said it would retain ownership of its assets and accountability for making decisions on the strategy for its portfolio.

Barclays' Lehman deal 'flawed but fair'

BARCLAYS' takeover of much of Lehman Brothers' US operations in 2008 was flawed but fair, a judge in New York has ruled. Lehman had sued Barclays for $11bn (€8bn) in damages, claiming the bank was given special treatment. However, while the judge said the sale process was "imperfect", it was still "adequate" under the circumstances. Barclays bought Lehman's US operations in a hastily-arranged sale at the peak of the credit crisis in September 2008.

Start-ups benefit from fund backing

THE Propeller Accelerator, part of the DCU Ryan Academy for Entrepren-eurship, has released details of the first group of companies funded and supported under its mentor-led programme. These start-ups, five from Ireland and one from Britain, cover key technologies such as mobile applications, e-commerce and social media. Associate Mobile, Fantom, GreenEgg Technologies, HealthComms, Simple LifeForms and Vendorshop all get €30,000 in funding and are expected to create a total of 40 jobs.

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