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BoI poised to sell fund unit for €50m

FINANCE AVIATION HOSPITALITY FINANCE AWARD

Published 23/02/2011 | 05:00

BANK of Ireland is poised to sell its fund administration unit to Northern Trust for more than €50m.

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An agreement to sell Bank of Ireland Securities Services may be announced as soon as this week. The unit services about €100bn of assets.

"The bank can confirm it's in exclusive discussions with a third party with regard to the sale of the business," said a spokeswoman for BOI.

Heathrow owners halves its losses

HEATHROW Airport owner BAA more than halved its loss in 2010 compared to 2009 as more passengers took to the skies.

BAA, which is owned by Spanish group Ferovial and which has been ordered to sell Stansted Airport, posted a loss of £316.6m (€374m) partly due to the "exceptional" performance of its retail unit.

Five-star hotel hit by €39m downturn

ONE of the country's best known hotels, the five-star Ashford Castle in Co Mayo, recorded combined pre-tax losses totalling €39m in 2009 and 2008. In accounts just filed by Ashford Castle Estate Ltd, the company recorded a pre-tax loss of €16.1m in 2009 and this followed a pre-tax loss of €23.1m in the 13 months to the end of December 2008. The filings show that the company wrote down the value of its fixed assets by €21.97m in 2008 and €14.9m in 2009.

Agency ups Bank of Ireland's debt rating

Ratings agency Standard & Poors yesterday upped its ratings on Bank of Ireland's hybrid debt instruments, pointing to the bank's recent comments that it would resume coupon payments on the debt. The instruments now enjoy a 'CC' rating, one notch better than their previous 'C' but still ascribing 'junk' status to the debt.

Freight firm wins excellence award

THE Pallet Network, Ireland's leading freight and transport service provider, and Independent Express Cargo, have together been awarded the 'Excellence Through People Standard'. The transport group has achieved the award for implementing improved performance and achieving business goals through their employees.

Irish Independent

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