Sunday 24 September 2017

BoI ups rates on UK tracker mortgages

UP to 13,500 Bank of Ireland and Bristol & West mortgage customers in the UK will see their monthly mortgage costs as much as triple after the terms of their base-rate tracker deals were changed.

The Irish bank said a "special condition" clause contained in loan agreements allowed it to increase the interest rate differential on some of its UK base-rate tracker mortgages. Experts said there was no special condition in Irish tracker mortgage accounts.

Banks less reliant on crisis funding

CENTRAL Bank support for the Irish covered banks fell further in January and now stands at its lowest level since the end of the original blanket bank guarantee in September 2010.

For the system as a whole, including foreign banks operating in Ireland, ECB borrowing fell by €900m to €70.1bn. Covered banks, including AIB, Bank of Ireland and Permanent TSB, accounted for about 70pc of the support, falling by €700m in January.

Unicare boss now director of Celesio

UNICAREPHARMACY Ireland boss Cormac Tobin has become managing director of Celesio UK, which owns the Lloyds Pharmacy and wholesale brands there and sells healthcare services to the NHS.

Mr Tobin joined the Unicarepharmacy chain in 2006 and the group has since won gongs such as 'Company of the Year' and 'Employer of the Year' at the Retail Excellence Awards.

Ryanair reduces Stansted traffic

RYANAIR is cutting its traffic at Stansted Airport – its busiest base – by 9pc after outgoing owner BAA raised charges by 6pc.

Ryanair said it had planned to increase its Stansted traffic by 5pc from the current 12.5m figure.

BAA, controlled by Spain's Ferrovial, has agreed to sell Stansted to Manchester Airports. Ryanair said it has asked the Civil Aviation Authority to probe the price hike. Manchester Airports is paying £1.5bn (€1.1bn) for Stansted.

Marketspreads changes name

MARKETSPREADS, the Irish spread betting firm which uncovered "serious irregularities" by former directors and management, is changing its name to Shelbourne Markets from today.

The company has rebounded from difficulties last year and is about to launch new business-to-business services.

Irish Independent

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