A LOAN backing an Irish commercial mortgage bond failed to repay at maturity after the underlying properties halved in value.
The €373m interest-only loan matured on January 15 and a three-day grace period ended without repayment, according to a statement from Hypothekenbank Frankfurt. The loan is secured against 16 Irish properties including the Stillorgan shopping mall and was originally borrowed by Real Estate Opportunities Ltd, which filed for administration in 2011.
'Significant' gold results announced
EXPLORATION company IMC yesterday reported what it said were significant gold results from its Wexford licence area.
This follows on from positive test results in December showing some of the highest recorded gold grades ever found in Ireland, the company said in a statement.
Adjournment in bankruptcy case
BANKRUPTCY proceedings against high-profile Dublin solicitor Brian O'Donnell and his wife Mary Patricia have been adjourned.
The O'Donnells, who owe more than €75m to the Bank of Ireland, recently lost a court bid in London to be declared bankrupt there, and have now launched proceedings to have that decision rescinded, the High Court under Ms Justice Elizabeth Dunne heard yesterday.
Employers fear a skills shortage
EMPLOYERS fear that a lack of access to the skilled workers they need will impact on their ability to grow their businesses. Seven out of 10 employers fear a skills shortage will impact on their firms.
The research was conducted for Accenture by Amarach Research, which surveyed 100 large and medium employers in Ireland and 1,000 members of the general population.
Bankers fear no bonus for the year
TWICE as many London bankers fear a zero bonus in the current pay season compared to a year ago, according to a new survey.
Financial services recruitment firm Astbury Marsden said a poll of bankers in London showed 22pc are not expecting a bonus of any kind from pay awards covering 2012. This compares with 11pc a year ago. Astbury Marsden said 44pc of those polled cited that pressure as negatively impacting their pay.