Thursday 25 December 2014

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The Sunday business post

Published 17/02/2014 | 02:30

NAMA has been asked by the Government to examine a rapid disposal of its remaining €22bn loan book, as part of an "overarching review" of the State's mammoth bank.

Michael Noonan, the Finance Minister, has told the agency to consider selling off large portions of its loan book through a small number of big-ticket portfolio deals, in order to tap into the growing international demand for Irish assets.

FINANCE Minister Michael Noonan has ruled out a safety net for homeowners whose mortgages are sold to vulture funds until after the disposal of the Irish Bank Resolution Corporation (IBRC)€1.8bn mortgage loan book.

His priority is to get the best price for the former Irish Nationwide mortgages, even if this means 11,000 homeowners will lose consumer protection rights. They will lose the protection of the Central Bank's code of conduct on mortgage arrears if their loans are sold to unregulated entities, which would also be outside the reach of the Financial Services Ombudsman.

The new building could bring the total amount invested in Irish property by the California-headquartered company, which employs 2,500 people here, to €500m. Google and other US technology giants have come in for criticism over allegations that they are merely using Ireland as a tax base.

BRITAIN'S retailers are overwhelmingly against Scottish independence and are concerned about the impact it could have on their businesses.

The 33 top retail chairmen were "consistently negative" when asked about Scotland First Minister Alex Salmond's plan for independence in a survey by headhunter Korn Ferry and British Retail Consortium.

French Finance Minister Pierre Moscovici wants the former head of risk at UBS France Francoise Bonfante to give up her post at France's AMF financial regulator.

UBS France is under investigation by Paris prosecutors for client practices. The firm said it does not tolerate any attempt to help clients avoid taxes.

Irish Independent

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