Tuesday 23 May 2017

UK regulator's new rules for Irish banks

BANKS

BANK of Ireland's UK operation and AIB's Northern Ireland-based First Trust will have to "prominently display" the compensation available to savers under new rules proposed by the UK regulator. The rules mean banks that are covered by the UK guarantee scheme will have to publicise the fact that savers can claim back £85,000 (€100,000) of their cash if the bank goes down.

Shoppers urged to help save local jobs

RETAIL

INDEPENDENT grocers have urged consumers to shop locally this Christmas to support jobs and boost the local economy. A new report, commissioned by the grocers group RGDATA, has found that money spent in a locally owned shop generates over three times more in the local economy, as opposed to money spent in a foreign-based store. The report also urged the Government to address the issue of access to credit for small businesses.

Credit Agricole to cut 2,350 jobs

BANKING

FRENCH banking group Credit Agricole said it was cutting 2,350 jobs around the world but would still post a profit this year, although it would not pay shareholders a dividend. It said, "Against challenging market conditions the Group will post a profit for 2011", despite its main listed entity suffering a loss due to exceptional write-downs of €2.5bn.

Ireland falls to 22nd in financial index

FINANCIAL MARKETS

IRELAND has fallen to 22nd place in a World Economic Forum index on financial development, down from 18th place last year. According to the WEF, Hong Kong is now the world's most developed financial market. It has overtaken the US and the UK for the first time.

Lloyds boss back to work after illness

BANKING

THE boss of Lloyds Banking Group is to return to work in January after making a full recovery from illness, the company said yesterday. Lloyds shares slumped in November after it emerged its high-flying chief executive Antonio Horta-Osorio was suffering from exhaustion. Lloyds also said that its preferred option for the disposal of some 630 retail branches was to sell them to mutually-owned conglomerate The Co-Operative Group.

Philip Lynch court ruling

Clarification

The Irish Independent stated on Friday that Mr Justice Peart noted that Philip Lynch's family would have gone ahead with a €25m loan regardless of the incorrect legal advice given. The judge determined "there is no doubt that the advice given on the 8th February 2007 was wrong. It is that advice which resulted in their personal liability for the amount of the loan, in spite of submissions made that they would have completed this transaction anyway".

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