Wednesday 26 October 2016

What it says in the papers: business pages

Published 11/10/2016 | 06:54

Here are the main business stories from this morning's papers:

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Irish Independent

* Ulster Bank has sold its €2.5bn 'Project Oyster' book of problem loans to Cerberus - the buyer of Nama's controversial Northern Ireland portfolio.

The loans sold by Ulster Bank include more than 900 family mortgages, which are all in deep arrears.

* KBC Ireland has been fined €1.4m and reprimanded for breaching rules on lending to people or other entities connected to the bank.

It's the largest fine ever levied by the regulator under the rules, reflecting the fact that multiple breaches of the code occurred from September 2012 to February this year.

* Dublin was the fastest-growing large European airport during August, with passenger numbers rising by 9pc that month to just under three million, according to new data from Airports Council International (ACI).

In the eight months to the end of August, it handled 18.9 million passengers, 12pc more than that in the corresponding period in 2015.

The Irish Times

* Europe's biggest bank Deutsche Bank received 'special treatment' during the EU summer stress tests, it was claimed yesterday.

According to a report in the 'Financial Times', Deutsche's results included the $4bn intake the bank received from the sale of its stake in Hua Xia.

* An offer of over €600m has put Germany's biggest public pensions group Bayerische Versorgungskammer in prime position to land the Liffey Valley Shopping Centre.

The property was put up for sale last July by owners Hines, HSBC, and the Grosvenor Group.

* Ulster Bank's €2.5bn-valued Project Oyster loan portfolio has been sold to US private equity firm Cerberus. The price paid for the loans has not been disclosed.

The majority of the loans were based in the Republic with around 71pc relating to business loans.

Irish Examiner

* KBC Bank Ireland has been fined €1.4m for a breach of rules around the granting of loans to directors, managers and their families.

The Central Bank, which fined KBC, said the breaches occured on 18 occasions over a period stretching from 2012 to February of this year.

* The average pay at a Dublin- based consultancy firm that carried out a report on pay at Irish banks increased to €85,635 last year.

New accounts filed by Mercer Ireland Holdings Ltd show that the average pay for the 438 employed at the firm increased from €82,979 to €85,635.

* Global provider of data-elimination Wisetek is to add 20 new roles after opening a its first secure operations facility in Dublin.

The jobs will be spread across both its base in Cork and its new location in Dublin, where it offers a range of services including the financial management of clients' used IT infrastructure equipment.

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