Friday 9 December 2016

What it says in the papers: business pages

Published 26/09/2016 | 06:59

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

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Irish Independent

* Bank of Ireland spent over €1m on an unsuccessful legal appeal in the first six months of this year.

In April, the UK Court of Appeal ruled against the bank's efforts to overturn a disputed Stg£27m tax bill dating back to 2003.

* Health Minister Simon Harris has confirmed that Ireland will launch a formal bid to house the European Medicines Agency (EMA).

He said attracting the EMA was "one of the more interesting opportunities" afforded by Brexit.

* More than three quarters of banks are concerned that part of their business will be lost to fintech companies, according to a new survey by PwC.

New entrants to the financial industry have identified customer frustration with banks as an opportunity, and banks fear being bypassed by start-ups, the report says.

The Irish Times

* Permanent TSB has completed its €2.8bn de-leveraging programme of its non-core assets here. The State-owned bank finished the programme with the sale of around €300m of commercial property assets.

The programme began three years ago in November 2013 as part of a restructuring plan agreed on by both the Government and the European Commission.

* Linked Finance is looking to raise €150m in liquidity funding and a further €5m in new equity funding to help it become the country's largest non-bank lender to SMEs.

The Irish peer to peer lender is to use the equity funding to hire new staff, increase its sales and marketing activity, and to add to its back office function.

* The Central Bank looks set to stick to its strict mortgage lending rules saying that even fine tuning the regulations could lead to financial instability.

Deputy governor Sharon Donnery said uncertainty would remain part of the economic landscape in Ireland over the coming years.

Irish Examiner

* Business confidence has hit its lowest point this year among Irish companies with uncertainties continuing to rise from Britain's decision to leave the European Union.

The overall economic pulse index from Bank of Ireland recorded a three point dip to 90.4 marking the lowest reading in 2016.

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