In Brief: IBRC liquidators in talks with workers
The special liquidators of Irish Bank Resolution Corporation (IBRC) yesterday began talks with IBRC employees in London and Belfast working on the NAMA loan book within IBRC.
The employees may be made redundant. Employees working in London and Belfast have been shielded from the effects of the liquidation so far. NAMA now plans to transfer the servicing of the NAMA loan book within IBRC to NAMA's appointed loan service providers, Capita Asset Services, within months.
FIRST DERIVATIVES PLACES NEW SHARES
Northern Ireland-based software and consulting company First Derivatives said it has placed 840,000 new shares to raise about £4.7m (€5.49m).
The company said it made the move after an investor road show was "significantly oversubscribed". First Derivatives will use the money for working capital to fund growth. "This placement has seen us continue to widen our shareholder base as part of the continuous development of the group,'' chief executive Brian Conlon said.
STANDARD LIFE FUNDS DELIVER
INVESTMENT company Standard Life said its new Myfolio products had delivered returns of between 7.5pc and 16pc since their launch last year.
The Myfolio family of five multi-asset funds have had different returns, depending on the fund chosen. Lower risk funds in the portfolio had lower returns. Standard Life's Aisling Doherty said: "They've done what they were supposed to do. The performances are like steps on a stairs; investors have received returns in line with the amount of risk taken."
UK HOUSING MARKET 'GATHERING PACE'
UK house prices have recorded their fastest growth in almost three years in a further sign that the market is gathering pace, Nationwide has reported. The annual increase of 1.9pc registered in June pushed average UK prices to £168,941 (€197,558), marking the strongest year-on-year uplift seen since September 2010.
On a month-on-month basis, house prices rose by 0.3pc in June, marking a slight slowdown compared with a 0.4pc rise recorded the previous month. The building society said that UK government efforts to kickstart the market, as well as a lack of available homes to choose from, were helping to bolster house prices.