Business World

Saturday 20 September 2014

Pressure grows on senior RBS banker

Published 11/01/2013 | 05:00

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THE most senior Irish banker in the UK faces the axe over alleged interest-rate rigging by traders at Royal Bank of Scotland (RBS).

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John Hourican, the £3.2m (€3.9m)-a-year head of investment banking at RBS, is understood to have come under pressure to step down last night as the bank nears agreement with UK regulators over alleged rigging of interest rates.

Mr Hourican, as global head of the investment bank, and Peter Nielson, its head of markets, are understood to have come under pressure to leave the bank. There is no suggestion that either knew about the alleged manipulation of Libor. Neither man has so far been asked to resign, the Irish Independent understands.

Top EU award for seven Irish firms

SEVEN Irish firms are now through to the final stage of the European Business Awards with each of them receiving the highly coveted Ruban d'Honneur.

With only 100 companies across the European region achieving Ruban d'Honneur status in the awards, it is a significant achievement for Ireland, according to the main sponsor, RSM Farrell Grant Sparks. The Irish companies are Netwatch, Aer Lingus, Glennon Brothers, Helix Health, Saongroup.com, Coillte and Translink.

IMF 'knows best' on our economy

THE European Commission admitted in a study of its forecasting record that the IMF does a better job of predicting what will happen to the Irish economy than the commission itself.

Researchers Laura Gonzalez Cabanillas and Alessio Terzi conclude that forecasts for Ireland and a handful of other countries are less accurate than forecasts for most other countries. Ireland's size and the unusual nature of the economy, which is highly dependent on exports and events outside the eurozone, make it particularly difficult to forecast growth here.

Bank of England keeps rates steady

BANK of England policymakers kept interest rates at record lows yesterday and held off from further economy-boosting moves despite fears of a triple-dip recession.

The bank's Monetary Policy Committee remained in "wait-and-see" mode again this month. It held rates at its record low of 0.5pc and maintained its quantitative easing programme at £375bn (€457bn).

Irish Independent

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