Tuesday 17 October 2017

Shelbourne loans deal

LOANS owed on Dublin's iconic Shelbourne Hotel have been snapped up for less than half the price.

US firm Kennedy Wilson has completed a deal that sees it pay $152m (€111m) - less than half the face value of the $310m of debt - to complete its deal for the St Stephen's Green landmark.

It is understood the debt - in the form of loan notes - is being acquired from Bank of Ireland and the liquidators of IBRC.

Bank of Ireland and the former Anglo Irish Bank provided €200m of debt to a group of businessmen to finance the acquisition of the building in 2004.

MORE MOODY'S LIFTS

Moody's has lifted the credit ratings of a number of Irish government-linked borrowers, following last Friday's upgrade of Government bonds.

Debt ratings for the ESB and Bord Gais were lifted to Baa2 with a positive outlook, slightly higher than the State's own debt rating.

Moody's also upgraded ratings for the Housing Finance Agency - a state agency that borrows short-term finance for local authorities here on the markets.

It also lifted the rating for DirectRoute (Limerick) Finance to Ba2, also government-backed, it was the vehicle used to finance the road tunnel under the Shannon outside Limerick city.

NEW CHIEF AT ZAMANO

ROSS Conlon has been appointed as the new chief executive and executive director of internet and mobile technology firm Zamano.

The businessman, who takes over with immediate effect has held a number of senior roles in Zamano since joining the group in 2007, including chief technology officer since mid-2010.

John Rockett, chairman of Zamano, said Mr Conlon was ideally equipped to lead the group through the next phase of its development, and paid tribute to outgoing chief Pat Landy.

TURKISH LIRA TUMBLES

THE Turkish lira fell to a record low after the central bank left interest rates unchanged.

Its currency dropped as much as 1.3pc to an all-time low of 2.2691 per dollar, before trading 0.6pc weaker yesterday in Istanbul. The country's central bank announced that it would leave its benchmark policy rate on hold at 4.5pc, failing to tackle an inflation rate it said will remain above target.

Over the past month, the lira has made a series of successive record lows as the country has become gripped in political scandal.

Irish Independent

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