Sunday 27 May 2018

Central Bank mortgage deposit rules finally come into play

Paul O'Donoghue

after much to-ing and fro-ing with the Government, the Central Bank finally brought in their long-awaited mortgage deposit guidelines during the week.

Banks will now only be able to offer mortgages of 90pc to first-time buyers on properties worth €220,000 or less, with the deposit required rising to 20pc thereafter.

The rules were immediately called into question when it was pointed out that there are currently less than 400 houses for sale in Dublin under €220,000.

Jurys Inn chain sells for €910m

in a massive deal valued at just under €910m, US private equity group Lone Star Funds has snapped up the Jurys Inn chain of more than 30 hotels, which includes five Irish locations, from a group of investors.

The deal marks the end of Irish ownership in the chain, which was taken over by financier Derek Quinlan for over €1bn in 2007 before the recession caused its fortunes to plummet as its debts soared.

Ulster Bank speeds toxic loan sales

in a sign that the bank is willing to cut its losses on Irish loans, it is believed that Ulster Bank is planning to offload most of its toxic loans by the end of 2015 - that's a full year calendar earlier than had been originally planned.

While the bank has already sold most of its bad Celtic Tiger era loans, the Irish Independent reported that some of the assets yet to be sold by RBS will be tied to Ireland.

Guinness sales up after long wait

whereas it continues to fall out of favour abroad, the black stuff is making a comeback at home.

Guinness sales rose in Ireland for the first time in six years, by 1pc, contrasting with a 4pc decline internationally, while Diageo sales of €7.85bn were just under analysts forecasts.

Apple rings in world record profits

If you don't have an iPhone, you may well be the only one. Apple recorded record profits in the three months to the end of December, spurred on by its mobile division.

The company's net profit grew to $18bn, topping ExxonMobil's previous quarterly record of $15.9bn in 2012 and beating even the most ridiculously optimistic market estimates.

Sunday Indo Business

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