Monday 23 October 2017

Ecofin meeting to speed up capital markets union

On Wednesday, ECB president Mario Draghi will address a Bank of England open forum in London on the future direction for financial regulation
On Wednesday, ECB president Mario Draghi will address a Bank of England open forum in London on the future direction for financial regulation
John Mulligan

John Mulligan

This week will be reasonably busy on the corporate results side, with Kingspan, Irish Continental, Permanent TSB, Hibernia REIT, and DCC all out with either interims or quarterly updates.

One of the most important events of the week, from an EU perspective at least, is tomorrow's Ecofin gathering of EU finance ministers.

The EU intends to fast-track a plan to ultimately create a capital markets union (CMU).

The ministers are expected tomorrow to agree a common position on the plan.

Among the elements of CMU is a plan to boost debt securitisation.

On Wednesday, ECB president Mario Draghi and Bank of England governor Mark Carney will both address a Bank of England open forum in London on the future direction for financial regulation.

At Permanent TSB, much of the focus will be on the bank's pace of lending during the third quarter, how costs are playing out, and the process of deleveraging. Davy is forecasting new mortgage lending totalling €420m at Permanent TSB for this year, compared with €187m in the first half of the year. That would give it about a 10pc share of the market.

Irish Continental, whose passenger ships operate under the Irish Ferries brand, will continue to benefit from cheaper fuel as well as increases in tourist numbers to Ireland, boosted in part by the weakness of the euro against sterling.

On Thursday, the Central Bank's director of policy and risk, Gerry Cross, will address the Association of Compliance Officers of Ireland annual conference. On Friday, the Central Bank releases retail interest rate statistics and the October financial statement.

There will also be some key economic data from across Europe and the US this week, as well as an OECD economic outlook that is published today.

Tomorrow, the International Energy Agency will also release its global outlook.

It will present updated projections for the evolution of the global energy system to 2040.

Irish Independent

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