Business Irish

Wednesday 21 February 2018

Fitch backs BoI on mortgage hike

RATINGS agency Fitch has backed Bank of Ireland's controversial move to increase interest charges for its UK home-loan customers.

Fitch said a funding vehicle that it rates, Bristol & West RMBS, could benefit from the planned increase, thanks to the increase in cash flows. But it also warned that higher monthly mortgage bills could lead to a rise in arrears.

Bristol & West is Bank of Ireland's mortgage lending arm. It is raising rates on tracker products to 2.49pc over the Bank of England's base rate on May 1, and then again to 3.99pc on October 1. UK buy-to-let tracker rates will rise in one go to 4.49pc over the base rate on May 1.

NTMA may unveil new 10-year bond

THE National Treasury Management Agency may announce the sale of a new 10-year bond today, investors have said.

The NTMA has not made a formal statement about when it might finally begin selling a new, long-dated bond but Finance Minister Michael Noonan said in London two weeks ago that it would probably issue a 10-year bond in the first half of this year.

"I think the issuance will be 10-year and that will be one of the serious tests of market conditions and of our ability to get back into the market," Mr Noonan said at an event hosted by Bloomberg.

Chill signs deal to sponsor Cork GAA

CHILL Insurance, the independent insurance broker, has signed a three-year sponsorship deal for the Cork senior and under-21 football and hurling teams.

The Irish insurance broker has trebled in size over the past two years and employs over 150 people. It has plans to create a significant number of additional jobs in the coming year.

Ryanair's great leap backwards

RYANAIR has said its February traffic fell by 3pc when compared with the same month last year after the airline grounded up to 80 of its aircraft.

The carrier said that February 2012 was a leap year and thus had 29 days, which accounts for a further 3pc drop in traffic this year.

Regulator named as top accountant

DIRECTOR of corporate enforcement Ian Drennan has been named the Association of Chartered Certified Accountants (ACCA) Ireland's accountant of the year 2013.

The ACCA's president, Tom Murray, said Mr Drennan had made a significant contribution to the profession.

Irish Independent

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