Sunday 22 April 2018

In brief: AIB seeks approval for new chief executive

David Duffy, AIB
David Duffy, AIB Newsdesk Newsdesk

Allied Irish Banks has reportedly submitted the name of its proposed new chief executive to the Single Supervisory Mechanism of the European Central Bank for approval.

Final interviews have been held for the post of successor to David Duffy, according to 'The Sunday Times'. A spokeswoman for AIB declined to comment.

Mr Duffy led the bank since the end of 2011 and oversaw its return to profitability.

UK economy won't be fazed by election

The UK economy is set to remain unscathed by uncertainty surrounding next month's general election, according to a report to be published today.

An improvement in the euro area and weak price growth will allow gross domestic product to continue expanding, EY's Item Club says. It forecasts that GDP will rise 2.8pc this year and 3pc in 2016.

"The economy is taking the general election in its stride as 'noflation' trumps politics," Peter Spencer, chief economic adviser to Item Club, said.

"The Eurozone recovery is bedding in and completes the positive UK growth picture that we anticipate."

Deficit to fall below 2pc in 2015 - Goodbody

The budget deficit will fall to below 2pc this year as tax revenues come in more than €2bn ahead of target for the year, Goodbody stockbrokers has said.

It said the deficit will fall back to 1.9pc this year - well ahead of the 2.7pc expected by the Government and well within the below 3pc target laid down by Europe.

In its latest economic assessment, Goodbody said the Government could have an easier budget, with attention focused on lower income tax to incentivise work, capital spending and targeted tax breaks for housing and entrepreneurs.

Goodbody expects the economy to grow by 4.3pc this year and 4pc next year.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business