Thursday 14 November 2019

Loan sales top €30bn

Loan portfolio sales in Ireland reached over €30bn last year with a strong 2015 expected.

European loan portfolios with a face value of €91bn were sold in 2014, up from €64bn the previous year, said accountancy giant PwC in an update from its Portfolio Advisory Group.

In 2014 commercial property market lending dominated transactions, accounting for over half the deals done - €49bn in face value, up from €18bn the previous year.

The UK, Irish and Spanish markets saw the most transaction activity, with banks based in these countries accounting for more than 75pc of all transaction volumes.

BAM in NUIG deal

BAM Group Ireland has signed a contract with NUI Galway for the design and construction of a new €30 million Human Biology facility.

The Human Biology Building is a new research and teaching facility for three University departments - Pharmacology & Therapeutics, Anatomy and Physiology.

The new 8,200m2 facility will be located on the south campus.

China beats US

China overtook the flagging United States to become the top destination for foreign direct investment (FDI) last year, according to the United Nations economic thinktank UNCTAD. The United States has long been the world leader in attracting FDI, traditionally made up mainly of cross-border mergers and acquisitions and new corporate projects overseas, but last year its net inflows fell by two-thirds to $86bn.

Shell in Arctic quest

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

Remote and costly to develop, the Arctic is estimated to contain 20pc of the world's undiscovered hydrocarbon resources and despite fierce opposition, plans for drilling north of the Arctic Circle are under way in the United States, Russia and Norway.

Denmark rate cut

Denmark's central bank has cut its benchmark rate for the third time in 10 days in an effort to defend the nation's currency peg.

The Copenhagen-based bank cut its deposit rate to minus 0.5pc, the lowest on record, from minus 0.35pc, it said in a statement yesterday.

It left its lending rate unchanged at 0.05pc.

"It is difficult to put a label on where the flows are coming from," Karsten Biltoft, head of communications at the bank, said.

"It is both domestic and foreign."

Irish Independent

Also in Business