Wednesday 21 March 2018

Molloy's people: What's in a name? A lot if you're confused about Anglo

Thomas Molloy

Thomas Molloy

ALLIED Irish managing director Colm Doherty does not suffer fools gladly, so one wonders what the reaction was when he was handed a copy of the 'Daily Telegraph' at breakfast yesterday.

In an otherwise interesting interview with Central Bank Governor Patrick Honohan, the newspaper managed to confuse Allied Irish Banks with Anglo Irish Bank, leading to some hilarious lines for anybody outside the bank.

The paper reported that Honohan "fumed at the mere mention of AIB, which brought the country to its knees" and then quoted Honohan as adding for good measure that they "were egregious, in a league of their own".

While alert readers will have spotted that the AIB mentioned was Anglo, their suspicions would have been confirmed later in the article when the 'Telegraph' wrote "under Ireland's rescue programme the viable core of AIB's business will be cut from the wreckage".

Anybody familiar with AIB's plan knows it will be the other way round; it is the viable periphery which is being cut from the wreckage.

No summer blues

IT'S hard to know what is happening to the economy right now, but clearly not everybody is pulling in their horns judging by the country's biggest sporting events.

The RDS Dublin Horse Show had more than 80,000 guests while last weekend's AIB Ladies' Irish Open drew a record 35,000 to sunny Killeen Castle despite organiser Roddy Carr expecting attendance to be closer to last year's 15,000.

The FAI almost managed to fill their new stadium at €40 a head again on Wednesday, while over in Offaly it was much the same with around 50,000 people turning up for the Tullamore and AIB National Livestock Show over the weekend.

Down in Killarney, local hotels are still rubbing their hands following the 82,000-attendance at the Irish Open, which was the biggest since 1989. Is sport recession-proof or proof of a recession?

In the money

BANK of Ireland continues to hold talks with UK public housing company Connaught with the help of privately owned investment management firm Gleacher Shacklock.

Connaught, in which Bank of Ireland will probably end up owning a stake, is not the only company helping Gleacher to stay in business during these difficult times.

The investment firm is also helping Eircom as it battles to get its mountain of debt under control. Can nobody closer to home cash in on our misfortune?

Counting the beans

ERNST & Young is moving into the environment sector here and in the UK.

The company has announced ambitious plans to build a dedicated cleantech division capable of generating more than £100m (€121m) within the next three-to-five years.

The company has appointed Steven Lang, an 18-year veteran at Ernst & Young, to head the new Irish and British division.

Mr Lang will initially manage a team of more than 100 people but plans to build a team of about 300 clean technology specialists.

Irish Independent

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