Tuesday 21 November 2017

What it says in the papers: business pages

Michael Cogley

Michael Cogley

Here are the main business stories from this morning's papers:

Irish Independent

* A subsidiary of Permanent TSB has been hit with a massive fine for denying its customers good-value tracker mortgage rates.

Sub-prime lender Springboard has to pay the Central Bank €4.5m, in what is one of the largest fines imposed on a financial institution by regulators in this country.

* The special liquidators of Irish Bank Resolution Corporation (IBRC) have secured court orders approving a process to govern their planned repayment of an estimated €100m in overcharged interest by the former Anglo Irish Bank.

The orders were sought arising from a High Court finding of 2011 that the bank had overcharged a businessman, John Morrissey, of Palmerston Road, Ranelagh, Dublin, €143,676 in interest on an overall sum of some €31.6m allegedly owed to it.

* Businessman Harry Crosbie "entirely repudiates" claims by a Nama company he is obstructing its efforts to establish his assets for the purpose of recovering a €77m judgment, his lawyer has told the Commercial Court.

National Asset Loan Management Ltd (NALM) has received €31m from sales of Mr Crosbie's secured assets but estimates a likely shortfall of €43m, plus costs, after selling the remaining assets.

The Irish Times

* US vulture fund Cerberus paid €1,900 tax on the €77m it made from its assets last year, new figures have shown.

Cerberus, which bought Nama's Northern Ireland loans, paid low tax due to its corporate structure here, which looks to take advantage of a tax break brought in in the 1990s.

* Permanent TSB will have to pay €4.5m for a fine imposed on it by the Central Bank after its former mortgage unit overcharged its customers.

The fine represents the highest penalty paid by a company that is regulated by the Central Bank of Ireland.

* Three companies have announced the creation of 700 new jobs in Dublin.

Professional network LinkedIn is to add 200 new jobs, while outsourcing firm Voxpro is to add 400 extra roles with West Pharmaceutical Services due to increase their headcount by 100.

Irish Examiner

* Social media giant Facebook could become the first tenant of the newly redeveloped Capitol cinema site in Cork's city centre.

The Zuckerberg-led firm is believed to be in talks with developers JCD over the top floor of the €50m building.

* Discount department store retailer Michael Guiney last year returned to profit after revenues increased by 7pc to €21.58m.

The retailer has 10 outlets across the country including stores in Dublin, Cork, Limerick, Castlebar, Tralee, Mullingar, Waterford and Clonmel and employs 197 people. New accounts show that it recorded pre-tax profits of €116,662 in the 12 months to the end of January 31st last.

* Shares in Swiss-Irish food firm Aryzta rose by 3pc on Monday despite the company reporting a 3.3pc dip in revenue.

The Cusine de France-owner posted total sales for the three months to the end of October of €962.3m.

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