Monday 19 August 2019

What it says in the papers: business pages

Michael Cogley

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

Irish Independent

* London-based finance houses will start taking decisions about relocating, potentially to Ireland, in the first half of next year, according to the Central Bank. An increasing number of global insurers are "considering seeking a new authorisation in Ireland, particularly to locate their headquarters for European business in Ireland rather than the UK", the Central Bank said in its annual Macro Financial Review.

The Review, launched by Deputy Governor Sharon Donnery, includes the clearest signal yet from the Regulator that Brexit is having a definite effect on the financial services landscape. Overall, the Central Bank thinks the UK decision to leave the European Union poses more risks than benefits to Ireland.

* The country's motor insurers all remained loss-making in the first half of 2016, according to the Central Bank.

The stark figures are a signal that there is little hope of relief for customers who have suffered massive insurance premium hikes over the past year.

* The number of Ulster Bank customers due to get refunds and compensation for being overcharged when they lost tracker mortgages may rise, the bank said.

It is estimated that about 2,000 Ulster Bank mortgage customers are due to be restored to low-cost tracker rates and be refunded overcharged interest, but the bank said this number may rise.

The Irish Times

* A 4pc cap on rent increases in Dublin and Cork is set to be introduced next year after Fianna Fáil withdrew the majority of its objections to the plan.

Housing minister Simon Coveney published the plan to help tackle surging rents in "high pressure zones" in both Dublin and Cork.

* The Central Bank believes UK companies that are affected by Brexit will have decided where they will relocate to in the first half of next year.

Director of credit institutions Ed Sibley said further deliberation on jurisdiction is expected in the opening quarters of 2017.

* Dublin firm the Irish Fairy Door Company received a bumper Christmas boost after its product was endorsed by Kourtney Kardashian on social media.

Ms Kardashian, who has 86 million social media followers, posted online about her son losing a tooth and put a picture of one of the doors with his name on it online.

Irish Examiner

* Brexit is just a number of risks facing the Irish banking sector despite the fact the immediate fallout of the referendum was less severe than expected, Central Bank deputy director Sharon Donnery has said.

Ms Donnery said the immediate effect from Brexit on the Eurozone economy had been relatively muted so far.

* New routes between Cork and the US may have a negative effect on Shannon airport, the chief operating officer of Aer Lingus has said.

Mike Rytter said new routes provided by Norwegian Air between Cork and the US are unlikely to have a major effect on Dublin but may hit business at Shannon.

Online Editors

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