Saturday 24 March 2018

New watchdog for credit unions

CENTRAL Banker Sharon Donnery has been appointed to regulate the credit unions. Ms Donnery is currently head of division with the Central Bank's consumer protection division. She is an economist and joined the bank in 1996.

She will take up the new position on February 1, replacing James O'Brien, who is moving to the Middle East to take up a job in regulation.

UK bank to boost SME lending here

UK private bank Close Brothers said it plans to step up its lending in the Republic after appointing new sales staff in Munster. Close has stepped in in recent years to partially fill the gap left by the likes of Anglo and ICC Bank. Now it has appointed Willie John Manley as sales director for Munster.

The company, which provides "tailor-made funding packages to SMEs and large businesses", said it has positioned Mr Manley as part of a team that reports to Adrian Madden, to enable businesses access to critical working capital.

Shareholders' €1m saves bakery

A COURT protection application for a troubled Galway bakery has been withdrawn after a judge was told that a majority of shareholders in the company are to invest €1m to restore its solvency.

An interim examiner was appointed by the High Court last month to Brogan's Bakery Ltd, Glenamaddy, which employs 82 people, on the application of Michael Brogan, a 40pc shareholder in the company.

German business climate on the up

GERMAN business morale surprised with its first rise in seven months in November. Exports outside the eurozone and the prospect of strong Christmas sales offered hope that Europe's biggest economy can regain momentum.

The Munich-based Ifo think-tank said its business climate index, based on a monthly survey of 7,000 firms, rose to 101.4 from 100.0 in October. This far surpassed even the highest estimates.

Euro rallies to three-week high

The euro rallied to a three-week high against the dollar yesterday, heading for its second straight week of gains, on hopes that Greece's lenders were nearing an agreement to release further aid to help the debt-stricken country.

Analysts said any euro strength should be limited given the bleak economic outlook for the eurozone as a whole and expectations that the ECB would have to further ease policy.

Irish Independent

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