Sunday 8 December 2019

The Business Week in Sixty Seconds with Colm Kelpie

USA forces Bank of Ireland to step up restrictions on Cuban business

Fidel Castro: The former Cuban revolutionary pictured in October 2012. Photo: Alex Castro/Reuters
Fidel Castro: The former Cuban revolutionary pictured in October 2012. Photo: Alex Castro/Reuters

Colm Kelpie

US regulations have forced Bank of Ireland to restrict services to Irish customers doing business with Cuba.

It emerged last week that the bank has a tie-up with a leading bank in the US which handles all of Bank of Ireland’s transactions under SEPA (Single Euro Area Payments). That US lender is bound by US regulations which place restrictions on trade with the Caribbean island, and so, as a result, Bank of Ireland said it couldn’t process any transactions.

It all comes in the same week as French bank BNP Paribas was hit with a record fine by the US amid allegations it violated US sanctions involving Cuba, Iran and Sudan.

Howard’s end set for October

RYANAIR’s Howard Millar has decided to call it a day at the airline.

He will leave his executive role in October after 23 years with the company in search of pastures new. And possibly even a chief executive’s role.

His post at Ryanair will be filled by Neil Sorahan, who has been with the airline since 2003.

Speaking last week, Mr Millar said if he stayed, he would have to commit to the position for another five years. By that stage, he would be too old to take on a new senior executive role, he said.

Deloitte buys Kavanagh Fennell

DELOITTE last week announced a surprise deal to buy Dublin-based restructuring specialists Kavanagh Fennell.

The agreement ends the independence of one of the country’s best-known and oldest restructuring and specialist forensics partnerships.

Deloitte declined to say how much it paid for Kavanagh Fennell but confirmed that some money had changed hands.

The deal will help Deloitte target SMEs and large corporate clients as they restructure following the end of the financial crisis.

Hunt for Corrigan replacement

THE state’s debt management agency is on the hunt for a new chief to replace John Corrigan, who steps down in December.

The 67-year-old is stepping down after five years at the helm of one of the best-paid and most influential jobs in the country.

Mr Corrigan’s departure, together with director of funding Oliver Whelan who also retires this year, marks the end of the old order at the organisation established by Charlie Haughey in 1991.

Property deals hit record heights

PROPERTY is a hot topic. And it’s surging in the commercial sector.

Investors spent more money on big commericial property deals in the first six months of this year than in any previous six-month period as buyers continued to flood the market.

Growth has been driven by a glut of top-level property deals.

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