NAMA chairman Frank Daly said some lending by Irish banks was "appalling" in terms of securing loans during the property boom. Transferring loans from banks to his agency was delayed in part because NAMA refused to give any value to some loans until lenders went back and established security over assets.
AIB signs deal with Peakside Capital
AIB is to sell its Polish and Guernsey property fund management subsidiaries to Peakside Capital, a real estate investment firm active in property across Europe. The bank said yesterday that agreements had been signed to sell 9.87pc of AIB PPM and 7.5pc of AIB Holdings to Peakside on a 50:50 basis. The deal depends on regulatory approval.
Eurozone jobless rate at 14-year high
Euro-region unemployment rose to its highest level in more than 14 years, adding to signs which suggest the economy slipped into a recession in the first quarter. The jobless rate in the euro area rose to 10.8pc in February from 10.7pc a month earlier, the European Union's statistics office in Luxembourg said yesterday.
Spain still aiming to hit deficit target
Spanish Prime Minister Mariano Rajoy said yesterday that the Iberian nation would not abandon its 2012 deficit target of 5.3pc of GDP. Last week, the cabinet agreed to €27bn worth of spending cuts and tax, amid public protests. Mr Rajoy said yesterday that reducing the public deficit was "absolutely indispensable".
Coty makes $10bn bid for rival Avon
US cosmetics giant Coty has launched a $10bn (€7.5bn) bid for rival Avon. Negotiations on a merger failed, according to Coty yesterday, and it has now decided to put the bid to shareholders. However, the US firm said it had "no intention" of a making a hostile acquisition. Coty said it was to offer $23.25 per share.