Bank borrowing down
BANKS continued to wean themselves off loans from the ECB last month, with funding now at its lowest in five years. Borrowing declined by €0.4bn during August and was down 45pc on the same period last year to stand at €33.47bn at the end of the month.
"The steady decline in reliance on ECB funding reflects the continued strengthening of the banking system and has been achieved through managed deleveraging, deposit gathering and the return of AIB, Bank of Ireland and Permanent TSB to international funding markets," the Department of Finance said.
RBS RAISES &POUND;630M
ULSTER Bank parent Royal Bank of Scotland has raised about £630m (€745m) from its third sale of a stake in Direct Line Insurance, as the bank continues to make good on promises made as part of its bailout.
RBS, Britain's largest government-owned lender, has gradually been reducing its stake in the insurer to comply with EU rules after receiving a £46bn bailout in 2008 and 2009. "This successful sale keeps RBS fully on track to meet its obligation to divest its stake in Direct Line by end-2014," said RBS finance director Bruce Van Saun.
NO ANGLO US HEARING
THE former Anglo Irish Bank decided yesterday not to go ahead with a US court hearing on the question of whether it's eligible for bankruptcy protection in the US under the country's Chapter 15 legislation.
Irish Bank Resolution Corp (IBRC) faced several objections to the move, which was triggered by the Irish Government's decision to appoint a special liquidator to IBRC earlier this year. IBRC and its opponents agreed to hold discussions on a new hearing date.
LVMH IN BUYING SPREE
LVMH, the world's largest luxury-goods company, is in advanced talks to acquire a stake in Irish fashion designer JW Anderson. LVMH, which said yesterday that it had taken a majority stake in British shoemaker Nicholas Kirkwood, could sign a deal with London-based Anderson as soon as this month.
LVMH, which in July bought cashmere clothier Loro Piana for €2bn, said its purchase of Kirkwood affirmed its commitment to nurture talent and creativity. Acquiring a stake in Anderson would underscore the growing appeal of emerging designers to large luxury groups as they seek to keep shoppers interested.