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Credit Union ruling

CREDIT unions will have to reduce the size of their boards of directors after Finance Minister Michael Noonan signed a regulation yesterday.

The new rules also restrict the term of office for directors of the 392 credit unions. Boards will be reduced from 15 members to 11. And credit unions will be required to submit an annual compliance statement to the Bank.

MURTAGH GETS €1.8M

KINGSPAN chief executive Gene Murtagh has made almost €1.8m after exercising options to buy 200,000 shares in the Cavan-based insulation maker and then selling them.

A filing with the Irish Stock Exchange shows that Mr Murtagh exercised an option to acquire 200,000 shares at €5.65 each for a total cost of €1.13m. He then sold them for a total of €2.9m, or €14.50 each, resulting in a net gain of €1.77m.

35 NEW STAFF FOR IDA

AN ADDITIONAL 35 staff will be appointed to IDA Ireland to boost its global operations.

Barry O'Leary, chief executive, said there are now over 166,000 people working in IDA client companies – the highest level in the history of IDA Ireland. "Put simply, having 35 jobs for our global operations will enable us to get in front of more companies and convince them to locate their business in Ireland."

ISME BACKS RENT BILL

ISME has welcomed the vote in the Seanad to ban up- ward only rent reviews in leases.

The Irish Small and Medium Enterprises Association has been lobbying for the bill. "The Bill proposed by Senator Quinn is very fair and balanced, and provides for a temporary reduction in commercial rent to a market level," ISME's Mark Fielding said. "An alternative proposed by ISME, which gives a tax break to tenants under these leases could also be examined when the Bill gets into the Dail".

CPA CREATES NEW FUND

THE Institute of Certified Public Accountants in Ireland (CPA Ireland) has created a special fund to support scholarly and creative research in the area of accountancy and finance.

The Institute is seeking applications from members of the academic community at doctoral or masters level, and also from accountants actively engaged in practice or industry, by close of business today.

Irish Independent