Business World

Wednesday 21 March 2018

In Brief: Deutsche Bank and UBS in US regulator inquiry

The headquarters of the Deutsche Bank in Germany
The headquarters of the Deutsche Bank in Germany

Germany's Deutsche Bank and Switzerland's UBS said they were caught up in an inquiry by US regulators, who are looking into whether broker-run stock exchanges gave an unfair advantage to high-frequency traders.

The investment banks, which said on Tuesday that they were cooperating with inquiries, also faced class action suits that alleged they violated US securities laws, allowing high-speed traders to make a profit at the expense of institutional investors, such as pension funds and insurance companies.

UBS said in its second-quarter earnings report it was responding to inquiries from US authorities over the operation of its 'dark pool'.

Growth to strengthen

The economy here will grow by 2.8pc in 2014 and 3.4pc next year, according to Bank of Ireland's latest outlook for the Irish economy.

It is forecasting a strengthening recovery, with GDP growth revised upwards for this year and next and continued momentum on the jobs creation front.

The numbers are slightly ahead of revised forecasts published by the Central Bank this week. Improving external demand, favourable exchange rate movements, and the waning impact of the patent cliff are expected to underpin export growth, Bank of Ireland said.

Domestic activity and a recovery in the property market will provide additional support to investment, it said.

"As confidence and employment gains feed through, consumer spending is also set to firm," the bank said.

Cassidy's court win

THE High Court has ruled Custom House Capital's former chief executive Harry Cassidy is entitled to apply for full documents used by the State when it sought to freeze monies held in two of his bank accounts.

Mr Cassidy brought an action over two accounts held by a private pension trust which was established in 2000 to administer his pension. The court heard Mr Cassidy was the sole beneficiary of the €180,000 held in the accounts frozen in July 2012.

He brought a High Court application against District Court Judge Cormac Dunne, the Garda Commissioner and the State, seeking that he be allowed full disclosure of the documents involved.

Mr Cassidy, of Ballintyre Walk, Ballinteer, Dublin, claimed he was being denied full disclosure by gardai of information he requires to challenge the making of the freezing orders.

Irish Independent

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