Business World

Tuesday 15 October 2019

VW Bank provides €500m in loans

VOLKSWAGEN Bank has provided Irish consumers with car loans worth €500m and injected almost €2bn into the Irish economy in total, it said yesterday. Consumer car loans in 2012 surpassed €125m.

The company said that its finance packages have contributed to the group's position as number one car brand in Ireland in 2012. Volkswagen Bank has also offered finance to the group's other brands Audi, Seat and Skoda.

Spain goes deeper into recession

SPAIN fell deeper into recession in the first three months of the year, the seventh quarter in a row it has seen its economy shrink. But rising exports and weaker imports, reported separately, provided some relief by cutting the trade deficit.

The contradictory data will add to a Europe-wide debate about whether countries should tone down austerity programmes in favour of more growth-focused policies. Spain's jobless rate stands at 27.2pc.

INM directors take home €2.9m

INDEPENDENT News & Media's executive directors took home €2.9m last year, it emerged yesterday as the company published its annual report.

Current chief executive Vincent Crowley received total compensation of €627,000 during the year. That included a salary of €422,000 and taxed cash compensation of €176,000 in lieu of future pension benefits. Mr Crowley took over as chief executive last April, and did not receive any increase in salary when he took up his new role.

Former chief executive Gavin O'Reilly took home a total of €2.13m. That included €1.87m which the company paid him as part of a compromise agreement after he resigned in April.

Former chief financial officer Donal Buggy, who resigned in October, earned a total of €219,000 during 2012. INM chairman Leslie Buckley was paid €55,000.

Ireland seventh in green rankings

IRELAND has come seventh out of 21 countries in a KPMG study on tax and green energy policies. The auditor says Ireland's 'relatively high' overall ranking was achieved by our use of tax incentives, like the accelerated capital allowances available for the purchase of energy efficient equipment and vehicles.

KPMG head of energy Mike Hayes says: "Ireland's strong showing in the survey suggests that, in dealing with our current financial pressures, we have not lost focus on the environmental issues likely to influence our future economic performance."

Irish Independent

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