Journalists

Comment: Where now for FBD as Fairfax cashes out? 

With Fairfax after taking its money off the table what does the future now hold for FBD, the last remaining Irish-owned insurer? Last Monday FBD announced that it had agreed to repurchase the €70m of convertible notes which it sold to Canadian investment firm Fairfax in 2015. It has been a sweet deal for Fairfax.

Where now for FBD as Fairfax cashes out? 

With Fairfax after taking its money off the table what does the future now hold for FBD, the last remaining Irish-owned insurer? Last Monday FBD announced that it had agreed to repurchase the €70m of convertible notes which it sold to Canadian investment firm Fairfax in 2015. It has been a sweet deal for Fairfax.

Opportunities in knock 

While Dublin may be pulling even further ahead of most of the other Irish airports, one other Irish facility has not only regained but exceeded its previous peak passenger numbers. Ireland West Airport, AKA Knock, handled 748,000 passengers in 2017 - 19pc ahead of its previous 2008 peak.

Building up a picture of the state of construction 

Ireland's three construction stocks; CRH, Grafton and Kingspan, unveiled their half-year results last week. With output increasing rapidly, what do these interims tell us about the state of the construction industry?

Will this climate of share buybacks pay dividends for Irish companies? 

Three of Ireland's largest companies are spending up to €2.3bn buying back their own shares. But are such buybacks the best use of companies' cash? Last week, quoted bookie Paddy Power Betfair, which announced a £500m share buyback in May, unveiled its results for the first six months of the year.

Housing market could be facing a hit in 2019 

With mortgage approvals for first-time buyers down in December and new housing output in Dublin falling, the outlook for the housing market in 2019 is uncertain.

Italian bank job spoils ECB's birthday as new year sees same old problems 

Last week the euro celebrated its 20th anniversary. The single currency's birthday celebrations were overshadowed by the ECB's decision to effectively take control of Italian bank Carige, the first time it has used its powers in this way. The decision has once again highlighted the parlous condition of the eurozone's banks.

The flight to capital: Dublin leaves the regions in its wake 

Last week's decision by Irish Ferries to pull its French-bound service out of Rosslare and move it to Dublin highlights once again just how dominant the capital has become. Can, or indeed should, anything be done to stop Dublin pulling even further ahead of the regions?

Dan White: 'End of QE is biggest threat to eurozone and Irish share prices' 

Investors won't forget autumn 2018 in a hurry. After peaking in late September the S&P 500 index, by far the best measure of the performance large-cap American stocks, was down almost 10pc last week while the tech-heavy Nasdaq had fallen by 12pc over the same period.

Irish companies face Brexit turbulence 

With last week's toing and froing in Brussels having failed to produce any agreement, the odds on the UK crashing out of the EU next March without a deal have shortened even further. With a so-called hard Brexit now looking the most likely outcome, a slew of major Irish companies find themselves in the Brexit firing line.

Good times fail to roll for our main lenders 

Both of the main Irish banks reported their first-half results late last month. On July 27, AIB announced pre-tax profits of €760m for the first six months of this year, unchanged from the first six months of 2017, while Bank of Ireland rolled up on July 30 with an "underlying profit before tax" of €500m.

Ryanair board under pressure as profits drop and strike action rumbles on 

Ryanair unveiled its results for the three months to the end of June last Monday. These showed a 20pc reduction in after-tax profits to €319m. This was despite a 7pc increase in passenger numbers, to 37.6 million. The share price fell 5pc on the results. The airline blamed the profit dip on lower fares - Ryanair's average fare for the quarter was down 4pc to €38.68 - plus an early Easter along...

Loans up at AIB for first time since crash, but profits stay flat 

AIB's loans to customers, net of loss provisions, rose by €200m to €59.9bn in the six months to the end of June. While the rate of increase was just 0.3pc, it was still the first increase recorded since the 2008 crash. In the intervening decade, the AIB loan book has shrunk by more than 50pc.

Sherry Fitz commercial deal puts market in focus 

Last Monday Sherry FitzGerald announced the sale of the remaining 80pc of its commercial property business to US group Cushman & Wakefield. The links between Sherry FitzGerald and Cushman & Wakefield go back a long way. Sherry FitzGerald has been the Irish partner of DTZ, which merged with Cushman and Wakefield in 2015, since 1998.

Weather winners (and losers)...The firms making hay while the sun shines - and those feeling the heat 

When the temperature is touching 30 degrees and the sun is beaming down what could be more refreshing than a cool drink? Throw in a World Cup and 2018 has been the kind of summer drinks manufacturers dream about.

Paddy Power eyes big leagues as bet ban struck out by US court 

The share price of Paddy Power Betfair and those of the other quoted bookies soared following last Monday's US Supreme Court decision striking down the federal ban on sports betting. The ruling opens the way for Paddy Power Betfair (PPB) and its rivals to enter the $400bn (€340bn) American gambling market.

Supermarket squeeze for Irish suppliers if UK giants cash in 

The Sainsbury's/Asda merger announcement last week creates a retailing giant that will squeeze Irish suppliers hard.

Supermarket squeeze for Irish suppliers if UK giants cash in 

The Sainsbury's/Asda merger announcement last week creates a retailing giant that will squeeze Irish suppliers hard.

Irish banks need a Plan B when IT systems go dark 

Tens of thousands of Ulster Bank customers got a nasty shock last week when their money vanished from their accounts. This was the latest in a string of IT glitches that have hit all the major Irish and UK banks in recent years.

Rate rise to spur banks into action on troubled loans 

A research paper co-authored by Central Bank deputy governor Sharon Donnery published last week showed that, from a peak of 32pc in 2013, non-performing loans had fallen to "only" 14pc of domestic Irish bank lending by the end of 2017. In money terms that was a drop from €80bn to €30bn, a reduction of €50bn.

The rise of the banking machines will dispense with cash, branches and humans 

After six months as Bank of Ireland boss Francesca McDonagh is preparing to wield the axe. The bank has refused to comment on reports that it is getting ready to part company with up to 200 senior managers. "We will not be commenting on staffing matters," says a spokesman.

Ireland must rewire its strategy in light of EU tech tax threat 

The EU's proposed 'temporary' digital levy has been fiercely opposed by Ireland and several other member countries.

Coveney in fight for survival at Greencore after record stock market slump 

Greencore boss Patrick Coveney is battling to keep his job after a shock profit warning and growing investor concerns about his running of the group. Last Tuesday, Greencore stunned the market when it revealed that continuing problems in its US business would mean that earnings per share for the year to the end of September 2017 could be as low as 14.7p (Greencore reports in sterling) as...

A tale of two banks 

The two big banks published their 2017 results last week. While AIB grew its profits and lending, Bank of Ireland's underlying profits and loan book both shrank last year.

Used cars sales accelerate on the back of slide in sterling 

The number of imported used cars registered for the first time in January surged by a further 18pc on January 2017 to 6,800. Used car imports in January 2018 were up 76pc on the January 2016 figure. Meanwhile sales of new cars, which fell by 10.5pc to 127,000 in 2017, were down by a further 3.2pc to just over 25,800 last month.

Sell, sell, sell? Stockbrokers hunt partners as Goodbody closes in on €100m deal 

Spring is the air. Ireland's stockbrokers are strutting their stuff as they seek out a partner. Most of the country's brokers are either up for sale or looking for an acquisition.

Mallon's sudden departure raises new questions about Ulster Bank's future 

Gerry Mallon's sudden decision to quit as Ulster Bank boss after just a year-and-a-half in charge has inevitably raised questions about the bank's future. No one saw it coming. Last Wednesday, Mallon, who had been in situ for less than 20 months, announced that he was leaving Ulster Bank to head up Tesco Bank in the UK.

All's well again after the Tullow turnaround 

Tullow's gross revenues grew by 30pc in 2017 while its net debt fell by $1.3bn to $3.5bn (the company reports its results in dollars), according to the 2017 trading statement released last Wednesday. Both figures were ahead of analysts' forecasts. After almost $1.2bn of write-offs and an operating (pre-interest) loss of $755m in 2016, Tullow returned to profitability in 2017 with the group forecasting a gross profit of $800m and free cash flow of $500m. It's been a turbulent couple of years for Tullow. After peaking at almost £13 (its shares mostly traded in sterling in London)...

Penneys' American dream taking time to pay off as shares in owner ABF fall 15pc 

The Associated British Foods (ABF) share price hit £33.43 on November 6, the day before it published its full-year results. By this week, the share price had fallen by 15pc to £28.37. This was despite the results showing a 15pc increase in sales to £15.4bn and a whopping 22pc increase in operating (pre-interest) profits to €1.36bn for the 52 weeks ended September 16, 2017.

Dan White: A new year with very big challenges - our predictions for 2018 

From trouble with Brexit and tax rates to ever-rising house prices and falling US investment, we could be in for a bumpy 2018 as we look into our crystal ball.

Housing costs damaging our competitiveness again 

Soaring house prices and record rents risk undermining Ireland's international competitiveness as higher mortgage payments and rents feed through into the general price level.

Will decision to sell and end Dublin independence see ISE's stock rise? 

As finance has gone global, local national markets have increasingly been snapped up by the major international markets. In 2013 the New York Stock Exchange was purchased for $11bn by the ICE commodities exchange. Nasdaq has taken over most of the Scandinavian Stock Exchanges while the Paris, Brussels and Amsterdam Bourses came together in 2000 to form Euronext.

We need a level playing field for emissions targets 

Ireland has cut its greenhouse gas emissions by 12pc since 2005 and has by far the least energy-intensive economy in Europe, but still faces the prospect of enormous EU fines for not cutting its emissions even further.

Francesca McDonagh’s honeymoon period at Bank of Ireland is cut short 

New boss Francesca McDonagh’s inheritance at Bank of Ireland has turned out be a mixed one with several major problems including tracker mortgages, creaking IT systems and a large exposure to the collapsing second-hand car market piling up on her in tray.

Is Bellew preparing to take control at Ryanair? 

Peter Bellew's return to the Ryanair fold fires the starting gun on the race to succeed Michael O'Leary as the boss of Europe's largest airline.

Boucher leaves a mixed record 

As he steps down after eight-and-a-half years as Bank of Ireland boss, Richie Boucher leaves Ireland's oldest bank in much better shape than it was in 2009. However, a decade after the crash, Bank of Ireland's loan book is still shrinking and almost a tenth of all its loans remain distressed.

When it comes to home loans, the future is going to be fixed 

Bank of Ireland says that most of its new mortgage lending is now fixed-rate, while KBC has introduced a cut-price, 10-year, fixed-rate mortgage. Are Irish homeowners finally following the European example and fixing their mortgages? Other banks aren't convinced.

With no Brexit boost, is Dublin office boom over? 

With 380,000 square metres of new space under construction and rents flat, has the Dublin office market peaked? Anyone who invested in Dublin office property after the crash made a bundle, with average rents more than doubling from €296 per square metre in 2011 to €673 per metre by the first quarter of 2017.

Fragile jobs recovery faces many threats as quality and earnings are hit 

Irish jobs numbers are almost back to pre-crash levels but while the quantity of employment has recovered the quality seems to have declined over the past decade.

Stakes high for Paddy Power Betfair as Corcoran quits and doubts creep in over merger winnings 

The sudden departure of chief executive Breon Corcoran and the weakness in the share price since the Betfair merger two years ago raise questions about giant quoted bookmaker Paddy Power Betfair.

Store wars: is the force still with German discounters? 

The post-Celtic Tiger crash was a bonanza for the German discounters Aldi and Lidl. Cash-strapped Irish consumers, many of whom had previously shunned the discounters, quickly embraced them. The discounters' combined share of the €10bn-plus Irish grocery market almost doubled to 23pc between 2008 and 2015.

Brexit the only cloud as O'Leary sets sights on 200 million passengers 

Ryanair unveiled its first quarter results last week. These showed that it had increased the number of passengers carried in the three months to the end of June by 12pc to 35 million and after-tax profits by 55pc to €397m. Even allowing for the fact that the first quarter 2017 results were flattered by the fact that there was no Easter in the same period last year, these were still seriously impressive results.

Tourism sector paying heavy price for Brexit 

The Brexit fallout is hitting Irish tourism hard, with UK visitor numbers down 7pc in the first five months of the year. Ireland's largest indigenous employer, which provides almost 230,000 jobs and generates €4.6bn in overseas revenue, finds itself in the frontline as UK visitors stay at home.

Land hoarding is pushing up price of new houses 

Average house prices rose by 11.9pc in the 12 months to April, according to the CSO. The annual rate of house-price inflation has more than doubled over the past 12 months. Yet the construction of new houses and apartments remains at very low levels.

House sales grind to near halt in first half of 2017 

The number of new and second-hand houses changing hands has collapsed in recent months, with only 324 transactions being registered in the first half of June.

AIB is a beacon of hope, but there are still problems in Irish banking 

The Government's acceptance of a lower-than-hoped-for share price signals that, even after the AIB IPO, Irish banks still have many unresolved problems.

Are greedy mortgage lenders about to see enormous margins squeezed? 

Bank of Ireland's move to cut some of its mortgage rates and the Competition and Consumer Protection Commission's call for greater competition in the mortgage market are likely to make it more difficult for the banks to keep widening their net interest margins.

Dan White: AIB IPO price under threat from Spanish bailout and UK election result 

The Irish Government may have to settle for less than the €3bn it had originally hoped to raise from the AIB IPO following last week's emergency rescue of Spanish bank Popular, the shock UK general election result and the recent weakness of European bank share prices.

Exchequer in line for €3bn when AIB floats but investors must still be wary of problem loans 

The Government fired the starting gun on the sale of 25pc of AIB, from which it hopes to raise up to €3bn, last week. While it is in much better shape than when it was nationalised in 2010, with lending showing the first signs of post-crash growth, AIB's stock of problem loans remains very high.

Slim chance of a 'white knight' riding to rescue 

A recent encounter with an Irish Times staffer made for a sobering experience. Usually a bon viveur with the optimism of a Leaving Cert student heading to Magaluf, this Irish Times veteran couldn't hide their melancholy. Asked how the mood was in the grand old institution that is the Irish Times, they reflected momentarily, cast their eyes down and after a short pensiveness, looked up and replied: "Like the Mary Celeste."

Time for C&C to can acquisitions plan as profits fall flat 

Having spent more than half a billion euro - most of which it has since written off - on acquisitions over the past decade and failed to grow either profits or sales, drinks manufacturer C&C is going around in circles.

Public sector pay report ignores earnings abroad 

The Government established the Public Sector Pay Commission (PSPC) in October 2016 in response to trade union pressure to unwind the post-crash public sector pay cuts. However, the PSPC's report, which was published last week, doesn't make any recommendations, confining itself to advising the Government in advance of the upcoming public sector pay negotiations.

FBD faces battle for control after shares soar 

The recovery in the FBD share price means that the €70m bond issued to Fairfax in 2015 is now virtually certain to be converted into a near-20pc shareholding in September 2018, diluting the existing shareholders and triggering a battle for control of the only remaining Irish-owned insurer.

Soaring rents curb consumers 

The economy is growing at close to 4pc, job creation is strong and private sector earnings are rising. However, tax revenues are sputtering and retailers are struggling as record residential rents eat into consumer spending.

Dan White: May's snap UK election shows that we ignore political risk at our peril 

Theresa May's decision to call a snap British general election and today's first round of voting in the French presidential elections demonstrate the importance of political risk when assessing the prospects of the Irish and global economies. May managed to spring a complete surprise when she made her announcement.

Taking stock of the man who put Ireland's exchange on global map 

Tom Healy rescued the Irish Stock Exchange from the threat of extinction, transforming the Dublin market from a sleepy backwater into one of the one of the leading destinations for international listed funds and debt securities.

We can't afford to ignore the danger of slide in tax revenues 

Higher growth forecasts were unveiled last week but, with first-quarter tax revenues coming in below target and the UK having pressed the Brexit button, are these forecasts 'Leprechaun Economics'?

300,000 Irish in UK after Brexit may need citizenship to stay on 

More than 300,000 Irish people living and working in the UK face an uncertain future after Prime Minister Theresa May invoked Article 50 of the Lisbon Treaty last Wednesday. With Britain seemingly determined to restrict rights of access for EU nationals, Ireland will quickly find itself in the firing line.

Coulson shows plenty of bottle as investors buy into Ardagh IPO package 

On Wednesday, Ardagh shares finally debuted on the New York Stock Exchange, with the packaging company being well-received by investors. The shares, which had been initially priced at $19, jumped to over $22, valuing the whole company at $5.4bn (€5.04bn) and chairman Paul Coulson's stake of close to one-third of the company at $1.8bn (€1.68bn).

Focus: Small town blues as banks and post offices face closure 

There was a time when a bank branch, or more usually several competing branches, were a seemingly permanent fixture on every Irish main street and in every shopping centre. Not any more. Since the Celtic Tiger died almost a decade ago several banks have disappeared altogether while even the survivors have drastically pruned their branch networks.

FBD cuts out brokers to return to profit 

Insurer FBD has significantly cut back on the use of brokers, almost halving sales through intermediaries in 2016, as it works its way back to profitability.

Food for thought at Kerry as Glanbia targets high-performance future 

Both of the major quoted Irish dairy processors, Glanbia and Kerry, reported their 2016 results last week. The highlight of the Kerry results was a 7pc increase in earnings (after-tax profits) per share and the retirement of Stan McCarthy, chief executive for the past decade, and his replacement by Edmond Scanlon, previously the head of Kerry's Asia/Pacific operations.

Coveney has plenty on his plate after pay revolt by firm's shareholders 

At the Greencore AGM last Tuesday, 40pc of shareholders voted against Patrick Coveney's new pay package. While the vote was non-binding, it was still too close for comfort, with chairman Gary Kennedy promising to consult with shareholders before next year's AGM.

Glanbia's Michigan milk plant will churn out up to 3.6m litres daily 

Glanbia's $400m US expansion will consolidate its position as the largest producer of American-style cheddar cheese and add over one billion litres to its US milk pool.

Noonan may have to lower asking price for AIB shares as he weighs up sale options 

Finance Minister Michael Noonan told the Dail last week that the recent recovery in European bank share prices created a "window of opportunity" for the sale of some of the Government's 99.8pc AIB shareholding with the most likely date being either May or Autumn 2017.

Competing Bus Eireann services may deepen losses 

The financial crisis at Bus Eireann may have been worsened by the fact that the company is operating two separate long-distance coach businesses, Expressway and GoBE, which are competing with one another and increasing losses.

Stores discount prices to shift stock as shoppers desert main street to buy online 

The migration of shoppers online and the collapse in sterling meant that most Irish retailers had a relatively poor Christmas.

Business Post price up as challenges increase 

The sense of paranoia that many describe at the small circulation The Sunday Business Post became a little more acute this week.

Business Post price up as challenges increase 

The sense of paranoia that many describe at the small circulation The Sunday Business Post became a little more acute this week.

Will INM pension decision spell more closures for schemes? 

Independent News and Media's decision to stop contributing to its defined-benefit pension fund could be followed by other companies as plunging bond yields have sent liabilities soaring.

Japanese €751m offer for Fyffes was pick of the bunch for McCann family 

Fyffes is usually referred to as a fruit company, but arguably its key skills are that of a logistics company. It is one of very few companies which imports bananas, a staple of the Western European diet, from the plantations of Central and South America, to these shores. Given this key part of the business, it is perhaps of little surprise that Coen Bos, the chief operating officer of Fyffes was a...

Kerry Group at a crossroads as dairy farmers feel the pressure 

Thirty years after it first floated on the Irish Stock Exchange, Kerry is at a crossroads. The firm has grown to become a genuine multinational but relations between the plc and the founding co-op and its milk suppliers have never been poorer.

Deposit rule changes won't fix broken housing market 

Loosening the Central Bank's mortgage deposit rules without boosting supply won't fix Ireland broken housing market but may push up house prices even further.

Ireland will feel the pain of any steep rise in bond yields 

Irish bond yields climbed back above 1pc last week. With the Irish state still owing €200bn, will higher bond yields derail our economic recovery?

Trump's real threat to Ireland 

Donald Trump's election as US president poses a major threat to an already-slowing Irish economy. If he fulfils his promise to slash the US corporate tax rate to 15pc, it will seriously undermine Ireland's attractiveness as a location for foreign direct investment.

Sterling collapse lets motorists drive off with bargain imports 

Imports of used cars are soaring as dealers and motorists take advantage of cheaper sterling to drive off with a bargain.

Is EU putting our 12.5pc tax rate under siege? It's sure starting to look that way 

Is Ireland's 12.5pc tax rate under siege? Tough new international rules from the EU and the OECD, along with political changes in the US and the UK, are threatening to gut the low-tax regime, on which a quarter of all private-sector jobs in this country depend.

Irish Times roaming into uncertain territory as top executives depart 

Last month finance director Peter Callan and commercial sales director Vivien McKechnie left the Irish Times. The two, who are not being replaced, went as part of a cost-cutting programme aimed at reducing annual running costs at the Irish Times by €4m.

Friday's sterling 'flash crash' marks an end to the Brexit phoney war 

Theresa May's announcement to last week's Conservative Party conference that Britain would be triggering Article 50 by the end of March 2017 with the UK leaving the EU by spring 2019, means that Brexit, most likely so-called "hard Brexit", is now upon us.

Deutsche Bank crisis puts German rulers on the spot 

Shares in Deutsche Bank, Germany's largest bank, fell to their lowest level since the 1980s last week as the German government was forced to deny rumours that it was preparing to bail out the stricken lender.

Why the fall in mortgage arrears rests on very slender foundations 

At the end of June, just over 82,000 mortgages on principal private dwellings were in arrears, down 16pc over the past 12 months. Arrears on buy-to-let properties, which stood at just over 27,000 at the end of June, are also falling, down by 14pc on June 2015.

Budget 2017: Noonan set to ignore calls for austerity 

Normally this time of the year, just 30 days out from the Budget, the air is thick with kites being flown and well-sourced leaks as the Departments of Finance and Public Expenditure jostle with the spending departments over the shape of the following year's budget.

Tax ruling a body blow to jobs strategy 

The EU Commission's ruling on Ireland's tax affairs wasn't as bad as had been feared - it was much, much worse.

Why a bond market bust would be bad for Ireland 

Bond prices are soaring. This is good news for heavily indebted countries, such as Ireland, which can now borrow much more cheaply. But is the 35-year bond bull market drawing to a close and if it is, what will the consequences be for us?,

Could this be as good as it gets for Irish exporters? 

Irish merchandise exports were worth €9.55bn on a seasonally adjusted basis in June, with the surplus over imports jumping by 24pc to €4.55bn. While on the face of it these look like good numbers, they appear far less impressive when subjected to closer scrutiny.

Low interest rates - too much of a good thing? 

Irish Government bond yields fell to a record low last week. The yield on Irish ten-year bonds is now down to just 0.37pc compared to 0.84pc in the week before last June's UK Brexit vote.

Motor trade's bet on solid second-hand values boosting sale of new cars looks riskier in the wake of Brexit 

Ireland's motor showrooms are buzzing. This year is shaping up to be the best year for distributors since 2007 - with 150,000 new cars registered for the first time.

No quick fix for Ireland's broken housing market 

For anyone who still had any doubts about the extent of the problems facing the Irish housing market, last week's paper from the Central Bank showing 60pc of all transactions in recent years have been cash deals, should have served as a wake-up call.

Failure of Lowcostholidays points up the flaws, and the positive side, of regulation in a sector that is never without risk 

For those who watch these matters closely, it had been clear for quite a long time that all was not well at Lowcostholidays.

Could leprechaun economists yet precipitate an Irexit? Or predict crocks of gold for all? 

It's already been dubbed "leprechaun economics" by Nobel Prize-winning economist Paul Krugman.

Post-Brexit sterling collapse will hit our economy a body blow, with tourism and car sales set to feel the pain 

The euro climbed above 86p sterling last week, its highest level since October 2013. Good news for anyone contemplating a holiday in Britain or a cross-border shopping trip - but bad news for just about everyone else.

The tide has gone out, out, out - and the banks have been left stranded 

The market response to British voters' decision to leave the EU was swift and brutal, with bank shares being particularly badly hit.

Secret finances of Irish waste firms 

With pay-by-weight bin charges rapidly becoming the new water charges, Housing, Planning and Local Government Minister Simon Coveney had no choice but to move fast to defuse the crisis.

Discounters now pose an existential threat to the supermarket status quo 

The German discounters Aldi and Lidl are sweeping all before them in the €10bn Irish grocery market. The latest figures from market research company Kantar Worldpanel show that their combined market share climbed to 22.3pc for the 12 weeks ended May 22.

Ireland's ticking pensions timebomb 

On Monday, the CSO published fresh estimates of the proportion of Irish workers belonging to pension schemes. The estimates provided shocking evidence of the devastation wrought by the crash on workers' retirement savings and the huge potential liability confronting the Exchequer (see panel).

Why rate-capping bill will delay the AIB share sale 

Last Tuesday, AIB's shareholders gathered for the bank's AGM. Chairman Richard Pym told them that 2015 had been "a decisive year" and that last December's repayment of €1.7bn of capital to the State "paves the way" for the State to sell some of its AIB shareholding.

Milk price crash can only signal an increase in tempo for the slow dance of dairy processing marriages 

Two years ago the Irish dairy sector was on a roll. In 2014, the processors paid farmers an average price of 36 cent per litre for their milk. With EU quotas, which had capped annual Irish milk output at 5.4 billion litres since 1984 due to be lifted at the end of March 2015, farmers and processors geared up for a massive expansion in dairy production.

The growing insurance gap 

Insurance premiums are soaring. The latest figures from the CSO show that average motor insurance premiums leaped by 32pc and home insurance premiums by 9.5pc in the 12 months to the end of March 2016.

Bank of Ireland back in black 

After losing almost €9bn between 2008 and 2013, Bank of Ireland (BoI) is profitable once again. Pre-tax profits at the bank increased by a third in 2015 - to €1.23bn, from €920m in 2014.

Ireland's colossal level of indebtedness leaves any new government with precious little room for manoeuvre 

Figures published by the Central Bank last week show that Irish households owed a total of €151.2bn at the end of the third quarter of 2015, a reduction of 5pc on the total household debt of €159.5bn a year earlier.

Pfizer faces future as hope of inversion ends 

It was a precisely-targeted financial drone strike. The new tax rules published on Monday by the US Treasury were aimed squarely at the $160bn Allergan/Pfizer merger, which would have deprived Uncle Sam of billions of dollars of tax revenue.

Irish business counts the cost of possible Brexit as UK referendum closes in 

On June 23, just 80 days from now, British voters will be asked to choose on their country's continued membership of the EU. With 14pc of our exports still going to the UK, employers' body IBEC has warned that 'Brexit' would reduce the competitiveness of Irish exports in the key British market by 30pc.

Bombs in Brussels will never stop the seemingly inexorable growth of the Irish aviation sector 

It was a traumatic week for the aviation sector. The tragic events in Brussels are likely to lead to a further tightening of airport security. While these may or may not prevent future attacks, they will certainly lengthen passenger queues and push up the costs of airlines and airport operators.

Mixed signals over energy costs 

The ESB unveiled record profits last week. Its 2015 operating (pre-interest) profits jumped by 15pc to €635m. These rapidly rising profits come at a time of falling natural gas prices, the fuel from which most Irish electricity is generated.

Oil price rise may reverse €500m effective 'tax cut' 

The turnaround in oil prices threatens to undo the €500m effective tax cut that Irish households have enjoyed as a result of lower energy prices.