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Eircom shares could trade on ‘grey market’ from next week

EIRCOM shares could be free to trade on the so-called “grey market” from late next week. Shares in the phone company are now worth around €600m, up from nothing just months ago. Banks and investment funds that took control of Eircom following its 2012 examinership will vote next Friday on whether to scrap a so-called… Read more »

Fitch reaffirms Ireland’s credit rating at BBB+ with a stable outlook

Ratings agency Fitch has reaffirmed Ireland’s rating at BBB+ with a stable outlook. Fitch had already rated Ireland’s credit worthiness as ‘BBB+’, three notches above sub-investment grade status, with a ‘stable’ outlook. Most analysts didn’t expect this rating to change. The update comes just a month after Moodys, the most influential of the international credit… Read more »

Vodafone details share proceeds from Verizon deal

Vodafone has said shareholders will receive 0.026 shares in Verizon Communications for each Vodafone share they own as part of their payout for the $130 billion sale of the group’s stake in Verizon Wireless. The British telecoms company also said its shares would be consolidated on February 24 at the ratio of 6 new shares… Read more »

Rise in Irish companies turning to the bond markets

IRISH corporate borrowers tapped the bond market for €5.5bn of new debt last year – or 15pc more than 2012. The increase reflects a strong appetite among bond investors but also banks’ reduced role in the lending market, according to rating agency Fitch. As a class, corporate borrowers exclude the likes of the State and… Read more »

Debt plan drives more into bankruptcy

Michael McAteer, personal insolvency practitioner with Grant Thornton, said more than 500 of the 1,500 people who contacted his firm over the past year enquiring about a personal insolvency arrangement did not have earnings above what is considered a reasonable standard of living and had no option but to apply for bankruptcy. “This is a… Read more »

Income tax cuts to stimulate jobs on cards, says Noonan

Minister for Finance Michael Noonan has reiterated the Government’s intention to cut income tax in this year’s budget, arguing that it would be an important tool for job creation. “As soon as we have resources, our first priority will be to widen the average rate band of income tax,” Mr Noonan said yesterday at an… Read more »

Fitch may change outlook but no upgrade likely, analysts say

A LOT has happened since Fitch last updated Ireland’s credit rating in early October. Budget 2014, an assessment of bank balance sheets and a little thing called the bailout exit have all concluded since then. So while investors and analysts eagerly awaiting Fitch’s latest update on Ireland’s credit-worthiness aren’t expecting miracles,

NAMA to sell off loans worth €2bn this week as agency speeds up sales

NAMA is putting around €2bn of loans on the market this week, as the sell-off of its Irish portfolio continues. The news comes amid speculation that the Government will press the agency to radically speed up its sale of Irish assets in order to radically shorten its original 10-year timescale to work out property loans.

Nama to put €2bn in loans on the market this week

The National Asset Management Agency will place some €2 billion in loans on the market this week. Most of the borrowings, about €1.8 billion, are related to developer Michael O’Flynn and will represent the biggest portfolio to be sold by the agency to date. Mr O’Flynn, among Nama’s 10 biggest debtors, has loans secured on… Read more »

ESRI expert warns of housing shortage

Young people will end up living with their parents until they are 35 unless the housing supply increases, Economic and Social Research Institute research professor John FitzGerald has said. “We need to go back to building 25,000 houses per year or all the young people will end up living with their parents until they are… Read more »