Danske Bank Ireland has reported a loss before tax of €8.8m for the three months to the end of March, as it said its overall performance was in line with expectations.
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The European Central Bank said that bank lending to companies remains weak – another sign that the economy in the 17 countries that use the euro is still stuck in recession.
Bank staff have threatened industrial action if further pay cuts are imposed. However, the Irish Bank Officials’ Association has given assurances that the public would not be hit. It said the action, if approved by its members, would take the form of non-cooperation with proposed re-structuring plans within the banks.
The National Asset Management Agency generated €2.8 billion last year from the disposal of assets, according to its results for 2012.The agency generated a total of €4.5 billion in cash last year, which includes rental income from properties in its portfolio.
The Government has launched the personal insolvency service this afternoon, which will see new arrangements for overburdened borrowers to reach agreement with their creditors. A website and phone number for debtors will also become operational today.
The new guidelines on Personal Insolvency are to be published later today.They are expected to be based on the minimum income standards report which was published last year.
Minister for Finance Michael Noonan has raised the possibility of Ireland’s bonds being upgraded by rating agency Moody’s following yesterday’s deal to extend the maturities on EU bailout funds.Moody’s is the only agency to currently rank Irish bonds at junk status.
Ecofin ministers have joined their Eurogroup colleagues in agreeing to lengthen the maturities of loans to Ireland and Portugal by seven years. This will be subject to national procedures, and requires that both countries continue to successfully implement their bailout programmes, which must be confirmed by the Troika.
Ireland should be given, on average, an additional seven years to repay its bailout loans, according to a draft paper from the European Commission, European Central Bank and the International Monetary Fund.Reuters has reported that the recommendation is contained in a Troika document that will be considered by EU Finance Ministers at an informal meeting… Read more »
THE European Central Bank kept interest rates unchanged on Thursday but investors will be looking for any signs it is preparing for a cut in coming months to help lift the euro zone out of recession. It’s key interest rate is at a record low of 0.75pc – tiny, but still the highest level among… Read more »