Minister for Finance Michael Noonan told the Dáil this afternoon that the Irish banking system is to be restructured with a first ‘pillar’ — a restructured Bank of Ireland – – while the operations of AIB and EBS will be merged to form a ‘second pillar’ bank. Irish Life & Permanent is to be restructured, with the state likely to take a majority stake. IL&P will also immediately start a process to sell its Irish Life Assurance business, as well as other non-banking assets.
The Central Bank of Ireland today said 4 Irish banks – – AIB, BOI, ILP, EBS – – will need €24bn in fresh capital following following the publication of stress tests this afternoon.
Markets News Afternoon; Irish Nationwide to raise variable mortgage rate; India adds 181m people in decade
Markets news on stocks, currencies and oil; Irish Nationwide to raise variable mortgage rate; India adds 181m people in decade.
Property consultants CB Richard Ellis today confirmed that there were only two investment transactions completed in the Irish property market in the first quarter of 2011, a factor they directly attribute to plans by the new Government to retrospectively review rent provisions in existing business leases. The property consultants earlier this year warned that a lack of clarity about these Government proposals would hamper investment activity in the Irish market – – this prediction has now been borne out by the fact that only one investment transaction was signed in Ireland during Q1 2011 – – the sale to Google of their premises Gasworks House and Gordon House at Barrow Street in Dublin 4 and the sale of an office building occupied by Swedish telco, Ericsson in Clonskeagh, Dublin 4.
Irish merchandise exports rose 6% in 2010 while in January 2011 exports were down 4% in the month, according to the Central Statistics Office.
Eurozone annual inflation is expected to be 2.6% in March 2011 – – making ECB interest rate hike in April very likely
Eurozone annual inflation is expected to be 2.6% in March 2011 according to a flash estimate issued by Eurostat, the statistics office of the European Union. It was 2.4% in February.
Central Bank says Irish households reduced bank deposits by €734m in February; Irish bank borrowings from ECB fell to €89bn
The Central Bank said today that Irish private sector credit was unchanged in February at an annual decline of 5.1%. Meanwhile Irish bank borrowings from the European Central Bank fell to €89bn. On the deposit side, Irish households reduced deposits by €734m.
Markets News Thursday: Anglo Irish Bank reports loss of €17.7bn in 2010 – – greatest in Irish corporate history
Markets news on stocks, currencies and commodities; Anglo Irish Bank reports loss of €17.7bn in 2010 – – the greatest in Irish corporate history.
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.
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