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Roundup-Warning on ECB bond deal

Monday, September 17 08:09:07

The Institute of International Finance warned that the European Central Bank's plan to buy sovereign bonds may result in a "cliff effect" if a country fails to meet conditions tied to the purchases. Termination of bond purchases could lead to an "abrupt" market correction, the institute's market monitoring group said. Some countries may also be put off from seeking aid because of the requirements, said the Washington-based institute, which represents more than 450 financial companies.

Under the ECB's plan, which helped to drive the euro to a four-month high last week, the central bank would buy government bonds in tandem with Europe's bailout funds to stem rising borrowing costs if countries ask for help and agree to conditions. The ECB will also assume oversight of the region's banks as early as the start of next year under plans for closer integration among Europe's lenders. A timely implementation of a single banking supervisor will allow the bailout mechanism to lend directly to the banks and also help to stabilise markets, the IIF said. The Irish Times

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A man in Dundalk who blocked his eviction from an apartment he owns has paid a bank just a small percentage of money owing since a repossession order was granted. Eugene Dooley blocked his eviction by the sheriff in Louth this month and had paid Permanent TSB 1.5 per cent of the combined monthly mortgage payments arising since the repossession order of June 2011. In addition, Mr Dooley has made no payment on arrears that arose since regular payment ceased, according to PTSB. PTSB said Mr Dooley had refused it permission to discuss details of the money he owes. It said it had had more than 50 engagements with Mr Dooley since arrears first arose on the account in October 2008.

It said he made commitments on various payments of his choosing but "repeatedly failed to honour those commitments". As arrears grew, Mr Dooley rented the property out to tenants but still failed to make the monthly repayments, PTSB said. "The bank only considers forced repossessions of properties in extreme cases and unfortunately this case falls into that category," it added. The Irish Times

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A brand new Irish film channel showcasing the best in Irish movie-making from the likes of The Guard to In Bruges will be launched under the new digital regime. Communications Minister Pat Rabbitte has greenlighted the creation of an Irish film channel on RTE's new digital television platform (DTT), according to documents released under the FOI act.

Rabbitte wrote to RTE boss Noel Curran in June informing him that he was closing off the selection following submissions to the Broadcasting Authority of Ireland. As well as the existing stations, the new channels to be carried by RTE will include two new TV3 stations, a new TG4 channel and Oireachtas channel and the new Irish film channel. The Irish Independent