Monday, September 02 08:18:37
Losses at builders' merchant and DIY group Dublin Providers Ltd (DPL) fell by almost E2 million to E875,000 last year as the market stabilised, according to latest figures. Returns just filed for the year show that sales fell by around 7 per cent to E41.1 million from E43.8 million in 2011.
Its operations lost E645,860, down from E2.6 million the previous year, thanks to sharp reductions in costs. The group earned E500,000 on the sale of assets, but a near E230,000 interest bill on bank loans and overdrafts left it with a pretax loss of E875,274 for 2012, around one-third of the E2.8 million deficit it recorded for the previous year.
Directors Jeremiah Maher and Noel Keogh point out that the group's DIY and builders' providers businesses depended on the level of housebuilding and repair, maintenance and improvement markets. The Irish Times
Accumulated losses at businessman Tony Quinn's healthcare stores increased to E1.66 million last year, according to accounts just filed with the Companies Registration Office. The figures shows that accumulated losses at Tony Quinn Health Centres Ltd increased by almost E285,000 in 2012 to to E1.659 million from E1.375 million the previous year.
Shareholders' funds dipped to E2.475 million from E2.75 million as a result. Cash balances also fell, to E136,602 from E337,872. Mr Quinn lives in the Bahamas and controls the chain, which operates a chain of stores around Ireland, through a Jersey based entity, Baringo Trading. The business grew out of a shop that he opened on Dublin's Eccles Street in 1971. The Irish Times
New state insolvency deals aimed at lifting thousands of troubled homeowners out of debt slavery are set to flop, after it emerged banks will have two decades to claim back money from house sales.
Experts said that the new process would be shunned by both the banks and the public.
It had been hoped that banks would write off mortgage and other debts under the personal insolvency arrangements (PIAs). The Irish Independent
Electronic book 'Pyramid Games' by Michael Leidig says the Central Bank and stock exchange here looked closely at Madoff when he began looking for permission to create so-called Undertakings for Collective Investment in Transferable Securities, or UCITS, in Dublin.
The backers of the funds had to supply large amounts of information to regulators here which would have been enough to enable the regulators to uncover Madoff's fraud much earlier than late 2008 when Madoff was finally arrested in New York, the book says. That would have saved many from losing their personal fortunes. The Irish Independent
The Central Bank has told current and former directors of Newbridge Credit Union they could face three years in prison or a fine of E100,000 if they reveal any details about the controversial lender.
The gagging order came after regulators persuaded the High Court to appoint a special manager to run the credit union 18 months ago, over fears about its finances.
The Save Newbridge Credit Union campaign claims 2,000 people turned up to the rally on Saturday to protest over Central Bank moves to force the lender to merge with nearby Naas Credit Union. The Irish Independent