Monday, September 09 08:04:12
The sale of assets worth more than E22 billion by the liquidators of the Irish Bank Resolution Corporation, which is to be completed by the end of the year, kicks off on Monday of next week.
Parties that have expressed an interest in the loans being sold and have signed confidentiality agreements will start getting detailed information on the first group of loans from that date, and will be given a short period to make indicative bids. The initiation of the sales process for the so-called Project Evergreen loans will be quickly followed by the beginning of an identical process in relation to three other loan types.
Project Evergreen involves Irish-originated corporate loans to trading entities such as Arnotts and Topaz with 50 "borrower groups" and loans totalling E3.5 billion. The other three groups of loans have been called Rock, Sand and Stone and involve, respectively, UK-originated commercial real estate loans, mortgages associated with the former Irish Nationwide, and Irish-originated commercial real-estate loans. The number of borrower groups and the value of the loans, at par, are, respectively: 350 (E7.8 billion); 13,250 (E1.8 billion); and 2,150 (E9.3 billion). The Irish Times
Proposed incentives designed to support the development of the wind farms needed to meet the Republic's renewable energy targets will cost E300 million, according to the State's utility regulator. The Republic has agreed with the EU that 40 per cent of its electricity will be generated from renewable sources by 2020.
The commitment will require the construction of more wind farms and specialised gas-fired power plants that can be called on to plug the gap when wind generators cannot be used. National grid operator Eirgrid recently finalised proposals that included payments and incentives that the agency believes such specialised power plants will need to operate and deliver a return to their investors.
The Commission for Energy Regulation (CER) confirmed this week that the package as it stands will cost an extra E300 million, which would ultimately be passed on to consumers and businesses if the proposals were implemented. The Irish Times
Independent News & Media shareholders can expect to see details of the company's plan to raise E40 million in a rights issue by mid-October, chief executive Vincent Crowley said yesterday. After the media group's agm in Dublin, Mr Crowley and Independent chairman Leslie Buckley confirmed that Davy had been appointed as underwriter for the rights issue, with the exact timing of the fundraising remaining "fluid".
Mr Buckley said the process was still at a "very early" stage but that the board was "very optimistic" that the Pensions Board would soon approve its plans to reform its pension scheme, thus clearing the way for the rights issue. The company will issue an interim management statement at that stage. The Irish Times
Up to 4,500 distressed borrowers have already contacted the the State-backed Insolvency Service of Ireland as it opens for business Around 80 staff members will sift through the applications as the new service officially opens its doors to the public.
The scheme has been hailed as a second chance for distressed borrowers to escape lifelong insolvency and start anew.
After five years of recession, the Insolvency Service of Ireland (ISI) is preparing for a flood of applications into its new Dublin offices rented from low-cost airline Ryanair.
But there are already some concerns about how the new system will work. The Irish Independent
XXXX Associated British Foods forecast "good progress" in full year earnings per share after a strong finish to the year from its Primark discount fashion chain, which trades here as Penneys. The retail and food group also said today that adjusted operating profit for the second half of its year to Sept. 14 would be ahead of expectations thanks to Primark's performance. The Irish Independent