Tuesday, September 10 08:01:34
The State reached a break-even point on its E4.7bn bailout of Bank of Ireland for the first time yesterday as the bank's shares hit 23c.
With the bank likely to seek new investment in a rights issue before the end of the year in order to buy out the State's remaining preference shares, the Exchequer is on course to at least get back all of the money it put into Bank of Ireland during the crisis.
This depends on a number of factors, including whether NAMA manages to get back what it paid for the Bank of Ireland loans it purchased.
The State's position is in stark contrast to the group of billionaire investors, including Wilbur Ross, who paid E1.1bn for some of the State's interest at just 8c to 10c per share in 2011. Mr Ross, who put in E300m at the time, has seen his stake rise in value by E366m to E766m. The Irish Independent
It has emerged that the fees for engaging a professional adviser to put a debt deal together could be as high as E20,000 over the term of the arrangement.
The head of Insolvency Service of Ireland, Lorcan O'Connor, heralded it as a "game changer" for dealing with the country's huge personal debt crisis.
Up to 15,000 people had been expected to secure one of the three debt deals in the first year of the new service. But experts now say the numbers getting deals will be a fraction of that. The Irish Independent
Researchers at Intel's 'Irish Design Centre' in Shannon are engaged in developing the most advanced silicon technology on the planet and new figures show the 213 staff shared $22.4m in pay, or $105,352 (E79,482) each on average.
The figures show that the pay to the 213 staff, including directors, totalled $22.44m that included $17.9m in salaries with $2.66m in share-based payments along with $1.83m in pension costs.
Some 177 of the 213 staff are engaged in research and development with 36 in management, administration that includes sales and marketing. The Irish Independent
AIB is facing possible industrial action following the collapse of talks to resolve a row over a bonus payment at its EBS subsidiary. Members of the Unite trade union at EBS, which is part of the AIB group following the restructuring of the Irish banking sector, are to hold a general meeting tomorrow to decide on their next steps following the breakdown of talks at the Labour Relations Commission.
Unite sources warned that if the meeting backed industrial action, any pickets may not be confined to EBS outlets and could be placed on selected AIB premises as their members are now all part of the same institution.
It is not clear what action AIB workers, who are mostly members of the Irish Bank Officials Association, would take in the event of EBS staff placing pickets on any of their premises. The Irish Times