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Risks remain for credit unions despite improvements

Credit unions’ reserves have increased marginally from 15.9% at the end of September 2020 to 16% this year A new report on the credit union sector by the Central Bank reveals another challenging year as credit unions continued to navigate through the impacts of Covid-19 as well as other business challenges. The Central Bank’s eighth Financial Conditions of Credit Unions ...

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Central Bank probes former PTSB executive over trackers

The Central Bank has ‘reasonable grounds’ to suspect that a Permanent TSB manager took part in a suspected contravention of its Consumer Protection Code The Central Bank said it has “reasonable grounds” to suspect that a person who was formerly part of the management of Permanent TSB participated in a suspected contravention of the Consumer Protection Code. In a statement, ...

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Former Anglo Irish Bank CEO Seán FitzPatrick dies

Seán FitzPatrick was CEO of Anglo Irish Bank Former chief executive and chairman of Anglo Irish Bank Seán FitzPatrick has died, a spokesperson for his family has confirmed. Mr FitzPatrick was 73 and died yesterday following a short illness. The former banker became well-known for the role he played in the rapid growth and subsequent collapse of Anglo Irish Bank ...

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CCPC opens Phase 2 probe into KBC and BoI’s loan deal

Details of the proposed deal first emerged in April The Competition and Consumer Protection Commission (CCPC) is to carry out a more in-depth probe of Bank of Ireland’s plan to buy KBC Bank Ireland’s performing loans and liabilities. The decision to open a full Phase 2 investigation follows an extended preliminary investigation.The inquiry will try to establish if the proposed ...

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Bank levy extended, Ulster Bank and KBC exempt

KBC Bank Ireland and Ulster Bank are exempt from the bank levy because they are exiting the Irish market The Government’s bank levy is to continue for another year, the Minister for Finance has announced in his budget speech. Introduced in 2013, initially for a period of three years, the idea of the levy was to ensure that the banks ...

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Bank of Ireland CFO leaves bank to join Musgrave Group

Bank of Ireland’s chief financial officer Myles O’Grady is to take up a new role with SuperValu owner Musgraves Group Bank of Ireland has blamed state-imposed curbs on bankers pay and bonuses for the announcement that its chief financial officer Myles O’Grady is to leave the bank to move to a job with the Musgrave Group. Myles O’Grady is moving ...

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Fears of ‘excessive’ inflation overstated – Makhlouf

Central Bank Governor Gabriel Makhlouf said current price pressures reflect ‘transitory factors that will fade out over time’ Central Bank Governor Gabriel Makhlouf has said fears of “excessive” euro area inflation are “overstated”. The Governor made his remarks in a speech this lunchtime at the annual Dublin Economics Workshop, which is being held online this year. The Governor, who is ...

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