Fingleton’s financial means; Banks struggle to close accounts; and EU secures approval on 15% tax rate – The Irish Times
Former Irish Nationwide Building Society chief executive Michael Fingleton has been asked to draw up an affidavit of his financial means as his lawyers plead that he has now chance of covering the likely seven-figure legal costs of a civil action being taken against him over the collapse of the business, never mind about any damages he is required to pay. Joe Brennan was in court as lawyers for the IBRC, which is pursuing the former banker, argued its case was about more than a financial penalty.
Almost 192,000 “primary” current accounts in departing banks KBC and Ulster Bank remain open, the Central Bank said on Tuesday, despite a 50 per cent fall in the number of such accounts at the two banks since July. And that is just a fraction of the accounts still open at the two lenders, with the pace of closures slowing down in November, writes Joe.
Hungary dropped a veto that had blocked the EU from agreeing to sign up to new global tax rules involving a minimum corporation tax rate of 15 per cent as well as a package of aid for Ukraine in return for the release of some post-Covid stimulus funds, although they might still be subject to rule of law reform in the eastern European state, writes Naomi O’Leary in Brussels.
Dairy farm incomes have jumped to record levels this year on the back of a global surge in milk prices as growing demand hits static supply, writes Eoin Burke-Kennedy. Teagasc’s annual survey of farm incomes says the average dairy farm will have seen incme jump 50 per cent this year to €148,000. But the figures are nowhere near as cheerful for most other farm sectors.
Developer Hammerson needs to put together a “significant compensation package” for Moore Street traders who will be “put out of business for a generation and likely beyond” by its ambitious €500 million regeneration plan for a major site in the heart of the capital, according to planning consultant representing the traders. Gordon Deegan has the details..
IDA Ireland put outgoing chief executive Martin Shanahan on gardening leave as soon as he filed his official written notice ahead of his departure for Grant Thornton in the new year to avoid any perception of a conflict of interest, Freedom of Information papers show Ken Foxe.
Last year was a good one for Irish racing figures with history-making jockey Rachel Blackmore’s business making record profits of €367,545, close to double the previous year’s figure. Meanwhile, writes Gordon Deegan, trainer Joseph O’Brien’s Carriganog Racing Ltd also delivered record results, a profit of €683,996 before tax.
No commercial property pages this week but Ronald Quinlan still has details of a deal that saw consumer finance group Avant taking up space at the penthouse level of Singapore-headquartered real estate investment trust Mapletree’s Nova Atria office scheme at Sandyford in south Dublin, bringing occupancy at Microsoft’s former home to 96 per cent.
Torn between the optimists and the catastrophists, Martin Wolf argues that progress will not come easy but it is something worth fighting for.
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