Allied Irish News
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Record stock sales and a growing economy are helping Poland solidify its position as central Europe’s busiest financial center, even as euro-area neighbors struggle to shake the sovereign-debt crisis.
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U.S. billionaire Wilbur Ross said he will consider investing in Spanish banks amid signs the country is following Ireland in starting “to come to grips” with its financial crisis.
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Greek businessman Achilleas Kallakis, known on the international poker circuit as ‘The Don,’ had his U.K. jail term for fraud increased to 11 years by an appeals court, in a victory for prosecutors who said his sentence was too lenient.
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Ireland’s stock index is the best performer in western Europe this year. That’s not enough to stop some of its biggest companies from defecting.
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The Irish central bank’s provisions for potential losses on investments and securities increased to 400 million euro ($523 million) last year, amid rising risks posed by the euro area’s sovereign debt crisis.
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Allied Irish Banks Plc, which cost taxpayers about 21 billion euros ($27 billion) to rescue, said its annual loss widened as a decline in bad loan losses failed to offset dwindling gains from buying back its own debt.
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New York investment banker Carlos Abadi was among the losers when Allied Irish Banks Plc imploded, wiping out $6.3 billion of junior bonds. Two years later, he’s willing to buy the lender’s debt again.
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Allied Irish Banks Plc’s Chief Executive Officer David Duffy comments on plans to win new investors in 2014, four years after the company was seized by the state, restructuring soured mortgages and rebuilding margins.
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Allied Irish Banks Plc, the state- owned recipient of a 21 billion-euro ($28 billion) bailout, is easing terms on 2,000 mortgages a month, aiming to clean up its troubled loan book in time to woo new investors by 2014.
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Irish borrowers struggling to meet their loan repayments may be banned from taking vacations and face limits on how much they can spend on food under guidelines published by the country’s personal insolvency service.
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