Joe Brennan News
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Ireland’s new insolvency service will pursue and prosecute borrowers fraudulently seeking debt forgiveness, said Lorcan O’Connor, head of the new agency
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HSBC Holdings Plc, custodian of a fund that lost about 1.1 billion euros ($1.5 billion) through Bernard Madoff’s Ponzi scheme, said liability rules for banks in Europe weren’t as strict at the time of the scandal surrounding the convicted fraudster.
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Syncreon, a closely held logistics company that ships goods for customers including General Motors Co. and Dell Inc., is up for sale, according to people familiar with the process.
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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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Eircom Group plans to sell its first bonds since 1.8 billion euros ($2.35 billion) of debt was written off last year when senior lenders led by Blackstone Group LP took over the Irish phone company.
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Lloyds Banking Group Plc, Britain’s biggest mortgage lender, said it hired Irish central bank Deputy Governor Matthew Elderfield as its director for conduct and compliance.
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Bank of Ireland Plc, the nation’s largest bank by assets, said lending margins continued to improve, following a rebound in the second half of 2012.
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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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Lloyds Banking Group Plc, Britain’s biggest mortgage lender, is in talks to hire Irish Central Bank Deputy Governor Matthew Elderfield, said a person with knowledge of the matter.
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Irish Prime Minister Enda Kenny suffered his biggest setback since taking power two years ago, as unions rejected his plans to cut pay for state employees.
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