Credit Suisse fallout, Amazon cuts more jobs, and The Late Late’s real problem

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The fallout from the collapse and takeover of Credit Suisse continues to dominate.

Ian Curran reports that shares in Irish and European banks whipsawed through Monday, as investors took fright at how Swiss regulators engineered the takeover of the bank by UBS. Much of the focus is on the Swiss National Bank’s decision to burn holders of AT1 bonds in advance of ordinary shareholders. That shocked markets and led to the ECB and Bank of England publicly reaffirming that AT1 holders rank above shareholders as far as they are concerned, as Ian and Eoin Burke-Kennedy report. Still, with the AT1 market effectively undermined for now. Banks, including Ireland’s lenders, face higher costs for the foreseeable future – costs that will likely be passed on to borrowers. On that theme, Cliff Taylor explores what it all means for interest rates. Meanwhile Colin Gleeson profiles the Irish man at the centre of the action.

In Your Money, Dominic Coyle helps a reader having issues with a Covid loan repayment break while Fiona Reddan assesses the gating of a number of property funds in recent weeks. If you want more personal finance coverage you can sign up to our On The Money newsletter, published every Friday, here.


If the banks issue wasn’t bad enough, Amazon said on Monday it would cut a further 9,000 jobs on top of the 18,000 it cut before Christmas. Ciara O’Brien reports.

In her column, Laura Slattery looks at Ryan Tubridy’s decision to step down as host of The Late Late Show and points out that who is in the chair is not the biggest problem facing chatshows these days.

Smurfit Kappa has formally exited Russia a year after saying it would leave the market there. Eoin has the details.

Most Irish taxpayers are missing out on tax refunds by not claiming for medical expenses that they incur, according to advisers at Dominic Coyle has the story.

Liverpool comedian John Bishop was accused in the High Court of damaging an Irish tech firm. The claims are denied. Aodhan O’Faolain reports.

The Government is set to increase sharply its use of forestry for building homes, Barry O’Halloran has the details.