A round-up of today's other business news in brief ...
Banks warned on loans to directors
The Financial Regulator has written to all banks and building societies in Ireland, warning them to disclose more details about loans to directors and individuals connected to directors in their audited annual accounts. This follows the scandal concerning hidden loans of up to €122 million to former Anglo Irish chairman Seán FitzPatrick.
The regulator said that the lenders must disclose the principal loan amount owed and the interest outstanding at the beginning and end of the period covered by the accounts. They must also show the maximum amount of the liability during the period, unpaid interest and any provision made for any failure or anticipated failure to repay all or part of the loan.
€10m Irish loss for Harvey Norman
Electrical and furniture retailer Harvey Norman has reported a loss of A$19.8 million (€10 million) in its Irish units and written off A$17 million (€8.6 million) in the value of plant and machinery here.
Exports rose by 4% in December
The value of exports from Ireland was 4 per cent higher in December 2008 than the comparable month in 2007, suggesting the State’s manufacturing sector remained relatively resilient last year despite the economic downturn.
Data from the Central Statistics Office show the value of exports was €6.76 billion in December, while imports were down 19 per cent year-on-year at €3.86 billion. The impact of the economic slowdown on consumer demand here was reflected by a fall in the value of imports in December 2008, which were 11 per cent lower than the previous month.
Pension fund rule changes outlined
The Government yesterday published the draft Bill that will amend the rules governing the National Pensions Reserve Fund (NPRF) allowing it to use money from the fund to recapitalise the banks.
The draft Bill, known as the Investment of the National Pensions Reserve Fund and Miscellaneous Provision Bill 2009, enables the Minister for Finance to direct the NPRF commission to invest in listed credit institutions or to underwrite any issues of new shares by the banks.
Qualceram delays full-year results
Sanitaryware manufacturer Qualceram has delayed its full-year results to allow it conclude ongoing negotiations with its bankers and its main landlord. The talks have been disrupted by the death of the landlord’s representative in the aircraft crash in Buffalo, New York, earlier this month.
McCreevy warns on challenges ahead
EU Competition Commissioner Charlie McCreevy said yesterday that the challenges the Irish economy faces “are more formidable than anything we have seen in more than half a century”. Addressing the annual dinner of the Irish Taxation Institute, he said there was limited availability of capital to governments and it would go to those states with the most credible plans for getting their budgets back to balance.
