The Government is coming under pressure to provide multiannual funding to a range of public sector bodies after its three-year, €725 million agreement with RTÉ, reports the Sunday Times.
The Irish Medical Organisation, the Irish Nurses and Midwives Organisation, the Association of Secondary Teachers Ireland, Siptu, the National Union of Journalists and the Wheel, a charity and voluntary representative body, have all voiced support for long-term budgeting to help strategic planning for essential services.
The unions have responded to the statement by Taoiseach Simon Harris that most organisations would “give their right arm” for the financial certainty now delivered to RTÉ.
Bumper dividends from Irish banks
AIB and Bank of Ireland are set to return more than €3 billion to shareholders in the next year, reports the Business Post, with expectations growing that the banks will pay out an interim dividend worth hundreds of millions in the coming months.
The lenders are forecast to report operating profits of €1.2 billion and €1.1 billion respectively when they announce half-year earnings this week, with analysts predicting stronger-than-anticipated results.
They will benefit from the fact that the European Central Bank has been slower than expected to cut interest rates, with AIB’s net interest income set to top €2 billion and Bank of Ireland’s forecast to total €1.8 billion.
Bray land deal for Cairn Homes
Cairn Homes has agreed an off-market deal with the Cosgrave family for a large land bank in Bray, Co Wicklow, reports the Sunday Times.
The report suggested the company had paid up to €80 million for the 113-hectare site between Fassaroe and Monastery, south of the Co Dublin border. It brings to €150 million the amount that the publicly-listed developer has spent on land deals over the past six months.
Cosgrave Property Group has owned the Fassaroe lands for several years. The entire site has capacity for 2,500 homes. An application for 650 apartments and houses and a creche is due for determination soon.
Regulations pushback from investment firms
Investment giants BlackRock and State Street have hit out at the Central Bank of Ireland over proposed new restrictions on the sector, warning against the imposition of “discriminatory, ineffective, and counterproductive” regulations, according to the Business Post.
The firms, which manage trillions of euros’ worth of assets, have strongly objected to regulatory interventions in the funds industry mooted by the Central Bank.
In recent years, Ireland has grown into a global hub for international funds – the country hosts the largest money market sector in Europe, with assets totalling €700 billion.
Paddy Power racing comments
The owner of Paddy Power has warned that horse racing has become unprofitable for the gambling giant and has called for major changes as the sport grapples with a shrinking audience and a perceived decline in quality, according to a report in the Sunday Independent.
Ian Brown, chief executive of the UK and Ireland division of Paddy Power owner Flutter Entertainment, said the gambling company contributed more than £140 million (€166 million) last year to racing through the UK’s horse-race betting levy, sponsorship, marketing spend and media rights.
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