Mr Brendan Burgess, a member of the Irish Nationwide, has begun a campaign to win support for his election as a director of the building society which has said it will demutualise, writes Siobhán Creaton.
Mr Burgess is an accountant and has put himself forward as an independent director. He is canvassing support from the society's other members when they cast their vote at its annual general meeting on April 26th. To succeed, he would have to unseat Irish Nationwide's chairman, Mr Michael Walsh.
Yesterday Mr Burgess stressed that the building society needed a "truly" independent director on a board which is set to prepare a demutualisation scheme and when negotiating with potential buyers.
Mr Eddie Hobbs, the Consumer Association of Ireland's financial spokesman, endorsed Mr Burgess's campaign.
Over-regulation claim dismissed
The Irish Financial Services Regulatory Authority (IFSRA) has dismissed warnings that over-regulation of the insurance industry is dissuading international players from entering the market, writes Edward Power.
IFSRA chief executive Mr Liam O'Reilly rejected as baseless claims that stringent solvency regulations had discouraged potential entrants.
The complaint has been made by insurer Quinn Direct and by a number of major multinational players in informal submissions to the Competition Authority.
Nor was there any evidence that the cost of complying with solvency rules was being passed onto consumers, Mr O'Reilly told the Oireachtas Committee on Enterprise and Small Business yesterday.
Equities trade 'grows 36%'
Equities trade on the Irish Stock Exchange grew by 36 per cent in the first quarter of 2004 year-on-year, pushing the value of shares traded to €21.9 billion, the exchange said yesterday.
The average daily equity turnover on the exchange rose 12.1 per cent to €343 million in the first three months - up 13.6 per cent on the daily average in the fourth quarter of 2003.
The ISEQ index outperformed most global indices with a 5 per cent increase from its end-2003 level of 4,921. - (Reuters)
Bombardier to create 400 jobs
A new £33 million sterling (€50 million) aircraft-building operation in Belfast is set to create nearly 400 jobs, it emerged yesterday.
Canadian-owned manufacturer Bombardier Aerospace announced the investment in programmes to develop two new business jets.
The British government has agreed to put nearly £9 million towards the costs of the project, which will provide a huge boost to the Northern Ireland economy.
