A round-up of today's other stories in brief...
O'Dwyers consent to summary judgment orders over loans
Two members of the O’Dwyer pub group have consented to €8 million summary judgment orders against them over guarantees provided on a €25 million term loan for pub refurbishments and corporate purposes several years ago.
The judgments were entered at the Commercial Court yesterday by Mr Justice Peter Kelly. Liam and Desmond O’Dwyer had provided guarantees for the loan from AIB to the Marino Group, which operated a number of Dublin pubs under different companies which went into receivership last year.
Liam, of Northumberland Road, and Desmond, of Simmonscourt Road, both Ballsbridge, Dublin, provided security for up to €8 million of the €25-million term loan in 2003 and in 2006. Following the winding up of the Marino companies, AIB demanded repayment of the term loan which stood at €23.2 million in November last year.
Manufacturing output up 10.4% in August
Annual production in the manufacturing sector rose 10.4 per cent in August, data from the Central Statistics Office released yesterday showed.
The change was led by rise of 18.5 per cent in the production of basic pharmaceutical products and in the preparations sector, and was partly offset by a 10.9 per cent decline in computer, electronic and optical products.
Turnover for the period was 17.9 per cent higher when compared with August 2009.
Positive results for Conroy Diamonds
Conroy Diamonds and Gold’s drilling programme at its Clay Lake gold target in Co Armagh has returned positive results.
This follows previous results which showed there is gold mineralisation.
AIB to hold EGM on sale of US stake
AIB is to hold an extraordinary general meeting on November 1st for shareholders to vote on the disposal of its 22.4 per cent stake in the Buffalo, New York-based MT bank.
AIB, which is selling its shares in MT bank in order to raise capital, said last week it expects the disposal to contribute €900 million to the €10.4 billion in additional funding that it needs to meet capital adequacy ratios set by the Financial Regulator.
