Media

Seen & Heard: official files and Anglo; tussle for Gresham heats up

DCC may be preparing to increase CEO Tommy Breen’s bonus

Tifco, an Irish hotel company backed by Goldman Sachs, is believed to be in a two-way tussle with the Spanish group Riu to secured the Gresham hotel on Dublin’s O’Connell Street, with both parties submitting bids of more than €85 million.
Tifco, an Irish hotel company backed by Goldman Sachs, is believed to be in a two-way tussle with the Spanish group Riu to secured the Gresham hotel on Dublin’s O’Connell Street, with both parties submitting bids of more than €85 million.
Sun Jun 19 2016 - 17:19

The Sunday Business Post's lead story says that official files and secret notes reveal that a €7 billion fraud that led to criminal convictions of three bankers earlier this month was "potentially based on encouragement" from the Central Bank.

According to the Post the documents show how the State had knowledge that Anglo Irish Bank and Irish Life & permanent were helping each other out during the financial crisis in order to make their balance sheets appear stronger to investors and the stock market.

Elsewhere in the Post it is reported that Frontline Ventures, the venture capital firm that has just hired Twitter Ireland boss Stephen McIntyre, is to raise a second fund of €50 million this year. Investors in the first fund include Irelandia, rung by Declan Ryan; the An Post pension fund; Allied Irish Banks and Enterprise Ireland.

DCC

According to the Sunday Independent, DCC is overhauling its remuneration policy for fear of losing chief executive Tommy Breen. The move could significantly boost the pay packed of Mr Breen. According to the Independent, the company plans to raise the total available under its annual bonus scheme for 120 per cent of Mr Breen's salary to 200 per cent.

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The Independent also reports that the Central Bank asked the Government to consider allowing it to regulate vulture funds as far back as 2011, amid fears that unregulated foreign firms buying mortgage books from Irish banks would treat borrowers unfairly.

Setanta

The Sunday Times reports that the liquidator to Setanata Insurance, which collapsed in 2014, is spending almost €3 million a year to keep claims on hold as he awaits the outcome of a protracted legal dispute over whether claims should be paid from a State or industry-financed rescue fund.

Paul Mercieca, liquidator of the Malta-registered but Irish-owned insurer told a creditors'meeting in Malta that costs associated with the delay over liability were eroding the value of the company's remaining assets, worth an estimated €19 million.

The Times also writes that Tifco, an Irish hotel company backed by Goldman Sachs, is believed to be in a two-way tussle with the Spanish group Riu to secured the Gresham hotel on Dublin's O'Connell Street, with both parties submitting bids of more than €85 million.