RTÉ sought additional €55m from State to help plug its finances

RTÉ sought an additional €55 million a year from the Government to make up for a shortfall in its financing and help progress it into the digital era, The Sunday Independent reported.

The company said in a report submitted to the Broadcasting Authority of Ireland that it is eying a “significant shift” in spending from broadcast to online, particularly for news and content for younger audiences. While the BAI recommended to the Department of Communications that RTÉ receive an increase on its annual €30m public funding, it said that the broadcaster has not made a sufficient case for its €55 million request.

Cairn seeks nod for 400 homes

Dublin-based housebuilder Cairn Homes has sought approval to build more than 400 units on a land bank in Newcastle in southwest Dublin under a fast-track planning process, according to The Sunday Times.

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The company, which has been engaged with An Bord Pleanála under the strategic housing development planning system that gives the authority 16 weeks to rule on an application, is seeking to build 281 houses and 125 apartments and duplexes on the 70-acre site, the report said.

Brexit a threat to trade credit

The Sunday Times also reported that the Willis Towers Watson Trade Credit and Surity, the largest trade credit insurance arranger in the Irish market, has told the Government that businesses face a trade credit crunch because of Brexit.

Credit insurance firms are expected to downgrade ratings of Irish companies in the wake of the UK leaving the EU, making it more difficult for these companies to get credit from UK suppliers.

Irish funds and Brexit

The number of investment funds registered in the first half of the year by the Central Bank of Ireland has topped 300, more than for the whole of 2015, the year before the Brexit vote, The Sunday Business Post reported.

The report noted that there was a significant jump in fund authorisations to 340 in 2017, with registrations increasing by a further 450 last year as overseas firms sought to make sure that they continued to have access to clients in the EU post Brexit. Ireland is a leading hub internationally for international investment funds.

Revolut drops Luxembourg licence bid

UK fintech company Revolut, which offers a host of banking services, has pulled an application to secure a banking licence in Luxembourg following scrutiny by the country’s parliamentarians of its compliance record, according to The Sunday Telegraph.

The company said that it would now focus on being able to passport services across the EU from Lithuania, where it was granted two licences from regulators last December, the report said.