Good morning, and welcome to today's live coverage of the Irish financial crisis. Later today, Ireland's government will unveil its four-year austerity programme. It is unclear whether the package will reassure the financial markets, who are already eyeing Portugal and Spain as the next casualties. But for many of Ireland's citizens, the pressing questions are these - just how much pain will this four-year plan inflict on me, and can we avoid a full-scale economic slump?
Republic of Ireland Barclays to expand Irish operations under Brexit uncertainty contingency plan The bank plans to use Barclays Bank Ireland as its EU hub to mitigate any potential disruption to business after Brexit July 14 Barclays to expand Irish operations under Brexit uncertainty contingency plan BelfastTelegraph.
It is understood that the lender's Dublin office could be bolstered by up to staff, potentially doubling the size of its local employee base, though it is not clear whether that would be the result of local recruitment or the relocation of UK jobs. Barclays did not comment on how many employees would be added to its Irish operations, adding that it was still in discussions with the regulator over plans to use the Dublin subsidiary to continue trading within the EU.
The bank confirmed on Friday that it plans to use Barclays Bank Ireland as its EU hub to mitigate any potential disruption to business after Brexit.
EY's Brexit Tracker, released earlier this month, showed 19 firms have already publicly stated that they will be moving staff or operations to Dublin or other parts of Ireland.
In total, 23 major banks, asset managers and insurers have now established or bolstered their EU subsidiaries in reaction to Brexit, up from 18 in March, according to EY's report.
Enterprise and Innovation Minister Frances Fitzgerald said: IDA Ireland, which works to attract foreign investors to the country, said Barclays' decision endorsed Ireland's position in Europe.
Martin Shanahan, the agency's chief executive, said:Oct 14, · Legislation setting up Ireland's 54 billion euro ( billion pound) "bad bank" passed its first parliamentary hurdle on Wednesday and work on valuing risky commercial property loans to be taken.
Aug 01, · Bank of Ireland financial and business news, updates, and information from The New York Times and other leading providers.
Bank of Ireland plans to increase the size of its loan book and invest in front-end technology to improve profitability and efficiency, CEO Francesca McDonagh said today ahead of the bank's investor day.
Bank of Ireland said it expects to increase its lending by around 20% over three years with 65% of that growth in Ireland and 35% internationally.
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|Bank of Ireland: Andrew Tyrie writes to FSA over rate rise - BBC News||These are external links and will open in a new window Close share panel Image caption About 13, existing customers will be affected by the Bank of Ireland's move The chairman of the Treasury Committee has written to financial regulators about Bank of Ireland's plan to raise customers' mortgage tracker rates.|
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Bank of Ireland is to undertake a corporate reorganisation that will see a big reduction in the number of shares it has issued as well as a change of name for its listed entity as it moves to.