Karl Deeter's mortgage fintech sold to UK firm in €9m deal
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Independent
an hour ago
- Irish Independent
Oil firm boss Oisin Fanning's luxury flat in London was repossessed
Personal financial distress in 2022 led to sale, with price in dispute Oisin Fanning, the executive chairman of embattled oil company San Leon, had his exclusive multi-million pound London home repossessed by a specialist lender after he defaulted on repayments. He now claims that the lender, Guernsey-based Tenn Capital, sold the property in London's West End for millions less than it was worth, leaving Mr Fanning with an alleged shortfall of £4.5m (€5.1m). He is suing Tenn Capital for damages and seeking injunctive relief, including rescission of the loan from the group.
Irish Independent
an hour ago
- Irish Independent
Tullow Oil shares hit a five-year low as asset sales shrink future cash flow
The Irish-founded, UK-based oil company said average production in 2025 may be as low as 40,000 barrels a day, less than half its output in 2018. Tullow, which was founded by Irish accountant Aidan Heavey in 1985, went on to become one of the UK stock market's hottest independent oil explorers after making several major African discoveries in the late 2000s. By 2012, the business had a market capitalisation of €18bn, boosted by speculation it was on the cusp of being taken over by an oil major, high prices and a string of oil finds. However, the cost of servicing debts taken on to develop its African interests combined with an oil price slump from 2014 shifted that trajectory dramatically. Shares have fallen from a high of £13 each in 2012 to below 12p each by yesterday. The shares sank as much as 22pc yesterday, the lowest since April 2020, after the company reported another production decline in first-half results. 'Our 2025 strategic priorities remain clear: refinancing our capital structure, optimising production, increasing reserves and completing the sale of our Kenyan assets,' interim chief executive officer Richard Miller said in a statement. He sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground A company spokesperson declined to comment on the share drop, but said Tullow has a long-term strategy for oil production, having signed an agreement with Ghana in June to extend its licenses there to 2040. Tullow attracted a strong Irish following as it listed in Dublin and London, as shareholders bet on Mr Heavey. The former Aer Lingus accountant set up Tullow Oil after learning of opportunities to exploit small fields considered uneconomic by oil majors. The native of Roscommon sold his vintage cars and mortgaged his house to raise £1m to get the business off the ground and initially targeted Senegal in west Africa. He led the business for decades as it expanded into a significant player in the sector, before stepping down as CEO in 2017 aged 64, having stayed on as the firm struggled with the fallout of plunging oil prices in 2014 and 2015. More recently, Tullow has struggled to bring Kenyan fields onstream. This year it agreed to sell the Kenyan deposits and offloaded assets in Gabon.
Irish Independent
an hour ago
- Irish Independent
‘Ireland's returns are underwhelming' – savers are getting some of lowest value on deposit accounts in eurozone
Depositors remain at the bottom of the pack across the two major deposit categories – instant-access overnight accounts and fixed-term deposits, according to a survey compiled by savings platform Raisin. Overnight deposits – sometimes called 'easy access' – are the most common form of savings accounts in Ireland. Nine out of every €10 in savings is held in these accounts. Over the past year, Irish savers received an average return of just 0.13pc. The Raisin Bank analysis said this puts Ireland among the lowest in the eurozone for returns on demand deposits. German savers could avail of much better average rates of 0.55pc. Savers in this country fare slightly better on term deposit accounts, where money has to be locked away in a savings account for a period to get the full interest rate quoted. Raisin said: 'But even here, Ireland's returns are underwhelming.' The average Irish household received 2.44pc interest on new term deposits over the past year. This is compared with 3.06pc in Italy. Over the past 10 years, Irish savers had seen the lowest annualised returns of all countries surveyed, at 0.62pc, the Berlin-based bank said. Raisin said the loyalty of savers in this country to overnight accounts may be rooted in years of ultra-low or no returns, when moving money did not pay off. ADVERTISEMENT Learn more 'But the interest rate landscape has shifted. Term deposit rates have risen across the EU, and online banks are offering competitive deals that many in Ireland continue to overlook,' Raisin said. Holding on to bad savings habits is costing Irish households millions of euro a year in missed interest. The Central Bank recently revealed Irish households missed out on €800m in deposit interest last year alone. Eoghan O'Hara, country head for Ireland at Raisin, said low competition in the Irish retail banking sector may be a key factor in low rates. 'With only a handful of major players, and limited switching between banks or even account types, there's little incentive for institutions to offer competitive rates. In contrast, countries with more diverse banking landscapes, such as Germany, have passed on more value to savers.' It's the digital equivalent of stuffing it under the mattress He warned that Irish savers were being left behind, not only in relative terms, but also in real returns. 'In a high-inflation environment, earning little to no interest in an overnight savings [account] equates to a negative real return and a loss of spending power.' He said that when Dirt (deposit interest retention tax) is accounted for on the earnings, the net result is even worse. 'Keeping money in a low-paying, overnight account is essentially the digital equivalent of stuffing it under the mattress. It may feel safe, but your spending power is eroding,' Mr O'Hara added. There is about €160bn in household savings in Irish banks. Mr O'Hara said savers should ensure their money was working harder for them. They should explore the options and if possible lock away their money in a fixed-term deposit where they can get a much better rate. He also advised people to shift their savings to a bank that offers higher rates, and to look for serious offers in other EU countries.
