Latest news with #BankOfIreland
Irish Times
3 days ago
- Business
- Irish Times
Banks warn customers to be vigilant over holiday scams
Banks are urging customers to be on their guard in the coming weeks as the holiday season brings increased risk of falling victim to rental scams. Bank of Ireland warned customers to be wary when making holiday bookings to avoid falling victim to accommodation scams, where fraudsters trick people into paying for property that doesn't exist or is not available to rent. The bank said it had seen an increase in the number of cases, and also a rise in the amount of money that customers were losing to the scams. 'Fraudsters don't take time off and are always looking at ways to take your money,' said Nicola Sadlier, head of fraud, Bank of Ireland. 'Holiday scams can be devastating and costly, as you may arrive at your destination before becoming aware that it's a scam, so it's really important that consumers stay vigilant and stop, think, check before making any accommodation payments.' READ MORE Rental scams happen throughout the year, but are usually targeted at people booking holiday rentals abroad or in Ireland, students looking for college properties and people looking to rent living accommodation. [ Scam listing on turns holiday dream into a nightmare Opens in new window ] The bank has issued advice to customers, including double-checking websites are genuine, not being pressured into making payments, don't click on links from social media, emails or texts, and going to official booking websites directly. Holidaymakers should also be wary of moving off official sites in return for a discount, as this can often be the hallmark of a scam. Customers should also be wary about deals that seem too good to be true, and ensure that any payments are made on a secure, trusted platform. [ 'Email had my booking reference plus details of guests': customers targeted by scam Opens in new window ]
Irish Times
3 days ago
- Business
- Irish Times
Citigroup's EU hub becomes largest bank in Ireland following significant balance-sheet growth
Citigroup's EU banking hub recorded balance-sheet growth of more than 12 per cent last year, making it the largest bank in Ireland. Dublin-based Citibank Europe plc's total assets stood at $178.6 billion by the end of December, according to its latest annual financial statement, filed with the Companies Registration Office. That was the equivalent of €171.7 billion at the time, based on the prevailing euro-dollar exchange rate, putting it ahead of the €162 billion asset base of Bank of Ireland , which had been the largest bank in the State in recent years. AIB is the third-largest Irish bank by assets, followed by Barclays Bank Ireland. Citibank Europe's assets growth was driven by deposits placed in central banks and other commercial banks, government bonds held as trading assets and investments, and financial derivative instruments. READ MORE The bank, which became Citigroup's pan-European banking division in 2016, posted a 19 per cent increase in net profit last year, to $2.07 billion, driven by interest income and fees, as well as commissions growth in its services division. This unit includes securities services and treasury and trade solutions aimed at institutional and corporate clients. It employs just under 3,000 in Ireland. Citibank Europe, which has branches across 21 EU countries, had €37.3 billion of surplus cash on deposit with central banks at the end of last year. It had access to rates of as high as 4 per cent with the European Central Bank (ECB) at certain points during the year, though the ECB's deposit rate has since fallen back to 2.25 per cent. The group's only consumer banking business is in its Polish unit, called Bank Handlowy. Citigroup has been trying to offload the retail part of this bank for some years. Citibank Europe, led by Ignacio (Nacho) Gutiérrez-Orrantia, continues to monitor effects on trade stemming from tariff policies of the new Trump administration 'and potential macro impacts including a slowdown', it said in the financial report. Citigroup's country head for Ireland is Davinia Conlan. Last Friday, US president Donald Trump threatened to impose 50 per cent tariffs on EU goods from the start of June. He had cited frustration, saying talks with Europe were 'going nowhere'. However, two days later he said he would delay the tariffs to July 9th to give both sides more time to negotiate. He opted for the delay after having a 'very nice call' with European Commission president Ursula van der Leyen. Citigroup Europe is set to move into new offices being built by Ronan Group Real Estate (RGRE) at Waterfront South Central in Dublin's north docklands in the second half of next year. The total cost to the bank for the site and construction is estimated at about €300 million. The bank agreed to sell its existing Liffey-side headquarters in 2023 for about €140 million to RGRE, which aims to redevelop the property after it is vacated next year. Citigroup chief executive Jane Fraser visited the Irish unit last Thursday to celebrate the banking giant's 60th anniversary in the Republic. At an event that evening, attended by figures from a number of leading Irish companies, Ms Fraser spoke of the group's commitment to Ireland and Europe.
Irish Times
7 days ago
- Business
- Irish Times
AIB weighs sale of more problem loans with face value of €500m
AIB is preparing for a potential sale of a portfolio of non-performing loans, including debt that had soured during the Covid-19 pandemic and never recovered, sources have said. The portfolio being assembled has an original value of €500 million and could come to the market as soon as the third quarter of this year, the sources said, adding that it includes mortgages , unsecured loans and small business loans. The development comes about 18 months after AIB shifted most of its remaining crisis-era problem loans and signals that portfolio sales will remain a tool for the bank's management of intractable non-performing loans. European regulators introduced rules a decade after the financial crash requiring banks to set aside provisions equal to 100 per cent of a non-performing loan within three to seven years after the default date. That incentivises banks to address such borrowings or get them off their books. READ MORE Bank of Ireland said in a recent trading update that it continues to look at 'organic and inorganic activity' to further improve the quality of its loans. Inorganic activity usually refers to asset sales or purchases. Sources have suggested that Bank of Ireland is unlikely to carry out a transaction this year. Bank of Ireland's non-performing loans ratio stood at 2.5 per cent in March. 'AIB has reduced its non-performing exposure levels from €31 billion in 2013 to €2 billion, or circa 2.8 per cent of gross loans, as of the end of March 2025,' a spokesman for AIB said. 'For customers in difficulty, our focus has been to put in place appropriate and sustainable solutions to help them to get back on track. 'The bank's preference is to provide solutions through customer engagement on a case-by-case basis. AIB continues to support customers through a comprehensive range of forbearance solutions, and we have done so in over 150,000 cases. 'Notwithstanding the considerable progress made to date, we remain committed to maintaining a non-performing exposure level which is in line with European norms.' AIB's chief executive, Colin Hunt, said earlier this month that the bank's financial performance was better than expected in the first quarter of the year, despite fears that Trump administration policies will hit global trade and economic growth. The bank reiterated all of its financial targets for the full year in a trading statement on May 1st, including a key measure of profitability known as return on tangible equity which, it said, would be 'meaningfully ahead' of its medium-term target of 15 per cent. Group chief financial officer Donal Galvin said the bank will be reviewing various economic scenarios, including the impact of international tariffs, as it assesses its loan-loss provisioning before the release of interim results during the summer. 'This is a challenging exercise, given the range of potential outcomes,' he said. He highlighted that a worst-case scenario of a 'credit crunch' assessed as part of its 2024 financial reporting would require about €600 million of provisions. AIB's own economics unit estimates that a measure of the Irish economy known as modified domestic demand, which includes spending by consumers, Government and certain private sector investment, will ease to 2.3 per cent and 2 per cent in 2025 and 2026, respectively, from 2.7 per cent last year. ' The uncertainty created by the dramatic shift in US trade policy and the responses of other key trading blocs is expected to dampen global growth in 2025 and 2026,' AIB chief economist David McNamara said, commenting on the bank's new outlook report published on Monday. 'Given the globalised nature of the Irish economy, we expect significant volatility in GDP (gross domestic product) as exporters seek to get ahead of potential trade restrictions this year. 'For the domestic economy we expect a cooling in growth this year, as ongoing uncertainty dampens consumer spending and business investment growth.' He said: 'Nonetheless, Ireland enters this period of uncertainty from a position of strength, with the economy growing at a robust pace in recent months, while the public and private sectors have built up material financial buffers in recent years.'
Irish Times
23-05-2025
- Business
- Irish Times
Confusing tourism numbers; legacy Bank of Ireland shares; and winning Six Nations profits
Irish tourism continues to be at odds with State number-crunchers regarding the number of visitors arriving each month. Since last September, the Central Statistics Office (CSO), which carries out forensic surveys and data gathering, has reported a steady and consistent decline, bad enough to fall 30 per cent in February. But ask tourism organisations, and they just don't see it on the ground. The CSO has been engaging with them on the numbers. Following similar moves by AIB and PTSB, Bank of Ireland is now considering an offer to buy out thousands of legacy shareholders with tiny holdings after crisis-era bailouts diluted their stakes. Joe Brennan, who was at the bank's AGM, considers the detail. The operator of the Six Nations Championship rugby tournament turned a pretax profit of £10.5 million (€12.5 million) in its last financial year, following previous losses. The Ireland-based Six Nations Rugby Limited is also confident of further strong performances. Hugh Dooley looks at the accounts. The current Donald Trump presidency has brought diversity, equity and inclusion (DEI) policies squarely back into the spotlight. A new survey , reports Emmet Malone, shows that in Ireland more companies are persisting with them than elsewhere. READ MORE Staff at the Business Post have been told it likely they will be moving from their current offices to the Irish Management Institute (IMI) campus in south county Dublin. Colm O'Reilly, chief operating officer of the group, told Ian Curran that while plans had not been concluded, the move was 'probable'. The Business Post Group acquired the IMI from University College Cork (UCC) in a deal finalised earlier this month. It is still a mystery to many how we can ever build enough homes to meet swelling demand. But Glenveagh at least thinks the Government's plan for a housing delivery agency is a step in the right direction if it can just ramp things up a modest amount. Ciara O'Brien and Ian Curran report on comments by chief executive Stephen Garvey as well as some financial details following Thursday's AGM. Eoin Burke-Kennedy takes a look at the ongoing housing crisis , a problem so entrenched that the term 'crisis' may no longer seem the appropriate word. But it is an enduring failure, tangled up in questionable policy decisions, rising rents and demand, building issues, and all in a cash-rich economy. Agenda takes a step back to examine how it all went wrong. Even in simpler times – say the 1960s, when Ireland and the UK were at it – working out a trade agreement was a tricky business. So, when all the drama and intrigue around Donald Trump's on-again, off-again tariff regime is put to one side, it is important to consider just how complicated trade wars and agreements can be. In his column , John FitzGerald explains it all, and warns that it's hard enough when executed in good faith, and far more difficult with a hostile and erratic US negotiating partner. Over €1 million worth of bonus payments have been shared among staff at Storyful , the Rupert Murdoch-owned social media intelligence company, which was bought from former RTÉ journalist Mark Little and investors for €18 million in 2013. Accounts for the Dublin headquartered company, reports Gordon Deegan, also show pretax losses last year decreased by 14 per cent to €2.66 million. The Construction Industry Federation has chosen Andrew Brownlee as its new director general , succeeding Hubert Fitzpatrick. Ciarán Hancock reports on the appointment of Mr Brownlee, who is currently chief executive of Solas, the education and training outift. The former Irish arm of consumer goods giant Procter & Gamble (P&G) paid a €55 million dividend to its Swiss parent company in the year after it sold its last factory and exited manufacturing in the Republic. Ian Curran has the detail on the company which closed its doors here in 2022. Procter & Gamble (Manufacturing) Ireland Ltd currently holds the group's defined benefit pension scheme. If you'd like to read more about the issues that affect your finances, try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
22-05-2025
- Business
- Irish Times
European stocks fall amid weak economic data
European stocks fell on Thursday amid concerns over the economic outlook on both sides of the Atlantic. The pan-European Stoxx 600 index closed 0.6 per cent lower, logging its biggest single-day fall since early April, and retreated further from a two-month high touched earlier this week. Investors have been grappling with lack of progress on trade deals as well as US president Donald Trump's sweeping tax cut plans, which have raised concerns about ballooning US debt and sent government bond yields surging. Adding to the dour mood, HCOB's preliminary composite euro zone Purchasing Managers' Index dropped to 49.5 this month from 50.4 in April, and the bloc's dominant services industry suffered a deeper downturn in demand in a clear sign of the impact of US tariffs on the euro zone economy. READ MORE DUBLIN The Iseq All-Share index closed 0.6 per cent lower at 11,326.58, having closed at an all-time record on Wednesday. 'There's a bit of nervousness around how large the US deficit has been structurally for a given period of time. You're going to have a very uncertain picture with regards to growth and a certain outlook for deteriorating public finances,' said Iain Barnes, chief investment officer at Netwealth. Banks were out of sorts, with AIB down 0.6 per cent at €6.64 and Bank of Ireland off 0.2 at €11.94, with news flow from latter's annual general meeting (agm) giving little for investors to get excited about. Still, tourism related plays were in demand, with Dalata Hotel Group up 2.9 per cent at €5.71 and Irish Continental Group adding 1.2 per cent to €5.30. LONDON The FTSE 100 fell 0.5 per cent amid broad-based declines as concerns over a deteriorating fiscal outlook in the US and a higher-than-expected UK government budget deficit dampened investor sentiment on risk assets. In the UK, data showed the government borrowed more than expected in April, indicating continued pressure on public finances. Following this, UK government bonds underperformed earlier in the day, underlining unease among investors about the country's stretched finances. Energy subindex fell 1.5 per cent as oil prices dropped by more than 1 per cent. Heavyweight Shell and BP dragged the FTSE 100 down, both slipping 1.5 per cent. Budget airline EasyJet slipped 2.6 per cent after reporting half-year results. British Land fell 5.4 per cent and was among the top losers on the mid-cap index due to a tepid earnings forecast. On the flip side, Johnson Matthey posted its highest gain in nearly a year, up 30.7 per cent, after the chemicals firm agreed to sell its catalyst technologies business to Honeywell International. EUROPE Tomb Raider owner Embracer fell 17 per cent to the bottom of the benchmark index after it forecast slight revenue growth and broadly unchanged earnings for its fiscal 2025/26 and said that at least one of its nine AAA game releases slated for the following two financial years would be pushed back. Freenet AG slid 16.7 per cent after the German telecoms firm reported its first-quarter numbers. NEW YORK The S&P 500 struggled for direction in early afternoon trading after the US House of Representatives passed Mr Trump's tax and spending bill, expected to burden the federal government with trillions of dollars in extra debt, by a razor-thin margin. If what Mr Trump has described as a 'big, beautiful bill' becomes law, it is expected to add about $3.8 trillion to the country's $36.2 trillion debt in the next decade, according to the non-partisan Congressional Budget Office. The bill now faces a test in the Republican-controlled Senate and will fulfil much of Trump's populist agenda if passed, delivering new tax breaks on tips and car loans and boosting US military expenditure. Most megacap and growth stocks inched up. Alphabet led gains, touching a nearly three-month high. Shares of solar energy companies including First Solar fell as Mr Trump's tax bill is expected to end a number of green-energy subsidies. Snowflake jumped after the cloud computing firm raised its fiscal-year 2026 product revenue forecast. – Additional reporting, Reuters
