Latest news with #Revolut
Telegraph
11 hours ago
- Business
- Telegraph
Bailey thwarts Reeves in row over Revolut
Andrew Bailey blocked an attempt by Rachel Reeves to set up a meeting between Britain's most valuable fintech company and City regulators. The Governor of the Bank of England intervened owing to concerns about Revolut's summit with the Prudential Regulation Authority (PRA), which was set up to discuss the fintech giant becoming a fully-fledged bank. The Chancellor tried to arrange the meeting as part of her attempts to persuade the $65bn (£56bn) UK-based company to list in London instead of New York. It comes after Nikolay Storonsky, Revolut's chief executive, criticised Britain's 'extremely bureaucratic regulator'. Mr Bailey's intervention, which led to the meeting being cancelled, came amid concerns that the Bank was at risk of political meddling, according to the Financial Times. Revolut is still attempting to become a full-service bank in the UK, a year after it was finally granted a provisional banking licence after a three-year wait. The clash comes after Mr Bailey has issued a series of vocal rebukes of the Chancellor's policies in recent weeks, including her pension reforms and deregulation drive. He openly opposed Ms Reeves's proposed 'backstop' power to mandate pension schemes to invest in British assets just days after the plans were unveiled, saying: 'I do not support mandating. I don't think that's appropriate.' While Mr Bailey was not going to attend the meeting with Revolut, it is understood that officials in the PRA, which is an arm of the Bank, were. Revolut was forced to wait three years for a limited licence after regulators raised questions about its accounts. Auditors had flagged concerns in 2021 after they were unable to verify roughly two thirds of the fintech's revenues. Officials at the Bank of England had initially told Treasury staff they intended to reject the licence application. However, negotiations subsequently resumed, with the Bank insisting on a clean set of accounts and simplified shareholder structure before granting the initial licence last July. Revolut is currently in the Bank's 'mobilisation' stage, which prevents it from holding more than £50,000 in deposits. Full authorisation – which would allow it to make loans and hold protected deposits – can take several months but is meant to take no more than a year. 'Regulators killing the City' Andrew Griffith, the shadow business secretary, who as City minister in the last Tory government clashed publicly with financial regulators, said he sympathised with Ms Reeves. He said: 'Anyone in business knows that culture beats strategy. 'It is the deep-seated culture of risk aversion by regulators which is killing the City. If this Revolut story is true, the Chancellor should use this to double down on regulatory reform.' Mr Bailey was asked by MPs last week if he agreed with the Chancellor's recent claim that regulation is 'the boot on the neck' of business. 'I do not use those terms,' he said. 'There are areas where we clearly should look at [revising regulations]. But we cannot compromise on basic financial stability, that would be my overall message.' Mr Bailey specifically warned Ms Reeves against relaxing so-called ring-fencing rules, which divide retail banking from the risky world of investment banking. The Chancellor last week announced the ring-fencing regime would be 'reformed' as part of her overhaul. She has instructed Emma Reynolds, the current City minister, to review the policies. However, Mr Bailey said: 'The ring-fencing regime is an important part of the structure of the banking system.' One Bank source said: 'If [Bailey] is not reminding people that financial stability is good, then who will?'
Times
13 hours ago
- Business
- Times
Andrew Bailey blocks Rachel Reeves's meeting with Revolut
The Bank of England governor blocked Rachel Reeves from intervening in the regulation of financial technology giant Revolut in a sign of fresh tensions between the government and City supervisors. The chancellor had been trying to organise a meeting between Revolut, the Treasury and the Bank's Prudential Regulation Authority division in recent weeks to discuss the fintech company's plans to start a banking business in Britain. However, the meeting was scrapped at the behest of Andrew Bailey, the governor, over worries it represented political interference in the Bank's independent oversight of the City. The incident, which was first reported by the Financial Times, adds to evidence of a growing rift between the Treasury and Britain's regulators. • Pound weakens to lowest in three months against dollar Reeves has placed cutting red-tape on the financial services sector and other industries at the heart of her mission to turbocharge the UK's faltering economy and has blamed over-cautious watchdogs for holding back growth. This month she set out a package of reforms to loosen the rules on financial firms and also used strident language to urge watchdogs to go further, claiming in a speech to City grandees at Mansion House that 'in too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of economic growth'. Bailey has signalled his unease with Reeves's comments, however. When asked by MPs on the Commons treasury committee last week about the chancellor's 'boot' remark, the governor said: 'I don't use those terms, let me say that'. He also warned that 'we cannot compromise on basic financial stability, that would be my overall message'. The privately-owned Revolut is seen as the crown jewel of Britain's fintech industry. Founded only a decade ago as a foreign exchange and money transfer business, it has become a sprawling company offering everything from crypto trading to share dealing. It was recently valued at $45 billion, employs more than 10,000 staff and last year generated pre-tax profits of £1.1 billion. Yet its growth ambitions have been hampered by the Bank's caution in granting it a banking licence. The London-based group first applied for a UK licence in early 2021 but a process that typically takes 12 months lasted more than three years for Revolut. The delay was partly caused by questions about the company's accounts after BDO, which is the fintech's group's external auditor, raised concerns in Revolut's 2021 annual report about £477 million of Revolut's £636 million in annual revenues that year. This issue has since been resolved, paving the way for Revolut to secure a licence a year ago. However, it has yet to start its banking business here because it is not fully approved by the Bank. Instead it currently has restricted authorisation, which effectively only allows it to build and test its systems. It already offers some banking services in the European Union thanks to a licence it has from Lithuanian authorities.
Irish Independent
14 hours ago
- Sport
- Irish Independent
Around the Districts: Bellewstown, Duleek, Sland and Stamullen
Contact Any news or items of interest contact Niamh at 086 3477283 or email niamhuiloinsigh@ Bellewstown Pitch and Putt Blotto Draw – Numbers Drawn were 02-14-16-21 No winner. €20 winners were Paul Black, Angela Reilly, Maverick. Next Week's Jackpot €3,500 Club News – Competition Sunday mornings at 10 am and scramble Tuesdays at 6.30 pm. Membership fees can be paid especially if you want to play in the Meath Masters. When booking for our Scratch Cup please submit name, reg no., club, session time. Text only and payments to 086 4033557. Duleek Bellewstown GFC news It's not too late to enter our upcoming fundraiser 'Lucky First Goal' for the All Ireland Senior Men's Football Final this SUNDAY! This is a chance for you to win €500 and it only costs €2 to buy a scratch card. You can purchase your ticket via Revolut (just make sure to add your name and mobile number) We will send you a photo of your scratch card with the time of your goal. How it works: You buy a scratch card and scratch the clock to find out the time of your goal. Goal times are given in minute and seconds. The jackpot will be paid to the holder of the ticket with correct time of FIRST goal scored according to committees' decision. If first goal is scored in injury time (after the hooter) of the first half the winner will be 35:00 minute. If first goal is scored in injury time (after the hooter) of the second half the winner will be 70:00 minute; if no goal is scored ticket marked No Goal is deemed the winner. Ticket must be presented within 30 days of the game to claim the prize (27th August). Torn or mutilated tickets will not be accepted. The holder of the ticket with correct score time can collect their prize by contacting the club. Winning time will be posted on our social media channels. Bellewstown Golf Club Summer Junior Golf Camps with PGA Pro Paul McLoughlin August 11th to 13th from 10 am to 1 pm. This is for boys and girls aged between 7 to 17 years and cost is €90. Call or text 085 2783604. Open to all and please bring your lunch. Duleek Contact me if you have any news items for this column, please contact me by e-mailannfinger@ or phone 086-3131708. Please have all information to me by 7pm on a Thursday for the following weeks paper. Duleek Women's Forum Tuesday 22nd July we enjoyed a very informative talk from Helen from the Four Swans Therapy and Wellness Centre in Duleek Business Park. Their services include Trauma informed CBT, Psychodynamic Psychotherapy, Integrative Counselling, Addiction support, Adolescent therapy (12 to 18), Hypnotherapy to name but a few. For more information Teen Revival Over 20 teens are turning up for the summer teen revival in the mornings, where they contribute time to picking up litter, watering plants and generally enhancing the visual aspect of Duleek. The basketball and football courts beside the Parish Centre will be open daily from 9am to 5pm. Meals on Wheels Urgent, we desperately need Volunteers to help in the Kitchen, every second Monday, Wednesday or Friday from 9am to 11.30am. For more information call Maureen on 087-9932649. Knock Meath Diocesan Pilgrimage to Knock takes place on Sunday 10th August. Anyone interested in going can book their seat on the Parish Bus by contacting Caroline in Duleek Parish Office on 041-9823205 or e-mail duleekparish@ The bus will be leaving the Village Green at 7.30am. There will be a stop in Longford on the way home. Free Trishaw trips The trips have returned since Tuesday 13th May, the trips to Oldbridge House will be held on Tuesday and Thursday mornings at 11am and 12.30pm weather permitting. Starting Point Domnick's Park Drogheda (at the children's playground). Additional information phone 041-9847764 or 086-3772777. Duleek Tidy Towns If you would like to help out with the weeding or watering plants etc. this year call Ann on 086-3131708 Duleek AFC Lotto Results 16 / 7 / 2025: Jackpot €4.000; Numbers drawn 5-25-28-30; No jackpot winner; 4 Drawn winners; €20 each: John Bird–Teddy Seery-John Moore–Pete Murray. Draw every Wednesday 7pm in the clubhouse. Tickets available from any committee member All weather pitch available to hire; Monday–Wednesday–Friday evenings, also weekends, including kids parties, etc. Further info from 086 1662018. Slane Contact Contact Sean on 087-6783729 or email swall32@ if you have an item for this column. Light the Fire Mass The Light the Fire Mass takes place on the Hill of Slane this Sunday, August 3rd and will be celebrated by Archbishop Eamon Martin. He will be joined by former Eurovision winner Dana Rosemary Scallon. Gates open at noon with welcome by Fr Richard Matthews PP at 1pm; Rosary at 1.15, A talk on Ven Matt Talbot at 1.45, Mass at 2pm and Eucharistic Healing at 3pm. Everyone is invited to join for this celebration of faith, Holy Mass, Adoration, healing praise and worship, praying to rekindle the fire of faith in our hearts, in our families and in Ireland, in the footsteps of where St Patrick lit the Paschal Fire. It is advisable to bring a fold up stool with you and be prepared for the weather. Slane Sessions Slane Sessions with Inspire takes place at Slane Castle on Saturday August 16th, with gates opening at 5pm. Inspire perform iconic songs from legendary Slane concerts. Join for the final song, learn it on the night and be part of a live recording. Please note this is an outdoor event in the courtyard. Tickets from €18, BBQ and Bar, tickets on Art workshop Classical Art Studio is hosting a one-day workshop in the Parochial Hall, Slane - Working with Watercolour - on Saturday, August 16th from 10am – 4pm, this workshop is €90. Booking is through 5k Heritage Run The Rossin Rovers 5k Heritage Run is back again for another year and takes place on Sunday, August 17th, starting at noon. This is a chip timed event and is open to both runners and walkers. There are tech t-shirts for the first 150 entries with entry from €10 and family tickets available. Cash and category prizes and booking via Slane Spinners Midweek spins are back with Slane Spinners on Wednesdays at 6pm. Meeting at the cemetery and newcomers are welcome. Dates for the diary The Blessing of the Graves takes place in Monknewtown, Dowth and Fennor on Sunday August 10th and on the Hill of Slane and St Erc's Cemetery on Sunday August 17th. Soccer camp Rathkenny Rovers Soccer Club is hosting the Soccer Steps Summer Camp with Jim Lowther from Monday 18th – Friday 22nd August. The camp is for players six to seven years old and eight to 13 years old. Enjoy a great week of skills, small group play and small sided games. There will be an excellent team of experienced and qualified coaches that will provide a fun and challenging environment to help all players improve their skills. For more information contact Jim Lowther at or 0044 7850014491. Celebrating 75 years Rathkenny Community Centre is celebrating 75 years and is presenting Rathkenny Rocks 2025 on Saturday, August 23rd from 7pm till midnight at the community centre. The Furry Gilberts are the headline act with Trigger & The Hitmen, and Just 1 Minute. There will be buses running to and from the event and entry is €30 which includes a BBQ. There is also a bar on the night, over 18s only, ID required. Rathkenny Road Race With the Rathkenny AC Road Race fast approaching on Saturday, August 16th (5pm) entries are well ahead of previous years and if demand continues to be high there is a possibility that the race may sell out with no registrations being taken on the evening. Those intending to take part can register at or follow the link on the club Facebook page. Race HQ will be Rathkenny Community Centre and race finish will be Rathkenny GFC. Stamullen In Memory Sympathy is extended to the family and friends of Pat McEnaney, late of Briarleas Julianstownwho sadly passed away on Monday July 21st last. Following His Funeral Mass which was held at saint Mary`s Catholic Chapel in Julianstown, Pat`s Remains were laid to Rest at the Church of Ireland Graveyard in Julianstown. Sympathy is also extended to the family and friends of Richard Jacob, late of Julianstown who sadly passed away on July 17th last. Following his Funeral Mass which was held at Saint Mary`s Chapel in Julianstown, Richard was laid to Rest at Moorechurch Graveyard on Saturday July 19th last. History & Heritage Walk n Talk Community Historian Brendan Matthews will Present the next History & Heritage Walk n Talk on Wednesday evening July 30th next at 7.30pm at Saint Mary`s Church of Ireland (Gerrard`s Church, Mary Street; Eircode A92CY24). Titled `Tales from beyond the Grave`; Brendan will elaborate on the importance and significance of this particular site over the centuries. Free event with donations, if desired, for the further research & presentation of Community History will be gratefully accepted on the evening. Moynalty Fair The 50th annual Steam Threshing Fair of Moynalty will take place in the Co. Meath village on Sunday August 10th next. A wonderful day out for both youn and the not-too-young with all the hand powered and steam powered machines and crafts etc. of a by-gone age. Vintage Industrial machinery of the later 19th and 20th century with demonstrations taking place throughout the day. Farriers at work with horses, next to the skills iof the Blacksmith, the Steam Thresher, the butter makers; vintage cars, tractors, lorries, animals, poultry children`s fun fair, etc. A marvellous day out in the heart of the lovely Moynalty village; an event not to be missed. Know Your Parish Within the parish of Moorechurch there is a place name called the `Cavan road`. This road is located within the townland of Lisdornan, leading from the old village location of Lisdornan towards Moorechurch or Balloy crossroads. The name Cavan, literally meaning a hollow and may be referring to a hollow as in a cave. Within the townland of Lisdornan there was such a cave discovered during the 1980`s on land situated to the north of Cavan road. This cave was a 9th century souterrain containing a stone tunnel and beehive shaped chamber; unfortunately it was subsequently destroyed due to quarrying. There are many other references to more souterrains within the townland of Lisdornan. In the early 1980`s a similar structure was discovered on a farm at Elmgrove, Sarsfieldstown, which is located only 2km to the east of the Cavan road. The 1937 school manuscripts also contain information to such tunnels in this area and judging by their description, they were indeed open and accessible back in the early part of the 20th century. The name Lisdornan means Dornan`s Fort, which was possibly an Iron Age ringfort, a family homestead and many of such ring-forts are also found to contain a subterranean system beneath the fort. Also at Lisdornan there is a large earthen mound, which may also be that of an Iron Age burial, while the ancient annals of Ireland refer to a great battle having been fought by the Irish with the Vikings in the adjacent townland of Ratholland in the year 850AD in which 300 lost their lives.
Irish Independent
a day ago
- Business
- Irish Independent
‘Pausing gives you space to separate emotion from strategy' – what to do if your salary offer is less than expected
Should you stick or twist when a salary offer doesn't meet your expectations? Today at 19:00 In Ireland, few topics stir as much quiet discomfort as money. Splitting the bill was once the inevitable, awkward finale to a night out, but thanks to apps like Revolut, even that social minefield has been largely defused. But while money has become easier to manage over dinner, it's a different story in the workplace. Salary remains one of the most delicate and often dreaded aspects of the recruitment process. And unlike social spending, there's no Revolut for that moment when a salary offer is less than expected.
Sunday World
a day ago
- Sunday World
Dubliner accused of aiding darknet criminal organisation launder €14m
Kevin Daniel Andrei (25) of Drynam Avenue, Swords, was charged in August last year A Dublin man has been sent forward for trial accused of aiding a "darknet" criminal organisation to launder €14m in cryptocurrency. Kevin Daniel Andrei, 25, of Drynam Avenue, Swords, was charged in August last year with three counts of possessing close to €600,000 in crime earnings under Section 7 of the Criminal Justice (Money Laundering & Terrorist Financing) Act. The case follows a Garda National Cyber Crime Bureau (GNCCB) probe. Kevin Daniel Andrei. Photo: Collins Today's News in 90 Seconds - July 28th Subsequently, he was further charged with two extra offences: money laundering involving another €13,745,756 in alleged proceeds of criminal conduct and facilitating "darknet market" organised crime. Detective Ciaran Byrne said the Director of Public Prosecutions (DPP) had directed trial on indictment. He had been granted bail and appeared again at Dublin District Court on Friday when Detective Garda Byrne served him with a book of evidence. Kevin Daniel Andrei Judge Gerard Jones acceded to a request from State solicitor Brian Coveney to grant a return-for-trial order, sending the case forward for trial to the Dublin Circuit Criminal Court, which has greater sentencing powers. It will be listed for mention on October 16 next. Defence soliciotor Kate McGhee successfully applied for legal aid to include junior and senior counsel representation. Mr Andrei, yet to indicate a plea, was warned by the judge to notify the prosecution within 14 days if he intends to use an alibi. The GNCCB officers must also furnish the defence with copies of interview videos. In the original three charges, he was accused of "concealing and disguising the true nature and source of 65 Wirex transactions" totalling €22,049 between March 3, 2021, and September 5, 2022, at various locations. Kevin Daniel Andrei, 23, of Drynam Avenue, Swords, appeared at Dublin District Court on Thursday. Pic Collins Courts According to another charge, between February 26, 2021, and February 26, 2024, he engaged in "concealing and disguising the true nature and source of 1,822 Revolut transactions that were the proceeds of criminal conduct," valued at €227,429. The third claims he disguised the true nature and source of 422 separate Binance transactions worth €341,959 between March 21, 2021, and December 20, 2023, at various locations in Ireland. The extra two charges were added to the case in May at the direction of the DPP. He has surrendered his passport and is required to sign on three days a week at his local Garda station. He must not apply for a replacement passport or new travel documents, and he must reside at his current address and be contactable at all times. Mr Andrei has also been warned "not to carry out any cryptocurrency transactions" or comment about the case on public forums, including social media.
