Source: Irish Independent. Photograph: Tom Burke
Arnotts is back on the front page of the Independent again this morning. Dearbhail McDonald and Emmet Oliver report that the countries most iconic department store could be sold for as little as €1 as part of efforts to restructure its crippling debts. Anglo Irish Bank and Ulster Bank agreed earlier this year that they could buy out all shares for a nominal sum believed to be as little as one euro. Arnotts where badly hit by the recession and now owe nationalised Anglo Irish Bank over €150m, while Ulster Bank, holds the remainder of the company’s debt.
Simon Carswell in the Irish Times has reveals that they have seen a confidential letter that reveals the extent of the Financial Regulator’s involvement in Seán Quinn’s purchase of almost 15 per cent of Anglo Irish Bank. Con Horan signed off on a €169 million loan from Anglo to the Quinn Group to fund the purchase of the bank’s shares in July 2008. Mr Horan stepped down as prudential director at the regulator as part of the restructuring of the Central Bank in the aftermath of the banking crisis.
In other news this morning Katherine Donnelly in the Irish Independent reports that the Department of Education has pinpointed more then 40 schools from different areas around the country that could be run by other patrons than the Catholic Church. The department has written to senior bishops stating why it might be appropriate for the Church to cease control on these schools. The department has based their concerns on a number of criteria such as stable populations and the number of Catholic schools in the area.
Rita
Public date: July 29th, 2010Categories: Business, Current Affairs, In The Papers Today, Politics
Tags: Anglo Irish Bank, Arnotts, catholic schools, Con Horan, Department of Education, Sean Quinn, The Financial Regulator, Ulster Bank
