Practice News Archives - Page 2 of 14 - Kelly Rahill Accountants

Revenue Scam

Another Scam!!
Please take note Revenue will NEVER ask you for personal details via email. Please see a copy of the email below and also a picture of a very realistic looking form they have attached to the email. Please share with your friends! If you have replied to this email and given your details please contact your bank immediately! If you are already awaiting a legitimate tax refund please check its status with Revenue or if you have any further queries please do not hesitate to contact our office. Read more

State hopes to get bailout cash back from main banks

The State could eventually recoup all the cash used to bail out AIB, Bank of Ireland and Permanent TSB, Minister for Finance Michael Noonan has said.

This would leave the €35 billion cost of bailing out Anglo and Irish Nationwide as the final cash cost to the exchequer from the banking collapse.

The Department of Finance has now appointed Goldman Sachs to advise on its options in relation to AIB, the Minister said in an opinion article in The Irish Times.

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Euro languishes near nine-year low before US jobs data

The euro wallowed near a nine-year low as speculation grew that the European Central Bank will embark on quantitative easing soon and US jobs data will be good enough to cement the case for a rate hike by the Federal Reserve.

ECB president Mario Draghi said the bank’s governing council stands ready to take unconventional measures to stem prolonged low inflation, fuelling expectations of a policy move at the bank’s meeting on January 22nd.

The euro stood at $1.1806, near a nine-year low of $1.1754 reached on Thursday and close to $1.1747, the level at which it began trading in January 1999. Numbers released on Friday by the euro zone’s two biggest economies, France and Germany, only darkened the outlook for the 18-nation currency bloc.

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Dublin stock exchange posts record number of share transactions amid new IPOs

In its review of 2014, the Dublin exchange said transactions in the equity market rose to 4.5m trades for the year, with the ISEQ Overall Index delivering a 15pc gain during the year.

That compares with equity transaction growth of 42pc in 2013 and an ISEQ performance gain of 34pc.

Deirdre Somers, ISE chief executive, said 2014 was a landmark year for the Irish Stock Exchange.

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State’s holding in AIB increases by €1.7bn in value

The value of the State’s holding in AIB rose by €1.7 billion in 2014, according to the latest valuation carried out for the National Treasury Management Agency. This has emerged from the NTMA’s review for last year. The State’s holding in AIB and Bank of Ireland is managed by the Ireland Strategic Investment Fund, which has taken over the role of the National Pensions Reserve Fund.

The valuation was carried out by EY, the auditors to Anglo Irish Bank at the time of its collapse and nationalisation in 2008-09. This values the State’s ordinary and preference shares in AIB.

At the end of 2014, the AIB holding was valued at €11.7 billion while the State’s 14 per cent stake in Bank of Ireland, which has a main market listing on the Irish Stock Exchange, was worth €1.4 billion. The State also holds €1.6 billion worth of contingent capital notes in AIB, also known as CoCos.

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Government borrows €4bn from bond markets at record low rate

The Government has borrowed €4bn from the bond markets at the lowest price in the history of the State.

The level of market interest could have seen the Government borrow as much as €5.75bn.

The yield – effectively the cost of borrowing – on the bonds is 0.867 pc.

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Bailout hits €1.3bn as KBC pumps €130m into Irish arm

KBC Group, Belgium’s biggest bank by market value, pumped €130m into its Irish unit last month, bringing the bailout bill to about €1.38bn as the lender continues to grapple with losses following the property crash.

KBC Bank Ireland raised the money by selling shares to its immediate parent, KBC Bank NV, in Brussels on December 22, according to documents filed with the Companies Registration Office. The Dublin-based unit received €1.25bn of capital support from its parent between 2008 and 2013, it said.

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Economic fears rise as Europe sinks into deflation

TUMBLING oil prices have helped drag the Eurozone into deflation for the first time in more than five years, heaping further pressure on the European Central Bank (ECB) to start printing money.

Inflation in the bloc turned negative last month, with consumer prices falling by 0.2pc year-on-year, sparking fears that the region could enter a prolonged period of deflation.

It has also raised expectations that data due to be released here will show inflation also dipping into negative territory on an annual basis.

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US investment giant Blackstone upbeat on Irish prospects

Senior executives from global US investment firm Blackstone joined the bosses of Irish firms including Smurfit Kappa, Kerry Group and Permanent TSB in New York yesterday as they showcased their businesses to over 80 North American financial institutions.

The Davy Annual Equity Conference also attracted key executives from a number of other Irish firms such as hotel operator Dalata, insulation maker Kingspan, Bank of Ireland, Fyffes and Greencore.

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Pace of job creation in services sector hits highest in 15 years

The rate of job creation in the services sector last month rose at its fastest pace in at least 15 years, a survey has found.

The sector here ended the year on a high, with December recording faster increases in both activity and new business, according to the latest Purchasing Managers’ Index (PMI).

And reports of improving economic conditions and an increase in work boosted optimism among companies about the prospects for this year.

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