February 12, 2009 |
After weeks of intense negotiations, Ireland unveiled plans to invest $9 billion in its two largest banks, Allied Irish and the Bank of Ireland, in hopes of easing international fears that Ireland's financial system could be headed for collapse. A deepening scandal unfolding around Ireland's No. 3 and 4 banks, Anglo Irish and Irish Life & Permanent, has fanned market skepticism about Ireland's ability to police its banks and manage its ballooning national debt.
January 28, 1988 |
A Bank of Ireland executive has been elected grand marshal of this year's St. Patrick's Day parade, defeating a candidate who sought to become the first woman to lead the parade in its 225-year history. William J. Burke received 310 votes Tuesday to 177 for Dorothy Hayden Cudahy, who lost for the third straight year. She is known as the First Lady of Irish radio for her "Irish Memories" program, which is broadcast on WEVD-FM.
March 14, 1989 |
The Irish Futures and Options Exchange, Dublin's first new financial market in almost 200 years, will begin a dummy run Wednesday to prepare for going live in mid-April, officials said Monday. The exchange, or IFOX, has decided to reject the "open outcry" systems favored in London and Chicago and will instead use an automated trading system for its 23 members.
March 1, 2009 |
Police recovered millions in stolen cash and interrogated seven robbery suspects, a day after a gang took a bank employee's family hostage and forced him to rob his own branch. Police said they raided a house in Phibsborough and stopped a car on a highway ringing Dublin. A third of the stolen money has been recovered. Sgt. Alan Roughneen said five men and a woman were arrested in Phibsborough, and one man was arrested in the car. Authorities also seized six cars. On Friday, six armed, masked men stormed into the rural home of Bank of Ireland worker Shane Travers.
November 12, 2009 |
In a huge financial gamble, Irish lawmakers are expected today to pass a bill creating a so-called bad bank that would pay the country's biggest banks more than $80 billion for troubled real estate loans. The bill seeks to end a crisis that has brought stock prices down 75% from their 2007 peak, sent interest rates surging and destroyed Ireland's status as Europe's most dynamic economy. Real estate prices have on average dropped 50% since peaking in 2007, and bad debts at lenders are surging.
February 21, 1985 |
The Irish High Court seized the equivalent of $1.64 million from a bank Wednesday, asserting that the money was a secret Irish Republican Army fund. Justice Minister Michael Noonan said the fund was derived from IRA crimes, "specifically extortion under threat of kidnap and murder." The government, acting without warning after banks closed Tuesday, rushed legislation through both houses of Parliament empowering it to seize funds that authorities suspect belong to subversive organizations.