What would you do if you find yourself in a business sector that is going down the pan? Get into one that isn’t, of course. Prominent estate agent Ken MacDonald and mortgage broker Frank Conway are about to launch a debt mediation service for troubled borrowers, The Sunday Business Post reports.
For an introductory fee of €495 and a flat fee of €45 a month Credecare, which is expected to advertise for staff this week, will act as an intermediary between creditors and debtors who find themselves in financial trouble.
The former Fine Gael TD and returning RTE journalist was ubiquitous in the Sunday papers, even though it has been almost a week since he announced his departure from politics.
Aside from the analysis of the fallout for the political system – a topic that every pundit seems to have a view on ad nauseum – there are a few attempts to try to report on the substance of George Economics.
It says much for the news values of the Irish media that a retail bank closure entailing 750 job losses and affecting tens of thousands of people across the country gains less exposure than the resignation of a backbench TD.
Still, there is a lot of coverage of the dramatic exit of Bank of Scotland (Ireland) in the business pages, where most commentators are happy to dance on the grave of their one-time hero.
Another day, another suspected case of overcharging. Following hard on last week’s admission by AIB it had overcharged 40,000 customers, ‘senior sources’ have told The Sunday Tribune the bank is facing at least one more suspected case.
“The Sunday Tribune has been told that the AIB auditors have uncovered at least one more overcharging case and that the Financial Regulator has been informed.”
Bank of Ireland is finalising plans to launch a €1bn-plus rights issue within six to eight weeks – the first time an Irish bank has tried to raise funding in global capital markets since the onset of the credit crunch, The Sunday Times says.
The transfer of the bank’s first batch of property loans to Nama and European Commission approval of its business plan will determine the timing of the rights issue.