Today in the press

Tuesday 15 July 2014 10.41
Today in the press
Today in the press

WATERFORD MAN DISCHARGED FROM DEBT IN NEW YORK – The Irish Times reports that a New York State court has discharged $23 million (€17m) of debts due by a Waterford property developer and publican owner allowing him to walk free from US bankruptcy.

Just over six months after filing for bankruptcy, Darryl Kavanagh (47) was granted a discharge by the United States Bankruptcy Court for the Western District of New York in Buffalo near his home in Orchard Park, upstate New York.

The New York court notified creditors, including NAMA, Bank of Ireland, Danske Bank and Certus (which manages former Bank of Scotland (Ireland) loans) that Mr Kavanagh had been discharged by an order of the court on June 5th, 2014.

Mr Kavanagh owned Harvey’s Bar in Waterford and Mantra nightclub in Maynooth. Bank of Scotland (Ireland) appointed a receiver to the club in 2011.

***

O’LEARY TO STAT RYANAIR FOR AT LEAST FIVE MORE YEARS - Outspoken Ryanair boss Michael O'Leary intends to stay at the helm of the airline for at least another five years, according to The Irish Independent.

The aviation chief confirmed that he has signed up to stay at the reinvented Ryanair until he is 58.

However, he insisted that he couldn't imagine himself still being there by the time he becomes eligible to draw the state pension.

"I'd go nuts if I thought I was going to be here for another 15 years," he said at the company's HQ near Dublin Airport, where he was helping to launch Ryanair's new booking app.

***

CREDIT UNIONS CRITICISED OVER ADVERTISING – The Irish Examiner reports on figures from the Central Bank, which shows that just over 30% of credit unions are fully complying with advertising standards.

In its review of how lending institutions are adhering to advertising and promotion requirements, as set out in the consumer credit regulations, the Central Bank said yesterday, of 291 ads studied, approximately 30% didn’t contain all the relevant information required, or display what information they did contain in a clear, concise and prominent way.

Additionally, instances of non-compliance with marketing regulations, were frequent — mostly so in the sample of credit union marketing activity reviewed. The Central Bank found that only one-third of credit union cases met the regulations. This compared with a 99% compliance rate for the mainstream banks and an 88% hit rate for licensed moneylenders.

The Central Bank has written to all the firms reviewed, highlighting its findings; asking for amendments to be made where necessary. It added “further regulatory action” could be considered if the issues aren’t dealt with satisfactorily.