RULES OVER CFDs TO BE INTRODUCED NEXT YEAR - The Government will belatedly introduce rules to force disclosure of shares held through contracts for difference next year - five years later than first planned, reports The Irish Independent.
In October 2010, the Department of Finance said it would bring forward rules on the reporting of CFD positions within weeks, in the wake of the collapse of Anglo Irish Bank, where businessman Sean Quinn had secretly built up a 29% stake using the controversial derivatives.
However, it never happened.
Regulators in the UK introduced rules that required CFD holders to disclose their position once it passes the equivalent of a 3% stake in 2009.
Last year the European Union issued a directive that similar rules be applied across its 28 members within two years.
US COURT BLOCKS DUNNE’S ATTEMPT TO QUIZ NAMA CHIEF - An American judge has rejected a request by bankrupt property developer Seán Dunne to question chief executive of the National Asset Management Agency under oath, The Irish Times reports.
Connecticut bankruptcy judge Alan Shiff granted Nama’s motion to quash an application by Mr Dunne’s lawyers seeking to depose Brendan McDonagh because they failed to designate the areas they wished to question the State loans agency about and instead designated a person.
Judge Shiff said the court rules did not permit Mr Dunne to seek to depose a specific person. He described the developer’s attempt to question Mr McDonagh in a private deposition as “premature”.
The ruling came after the latest court skirmish between the sides in Nama’s legal challenge to try to block Mr Dunne’s discharge from bankruptcy that would allow him to walk away from debts of $942 million (€690 million), including $343 million owed to Nama.
The Co Carlow developer filed for bankruptcy in the US, where he now lives, last year. He was made bankrupt in Ireland four months later following legal action taken by Ulster Bank, another creditor.
IRISH AD INDUSTRY OPTIMISTIC ABOUT PROSPECTS – The Irish Examiner reports that the country’s advertising agencies are significantly more optimistic about the industry’s prospects, with the majority expecting increased turnover across the sector by the end of the year.
The Institute of Advertising Practitioners in Ireland’s annual census showed that nearly eight in 10 companies expect industry turnover to increase to the end of 2014, up from just a fifth last year.
Subsequently, the majority of agencies are also expecting growth in their own businesses in 2014.
Commenting on the results, IAPI chief executive Tania Banotti identified returning customer demand as a key feature of the upturn in the industry.