Today in the press

Thursday 28 August 2014 09.50
Today in the press
Today in the press

DUNNE CREDITORS OBJECT TO CASE WITHDRAWAL BID – The Irish Times reports that Sean Dunne’s two biggest creditors and the US court official investigating his financial affairs have objected to the insolvent property developer’s application to withdraw his US bankruptcy case.

At a hearing in a Connecticut court, a lawyer for Mr Dunne’s bankruptcy trustee Richard Coan said he would be seeking to block the developer’s request to end his bid to walk away from $942 million (€700 million) in debts through a discharge from bankruptcy in the US.

Lawyers for the National Asset Management Agency and Ulster Bank, which are owed hundreds of millions of euro, told the court that they also objected to his US bankruptcy case being dismissed.

The court heard Mr Dunne’s trustee, the court official charged with overseeing his bankruptcy, is strongly considering taking further actions to recover tens millions of euro of assets transferred by the Co Carlow-born developer to his wife Gayle Killilea Dunne, the former newspaper gossip columnist.

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ECB HIRES FIRM TO PREPARE ASSET PURCHASE PROGRAMME – The Irish Independent says that the European Central Bank has hired BlackRock Solutions to provide consultancy services in its preparations for a programme to buy asset-backed securities, an ECB spokesman said today.

BlackRock, the world's largest money manager, will provide advice on the design and implementation of a potential ABS purchase programme, but all final decisions will be taken by the ECB itself, the spokesman said.

BlackRock declined to comment on its mandate with the ECB.

ECB President Mario Draghi said on Friday the central bank's preparations for outright purchases of ABS were "fast moving forward and we expect that it should contribute to further credit easing."

New York-based BlackRock Inc has played a prominent role in helping Europe deal with its financial crisis, designing stress tests for the Greek and Irish central banks in the wake of their crises.

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MORE MORTGAGES ISSUED SO FAR THIS YEAR - Banks appear to be lending again according to new figures from the Irish Banking Federation, which show a near 50% increase in mortgages in the three months to July, reports The Irish Examiner.

There was a 46% increase in the number of mortgages approved in the second quarter and a 54% increase in the value of mortgages drawn down.

Yesterday's figures from the CSO showed that property prices in Dublin are rising as fast as they did during the peak of the boom.