Aer Lingus secures state loan as FBD seeks to offload publicans payments

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Aer Lingus has secured € 150 million from the state-backed Irish Strategic Investment Fund (Isif) pandemic stimulus package, according to the Sunday Independent. The three-year loan will be used to bolster the airline’s liquidity position as it seeks to deal with the impact of the Covid crisis. Isif, which operates under the aegis of the National Treasury Management Agency, said the loan was made on commercial terms.

Rival airline Ryanair has criticized state aid to competitors across Europe.

FBD payments to tax collectors

FBD is seeking to offload the majority of the cost of pandemic losses from publicans onto its reinsurers, according to the Irish edition of the Sunday Times. Up to 80 percent of the bill resulting from a test case performed by four pubs is potentially reinsured. FBD in talks with reinsurers following Friday’s High Court ruling that it must compensate publicans for business losses resulting from Covid-19 lockdowns.

Meanwhile, the Business Post reported that Tánaiste and Business Minister Leo Varadkar have warned insurers that the Central Bank of Ireland could step in to ensure companies get the payments they are entitled to as a result of the decision to the High Court.

The future of Ulster Bank

The Sunday Times reports that Ulster Bank’s potential exit from the Irish market could lead other banks to be overwhelmed with more than € 20 billion in savings as customers make alternative banking arrangements. Ulster Bank claims to have a 10 percent share of personal savings and checking account balances. Other banks may be reluctant to accept them because they are less important than business accounts. Its British parent group, NatWest, is reviewing its options for Ulster Bank’s operation in the Republic, with a possible full exit from the market.

Cork energy company sold

DP Energy, a renewable energy developer from Cork, has sold a majority stake in its offshore wind energy business to Spanish firm Iberdrola for an undisclosed amount, the Sunday Times reported. As part of the transaction, Iberdrola will take control of the DP projects off the Irish coast. These offshore developments, once operational, will generate enough energy to power the equivalent of 2.6 million homes.

RTÉ seeks funding flexibility

RTÉ is looking for greater business flexibility to offset declining advertising revenue, the Sunday Independent said. Some steps the broadcaster can take include pay-per-view programming and subscription video on demand, according to a submission sent to the Future of Media Commission. RTÉ said television and radio advertising was being eroded by tech giants.

Storyful lays off staff

Storyful, the Irish-founded media collection company owned by Rupert Murdoch’s News Corp, has laid off a third of its staff, according to the Business Post. It comes weeks after accounts showed that accumulated losses at the company reached 42 million euros last year. News Corp, which acquired Storyful in a € 18million deal seven years ago, has invested nearly € 40million in the company in recent years from a collection agency information mainly to work to help brands better manage their company’s reputation. .

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