Davy highlights £ 70m profit in sales pitch to potential suitors



Davy, the besieged wealth management and brokerage firm, pointed out that it made a profit of 70 million euros last year, in a sales pitch circulated to potential suitors, according to the Business Post.

The newspaper said this would have generated around 25 million euros in bonuses for management and staff, as the company is known to pay around 40 percent of its profits in the form of variable pay.

Davy was put on the block last month following a scandal related to a 2014 bond deal, which resulted in a central bank fine in early March.

Landlords Grant Leases to Mask Declines

The Business Post also reported that large residential landlords are offering potential tenants rental contracts that are lower than the monthly rates shown on official leases.

These deals are used to hide lower rents and allow landlords to record higher prices with the Residential Tenancies Commission (RTB), setting a higher basis for determining future increases in areas of the city. pressure on rents where annual increases are capped at 4%. , It said.

Flutter investors urged to vote against CEO pay hike

Flutter Entertainment shareholders were urged to vote against a salary award for chief executive Peter Jackson at the company’s annual general meeting this week, according to the Sunday Times.

Institutional Shareholder Services (ISS), which advises major institutional shareholders on corporate governance matters, said it was concerned about Mr Jackson’s 17.5% base salary hike last year, to £ 900,000 (1.03 million euros). When bonuses, pensions and bonuses were included he was making £ 7.5million. Mr. Jackson received a further 3 percent pay raise this year.

ISS expressed concern that Flutter, the owner of the Paddy Power brand, has not taken a phased approach to raising wages.

Citigroup sees strong growth in Irish hub

Citigroup expects strong growth from its Irish operation, which has 2,500 employees, as more business transfers from London due to Brexit, according to the managing director of its Dublin-based Citibank Europe unit.

Speaking in an interview with the Sunday Independent, the unit’s chief executive, Cecilia Ronan, said the unit’s balance sheet had fallen in four years from € 20 billion to € 70 billion (aided by the group which integrated a British unit into the Irish entity in 2016) and that it will continue to grow by an additional 20%.

N26 aims to exploit Irish bank deficit

The Sunday Independent also reports that German digital bank N26 plans to profit from the exits of Ulster Bank and KBC Bank Ireland from the Republic by offering new credit, lending and overdraft products.

The online bank also hopes to be able to offer mortgages to the state in the coming years, according to its managing director Adrienne Gormley. The six-year-old bank has nearly 200,000 customers in Ireland, focusing to date on its core banking and payments services.



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