Derek Quinlan despairs of escaping from Nama’s shadow

The travails of bankrupt former property tycoon Derek Quinlan continue to grab the headlines. He feels Nama was reluctant to do a deal allowing him to exit Ireland’s bad bank before he was declared bankrupt as former Revenue chairman Frank Daly, who was then the agency’s chairman, was “unhappy” that Mr Quinlan, a former tax inspector, had ended up with €3.5 billion of property debts to Irish taxpayers. He also talks about the prospect of never getting out from under his debts.
EY, the biggest of the Big Four accounting firms in Ireland, saw its island of Ireland revenues jump 9.5 per cent to €772 million in the year to the end of June 2024, according to its latest results. Managing partner Frank O’Keeffe tells Ciarán Hancock the firm is budgeting for “double digit” revenue growth this year, with the wider aim of hitting €1 billion in annual income by 2027.
Meanwhile lender PTSB has said it plans to take a fresh look at ways to cut costs to “protect and grow” profitability as it grapples with interest rates that are falling at a faster pace than it had expected. Joe Brennan reports on a trading statement that left investors unimpressed.
Rival Revolut, which only started offering saving products in Ireland last May targeting savers disgruntled at deposit rate son offer from the big banks is now cutting the rates it offers savers following the latest reduction in European Central Bank interest rates. Ciara O’Brien has the details.
Coimisiún na Meán’s principles-based online safety code for video-sharing platforms, implementing the 2018 EU Audiovisual Media Services Directive, contains unsettling echoes of the 2008 banking crisis, writes John McManus in his Bottom Line column.
Stronger sales in China have pushed turnover at Icicle, the Chinese fashion group that has its group holding company based in Ireland, up 9 per cent last year to €292 million, according to accounts just filed. Colm Keena reports.
Former C&C chief executive Patrick McMahon, who resigned after just over a year in the role after the company had to restate three years of earnings due to accounting errors during his tenure as the drinks group’s finance chief, will receive a €1.3 million settlement, the company told shareholders. They weren’t happy, Ian Curran reports.
Mickey O’Rourke’s TDL Media recorded pretax profits of €18.66 million in 2022 following the sale of its Premier Sports UK group to Swedish company Viaplay that year, according to account just filed, writes Gordon Deegan. TDL earlier this year bought back Premier Sports UK.
Irish meat-processor group Kepak has made its first move into the chilled sandwiches and frozen snacks sector with the acquisition of UK group, Summit Foods. Colin Gleeson reports that the purchase of the €29m turnover business based in the norther town of Preston expands the Irish meat group’s convenience food footprint.
In Commercial Property, Knight Franks’ Joan Henry says demand among occupiers for sustainable and amenity-rich buildings has strengthened considerably in recent years, and has accelerated in 2024, highlighting the importance occupiers place on being environmentally conscious.
And Fiona Reddan looks at the possibility to city centre living as the owner to two adjoining Grafton Street premises applies for to change the use of the upper floors from commercial to residential, allowing their conversion into a number of apartments.
Meanwhile, the family property investment vehicle of former Jones Engineering boss Jim Curley has acquired the historic former Ulster Bank building on Lower Baggot Street, at what is understood to have been slightly above the €2.25 million guide price.
Finally, tributes have been paid to barrister and former Irish Times colleague Peter Hamilton (31), who died unexpectedly at home over the bank holiday. An award-winning journalist, he was described as a “rising star” at the Law Library by Attorney General Rossa Fanning.
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