Assets of non-clearing foreign banks in Ireland reached a new record high of €269.5 billion in October. This represents an increase of €6.2 billion, or 2.35 per cent on September.

The Irish covered bond, introduced in 2001, has proven to be a great success with the market now worth over €20 billion, and issues on both the mortgage and public sector side. However, for residential mortgage lenders, the legislation only allows mortgages up to 75 per cent loan to value ratio to be included as collateral, which can be restrictive. But third party credit enhancement from a specialty mortgage insurer could potentially solve this limitation, TONY PORTER writes.

There should not be a second Financial Services Action Plan, says the Irish Bankers Federation (IBF). Rather all remaining measures required under the FSAP should be adopted and any new initiatives which the Commission has currently in train should also be completed. Thereafter, the focus should be on consistent implementation of the measures enacted, ENDA TWOMEY writes.

Last October, the HVB Group spun-off its commercial real estate business into Hypo Real Estate International (HREI), a Dublin based operation. Having established the headquarters, the aim now is to grow from an international bank into a global player in real estate structured finance writes JURGEN FENK.

With the successful launch of Bank of Ireland's first €2 billion mortage backed covered bond issue on September 13th, which was more than three times over-subscribed, this new market is now set to develop. Here, ENDA TWOMEY explains what is allowable under the new market regulations issued by IFSRA over the summer.

Hidzer Kiewiet de Jonge has been appointed as managing director of Rabobank Ireland, replacing Fergus Murphy who has moved to Singapore as Rabobank’s regional general manager, Asia.

KDB Ireland, the Dublin based wholly owned subsidiary of the Korea Development Bank (KDB) is considering making Dublin the booking centre for KDB’s overseas network.

In 2003 HVB spun off its commercial real estate activities into Hypo Real Estate Holding. The international division Hypo Real Estate International (HREI) was headquartered in Dublin, and to address the operation's funding requirements, a €10 billion medium-term note (MTN) programme was iniatited. A substantial amount of the operation's funding needs will be covered through issuing instruments under this programme writes ECKEHARD DETTINGER-KLEMM.

Assets of non-clearing foreign banks in Ireland reached a new high in February, growing by €6.9 billion, or by 3 per cent, from January to February 2004 (annualised rate of 42.6 per cent).

UniCredito Italiano Bank (Ireland) plc has just signed an unlimited certificate of deposit (CD) programme, the first launched by an Irish bank since the Finance Act 2003, and the second ever in Ireland, following DEPFA Bank’s CD programme launched in 1994 for $3 billion.

The changeover of HVB Bank Ireland to Hypo Real Estate International (HREI) is well under way, with €15 billion of assets to be transferred to Dublin in the last two weeks of September. The volume of assets coming to Dublin is approximately E4 billion greater than previously expected, due to the fact that HREI is keeping HVB’s US international real estate portfolio. It was initially thought that HVB would maintain this portfolio.

WestLB Covered Bond Bank (WestLB CBB) successfully launched its first ever asset covered security/Irish covered bond on October 8th, when it brought a €2 billion five-year issue to market. The transaction was led by ABN AMRO, Citigroup, Merrill Lynch and WestLB. Co-lead managers were Allied Irish Bank, Barclays, HSBC, HVB, Morgan Stanley and UBM.

Fergus Murphy, managing director of Rabobank Ireland, has been appointed chairman of the Federation of International Banks in Ireland.

Life for AIB International Financial Services (AIBFS) began in 1987 with a staff of three providing agency treasury services to licensed companies in the International Financial Services Centre. It has since grown and expanded into a company of more than 120 staff with three overseas subsidiaries in Luxembourg, Switzerland and Hungary providing outsourcing solutions to over 180 clients in 26 countries world-wide writes NESSA KEANE.

The new head of the Federation of International Banks in Ireland, JAMES DEENY, charts the development of the international banking sector in Ireland to date and outlines FIBI’s role in further developing this important sector.

Based on the optimism of clients, NIALL WALLACE is very positive about the outlook for international banking for the remainder of 2002 and beyond.

Nexgen was established in December 2000 with the aim of offering sophisticated risk management solutions. Authorised by the Central Bank in February 2002, Nexgen recently benefited from a $94 million investment from CDC IXIS.

Faced with increasing challenges posed by ‘Enronitis’ and Basel II, the European ABS market has gone through a difficult period but at the annual asset backed securities global conference, the industry indicated that the market would rebound. FIONA REDDAN reports from Barcelona.

Since its establishment in Dublin in February 2001, PMI Mortgage Insurance Company, a subsidiary of The PMI Group, has completed four transactions including one involving the German mortgage bank Aareal Bank. In this profile of PMI's Dublin operations, TONY PORTER explains PMI's global presence and what services they provide.

In keeping with the ING Group’s new identity, ING Barings and BBL Ireland have been rebranded to ING, and the combined banking operations of ING and BBL, which together employ 54 people, will shortly move into new premises on St. Stephen’s Green.