By Harry Keaney
Allied Irish Bank has extended its U.S. operations to the West Coast with the opening of an office in Los Angeles on St. Patrick’s Day.
Located at 777 South Figueroa St., in Suite 2870, the Los Angeles office will serve the financial requirements of AIB’s clients in the western region of the U.S.
AIB Group Chief Executive Tom Mulcahy said that more than 34 percent of AIB’s asset base in invested in the U.S.
AIB has 1,000 offices worldwide with locations in Ireland, Britain, Germany, Poland, Singapore and the U.S. In the U.S., AIB has offices in New York, Philadelphia, Los Angeles and Baltimore, Md., where AIB’s wholly-owned subsidiary, First Maryland Bancorp, is headquartered.
AIB is traded on the NYSE, ISEQ and the FTSE and is the only Irish company included in the Dow Jones Euro 50 Index.
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Celtic trade show
The eighth annual Best of Celtic Lands & England trade show of gifts, crafts, apparel, food and home furnishings will take place April 11-13 in the Howard Johnson International, Chelsea Street and Boardwalk, in Atlantic City, N.J.
Details, (202) 546-0171.
Telecom privatization
The privatization of Telecom Éireann, the Irish semi-state telecommunications company which goes public later this year, may bring a giant windfall for the government as well as for Telecom employees. Irish government sources told the Sunday Business Post newspaper that they estimate they may be able to knock up to £3 billion off the national debt this year, thanks to the disposal of the State’s share in Telecom.
No decision has been taken on how much of the government’s stake will be sold at the initial purchase offer in June. However, 35 percent has been offered to European conglomerate KPN Telia and two trances, totaling 14.9 percent, have been set aside for the 11,000 Telecom staff. It is believed staff who opt for a redundancy package could get shares of up to £90,000 each. Telecom is at present seeking 2,500 redundancies for a package worth seven weeks full salary per year of service.
Another privatization?
The management and trade unions in Aer Rianta, Ireland’s airport authority, have drawn up a plan which involves the public offering of 49 percent of the company, according to an exclusive report in the Sunday Business Post newspaper. The plan also calls for an increase in landing charges and the disposal of the Great Southern Hotel chain.
Wide investigation
The recent controversy in Ireland surrounding Allied Irish Bank and deposit interest retention tax payments has led to a much wider than expected investigation of the financial system by the comptroller and auditor general, John Purcell, according to news reports in Ireland. The investigation by the comptroller and auditor general is now looking into the affairs of each of the 37 financial institutions registered to collect deposit interest retention tax. Purcell was asked to conduct the inquiry following public hearings in Oct. 1998 concerning bogus non-resident accounts held in AIB. The investigation will be followed by public hearings.
Deal with McDonald’s
Belfast carton manufacturer Delta Print & Packaging Ltd. is to soon start production of recycled folding cartons for McDonald’s Restaurants Ltd., throughout Ireland and the U.K. About 20 jobs will be created. Delta has recently completed a 55,000-square-foot factory extension and has spent a further $2 million on additional pre-press and printing capability.
Jobs watch
Good news for Monaghan but bad news for Limerick.
A £22 million investment in the Rye Valley Foods plant, in Carrickmacross, Co. Monaghan, is expected to create 260 jobs during the next three years. The company, which was purchased by Golden Vale last year, is the largest employer in County Monaghan, with a workforce of 450 people.
Modern optical disc technology has spelled the end of Verbatim Ltd., a floppy disc manufacturer in Limerick which is to close in July. Fifteen years ago, it employed 750 people at the Raheen Industrial Estate. It now employs just 17.
Nurses unionize
More than 400 registered nurses at Our Lady of Mercy Medical Center in the Bronx have decided to become union members. They will join the National Health and Human Service Employees Union. The hospital operates under the auspices of the Archdiocese of New York.