Opening Bell: Tracker mortgage scandal, Coppers profits soar, Lagarde backed by IMF

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The Central Bank has revealed that at least 8,200 Irish mortgage account holders have been denied a tracker rate by their lender.

It said on Monday that it expects that lenders will have "identified and commenced engagement" with those customers affected by the middle of next year, with more cases likely to have emerged by then.

The regulator is currently examining the tracker mortgage situation, looking at the 15 lenders that offered these loans before the economic crash in 2008.

The largest such scandal in the history of the State saw many account holders denied a right to or option of a tracker rate of interest, or the correct rate was not given to them as per their contract.

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Copper Face Jacks, the country's best-known nightclub, earned pre-tax profits of €5 million last year.

It means that Breanagh Catering's spot on Dublin's Harcourt Street was making some €97,657 per week as it welcomed everyone from the All Ireland-winning Dublin GAA team to Ryan Tubridy through its doors.

Its cash pile was a massive €54.8m to the end of January 31st this year, with gross profit climbing 8.6% from €10.45m to €11.35m.

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Christine Lagarde will stay as the head of the International Monetary Fund (IMF) despite being convicted of negligence.

A French court found her guilty yesterday – in a case which relates to the botched sale of Adidas in the 1990s, when she was the country's finance minister.

She hasn't been given a jail term or a criminal record.

The IMF executive board says it has "full confidence" in her ability.

 

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Fianna Fáil's finance spokesperson Michael McGrath has said that despite the publication of the full Apple ruling by the European Commission on Monday, Ireland must continue with its appeal.

The European Commission decision says that Ireland failed to justify what it called the selective treatment of Apple.

The full commission ruling has been published ahead of an appeal to the European courts which is to begin next year.

Michael McGrath argues that it's important that the appeal continues to protect Ireland's tax sovereignty:

"We want to have a corporation tax system that we can stand over, that treats all companies fairly and that it is consistent, it's statute-based. And I think the Government was right to appeal this and I think over time this is certainly in Ireland's national interest to take this step."