Opening Bell: Drumm is expected to return to Ireland, Google Ireland pay levels raise questions, EU plans tax reforms

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Multinationals like Google and Amazon could be forced to disclose their European earnings and taxes under EU rules.

The Guardian  reports that new transparency laws will be brought in from April.

They'd make larger corporations reveal profits and taxes paid in every European Union nation.

An EU source told the paper that European officials "are currently finalising the impact assessment work. It’s likely there will be some form of legislative initiative announced for the beginning of April … for public country-by-country reporting."


It has been revealed that workers in Google Ireland earn less than half the average wage of the company's employees in its London office - despite the fact that many of the UK workers provide support roles for their Irish counterparts.

Leading Google employees will appear before Britain's public accounts committee this week, they are expected to face questions about the company's tax payments in Ireland.

The relationship between sales staff in London and Dublin is likely to be examined, Google booked £5bn in UK sales through its Dublin office last year.


David Drumm is expected to volunteer to return to Ireland today during a court appearance in Boston.

The former Anglo Irish Bank Chief Executive has indicated that he will not fight an extradition request from Irish authorities.

Mr Drumm was arrested during October of last year in Massachusetts - he was lived in the US since 2009.

He is wanted on 33 charges in Ireland relating to his time with Anglo Irish Bank.


Bank of Ireland made €5.3bn available in new credit to Irish businesses in 2015 - that was an 18% increase on the previous year.

The bank received over 66,000 credit applications during the year, 8% more than the corresponding figure in 2014, with 88% of the applications being approved.

Mark Cunningham, managing director of business banking at Bank of Ireland commented on the level of lending: "We expect this trend to continue as the overall outlook for 2016 is positive, with a number of indicators pointing to sustained improvement in the general economy, including higher consumer spending, continued employment gains and increased business investment."