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Opening Bell: AIB repays customers, Ryanair sets another record, Michael Fingleton gets ready for the banking inquiry

Ryanair carried record numbers in August, with a total of 10.4 million passengers flying with the...
Newstalk
Newstalk

07.37 2 Sep 2015


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Opening Bell: AIB repays custo...

Opening Bell: AIB repays customers, Ryanair sets another record, Michael Fingleton gets ready for the banking inquiry

Newstalk
Newstalk

07.37 2 Sep 2015


Share this article


Ryanair carried record numbers in August, with a total of 10.4 million passengers flying with the airline.

Its load factor, the percentage of seats sold on each flight, rose to 95% - up from 93% during the same month in 2014.

In the 12 months to August the airline carried 96.3 million passengers - that's a 15% increase year-on-year.

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AIB has paid €3.7m to 6,855 business customers who were overcharged on overdraft related fees.

The average refund paid was €543 plus interest, Irish Times reports that the error was discovered by AIB, who then notified the Central Bank.

The bank commented on the overcharging: "AIB sincerely apologises for this error and any inconvenience caused as a result and the appropriate changes to procedures have been implemented."

It is understood that the bank began repaying this money into customer accounts during last month.

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Michael Fingleton, former managing director of Irish Nationwide Building Society, will attend the banking inquiry today.

During the bailout €5.4bn of taxpayers’ money was pumped into the financial institution, which ultimately merged with Anglo Irish Bank and was put into liquidation in 2013.

He was paid a €1m bonus in 2008 - two months after the banking guarantee.

Mr Fingleton is expected to cite a consensus among economic experts who said that the Irish economy would have a 'soft landing' as the boom came to an end when explaining the building society's actions.

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Australia's GDP growth has slowed, the economy only grew by 0.2% during the second quarter of this year - this was half the rate that analysts had expected.

Economic uncertainty in China hurt raw material exports, and household spending also dipped.

Year-on-year growth is at 2%, but the country faces a number of economic challenges during the rest of this year.

The Australian dollar recently hit a six-year low against its counterpart in the US. The country is believed to be considering an interest rate cut before the end of this year. 


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