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Enterprise Ireland’s €1m Competitive Start Fund for early-stage start-ups launched

Entrepreneurs have been invited to apply for Enterprise Ireland’s €1m Competitive Start Fund (CSF) which is now open for applications from founders of early-stage start-ups. The competition is ...

Price caps included in Govt’s affordable housing bill

The Government’s proposed new housing legislation will include a plan to cap the price of affordable housing using seven different rates across the country. This will apply to ...

PUP claimants drop below 400,000 for first time in 2021

The number of people claiming the Pandemic Unemployment Payment has dipped below 400,000 for the first time this year, according to the latest figures from the Department of ...

Grants of up to €40,000 under new Online Retail Scheme

€5m is to be made available to help businesses upgrade their websites to boost opportunities in online retail. The latest round of the Covid-19 Online Retail Scheme is ...

Manufacturing activity surge drives PMI to record high

Conditions in manufacturing improved vastly in the month of April bringing AIB’s monthly measure of activity in the sector to a record high. The Purchasing Managers’ Index – ...

Covid-related supports for businesses to be set out by month end

Minister for Public Expenditure and Reform Michael McGrath has said Covid-related supports for businesses and individuals beyond June will be laid out by Government by the end of ...

Business groups largely welcome Govt reopening plan

Business groups have largely welcomed the latest Government plan for the reopening of the economy, which will see sectors reopen on a phased basis from 10 May. On ...

Economic revival begins but won’t be easy

Is this really the beginning of the end of the economic misery that’s been heaped upon the country for the past 13 months?
 That’s the question that thousands ...

Central Bank: Lending by banks beginning to recover

A new report from the Central Bank indicates that lending by banks has begun to recover this year, particularly in the mortgage market. However, it warns that unexpected ...

Business group calls for certainty in reopening plan

Certainty on financial supports and the reopening strategy for businesses over the coming months are required from today’s Cabinet meeting on Covid-19 restrictions, Chambers Ireland has said. The ...

Retail sales post annual growth of 8.5% in March – CSO

Retail sales volumes were 8.5% higher in March than in the same month last year, driven by growth in homewares and car sales, new figures from the Central ...

Number of firms on Covid support in January highest since June 2020

Almost half of businesses surveyed by the Central Statistics Office had employees either on the Pandemic Unemployment Payment (PUP) or the Wage Subsidy Scheme (WSS) in January of ...

Retailers’ concern over plans on minimum unit price rules for alcohol

Retailers have expressed deep concern at Government plans to introduce minimum unit price (MUP) rules for alcohol before similar measures are put in place in Northern Ireland. Retail ...

Donohoe: Rise in core spending will be higher than 3.5%

The Minister for Finance, Paschal Donohoe, has said expenditure by the Government will be higher than the average 3.5% increase in core spending detailed in the Stability Programme ...

Food and drink exports to UK down 35% since 2018 – CSO

A new report from the Central Statistics Office finds evidence that Brexit has led to an overall decline in trade between Ireland and the UK in food and ...

Adjustment of Covid reopening plan ‘now vital,’ says Ibec

The chief executive of the employers’ group Ibec has written to the Government to outline what the organisation sees as the key priorities for the reopening of the ...

Most Irish food SMEs expect revenue growth this year

Most small and medium sized businesses in the food sector expect their revenues to increase in the year ahead, according to new research by Love Irish Food and ...

‘No abrupt end’ to Covid financial supports – McGrath

The Minister for Public Expenditure and Reform has said there will be “no abrupt end” to the Covid financial supports. Over the coming weeks, Michael McGrath said the ...

Business confidence jumps to higher levels than before pandemic – BoI

Business confidence jumped in April to higher levels than seen even before the Covid-19 pandemic, as they eye the rollout of vaccines and some easing of restrictions, according ...

Retail and wholesale start-ups jump by 88% in Q1 – CRIFVision-Net

The first quarter of 2021 saw a significant increase in “necessity-led entrepreneurship” across the retail and wholesale sectors, the latest figures from credit risk analyst CRIFVision-Net show. Today’s ...

Health insurance uptake on the rise, but so are prices

Like many economic predictions when it comes to the pandemic, forecasts around the health insurance market have turned out to be wide of the mark. Given the impact ...

Consumer sentiment improves to 13-month high in April

Consumer sentiment climbed slightly to hit its highest in April since the onset of the Covid-19 pandemic, a survey showed today, but consumers expressed caution about the long-term ...

ECB sticks with euro zone stimulus plans

The European Central Bank left policy unchanged as expected today, keeping copious stimulus flowing even as it saw reasons to expect a firm rebound of the euro area ...

Property transactions up 12% to €4.2bn despite pandemic

New data from the Property Price Register shows that the volume of residential transactions rose 12% in the first three months of the year, despite the lockdown. According ...

4 in 10 workers have no occupational pension – Age Action

40% of workers aged between 20 and 69 have no occupational pension coverage other than the state pension, according to Age Action. Addressing a Pensions Commission webinar earlier ...

Donohoe says Ireland committed to global tax deal – but it must work for small countries

Ireland is committed to reaching an agreement to overhaul global corporate tax, but it must be one that works for small countries and accommodates healthy and fair tax ...

Government spent €13 billion on tackling Covid last year – CSO

Figures published the Central Statistics Office today give a provisional breakdown of the €13.1 billion spent by the Government last year to tackle Covid-19. The Pandemic Unemployment Payment ...

Job postings continue to grow, up 34% in first quarter – IrishJobs

Job postings on e-recruitment platform IrishJobs.ie were up 34% in the first quarter of the year, compared to the final quarter of 2020. The data suggests the Irish ...

Report warns of rising houses prices and delays

The construction industry could be unable to meet pent-up demand for housing and infrastructure, even when fully reopened, due to labour shortages and a “boom and bust” cycle ...

Covid supports not a subsidy for insurance firms – McGrath

Minister for Public Expenditure and Reform Michael McGrath has said the Covid-19 supports paid to businesses were “never intended to be a subsidy for insurance companies”. The Minister ...

Covid-19 having ‘profound’ impact on SMEs

A survey by the Central Bank and the ESRI has found the impact of Covid-19 on small and medium sized enterprises (SMEs) has been “profound”. The survey reveals ...

Key focus of Government is getting people back to work – Donohoe

The Minister for Finance has said that scaling up the vaccine programme is key to the re-opening of the economy and that is happening now with 170,000 vaccines ...

Land prices forecast to rise by 4% on average in 2021

Land prices remained resilient last year despite the threat posed by Covid-19, according to a report by the Society of Chartered Surveyors Ireland and Teagasc. Nationally, the price ...

Call for more transparent pension fees legislation

A report on pensions has found that fees and charges are so high that over time they are wiping out the tax relief given to pension savers by ...

Dublin Port volumes down 15% in first quarter of 2021

Brexit trigged a major reduction in cargo volumes at Dublin Port in the first quarter of this year, while Covid-19 also hit passenger numbers. The Dublin Port Company ...

Why is Ireland seen as unattractive by banks?

Ulster Bank, Bank of Scotland Ireland, Rabobank, Danske Bank, and more. There have been plenty of lenders who have dipped their toes in the Irish banking sector, only ...

Home prices see annual increase of 3% in February – CSO

The price of residential property nationally rose by 3% in February, according to the latest figures from the Central Statistics Office. This compares to an increase of 2.6% ...

NTMA raises €3.5 billion through sale of a 20-year bond

The National Treasury Management Agency has raised €3.5 billion through the sale of a new 20-year bond. The bond, which matures in April 2041, was sold at an ...

Trade with UK declines again in February – CSO

Trade with Great Britain continued to decline in February, according to the latest figures from the Central Statistics Office. Imports of goods from Britain were down €742m, or ...

Low Pay Commission to investigate move to €12.30 per hour living wage

The Government has formally authorised the Low Pay Commission to investigate how Ireland can move towards a living wage, and must report in the second half of this ...

Digital advertising spend up 8% last year to €726m

New figures show that digital advertising spend in the Irish market reached €726m last year, up 8% compared to 2019. The latest IAB PwC Online Adspend report shows ...

IMF predicts uneven European economic recovery

The International Monetary Fund has said Europe’s economy should rebound this year but recovery across the region remains uneven. The IMF is also calling for a “new social ...

4.5% growth in economy forecast despite Covid damage

Minister for Finance Paschal Donohoe will publish the Stability Programme Update later today which will set out new deficit and growth targets for the economy. RTÉ News understands ...

Report suggests penalties for bogus self-employment

Penalties for employers who intentionally misclassify workers as self-employed, resulting in the loss of PRSI and employment rights entitlements, should be explored by the Department of Social Protection, ...

Public finances show deficit of €18.4 billion for 2020

Provisional figures from the Central Statistics Office published today show the deficit in the public finances was €18.4 billion last year, which represented 5% of GDP. This is ...

Work from home whenever possible, Tánaiste reminds

The Government has reminded employers that all staff should continue to work from home, if possible. As some Level 5 restrictions eased yesterday, the Tánaiste and Minister for ...

Numbers set to get PUP down 15,000 this week

The number of people due to receive the Pandemic Unemployment Payment (PUP) this week is down 15,776 on last week. 421,373 people will get a total of €125.52m ...

Car insurance premiums to fall in the ‘near future’

The chief executive of Insurance Ireland has said she would be “optimistic” that consumers will start to see a reduction in their motor insurance premiums “in the near ...

Up to 20,000 construction workers to return to sites

Up to 20,000 construction workers will return to work on residential, early-learning and childcare sites around the country today as Covid-19 restrictions ease. But there continues to be ...

Dept issues warning about scam phone calls

The Department of Social Protection has issued a warning about scam phone calls from people claiming to be department officials. The department said that the call displays a ...

Site shutdown sees building activity stall for third month in a row

Construction activity declined for the third month running in March as most building sites remained shuttered due to Covid-19 restrictions. Activity across all sub-sectors fell sharply, according to ...

Consumer prices rise at fastest monthly pace in two years

New figures show that consumer prices rose at their fastest monthly pace in two years in March to stand at the same level a year earlier, when the ...

European rents up 15%, house prices by 28.6% since 2010

Irish house prices rose in line with the EU average of 28.9% over the past decade, according to figures published today by Eurostat, the EU’s statistical agency.  The ...

What is a global minimum tax and how could it affect companies, countries?

US Treasury Secretary Janet Yellen has thrown the weight of the US government behind a push for a global corporate minimum tax rate, possibly carving a path to ...

Those on minimum wage hit hard with pandemic job losses

Minimum wage employees in Ireland are likely to be suffering disproportionately from job losses as almost half work in sectors worst hit by the Covid-19 pandemic, according to ...

Over €26m spent a day in contactless payments in February

New figures from Banking and Payments Federation Ireland reveal that 1.6 million contactless payments were made every day in February. February saw a total of 46.2 million contactless ...

Irish mortgage rates still second highest in euro zone – Central Bank

Rates on Irish mortgages remain the second highest in the euro area, according to the latest figures from the Central Bank.  In February, the average rate on new ...

Pandemic spending drives increase in deficit to €4.17bn in March

The public finances recorded a deficit of €4.172 billion in March, according to figures published this afternoon by the Department of Finance. This compares to a deficit of ...

20% of SME loans that were on payment breaks are in arrears or need more help

Around a fifth of loans to small and medium enterprises, to which pandemic payment breaks were applied, need further support or are entering arrears. This is according to the ...

European Commission approves €60m scheme for Irish SMEs

The European Commission has approved a €60 million scheme to support small and medium-sized Irish businesses impacted by the Covid-19 pandemic. The ‘Small Business Assistance Scheme for Covid’, ...

Over 70% of people don’t talk about their finances, BoI survey reveals

Over 70% of people don’t talk about their finances at all or will only do so if they have to, according to research by Bank of Ireland. The ...

Mandatory vaccination – a thorny issue for employers

From the United States to Israel, from Australia to Ireland – most agree that a rapid rollout of the Covid-19 vaccination is the key to reopening the economy. ...

Warning over ‘eye-watering’ levels of youth unemployment

The National Youth Council of Ireland has described as “eye-watering” the high level of unemployment among young people and warned of a social and economic crisis if they ...

Covid spending to reach €28 billion by end of 2021 – McGrath

The total cost of direct Covid-19 related spending to the state across 2020 and 2021 is estimated to reach €28 billion by the end of this year, the ...

Online credit and debit card fraud rises 21%, BPFI warns

Irish consumers lost over €12 million through debit and credit card scams in the first half of last year, according to new figures published by the Banking & ...

Central Bank revises upwards economic growth forecast

The Central Bank has revised upwards its forecast for economic growth in the economy this year in its latest quarterly bulletin.  It says longer pandemic restrictions have slowed ...

Mixed reaction from business groups to Govt plans

Today’s Government announcement will provide relief for some sectors. The Irish Hairdressers Federation has welcomed the news that the industry could be allowed to reopen in May. However, it ...

House prices rise almost 8%, supply drops by 34% – Daft report

Listed house prices have increased by 7.6% on average over the past year, while the number of homes available to buy are down 34%, according to the latest report ...

Evolve Strategic Planning Grant

The Evolve Strategic Planning Grant assists businesses to develop a strategic response to address the new trading environment with the UK The Evolve Strategic Planning Grant offers up to ...

Working group over trade unions, industrial relations set for approval

The Government is expected to approve the establishment of a high-level working group to review collective bargaining rights and the industrial relations landscape in Ireland.  The proposal will ...

Govt defends absence of targets in rural development plan

The Government has defended the absence of any detailed targets and funding allocations in its new five-year strategic plan for Rural Ireland. Minister for Social Protection and Rural ...

February retail sales see monthly jump of 13.9% despite lockdown

New figures from the Central Statistics Office show that the volume of retail sales jumped by 13.9% in February compared to January even though the country remained under ...

ECB must remain euro zone’s stabiliser, says Lane

The European Central Bank must remain a key stabiliser of the euro zone economy as the bloc is at risk of suffering longer-term damage from its pandemic-induced double-dip ...

Ibec downgrades growth forecast for 2021 to 3.1%

Ireland’s economy will grow by 3.1% this year, employers’ group Ibec is predicting, down from the 5.3% it said it was anticipating for 2021 just three months ago. Although ...

Long lasting damage from tracker mortgage affair

“I don’t know what a tracker mortgage is.”  Remember the ad? The ad was released by the financial regulator around 2007, as part of a campaign to educate ...

Govt confirms extension of €2bn Credit Guarantee Scheme

The Government has confirmed that it will extend the €2 billion Credit Guarantee Scheme, with the scheme remaining open for applications until the end of the year. The ...

Rise in consumer confidence in visiting stores – Deloitte survey

Consumer confidence in visiting physical stores, engaging in person-to-person services and attending in-person events has increased, according to a new report by Deloitte Ireland. The latest consumer tracker ...

Ulster Bank hit with record €38m Central Bank fine for tracker mortgage failings

The Central Bank has fined Ulster Bank Ireland almost €38m for dozens of regulatory breaches in its handling of its tracker mortgage customers. The fine of €37.774m is the ...

Poll suggests one in four cut back on food and utilities during pandemic

The Covid-19 pandemic has led to one in four people cutting back on food and utilities, according to research commissioned by the Society of St Vincent de Paul. Almost ...

Consumer sentiment improves to best level in 12 months

Consumer sentiment improved to its best level in 12 months in March, according to the latest KBC Bank Ireland consumer sentiment index.  The report said the increase in consumer ...

ESRI lowers economic growth forecasts as Covid restrictions continue

The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year, due to ongoing Level 5 pandemic restrictions. In its Quarterly Economic ...

Rents nationwide rise by 2.7% in fourth quarter

Rental prices increased by 2.7% nationally to stand at an average of €1,256 a month by the end of last year, according to the latest figures from the ...

Dublin-Belfast economic corridor plans to be revealed

Plans for an economic corridor between Dublin and Belfast will be launched by the eight local authorities it passes through. Four local councils on each side of the ...

Europe facing difficult quarter but ECB will do its part – Lane

Europe is facing a difficult second quarter as coronavirus infections rise and governments reimpose lockdown measures, but the European Central Bank will do its part to keep borrowing ...

Employers owe €224m to Revenue for TSSS payments

56% of employers who availed of the Temporary Wage Subsidy Scheme were overpaid under the scheme, and owe a total of €224m to the Revenue Commissioners by the ...

Half of restaurants face permanent closure due to pandemic, says RAI

Half of restaurants face permanent closure in the wake of the coronavirus pandemic, according to the lobby group which represents the industry.  The Restaurants Association of Ireland will ...

Increase in Govt spending due to Covid second highest in euro area

The increase in Government spending in response to the Covid pandemic over the first three quarters of last year was the second highest in the euro area, according ...

Average €4,000 loss to SMEs from fraud last year – Bank of Ireland research

The average loss to a small and medium enterprise here arising from fraud stood at just below €4,000 last year, according to research carried out by Bank of ...

Views sought on reform of Personal Injuries Board

A public consultation on enhancing and reforming the remit of the Personal Injuries Assessment Board (PIAB) begins today. Launched by the Minister for Trade Promotion, Digital and Company ...

Mortgage arrears – is this the calm before another storm?

There was a time in the last decade when the Central Bank’s mortgage arrears figures were as keenly anticipated as the property price figures from the Central Statistics ...

Retail, transport workers should receive living wage – Varadkar

Essential workers including those in retail, transport, cleaning and food service should receive a living wage with access to an occupational pension, according to the Tánaiste and Minister ...

Slight decline in mortgages in arrears in final quarter – Central Bank

There was a marginal decline in the number of mortgage accounts on private residences that were in arrears at the end of December, according to the Central Bank. ...

Irish family firms cut more jobs than European peers

Irish family firms cut more jobs in the past year when compared to their European peers, according to a new report. The study by the Step Project Global Consortium ...

Farmland prices see big jump of 15% in 2020, Irish Farmers Journal report shows

The average price of farmland rose by 15% nationally last year, despite the Covid-19 pandemic, the latest Irish Farmers Journal’s county land price report shows. Today’s report shows ...

Central Bank says firms must ‘set the right standards’

The stockbroker Davy need only look in the mirror when it asks itself how things went so catastrophically wrong, the Director General of Financial Conduct at the Central ...

ECB wants to keep yields in check while economy heals – Lane

The European Central Bank is aiming to stop bond yields from rising before the pandemic-hit euro zone economy is ready to digest higher borrowing costs, the ECB’s chief ...

Shift in post-Brexit jobseeker activity evident in certain sectors – Indeed

A shift away from the UK as a destination for European job seekers post-Brexit is manifesting in increased interest in certain categories of Irish jobs, according to research ...

Half of firms plan to adopt remote working long-term

51% of businesses plan to adopt remote working on a permanent basis, according to new research carried out by CIPD Ireland. The data was published by the umbrella ...

Central Bank says new housing equity scheme could put pressure on prices

The Central Bank has raised questions about the shared equity scheme proposed by Minister for Housing Darragh O’Brien to help first-time home buyers. In a letter to the ...

Contactless payment values up by almost a third – BPFI

The value of contactless payments rose by almost 30% year on year in January to €674m as consumers took advantage of the extended ‘tapping’ limit of €50, according ...

Lockdown dealt €2bn hit to construction output in 2020 – report

The initial shutdown of the construction sector for seven weeks during the initial stages of the Covid-19 pandemic knocked €2bn off construction output last year. That is according ...

Premium hikes likely as rebuild costs rise

Homeowners could face increased buildings insurance premiums because of a hike in the cost of rebuilding a home, according to a report from the Society of Chartered Surveyors. ...

AIB, BoI and PTSB used loss reliefs worth almost €500m over three year period

The Minister for Finance, Paschal Donohoe, has confirmed that the three banks in which the state has shares utilised loss reliefs of almost €500m against their corporation tax ...

UK pushes back timetable for post-Brexit border checks

Britain has delayed by around six months its plans to introduce a range of post-Brexit border checks on goods imported from the European Union, saying it had listened ...

ECB to boost emergency bond buys, keeps rates unchanged

The European Central Bank has left its key interest rates unchanged after today’s Governing Council meeting. However, the ECB has said it expects to buy bonds under its ...

Two thirds of CEOs believe firms will pay more tax arising from pandemic – PwC

Almost two thirds of chief executives here believe that their companies will end up paying more tax as a result of policy changes to address rising debt levels ...

Applications for phase 1 of €8,000 SBASC grant opens today

Applications for the €60m Small Business Assistance Scheme for Covid-19 have opened today.  The SBASC scheme is in addition to the package the Government has put in place ...

Bank boards still not sufficiently tech savvy – Accenture study

A third of the world’s biggest banks still have no board members with professional technology experience, skills needed to help lenders make better decisions as they increase investments ...

Irish mortgage interest rates highest in euro zone again

Ireland continues to have the highest mortgage interest rates across the euro area in January, new figures from the Central Bank show.  The Central Bank said the average ...

Consumers reluctant to return to in-store shopping, study shows

71% of consumers say they will not feel comfortable shopping on their local high street until the Covid crisis is better controlled, according to a new survey. The research ...

Union calls for ‘transparent’ debate on future of banking

The Financial Services Union is calling on the Government to convene a forum for what it calls an’ open and transparent’ public debate on the future of banking ...

ESRI revises downwards economic growth forecast

The Economic and Social Research Institute has revised downwards its forecast for growth in the economy this year.  In an opening statement to the Oireachtas Committee on Budgetary ...

Coveney to brief members of US Congress on Brexit

Members of the US Congress are to receive a briefing today on the latest Brexit developments from Minister for Foreign Affairs Simon Coveney and European Commission Vice-President Maroš Šefčovič. ...

Covid restrictions continue to hit Dublin economy

The latest Dublin Economic Monitor shows that although the Dublin economy remains severely impacted by Covid-19 restrictions, it is prepared for recovery once conditions permit. The monitor is ...

Oireachtas Committee to hear stronger regulatory framework needed in wake of Davy

A senior Central Bank representative will tell an Oireachtas Committee today that the regulatory framework requires further strengthening when it comes to holding individuals to account for breaches. ...

47% of homebuyers think prices will rise by up to 10% this year

47% of prospective homebuyers think prices will rise by up to 10% in the coming year, according to a new survey from property website MyHome.ie. A similar survey ...

Cabinet to consider extension of Covid protections for tenants

The Cabinet will this morning consider a proposal from Minister for Housing Darragh O’Brien to extend protections for tenants whose incomes have been affected by the Covid-19 pandemic. ...

Consumer spending down 19% in February – Revolut

Consumer spending fell again in February as the impact of the full coronavirus lockdown continued to bite, new figures from digital banking app Revolut show.  Revolut said that ...

Increase in women taking up leadership roles, and why its beneficial to business

The number of women holding senior leadership roles in Irish businesses improved in the past year, growing from 31% in 2020 to 33% in 2021, according to research ...

Construction sector sees another decline in activity

February saw another steep contraction in construction activity here due to the coronavirus lockdown restrictions. Ulster Bank’s Construction Purchasing Managers’ index remained well below the 50 no-change mark ...

Need for focus on reducing deficit post-pandemic – Donohoe

The Minister for Finance has warned that it is dangerous for a small economy that cannot print its own currency to think that “deficits don’t matter” when evaluating ...

Martin says need to move away from supports once Covid under control

The Taoiseach has said that as the Covid-19 pandemic is brought under control there will be a need to move away from the extensive and wide-ranging emergency supports ...

EU Parliament declines to set EU-UK trade deal vote

The European Parliament has postponed a decision on ratifying the EU-UK free trade agreement in protest at the UK’s unilateral move on how the Northern Ireland Protocol should ...

Covid-19 unemployment rate dips to 24.8% in February

New figures from the Central Statistics Office show that the unemployment rate, including those receiving temporary Covid-19 jobless benefit, fell slightly to 24.8% in February from 25.1% in ...

Permanent TSB talks over Ulster Bank have been positive says CEO

The chief executive of Permanent TSB has described its discussions with Ulster Bank parent NatWest on the possible purchase of parts of the business as positive. Speaking on Morning ...

EU negotiating with partner it cannot trust – Coveney

The Minister for Foreign Affairs said the EU is negotiating with a partner it simply cannot trust following yesterday’s move by the British government to unilaterally change how the ...

Bank branch closures highlight generational digital divide

The decision by Bank of Ireland to close over a hundred branches across its network highlights the digital divide that exists between the generations. The migration of banks ...

‘Chronic underinvestment’ harming recovery prospects – Ibec

Decades of chronic underinvestment in key infrastructure is threatening to undermine the prospects for economic recovery, according to Ibec. Publishing its submission to the mid-term review of the ...

Exchequer deficit climbed to €14bn by end of February

Exchequer returns for February show that the budgetary situation has now deteriorated by €1.7bn compared to the same period a year ago, due to the decline in tax ...

Euro zone inflation holds steady before expected spike

Euro zone inflation held steady as expected last month, taking a break in what is likely to be a temporary but sharp spike in consumer prices in the ...

Dublin benefits most from Brexit financial services relocations – EY

Dublin remains the most popular destination for UK financial services firms looking to relocate staff or operations as a result of Brexit, according to EY. The accounting and ...

Bank of Ireland reassures on cash facilities and ATMs

Bank of Ireland has said that no location will be left without access to financial services or cash facilities after its decision to close 103 branches in the ...

Ireland’s minimum wage is second-highest in the European Union

Ireland has the second-highest minimum wage across the EU, at €1,724 per month, according to Eurofound. Luxembourg has the highest, at €2,202, the Dublin-based EU agency said in ...

How ordinary savers can avoid the negative interest bullet

The notion that ordinary savers could be charged to leave their savings in a bank has alarmed many — yet this is exactly what would happen if customers ...

Retailers affected by the pandemic negotiate rental discounts of up to 20pc

Retailers are negotiating rental discounts of up to 20pc in many cases, as they continue to be affected by Covid-19 restrictions. More substantial discounts are being achieved by ...

Major reset of EU-UK relations being considered by EU

Senior EU figures are contemplating a major reset in relations with the UK that would coincide with the formal ratification of the free trade agreement at the end ...

Mortgage approvals fell 16% in January

The number of mortgages approved in January fell by 16% compared to the previous month, according to figures published by the Banking & Payments Federation Ireland. A total ...

Youth unemployment worsening, according to CSO figures

Today’s Labour Force Survey figures confirm that the crisis in youth unemployment is worsening.   The number of people aged 15-24 in employment fell from 264,000 at the ...

Key actions needed to reduce insurance costs – NCC

The National Competitiveness Council (NCC) has said key actions must be taken to reduce costs in the Irish liability insurance market, including bringing personal injury award levels in ...

Commercial property vacancy rate rises to 13.5%

13.5% of commercial properties listed across the country were vacant in the final quarter of last year, according to figures published by GeoDirectory and EY-DKM. The number of vacant properties ...

SFA calls for urgent launch of Covid Business Aid Scheme

Many small businesses will be forced to close and cut jobs if the Government does not quickly launch the Covid Business Aid Scheme (CBAS). That is according to ...

Ulster Bank defends decision around plan to withdraw from Irish market

The chief executive of Ulster Bank has defended the decision of the bank and its parent NatWest not to give advance warning of its plan to withdraw from ...

Businesses unhappy with Covid plan and seek supports

Business group Ibec has called for an increase in financial supports for business in the worst impacted sectors of the economy.  In a statement this evening, it said current fixed ...

Govt extends key economic supports as restrictions continue

The Government has said that measures to support business, jobs and employment are to remain in place until the end of June. It follows the announcement that Covid level ...

Judicial reviews delay Strategic Housing Development

A new report has found that the number of units in planned Strategic Housing Developments (SHD) in Dublin that have been delayed or cancelled as a result of ...

Central Bank mortgage lending rules keeping house inflation down – ESRI

New research by the ESRI has found further evidence that mortgage lending rules put in place by the Central Bank six years ago are helping to keep house ...

Cautious optimism pushes consumer sentiment higher

Consumer sentiment bounced back in February thanks to cautious optimism about the outlook for the economy, despite the prospect of Covid-19 restrictions lasting for many more months, a ...

Too early to predict Ulster loan book sale success – Donohoe

Minister for Finance Paschal Donohoe has said it is too early to say if the negotiations between Permanent TSB and NatWest turn out to be successful on the ...

The third banking force awakens

For well over a decade, we’ve been hearing talk on and off about the need for a third banking force in Ireland. The notion gained legs in the ...

Licensed Vintners’ Association calls for more clarity

The Special Committee on Covid-19 Response will meet later today as the updating of the Government’s plan on Living with Covid continues ahead of its publication this week. ...

Consumer prices down 0.2% in January – CSO

New figures from the Central Statistics Office figures show that consumer prices posted an annual fall of 0.2% in January compared to a drop of 1% a month ...

Varadkar promises more targeted Covid-19 supports

The economy will “bounce back” sooner than many people think, the Tánaiste has told the Dáil, but he added that the pandemic will leave “many scars” including lost ...

Ulster Bank confirms exit from Irish market

Ulster Bank has announced a phased withdrawal from the Republic of Ireland over the coming years that will be managed in an “orderly and considered manner”.  The bank, ...

Central Bank expects ‘speedy’ resolution of business interruption claims

The Central Bank has contacted a number of insurers on resolving relevant business interruption claims in a ‘proactive and speedy’ manner. It comes as the bank continues its ...

Bank of Ireland to refund 35,000 mortgage customers

Bank of Ireland is to refund tens of thousands of its mortgage customers after it discovered that it had overcharged them. Around 35,000 accounts were impacted by the ...

Irish online retail sales soar by 159% in 2020 – Wolfgang Digital

Irish online retail sales grew by 159% in 2020, according to new figures from digital agency Wolfgang Digital, up from average annual growth of 32% between 2017 and ...

European new car sales drop by 25.7% in January

European car registrations dropped in January, industry data showed today, as measures to restrict a second coronavirus wave hit sales in the region’s largest markets.  New car registrations ...

Donohoe says public finances still within overall budget

The Minister for Finance, Paschal Donohoe has said the public finances are still within the overall budget published last October. However, he said if current programmes to support incomes ...

Job postings continue to grow, still down 24% – Indeed Ireland

Job postings on Indeed Ireland were down 24% in early February compared with the same time last year, according to new research from the jobs website. However, despite ...

Covid supports to extend beyond March, says McGrath

The Minister for Public Expenditure and Reform has confirmed that the various pandemic supports will be extended beyond the end of March. Speaking on RTÉ’s News at One, Micheal McGrath said ...

Banking Federation critical of capital reserve rules

The banking industry’s representative association, Banking and Payments Federation Ireland, has published a report claiming Irish banks are forced to hold three times the amount of capital as its ...

3,666 decrease in PUP recipients over last week

Almost 477,700 people are set to receive the Pandemic Unemployment Payment this week – a decrease of 3,666 over the last week, according to the Department of Social ...

ICTU warning over reduced redundancy for workers on PUP

Hundreds of thousands of workers could lose out on redundancy payments if their employment is terminated because time spent claiming the Pandemic Unemployment Payment will not count when ...

Decision time on Ulster Bank’s future draws near

This week could be a big one for Ulster Bank’s 2,800 employees in the Republic of Ireland, its 1.1 million customers, the Irish banking market and the economy ...

Are banks about to start charging us for our savings?

It may be hard to believe for those who availed of it, but it’s 20 years since Ireland’s arguably most famous and controversial savings scheme was launched. In ...

Euro zone growth in 2021 to rebound less than expected

The euro zone economy will rebound less than earlier expected from the coronavirus slump this year as a second wave of the pandemic put economies in new lockdowns, ...

Irish economy set to grow by 3.4% in 2021 – Commission

Ireland’s overall GDP growth is projected to come in at 3.4% in 2021 and is set to reach 3.5% in 2022 on the back of strong private consumption, ...

UK can’t have equivalence and divergence – McGuinness

The European Union will strive for close co-operation with Britain on financial services, the EU Financial Services Commissioner Mairead McGuinness has said. But she said London cannot expect ...

People on PUP facing reduced tax credits when they return to work

The Director of Public Policy at Chartered Accountants Ireland has said Revenue will collect the tax owed on the Pandemic Unemployment Payment (PUP) for 2021 by reducing people’s tax ...

88% of online shoppers buy from non-Irish sites – PayPal

88% of Irish consumers who shop online bought from websites outside of Ireland during the last year, according to research carried out by PayPal. The study involving more ...

Business leaders concerned at pace of Covid-19 vaccine rollout – IoD

33% of businesses say a slow roll-out of the Covid-19 vaccination programme is the single biggest risk facing their organisation, according to new research by the Institute of ...

Irish banks ‘latecomers’ on digital services – Deloitte study

Irish banks lag behind their global counterparts when it comes to their digital services offering. This is according to a study of banks globally carried out by professional ...

Firms alerted to Brexit requirements that apply to some workers

Irish companies employing UK nationals working in other EU member states are being alerted to changes arising from Brexit which mean that their employees are now subject to ...

Government €160m Boost to Covid Business Grants

New Scheme targets businesses currently ineligible for CRSS & other sector specific grantsWholesalers, suppliers, caterers & events companies down 75% or more in turnover expected to benefit€10m extra ...

Warned over financial cost of Covid restrictions, construction may reopen 5 March

The Government has been warned that the financial costs of continued restrictions are very large and that the short-term economic outlook has worsened due to the current Level ...

Revenue apologises to hauliers for import system problems

Revenue has apologised for ongoing intermittent performance problems with its main import system. This has led to difficulties and delays for businesses trying to bring goods into the country ...

Security to the fore as firms and consumers opt for digital in greater numbers

Almost half of Irish small businesses surveyed by payments company Visa said they were now offering contactless payments options to their customers for the first time. That is ...

Brexit pushes cost of buying used car from UK higher

Revenue has warned that anyone buying a used car from the UK needs to be aware of the significant additional costs that may apply, following the end of ...

Lowest rate of rental inflation in nine years as Dublin prices fall in the year – daft.ie

It was a tale of two rental markets in 2020 with monthly rents in the capital down 3%, but outside of Dublin, rents were up 5%, the latest rental ...

Steep fall in construction activity as sites remain shuttered

There was a sharp reduction in construction activity in January as the industry was largely shuttered under the latest Government restrictions introduced to curb the spread of Covid-19. ...

Small businesses urged to use available Brexit supports ahead of LEO meeting

The Local Enterprise Office network is holding a webinar for small businesses today on changes to the trade regime since the UK left the EU at the start ...

New guidelines on personal injury damages to be considered

A full meeting of the Judicial Council will consider draft guidelines which, if adopted, will recalibrate the level of damages that can be awarded to claimants involved in ...

Late year surge in home completions brings 2020 close to 2019 levels

There was a big increase in the number of housing projects completed in the final three months of last year, new Central Statistics Office figures show.  That push ...

EU concern over tone of Gove’s demands on NI Protocol

EU sources have expressed concern over the tone of Michael Gove’s letter to his European Commission counterpart on changes the UK is demanding to the Northern Ireland Protocol. ...

Covid-19 unemployment rate climbs to 25% in January – CSO

The Covid-adjusted rate of unemployment rose to 25% in January, up from 19.4% in December, according to the latest figures from the Central Statistics Office. Restrictions, including the ...

Euro zone inflation rate surges in January

Euro zone inflation surged well past expectations last month, driven by rising energy costs and a German tax increase, posing a potential communications challenge for the European Central ...

Services activity tumbles after new lockdown – PMI

The country’s services sector contracted last month at the sharpest rate since the economy was emerging from an initial Covid-19 lockdown last May after the Government imposed its ...

Hauliers going to France urged by Govt to pre-book antigen test

The Government is urging hauliers heading to France from tomorrow onwards to pre-book antigen testing before they travel, because of the new French requirement for a negative Covid-19 ...

Business angel investing grew in 2020, despite pandemic

Business angels invested over €14m in start-ups across the island of Ireland in 2020, despite the pandemic induced restrictions throughout the year. This is according to the latest figures ...

Record number of new .ie websites registered in 2020

A record number of new .ie Irish websites were registered in 2020, according to a new report by .IE, which manages and administers Ireland’s country domain name .ie. Over ...

Survey looks at employers’ view on vaccinations

Thousands of employees could face dismissal or problems in being hired if they refuse to be vaccinated, according to research by human resources technology firm HRLocker. The survey of 750 senior ...

Consumer confidence falls, as Covid worries grow

Consumer sentiment dropped sharply in January as the number of Covid-19 cases surged following the Christmas period, a survey found today.  The KBC Bank Ireland consumer sentiment index ...

Contactless payments topped a record €1bn last December

Irish consumers are tapping their payment cards more than ever. Last December spending using contactless payments topped €1 billion for the first time ever. In the last three months ...

No sudden withdrawal of fiscal measures – Donohoe

The Minister for Finance has said there will be no sudden withdrawal of the fiscal stimulus measures put in place across Europe to deal with the Covid-19 pandemic. ...

Irish port volumes steadily rising but still lower than last year

The quantity of goods passing through Irish ports from the UK remains around half of what it was this time last year, nearly four weeks after the Brexit ...

Almost €100,000 income needed for cheapest Dublin apartments – study

A couple earning average wages still cannot afford even the cheapest new apartments in Dublin, according to a study. The Society of Chartered Surveyors Ireland (SCSI) also found ...

Too much cash, too few homes – property prices in a pandemic

A multi-millionaire Australian property mogul controversially suggested a few years ago that if young people wanted to buy a house, they should stop buying avocado toast and expensive ...

Davy upgrades economic growth forecasts for 2021

Davy has upgraded its growth forecast for the economy for this year on the back of buoyant exports and multinational sector output, especially from the pharmaceutical and information and ...

Delivery costs for Northern Ireland-Britain trade set to rise, hauliers say

The cost of transporting goods to Britain from Northern Ireland is set to rise as a result of the new post-Brexit regulatory border between the two parts of ...

Job vacancies remain 23% below pre-Covid levels

Job postings for the final quarter of last year were 23% lower than the same time in 2019, according to figures published by e-recruitment platform IrishJobs. Despite being ...

EU sets out plans to built the power of the euro

Europe is too vulnerable to the global power of the dollar and must ensure the international standing of its euro currency to challenge US dominance, the EU executive ...

Residential property prices saw a return to growth in November – CSO

Residential property prices rose on an annual basis for the first time in six months in November after disruption from the initial Covid-19 lockdown of the economy halted ...

Dublin Port records third busiest year in 2020 despite Covid challenges

The volume of cargo passing through Dublin Port in the last three months of 2020 rose by 7.6% as pre-Brexit stockpiling, Christmas trading and a bounce caused by a ...

ITIC calls for more support for tourism industry

The Irish Tourism Industry Confederation has outlined nine key policies which it says are needed to safeguard the industry as it continues to deal with the harsh impact ...

No reason to expect significant shortage of goods – official

A senior Government official has said there is no reason to expect there will be any significant shortages in goods because of ongoing post-Brexit supply chain challenges.  Declan ...

PUP numbers jump by over 15% in the last week

Some 460,000 people will receive the Pandemic Unemployment Payment this week – an increase of over 15% in the last seven days, according to the Department of Social ...

Price rises expected as estate agents struggle to meet demand – SCSI

Chartered estate agents say they are struggling to meet demand for property, especially from first time buyers. A survey of 800 agents, carried out by the Society of ...

76% of imports into Dublin Port clearing without delays

Revenue has said that 76% of goods being imported through Dublin Port from the UK are now being given green clearance, which is up from 45% one week ago. ...

Ireland to receive €1bn from EU’s post-Brexit fund

Ireland is due to receive over €1 billion from the European Union’s Brexit fund, set up to help member states most affected by Britain’s departure from the bloc. ...

Some food and drink exports hit hard by Covid-19 pandemic

Some sectors of Ireland’s valuable food and drink industry were severely affected last year as a result the global Covid-19 pandemic. The extent of the decline is highlighted ...

Record €1.2 billion spent on groceries in December – Kantar

New figures show that the average shopper spent €134 more on groceries in December last year than they did in December the previous year.   The latest figures ...

People unable to work due to childcare may be eligible for PUP

Workers unable to go to work due to a lack of childcare triggered by Covid-19 closures may be eligible to claim the Pandemic Unemployment Payment, according to the ...

Banks to create payment app to rival Revolut and N26

Four of the five main Irish retail banks have notified the competitor regulator of plans for an app based payment system that would enable consumers to move money ...

Strong rise in housing activity drives construction sector growth in December

The construction industry finished 2020 in expansion mode on the back of strong levels of housebuilding, the latest Ulster Bank’s Construction Purchasing Managers Index shows. The Ulster Bank ...

Consumer spending up 6% in December – Revolut

New figures from Revolut shows that total consumer spending in December 2020 rose by 6% from December 2019, with many sectors seeing record levels of expenditure.  Digital banking ...

Brexit reality bites: The new dawn of trade friction

This week, as Brexit took effect, a company in Cork that sells sports posters to Europe and around the world ceased all direct online sales to the UK. ...

Businesses urged to claim 0% tariff on UK-origin goods

Businesses, and especially SMEs, have been alerted of the need to actively claim the zero-tariff rate on UK origin goods.  The Minister of State for Business, Employment and ...

Non-essential construction to stop this evening due to Covid-19 restrictions

Non-essential construction is to cease this evening until at least the end of the month, as part of restrictions introduced on Wednesday to slow the spread of the ...

The virus shaping our economy is unpredictable and surprising

Covid-19 continues to be the predominant issue in all our lives. It also continues to be the predominant factor shaping our economy. And because it’s the Irish economy, ...

Businesses worst fears realised as 2021 gets off to terrible start

It wasn’t supposed to be like this.  When Irish businesses did what was asked of them and substantially shut up shop in mid-October it was in pursuit of ...

Govt engages with banks on further repayment breaks

The Government is engaging with the banking sector to ensure borrowers who need loan repayment breaks as a result of the further increase in Covid-19 Level 5 restrictions ...

Unemployment rate dips to 20.4% before latest lockdown

New figures from the Central Statistics Office show that the Covid-19 adjusted unemployment rate stood at 20.4% in December as the Covid-19 crisis continues to have a significant ...

Minister seeks to keep current PUP rates until March

Minister for Social Protection Heather Humphreys is expected to ask the Cabinet to approve the retention of the current Pandemic Unemployment Payment rates until the end of March, ...

Online shoppers see extra charges due to Brexit

Consumers are beginning to see the introduction of additional charges and taxes when shopping with British retailers. Since Brexit took effect on 1 January, new rules have been implemented ...

General Government deficit of €19 billion expected for 2020

The Minister for Finance has said he believes the level of financial support provided in the Budget will be sufficient to cope with the ongoing effect of Covid-19. ...

NAMA expects to transfer €1bn to Exchequer during 2021

NAMA generated €900 million cash in 2020, exceeding its target according to an end-of-year review published by the agency today. It expects to report a full-year profit for ...

Key actions required to ensure insurance reform – Alliance for Insurance Reform

The Alliance for Insurance Reform has said the insurance crisis can be sorted in 2021 if key actions are completed. Eoin McCambridge, managing director of McCambridge’s of Galway ...

Sterling weakens against euro as post-Brexit deal rally falters

The pound weakened versus the euro on Britain’s first day of trading outside the European Union, but strengthened against a softer dollar, climbing above $1.37 for the first ...

More ways to fine-tune your personal finances for the New Year

Despite it being a record year for savings in Ireland, much of it was accidental given that large sections of the economy were shut down for long periods ...

Pandemic has made homebuying more important for some – KBC Bank survey

A survey of potential housebuyers by KBC Bank Ireland has found that about a fifth said the pandemic had resulted in increased interest in buying or moving house.  ...

Housing supply will not meet demand for at least another three years – BPFI

Housing supply is unlikely to meet demand until at least the end of 2023, according to an analysis of the housing market by the Banking and Payments Federation ...

Govt report on insurance reforms to be published

A Government report outlining how to reform the assessment of insurance claims, and strengthen consumer protection, will be published this afternoon after consideration by Cabinet.  It is believed ...

Fewer contactless payments during Level 5 restrictions

The impact of Level 5 Covid-19 restrictions on consumer spending have been revealed in figures released by the Banking and Payments Federation. Cash withdrawals from ATMs and card spending dropped ...

Online spending last month double that of last year

Online spending in November was double what it was during the same month last year, as people were precluded from physical shopping in non-essential retail stores due to ...

Barnier briefing EU member states on Brexit talks

EU chief negotiator Michel Barnier is currently briefing EU member states on the state of play in the Brexit negotiations which Taoiseach Micheál Martin last night described as ...

More UK supermarkets waive tax relief

Sainsbury’s, Asda, Aldi and B&M will forgo UK property tax relief during the pandemic, following rivals Tesco and Morrisons and taking the total recouped by the UK government ...

EU regulator says derivatives market faces challenges on Brexit

The European Union’s top markets regulator has delivered a fresh warning that big European banks will face difficulties trading derivatives when they are locked out of London’s dominant ...

Hope fading post-Brexit trade talks could finish before Monday

Negotiations on a future EU-UK relationship will resume in London this morning, but hope is fading that the talks on a post-Brexit trade deal could finish today. Downing ...

First broadband plan community connection points open

The first 50 of 300 community Broadband Connection Points (BCPs), that are being rolled out as part of the National Broadband Plan (NBP) have been connected. BCPs are ...

Another full-blown lockdown ‘not inconceivable’ – Minister Ryan

The Minister for Transport Eamon Ryan has warned that another full-blown lockdown is “not inconceivable”, and that allocating further supports for the aviation sector will involve hard choices ...

Euro zone economic recovery in danger as Covid-19 resurgence hits service industries

The euro zone’s economic recovery faltered in September with growing evidence sectors and countries in the bloc are diverging as a resurgence of Covid-19 forces the reimposition of restrictions ...