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The ABCs of the ECB

Economics is not all about numbers. In fact, in one of the most important areas of economics – central banks and monetary policy-language ranks alongside number crunching in importance. That’s because the power to create money and therefore to influence its value thrusts economics into the forefront of people’s lives. Retaining the confidence of people …

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63% of professionals considering a job change: survey

More than six out of ten workers here are considering a change of job this year, according to a survey conducted on behalf of business networking platform LinkedIn. The survey of 1,001 professionals here, conducted by Censuswide late last year, found that 63% are considering a move during 2022. The feeling was particularly pronounced among …

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Oil at highest level since 2014 as Turkey outage adds to tight supply outlook

Oil prices rose for a fourth day today as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates. Brent crude futures rose 39 cents, or 0.5%, to $87.90 a barrel this morning, adding to a 1.2% …

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Brexit boosts international banks’ Irish balance sheets to over €500bn

The Irish balance sheets of large systemically important banks with international operations run from Ireland have grown by as much as €200bn since the UK voted to leave the EU six years ago, a new study has found. The transfers put Ireland in only second place behind Germany when it comes to the value of …

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Residential property deals up almost 19% last year

The number of residential property transactions increased by almost 19% to 44,110 in the 12 months to October 2021, according to the latest Residential Buildings Report published by GeoDirectory and EY. It reveals that over 16% of all property transactions were for newly built homes, which was down compared to the previous year. The average …

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Covid Credit Guarantee Scheme extended until June

The Covid-19 Credit Guarantee Scheme for small and medium businesses has been extended the end of June, the Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said today. Low-cost loans will continue to be available to Irish SMEs through a wide range of lenders including three banks, six non-bank finance providers and 19 …

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Has the pandemic permanently changed our spending ways?

Covid-19 has undoubtedly changed many aspects of our lives, some of which we would hope to return to as soon as the clouds of the pandemic lift. However, there are some areas where our habits may have shifted permanently and are unlikely to revert completely to the old ways. One example is our relationship with …

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Firms supported by Local Enterprise Offices created 7,440 new jobs last year

Companies being supported by the country’s Local Enterprise Offices created 7,440 new jobs last year, a 9% increase on the figure in 2020. It brought to 35,729 the total employed by LEO-supported firms at the end of last year, and marks 8th successive year of employment growth. The vast majority – 85% – of those …

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Inflation in building costs to continue – survey

More than four out of every five builders across the country expect the prices they charge for projects will rise in the first three months of the year when compared to the same period last year, a new survey of the industry has revealed. 99% reported a year-on-year increase in the cost of raw materials, …

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NTMA raises €3.5bn from new 10-year bond

The National Treasury Management Agency raised 3.5 billion euros from the sale of a new 10-year bond, a lead manager for the deal said, covering at least a quarter of its funding needs for 2022. The NTMA, like other European debt management offices, regularly raises a chunk of funds early in the year by selling …

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‘Collapse’ in home ownership among young adults – report

Home ownership among adults of prime working age has “collapsed” since the financial crisis, according to a report from the Parliamentary Budget Office. Using an international housing affordability survey, the Parliamentary Budget Office concludes the cost of housing here is “severely unaffordable”. The report says this is partly due to “rising rents” and “surging house …

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SCSI expects property prices to rise by 5% in 2022

The Society of Chartered Surveyors Ireland (SCSI) has said it expects the median price of a home in Ireland to increase by almost €14,000 this year. A poll of its 580 members predicts a 5% rise in property prices, with most of that frontloaded to the first three months of the year. It reveals that …

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Covid-adjusted jobless rate moves up to 7.5% in December – CSO

The unemployment rate, adjusted to include those on the Pandemic Unemployment Payment (PUP), rose to 7.5% in December compared to 6.9% in November. The traditional seasonally adjusted monthly unemployment rate fell from 5.2% or 135,000 people in November to 5.1% or 132,100 people in December, the latest figures from the Central Statistics Office show today. …

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Irish mortgages rates still second highest in euro zone

Ireland’s mortgage rates for new loans remained the second highest in the euro area in November, according to the Central Bank. Greece had the highest rates in the euro area. The weighted average interest rate on new mortgages was 2.7% in November, a reduction of 8 basis points or 0.08%, on November 2020. The euro …

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Flexible work to become a reality for employees in 2022

The right to request flexible work arrangements is set to become a reality this year for Irish workers as the EU’s Work Life Balance Directive must be implemented by the Government by October this year. The EU Directive means that employees who are in a caring role such as parents or carers will have the …

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Mortgage approval values reach new high in November

Almost 5,000 mortgages were approved in November, up 8.6% on the previous month but down 4.6% on the same time last year. New figures from Banking and Payments Federation Ireland reveal that over half of all mortgages approved during the month were for First Time Buyers (FTBs), while mover purchasers accounted for just under 28%. …

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Minimum wage rises offset reduced hours, report finds

The average take home pay of workers on the minimum wage increased over the years from 2016-2018, according to new research from the Economic and Social Research Institute. The report also finds that the hours worked by some on the minimum wage, fell by almost one hour per week. But the increase in the minimum …

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Asking prices for used cars now 56% higher than they were before the Covid-19 pandemic

The rate at which the price of used cars is increasing has reached a new high, driven by the supply shortages caused by the Covid-19 pandemic and Brexit. In the last three months of the year, the inflation rate for used cars grew a further 7.7%, the second highest quarterly price rise since 2011, according …

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