Record personal loans for car, home improvement in 2024
A record €2.5 billion worth of personal loans were drawn down last year. These included loans for cars, home improvement works, holidays and weddings. The figures from Banking and Payments Federation Ireland show that loan values increased by 20% on the previous year, while volumes jumped 13%. In total, almost 230,000 loans were drawn down […]
Euro zone growth downgraded but employment holding up
The euro zone economy grew slower in the first quarter than initially estimated but employment held up well, indicating that the bloc keeps creating jobs despite years of anaemic expansion, data from Eurostat showed today. Gross domestic product in the first three months grew by 0.3%, below an initial estimate for 0.4%, but that was […]
ECB may be nearing end of rate cuts but trade war is a risk, policymaker says
European Central Bank interest rates may be close to bottoming out but uncertainty was high and the environment was prone to sudden changes that could also alter the policy outlook, ECB policymaker Martins Kazaks said today. The ECB has been cutting interest rates quickly over the past year and the debate over where to end […]
New economic indicator shows improvement in Ireland’s competitiveness ranking
New research has shown that Ireland’s international competitiveness ranking would improve if Modified Gross National Income (GNI*) is used as an economic indicator instead of Gross Domestic Product (GDP). GNI* is seen as a more accurate measure of the domestic economy as it excludes much of the impact of the multinational sector. The National Competitiveness […]
Tánaiste in Brussels for EU talks on trade and tariffs
Tánaiste Simon Harris will travel to Brussels for meetings with European Trade Commissioner Maroš Šefčovič and EU trade ministers to discuss trade and tariffs. Mr Harris will hold a bilateral meeting with Commissioner Šefčovič on the margins of the EU Foreign Affairs Council on Trade. There will be a detailed discussion on the European Union’s […]
Average interest rate on new mortgages falls again in March
New figures from the Central Bank show that the average interest rate on new mortgages in Ireland continued to fall to March. The Central Bank said the average interest rate on new Irish mortgage agreements in March eased to 3.77% from 3.79% in February. The equivalent euro area average for March was unchanged at 3.33%, […]
Over 125,000 premises connected under National Broadband Plan
National Broadband Ireland (NBI), the company delivering the Government’s National Broadband Plan (NBP), has announced that over 125,000 premises across Ireland are now connected to its high-speed fibre broadband network. There are now 361,101 homes, farms and businesses that have been passed with NBI fibre out of the current target of 564,000. NBI said the […]
First Home Scheme extended to 2027, with €30m more in funding
The Government has announced an additional €30m in funding and an extension to 2027 for the First Home Scheme (FHS). The scheme is a shared-equity initiative designed to help bridge the funding gap for eligible first-time buyers and other homebuyers between their deposit and mortgage, and the price of their new home. Under the scheme […]
China, US slash sweeping tariffs in trade war climbdown
The United States and China have slashed sweeping tariffs on each others’ goods for 90 days, after a temporary ceasefire in a trade war that roiled global markets and international supply chains. The US and China agreed to drastically lower sky high tariffs in a deal that emerged from pivotal talks at the weekend in […]
Geopolitics the top concern for international banks here
Nearly eight in ten international banks in Ireland say global political tensions could hit their business in the next five years. That’s according to a new report by the Federation of International Banks in Ireland (FIBI) and Banking and Payments Federation Ireland (BPFI). FIBI represents more than 30 international banking and investment organisations – including […]
New EVs licensed in April rose by 23% on last year – CSO
New figures from the Central Statistics Office show that the number of new electric vehicles licensed in April increased by 23% on the same time last year – rising to 1,783 from 1,444. This means the share of EVs among new private cars from January to April was 16% compared with 13% during the same […]
US to cut ‘de minimis’ tariff on China shipments to 54% from 120%
The US is to cut the low value “de minimis” tariff on China shipments to 54% from 120%, with a flat fee of $100 to remain, starting from May 14, modifying an earlier order imposed by Washington, a White House executive order has said. The move comes several hours after Beijing and Washington announced a […]
Oil prices jump over 3% on US-China tariff reductions
Oil prices rose more than $2 today after the US and China said they would ease some of their tariff measures, lifting market sentiment that the world’s two largest crude users may be moving toward resolving their trade dispute. Brent crude futures climbed $2.11, or 3.3%, to $64.14 a barrel this morning. US West Texas […]
ECB should keep steady hand, hold rates close to current levels, Schnabel says
The European Central Bank should stop cutting borrowing costs as turmoil in the global economy is fuelling price pressures and inflation was at risk of exceeding the bank’s 2% target in the medium term, ECB board member Isabel Schnabel has said. The ECB cut interest rates seven times in the past year as inflation has […]
Donohoe to attend Eurogroup and ECOFIN meetings this week
The Minister for Finance and President of the Eurogroup Paschal Donohoe is in Brussels this week to chair the Eurogroup meeting today and attend the Economic and Financial Affairs Council (ECOFIN) meeting tomorrow. At the Eurogroup meeting, Mrr Donohoe will update his colleagues on the latest developments at the recent IMF Spring meetings, including key […]
Senior civil servants to highlight concerns over AI
Senior civil servants are to highlight concerns over the use of artificial intelligence in the public service at the annual conference of the Association of Higher Civil and Public Servants. Delegates will gather in Portlaoise to discuss a range of motions put forward by the union’s more than 4,000 managers across 50 branches in the […]
China’s exports top forecasts helped by foreign rush to beat tariffs
China’s exports topped forecasts in April, buoyed by demand for materials from overseas manufacturers who rushed out goods to make the most of US President Donald Trump’s 90-day tariff pause. The fortunes of trade-reliant businesses on both sides of the Pacific now hinge on talks between China and the US taking place in Switzerland this […]
Annual inflation rate rises to 2.2% in April – CSO
New figures from the Central Statistics Office show that annual consumer prices rose to 2.2% in April from 2% a month earlier. The CSO said this marks the second month in a row where inflation has been at, or above, 2%. The CSO also said the Harmonised Index of Consumer Prices (HICP), which strips out […]