Petrol and diesel prices see third monthly fall
Petrol and diesel prices have decreased for the third month in a row, the latest AA Ireland fuel survey shows. Petrol dropped by two cents to €1.72 per litre in October, while diesel prices also dropped by a cent to an average of €1.66 per litre. AA noted that crude oil prices are fluctuating daily […]
Euro zone firms report slowdown in business momentum, ECB says
Euro zone firms have recorded a further slowdown in business momentum but overall economic growth is likely to remain positive as expansion in services offsets a manufacturing recession, a European Central Bank quarterly survey of firms showed. The euro zone economy is barely growing as Germany, its biggest economy, could be in recession and the […]
ECB cuts interest rates again as inflation cools
The European Central Bank has cut interest rates for the third time this year, saying inflation in the euro zone was increasingly under control while the outlook for the wider economy was worsening. The first back-to-back rate cut in 13 years marks a shift in focus for the euro zone’s central bank from bringing down […]
Euro zone inflation revised down to 1.7% in September
Euro zone inflation slowed more than previously estimated in September, according to revised official data released today, hours before the European Central Bank cut interest rates again. Year-on-year consumer price increases in the single currency area slowed to 1.7% last month, a slight change from the 1.8% figure published on October 1, according to the […]
Value of VC deals drop 59% in Q3 amid global slowdown
The value of venture capital deals in Ireland dropped 59% between July and September, compared to the same period last year. Data compiled by KPMG Venture Pulse shows 28 deals worth $100.9m were closed during the third quarter. The researchers blame the performance on muted global activity in the space, which fell from a five […]
Inflation expected to stay above ECB target in medium term, survey finds
Economists expect inflation rates to stay above the European Central Bank’s 2% target in the medium term, according to a survey published by Germany’s Ifo institute today, a day before the central bank holds its next monetary policy meeting. In the euro zone, economists expect inflation to reach 2.6% this year, according to the quarterly […]
Huge increase in social and cost rental homes over 10 years – ICSH
The Approved Housing Body sector has seen huge growth over the past ten years, the CEO of the Irish Council for Social Housing has said. Donal McManus said that the AHB sector has been “a key player in a State-wide social and affordable housing recovery.” The ICSH, which represents more than 270 member organisations, is […]
ECB expected to cut interest rates today
The European Central Bank (ECB) is widely expected to cut interest rates today. If a reduction happens it would automatically benefit tracker mortgage customers and put downwards pressure on variable rates. The ECB had increased rates in an effort to reduce inflation two years ago. But latest figures show the rise in the cost of […]
Inflation expected to stay above ECB target in medium term, survey finds
Economists expect inflation rates to stay above the European Central Bank’s 2% target in the medium term, according to a survey published by Germany’s Ifo institute today, a day before the central bank holds its next monetary policy meeting. In the euro zone, economists expect inflation to reach 2.6% this year, according to the quarterly […]
Government submits five year economic plan to EU
The Government has submitted a five year economic plan to the EU setting out its spending projections as part of a process of much greater oversight of Ireland’s budgets. The Medium Term Fiscal and Structural Plan says each EU Government “will commit to a binding fiscal path as well as to a set of public […]
Extra €1bn spend above Budget figures announced by Government
Minister for Public Expenditure Paschal Donohoe has announced additional spending of €1bn above the figures published on Budget Day. The extra expenditure contained in the supplementary estimates relates to the Departments of Housing, Social Protection and Education for 2024. The measures were agreed at a Cabinet meeting today. Other additional spending had been announced earlier. […]
Euro zone banks see rebound in loan demand as rates fall – ECB
Demand for bank loans across the 20-nation euro zone rose in the third quarter and a further increase is expected in the final three months of the year, with household mortgages driving the expansion, a European Central Bank survey showed today. Lending growth has been hovering just above zero all year as high interest rates […]
All Govt departments, State bodies to accept cash under new strategy
The Minister for Finance will seek Cabinet approval for a strategy that will make it a requirement for all Government departments and State bodies to accept cash or facilitate cash payments. Jack Chambers will tell Cabinet colleagues that cash remains the preferred form of payment for many people in society, particularly older people, and it […]
Ireland’s pension system ranking drops to 18th place, report finds
Ireland’s pension system ranking has dropped to 18th place when compared with global peers, a new report shows. The Mercer CFA Institute Global Pension Index compares 48 retirement income systems, covering 65% of the world’s population. The Netherlands’ retirement income system retained the top spot on the list, with Iceland and Denmark remaining in second […]
Ireland to miss EU cybersecurity deadline
Ireland is to miss a deadline to transpose a new European Union cybersecurity directive into Irish law. The Network and Information Security Directive, or NIS2, is supposed to be adopted by EU Member States by 17 October. It requires organisations in both the public and private sector to boost their cyber defences. NIS2 expands the […]
Average mortgage rate unchanged for third consecutive month despite ECB cuts – Central Bank
The average interest rate on new Irish mortgages remained unchanged for the third month running in August at 4.11%, new figures from the Central Bank shows today. The standstill comes despite a European Central Bank rate cut in June of 0.25%. It means that the average cost of a new mortgage in Ireland remains the […]
Slight contraction in construction activity in September
Construction activity contracted slightly in September, the fourth time it has decreased in the last five months. The BNP Paribas Real Estate (BNPPRE) Ireland Construction Total Activity Index fell to 49 from 50 a month earlier. Activity in the housing sector resumed expanding following a tiny dip in the previous month. It means that activity […]
ECB accounts show cautious stance on further policy easing
European Central Bank policymakers appeared content with the drop in inflation when they met last month but argued for a gradual policy easing given stubborn price pressures, the accounts of their September 12 policy meeting showed today. The ECB cut interest rates last month and said it would keep an open mind about October but […]