ECB confident wage growth slowdown on track – Lane
The European Central Bank is increasingly confident that wage growth is slowing back toward more normal levels, potentially opening the door to rate cuts, ECB chief economist Philip Lane said in a podcast published today. The ECB has long pointed to rapid wage growth as a source of concern and said that cutting rates from […]
Credit unions main lender for personal loans – research
Overall non-performing consumer loans at banks and credit unions remain near recent historical lows, despite a slight increase observed in new early arrears cases. That is according to a new analysis of the consumer credit market by the Central Bank, which also found that consumer debt servicing costs have not increased significantly since the ECB […]
House prices spike in counties Cavan, Longford and Tipperary
House price increases in lower-priced counties soared above the national average in the first three months of the year as buyers chase affordability, the latest REA Average House Price Index has found. The lowest housing supply in two decades has sparked significant price competition in counties such as Longford, where buyers are prepared to move […]
Europe’s IPO market hits bump but recovery still on course, bankers say
A strong debut by Swiss skincare company Galderma on Friday is steadying nerves around Europe’s IPO market, a day after a poorly received listing from German retailer Douglas, bankers said. Galderma’s debut on the Zurich stock exchange marked Europe’s biggest IPO since Porsche in September 2022. Its long-awaited listing comes as billions of dollars worth […]
Wholesale electricity prices down almost 47% in past year
There was a decrease in the price of wholesale electricity in February 2024 with prices 15.3% lower than the previous month. The price of electricity was 46.8% lower than in February 2023. This is the lowest price of wholesale electricity since the peak in August 2022. According to the CSO Wholesale Electricity price index, prices […]
EU leaders to back tighter euro zone fiscal stance in 2025
European Union leaders will today back a slightly tighter fiscal policy for the euro zone next year, to help bring down inflation and make public finance more stable after the excess spending of the Covid pandemic and the energy price crisis. The endorsement comes after finance ministers of the 20 countries using the euro agreed […]
ECB rate cut probability increasing, Nagel says
Euro zone inflation is set to fall back to the European Central Bank’s 2% target by next year so an interest rate cut could come possibly as soon as June, Bundesbank President Joachim Nagel said today. “The probability is increasing that we will see the first rate cut before the summer break,” Nagel told an […]
Housing commencements up 85% year-on-year
Notices that work was beginning on 3,699 new homes across the country were received in February, new data from the Department of Housing shows. This is up 85% on the number of new homes commenced in the same month last year. The Department said this is the highest number of units started in the month […]
Residential property prices rise by 5.4% in January – CSO
New figures from the Central Statistics Office show that residential property prices rose by 5.4% in the 12 months to January, up from 4.1% the previous month. The CSO said that Dublin residential property prices saw an increase of 4.5%, while property prices outside Dublin were 6.1% higher than a year earlier. Today’s CSO figures […]
UK posts bigger than expected budget deficit in February
Britain posted a larger budget deficit than expected in February, boosted by cost of living payments and the effect of past inflation on the public finances, official data showed today. Public sector net borrowing, excluding state-owned banks, was £8.40 billion last month, down from £11.84 billion a year ago, the Office for National Statistics (ONS) […]
New State induced employment supports to cost tourism sector €456m this year
State-induced employment support measures will increase payroll costs for the tourism sector by €456m this year, a new analysis claims. Between now and 2026, the cost of the policy changes for the industry, which employs nearly 285,000 people, could be up to €1.4 billion, the report finds. “Such an increase in payroll costs, above and […]
Housing remains the top challenge for US firms here
Housing is viewed as the top challenge for US firms operating here, a survey of members of the American Chambers of Commerce in Ireland has found. 98% of members cited the availability of residential accommodation as challenging for staff in their business operations in Ireland, with 73% saying it was either extremely or very challenging. […]
McGrath to update Cabinet on new EU fiscal rules
Minister for Finance Michael McGrath will update Cabinet this morning on new EU fiscal rules which will require every member state to publish their net expenditure plans for the following four to five years. The rules could be in force as early as May, after which the 27 members of the EU will not be […]
€750m paid to Revenue in unpublished tax settlements last year
Almost €750m was paid last year to Revenue in unpublished tax settlements with more than €200m of that linked to the finance and insurance industries. The Revenue Commissioners said the 20 largest settlements – specific details of which are not made public – accounted for €383m in tax payments, or an average of around €19.2m […]
Cost of a fry-up rose by 3.1% in the past year – CSO
The cost of a fry-up has risen by 3.1% in the past year, according to the Central Statistics Office. That figure is based on the data the CSO tracks as part of its monthly consumer price index. While the exact ingredients of a full Irish breakfast are often disputed, the CSO’s plate includes rashers, sausages, […]
Irish exports jump 22% as pharmaceuticals rebound – CSO
Irish exports jumped 22% in January when compared to the same month of 2023, according to the Central Statistics Office. There were more than €18.9 billion in exports in the month – €3.42 billion more than January of last year. Most of the increase came from a pick-up in trade to the US – the […]
ECB ready in June to discuss rate cuts, de Guindos says
The European Central Bank will be in position to discuss an interest rate cut in June, Vice President Luis de Guindos said today, joining a long list of policymakers putting the June 6 meeting on the table for a potential start of policy easing. ECB President Christine Lagarde earlier this month said the bank was […]
Consumer queries to CCPC increase by 20% in 2023
Consumer queries to the Competition and Consumer Protection Commission were up 20% last year, with faulty goods and services being the subject of most contacts. Almost 40,000 people contacted the helpline throughout the year. The CCPC has released its helpline report for 2023 to coincide with World Consumer Rights Day. Most queries to the commission […]