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 […]
Pace of inflation continued to ease in February – CSO
The rate of inflation continued to ease last month, according to new data from the Central Statistics Office. Consumer prices rose by 3.4% in the year to the end of February, compared to a rate of 4.1% in the year to the end of January. The CSO said it was only the fourth time since […]
0.35% rate cut likely for tracker mortgage customers in September
The holders of tracker mortgages in Ireland look set to benefit from a 0.35% reduction in their interest rates in September. The development follows a technical change by the European Central Bank affecting the rate at which tracker mortgages are pegged to. Tracker mortgages rates are typically made up of the ECB’s refinancing rate, currently […]
Mortgage rates rose in January to seventh highest in eurozone
The average interest rate on new mortgages in Ireland rose in January, according to new data from the Central Bank. At the end of the month, the average rate was 4.27%, up 0.08% from a month earlier. It means rates on new mortgages in Ireland are now the seventh most expensive in the euro area, […]
What’s included in the new EU law on AI
The European Parliament has given the final nod to far-reaching rules on artificial intelligence that the EU hopes will both harness innovation and defend against harms. The law, known as the “AI Act”, was first proposed in April 2021 by the European Commission, the EU’s executive arm. But it was only after Microsoft-funded ChatGPT burst […]
Concern as credit funds increase borrowing from banks
Europe’s private credit funds are increasingly borrowing from banks to boost their performance, fuelling concerns about the wider risks posed by this interconnectedness. A record 80% of new European private credit funds borrowed from banks via ‘subscription lines’ in 2023, funding that allows them to lend before tapping their investors for cash, MSCI Private Capital […]
MEP’s set to approve new EU artificial intelligence legislation
The first ever rules for artificial intelligence for the European Union are expected to be approved by MEPs in Strasbourg. The proposed law, which is likely to have widespread support in the European Parliament, will require AI models such as ChatGPT and general-purpose AI systems to comply with transparency obligations before they are put on […]