First time buyers and switchers drive increase in Q3 mortgage drawdowns
Strong demand from first-time buyers (FTB) and switching activity drove an increase in both the volume and value of mortgage drawdowns in the third quarter. A total of 11,774 new mortgages worth €3.4bn were drawn down by borrowers during the period, according to the latest figures from the Banking and Payments Federation Ireland (BPFI). In […]
Small bounce in consumer sentiment after Budget – Credit Union Consumer Sentiment Index
There was a “small bounce” in consumer sentiment in October, but little sense that consumers think Budget 2025 will dramatically improve the outlook for their household finances. That is according to the latest Credit Union Consumer Sentiment Index. The survey, conducted in partnership with Core Research, shows an index reading of 74.1 for October, marking […]
635 million bottles and cans returned to Deposit Return Scheme
A total of 635 million plastic bottles and aluminum cans have been returned to the Deposit Return Scheme so far. That is according to new data from the Department of Environment, Climate, and Communications. This equates to €110 million in deposits returned to customers. The collection rate for August was equivalent to 73% of all […]
Motor insurance premiums rose 2% last year – Central Bank
The average premium paid by consumers for motor insurance in Ireland last year rose 2% to €568, the first increase in five years. It comes as the cost of a claim per policy rose by 5% in 2023 to €369, bringing it back near pre-Covid levels in 2019. Of that figure, the cost per policy […]
Growth expected to continue at moderate pace as economy nears full capacity – AIB report
More moderate growth is expected in the coming years as the economy and labour market reach full capacity, according to AIB’s Economic Outlook. It forecasts modified domestic demand (MDD) to grow by 2.8% next year and 2.7% in 2026. The report finds that, following a fall in GDP in 2023 due to a downturn in […]
ECB starting to debate if rates have to go below neutral, sources say
European Central Bank policymakers have begun to debate whether interest rates need to be lowered enough to start stimulating the economy, ending years of economic restriction, conversations this week with half a dozen sources indicate. The ECB has been cutting rates quickly this year but policymakers have so far said the goal is a neutral […]
Consumers warned of new ‘direct debit’ scam on the rise
Consumers are being warned of a new ‘direct debit’ scam which is falsely leading people to believe their bank account has been hacked. FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI), said the scammers are persuading people to move their money to a so-called ‘safe account’ in order to protect […]
Study finds low levels of compliance with on-site and hybrid attendance policies
Just 10% of human resources professionals say that their organisation has a 100% level of compliance with on-site or hybrid attendance policies, new research has established. But the study also found that almost half of respondents reported a compliance level of at least 50%. The HR Update report, published by Ibec to coincide with its […]
€4 billion to be transferred from Exchequer to Future Ireland Fund
The State is transferring the first in a series of annual payments into a fund set up to invest windfall gains from taxing multinationals. Four billion euro is being moved from the Exchequer to the Future Ireland Fund. The fund is one of two vehicles set up to save some of the proceeds from corporation […]
Gas emissions dropped by 2.2% in the first three months of the year
Progress on cutting Ireland’s greenhouse gas emissions continued during the first three months of the year with an overall reduction of 2.2% in emissions compared with the same three-month-period in 2023, according to a new quarterly emissions report from the Environmental Protection Agency. The first ever quarterly emissions data from the EPA shows electricity imports […]
Staffing, energy costs biggest worries for Irish SMEs – SBCI
A new survey from the Strategic Banking Corporation of Ireland reveals that access to skilled staff, high energy and transport costs as well as access to finance are the biggest risks identified by Irish SMEs. The Strategic Banking Corporation of Ireland is the State’s promotional financial institution and it has channelled over €4 billion in […]
Coimisiún na Meán to launch Online Safety Code
Media regulator Coimisiún na Meán will formally launch Ireland’s Online Safety Code following the conclusion of an assessment by the European Commission. The rules will apply to video-sharing platforms that have their EU headquarters in Ireland. The code will be legally binding, and companies will face fines of up to €20 million for breaches of […]
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 […]