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Major conference to focus on opportunities and challenges facing financial system

The Central Bank of Ireland is hosting a major conference this week to discuss and debate the driving forces shaping the financial system. Over 300 consumer representatives, industry leaders, and international policymakers will gather in Dublin today and tomorrow to discuss some of the key opportunities and challenges facing the system, including consumer protection, climate […]

Irish households added €32bn to their wealth last year

Irish households added €32 billion to their wealth last year, according to the Central Statistics Office. That is almost the same amount added to household wealth between 2017 and 2019. It came as average households here continued to save a significant proportion of their incomes, while wages also increased. According to the CSO household net […]

Average mortgage in Q3 surpassed peak of market in Q1 2008

The average mortgage stood at €284,623 in the third quarter of the year, surpassing levels seen during the peak of the market in 2008 when it was €268,220. “This comes on the back of strong house prices inflation and the continuing challenge of supply in the housing market,” said Brian Hayes, Chief Executive, Banking & […]

Business sentiment fell sharply in October – survey

Business sentiment fell to a near-two year low in October, according to Bank of Ireland’s latest economic pulse survey. The business reading stood at 64.2 in the month, down 13.6 points on September. It came as a result of weakening sentiment in the services, retail and industry sectors, as demand softened and uncertainty increased. However […]

New tipping law to come into effect on 1 December

The Government has announced that a new law designed to protect tips received by workers will come into effect on 1 December. The Payment of Wages Act gives employees a legal entitlement to receive tips and gratuities paid in electronic form and requires that this money should be paid to workers in a manner that […]

Average rents rose 84% in nine years – ESRI study

The cost of average private rents jumped 84% in the nine years to last year, new research from the Economic and Social Research Institute has found. The study found from 2012 to 2021, average rent rose from €589 to €1,084 per month. The analysis concluded that this has led to a substantial decrease in housing […]

Euro falls against the dollar after ECB rate hike

The euro briefly fell back below parity with the dollar today after the European Central Bank (ECB) raised interest rates, and US data showed that the world’s biggest economy rebounded more than expected in the third quarter. The ECB raised its deposit rate by 0.75% to 1.5%, the highest since 2009, in an effort to […]

Banks to write to tracker customers following ECB rate hike

The main retail banks have said they will be writing to their tracker mortgage customers to inform them of their new interest rates, following today’s rate hike by the European Central Bank. This afternoon the ECB raised rates by a further 0.75% in its third hike this year. This means mortgage repayments for those on […]

Housing starts down 31% in September

The number of residential units which have commenced construction fell last month, according to the latest figures from the Department of Housing. In September, the Department received commencement notices for 2,211 units, down 31% on the 3,203 commencements notified the same month last year. 605 units were started in Dublin local authority areas and 1,219 […]

Interest rates set to rise again – what does it mean?

The European Central Bank is on course to raise interest rates again today. We’ve been looking at why the bank has been raising rates and how far they’re likely to go today – and in the months ahead – and what that will mean for Irish borrowers. Why are interest rates rising? In a word, […]

ECB expected to increase interest rates by further 0.75%

The European Central Bank’s (ECB) governing council meets today in Frankfurt amid speculation it will announce another 0.75% increase in interest rates. The ECB has already increased rates twice this year, a half a percentage point in July and three quarters of a percentage point in September. Market analysts widely expect rates to be increased […]

World is in its ‘first truly global energy crisis’ – IEA’s Birol

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”. This is according to the head of the International Energy Agency (IEA). Rising imports of LNG to Europe amid the Ukraine crisis and a potential rebound in […]

Goods handled by main Irish ports up 1% in Q2

New figures from the Central Statistics Office show that Irish ports handled a total of 13.1 million tonnes of goods in the second quarter of 2022, an increase of 1% compared with the same time last year. A total of 3,085 vessels arrived in the seven main Irish ports – Bantry, Cork, Drogheda, Dublin, Rosslare, […]

Applications open for Sport to Start-Up programme

Applications open today for the fourth round of the Sport to Start-Up programme. The online course aims to help full time Irish sports people start their own business while still competing or training. It is an initiative of the Local Enterprise Offices, and is funded by the Department of Enterprise, Trade and Employment through Enterprise […]

Euro zone October PMI adds to evidence bloc is heading for recession

The euro zone is likely entering a recession with business activity contracting at the fastest pace in nearly two years this month as the cost-of-living crisis keeps consumers cautious and saps demand. Factories have been particularly hard hit by energy price rises and due to supply chains still recovering from the coronavirus pandemic taking a […]

Cabinet to discuss longer opening hours for pubs and clubs

Plans to introduce longer opening hours for pubs and nightclubs will be discussed by the Cabinet this morning. Minister for Justice Helen McEntee is seeking Government approval to reform the country’s 200-year-old licensing system. Under the plan, pub opening hours would be standardised across the week giving them the option of opening from 10.30am to […]

No plans to lift cap on bankers’ pay, says finance department

The Department of Finance has said Minister Paschal Donohoe recognises that restrictions on pay create recruitment and retention problems for banks, but that there are currently no plans for a change in policy. Chairman of Bank of Ireland Patrick Kennedy met Mr Donohoe in June to express concerns over the cap on bankers’ pay. According […]

Food industry prices jump, but electricity costs down – CSO

The price of raw materials for the food industry rose last month, according to the latest Wholesale Price Index from the Central Statistics Office. However, the wholesale price of electricity fell sharply last month while inflation in construction materials continued to moderate. Overall, the rate of price increases for manufactured goods for the domestic market […]