McGrath rules out introducing mortgage interest relief
The Minister for Finance has ruled out introducing mortgage interest relief for owner-occupiers, warning that such a move could cost €655m a year. Speaking in the Dáil, Michael McGrath acknowledged that many mortgage holders were under significant pressure, as some lenders are charging up to 7% interest on home loan repayments. Sinn Féin urged the […]
€1.6 billion of personal loans drawn down in 2022, up 18.8%
€1.6 billion worth of personal loans were drawn down last year, up almost 19% on 2021, new figures show today. The figures from Banking and Payments Federation Ireland show that €394m worth of personal loans were drawn down in the fourth quarter of last year, up 14.4% when compared to the same three month period […]
Borrowers struggling financially urged to contact their financial institution
Deputy Governor of the Central Bank, Monetary and Financial Stability, Vasileios Madouros has said borrowers who find themselves in financial difficulty or who expect they may experience financial difficulty should contact their financial institution. In an interview with RTÉ News, the Deputy Governor said while the Bank expects ‘there will be increased financial distress’ it […]
Wednesday the most popular day for office workers
Wednesday is the most popular day of the week for employees to work from the office, according to a survey by Dublin Chamber in association with Savills Ireland. Employers record an average occupancy rate of 61% to 70% on Wednesdays, with Tuesdays (51% to 60%) and Thursdays (51% to 60%) also proving popular. Unsurprisingly, Mondays […]
Grocery price inflation soars to new record of 16.3%
New figures from Kantar show that grocery price inflation hit 16.3% in the 12 weeks to 23 January – the highest level seen since the consultants started tracking grocery inflation. Irish households are now facing an extra €1,159 on their annual shopping bills if they do not change their behaviour to cut costs, Kantar warned. […]
Dry and High: The boom in 0% drinks in Ireland
Non-alcoholic drinks are far from a new concept in the Irish market. 30 years ago Billy Connolly was starring in adverts for Kaliber – the non-alcoholic lager brewed by Guinness. However the market failed to develop far beyond that – and until a few years ago most pubs and off-licences would have had, at best, […]
€4 billion transferred to National Reserve Fund
€4 billion has been transferred into the National Reserve Fun by the exchequer. It follows a decision in the budget in September to bolster the State’s reserves. “On Budget day, the Government committed to putting aside additional resources, from excess corporation tax receipts to prepare the public finances for future challenges,” said the Minister for […]
New legislation to reduce cost of injury claims
A Government initiative to increase the number of personal injury claims settled through mediation will begin to come into force next week. Last year, the Government steered legislation through the Oireachtas with the stated aim of reducing the expense and time associated with personal injuries litigation. Part of the legislation comes into force on 13 […]
Increase in searches for part-time and casual work as wage growth slows
There has been an increase in job searches for part-time and weekend work, as well as jobs requiring no experience, according to job site Indeed. The company said the increase likely reflects the need for those normally on the outskirts of the job market, such as the long-term unemployed or younger people, to enter or […]
Cabinet to hear planned changes to State-backed mortgage scheme
The Cabinet will be briefed by Minister for Housing Darragh O’Brien today on plans to increase thresholds for a State-backed mortgage scheme for people who cannot get loans to buy homes from banks. The Local Authority Home Loan was launched in January of last year as party of the Government’s Housing for All strategy. The […]
Irish debt burden among highest per capita in the world at €44,250
The national debt stood at €226 billion at the end of last year, according to the Department of Finance’s Annual Report on Public Debt in Ireland. That is equal to €44,250 for every man, woman and child in the country and is one of the highest per-capita debt burdens in the world, according to the […]
Growth in service sector picks up in January
Growth in the country’s service sector picked up in January, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that activity and new business throughout the month increased at faster rates. The business activity index rose for the second month running, climbing to 54.1 from 52.7 in December and 50.8 in […]
Work-life balance, not pay, biggest factor for Irish job seekers
Work-life balance is now the number one influence for Irish professionals when they are seeking a new job, research has found. The study also revealed that nearly six in every ten applicants would refuse a job offer if they had a negative experience during the recruitment process. The Future of Recruitment survey, carried out by […]
Euro zone inflation drops to 8.5% in January from 9.2% in December
Inflation in the euro area fell to an annual rate of 8.5% in January from 9.2% in December, according to an initial estimate from Eurostat. Energy inflation fell to an annual rate of 17.2% from 25.5% in December. But food inflation increased from 13.8% to 14.1%. Core inflation, which strips out the effect of food […]
European Parliament President to address Oireachtas
European Parliament President Roberta Metsola will address a joint sitting of the Oireachtas later today. Ms Metsola arrives in Ireland this morning for the start of a two-day visit, during which she will meet President Michael D Higgins, Taoiseach Leo Varadkar and Tánaiste Micheál Martin. The visit has been organised to mark 50 years of […]
ECB expected to hike interest rates by further 0.5%
The Governing Council of the European Central Bank meets in Frankfurt today where it is widely expected to increase interest rates by a further half a percentage point. Interest rates have been increased four times by the European Central Bank since July last year in an effort to bring inflation down. It is widely expected […]
Annual rate of inflation slows to 7.7%, CSO estimates
The annual rate of inflation slowed to 7.7% in January, according to an initial estimate by the Central Statistics Office. This compares to an annual rate of 8.2% in December. This measure of inflation is the Harmonised Index of Consumer Prices (HICP), which allows for comparisons across the EU. Eurostat’s estimate of inflation across EU […]
Irish economy grows three times faster than euro zone average in 2022
The EU’s statistical agency, Eurostat, has estimated that the euro area economy, measured by GDP, grew by 0.1% in the last three months of last year compared to the previous three months. Across 2022, Eurostat estimates that the euro area economy grew by 3.5% of GDP. Ireland’s economy, boosted by the performance of multinationals, grew […]