ECB expected to hike interest rates by another 0.25%
The Governing Council of the European Central Bank is meeting in Frankfurt today where it’s widely expected to increase interest rates by another quarter of one percent. This would bring the ECB’s base deposit rate to 3.5%. Various members of the ECB’s Governing Council have made clear in recent weeks that interest rates will go […]
Mortgage approvals fell in April as fewer movers and switchers secure loans
A decline in the numbers of people looking to switch mortgage provider or move home led to a decline in mortgage approvals in April, according to Banking and Payments Federation Ireland. There were a total of 3,899 mortgages approved in the month, down 13.7% on a monthly basis and 9.4% lower year-on-year. First time buyers […]
US Fed expected to leave rates unchanged
The US Federal Reserve is expected to leave interest rates unchanged today for the first time since the US central bank kicked off a historically aggressive round of monetary policy tightening in March last year. Many analysts and investors are calling it ‘a skip’ as they expect the Fed will skip a hike this time. […]
AIB increases interest rates for deposit holders
AIB and EBS have increased their interest rates on a number of deposit accounts to 2%. The 2% rate will apply to its regular online saver, its AIB Junior and Student saver and the EBS Family saver accounts. But it will only apply to the first €1,000 per month for 12 months. After this period, […]
Residential property prices rose 3.6% in April
Residential property prices nationally rose in April by 3.6% on an annual basis, according to the CSO. This compares to an annual rate of 4% in March. Prices nationally were static over the course of April. Prices have been falling slowly in Dublin since October. They are down 2% over the past three months but […]
Calm weather leads to drop in wind energy generation in May
Wind generated just 23% of Ireland’s electricity in May, with calm conditions leading to a 38% drop in generation when compared to April. New figures from Gas Networks Ireland show that gas generated 57% of Ireland’s electricity last month, up 21% month-on-month. Gas has been the highest contributor to Ireland’s electricity generating system for the […]
Prices paid for farmers’ produce drop 2.2%
Returns to farmers for their produce have fallen overall from March to April this year, according to the latest figures from the CSO. Output prices for produce fell 2.2%, heralding a general decline in returns to most farmers. Dairy farmers in particular experienced a price fall 8.6% in the month, as processors have pulled back […]
Data centres needed as economy ‘tech-centred’ – Martin
Tánaiste Micheál Martin has said Ireland is a “technology-centred economy” with a need for further data centres. He was responding to reports of concern over a surge in energy use by data centres. Yesterday, the CSO said data centres increased their power consumption by 31% and now account for 18% of electricity used. This industry […]
Slight contraction in construction activity in May
Construction activity contracted again in May, but only slightly, as demand improved. The latest BNP Paribas Real Estate (BNPRE) Ireland Construction index was still below the crucial 50 mark at 49.4, the eight consecutive month that activity fell. But there were further signs of recovery, with new orders, employment and buying activity improving on previous […]
McGrath calls on banks to keep mortgage customers out of arrears
Speaking at a Banking Payments Federation Ireland conference, Micheal McGrath said genuine people should not be allowed to fall into arrears due to higher interest rates. Speaking at a Banking Payments Federation Ireland conference, Micheal McGrath said genuine people should not be allowed to fall into arrears due to higher interest rates. By Adam Maguire […]
Government urged to tackle energy poverty in Budget
The Government is being urged to use October’s Budget to tackle energy poverty and break Ireland’s dependence on fossil fuels for home heating. A cross-section of social, environmental and voluntary organisations issued the call ahead of the National Economic Dialogue, which takes place in Dublin Castle today. The conference will see Government leaders, charities, trade […]
Mortgages from credit-servicing firms face higher interest rates, Central Bank data shows
The Central Bank has published data showing customers with mortgages at credit-servicing firms face higher interest rates. The analysis shows that 90% of loans held by the so-called ‘non-bank’ sector that administers mortgages bought up by investment funds, have an interest rate of 6.5% or less. 20% of these loans had interest rates of 6% […]
Annual inflation rate slows to 6.6% in May from 7.2%
The annual rate of inflation slowed to 6.6% in May, compared to 7.2% in April, new figures from the Central Statistics Office show today. The rate of goods inflation has slowed to 2.9% while the price of services has risen to 9.5%. The pace of inflation across the economy is gradually slowing down but prices […]
INAB calls on businesses to be ‘accreditation aware’
Today on World Accreditation Day, the Irish National Accreditation Board (INAB) is calling on businesses to employ accredited services to test, inspect, verify or certify their products or services. When manufacturing a product, a business will hire a company to make sure their products or services meet the specified requirements set out in legislation or […]
Euro area falls into technical recession in Q1
The euro area fell into a technical recession in the first quarter of this year, according to figures from Eurostat. However, across the EU as a whole, growth remained positive at 0.1% compared to the last three months of last year. Euro area GDP growth fell by 0.1% in the first three months of this […]
Household saving rate back at more typical levels in Q1 – CSO
New figures from the Central Statistics Office show that the Households Saving Rate fell to 14% in the first three months of 2023, down from 24% at the end of 2022. The CSO said the lower rate of saving in the first three months of the year marked a departure from the high rate that […]
NTMA sells €1.25 billion of 2033, 2050 bonds
The National Treasury Management Agency said it sold €1.25 billion of bonds maturing in 2033 and 2050 at auction today at yields of 2.84% and 3.359%. With the completion of today’s auction, the NTMA has issued €6 billion of benchmark bonds so far this year. The NTMA has said it aims to raise between €7 […]
Airlines urge co-operation to help curb emissions
Global airlines have called for broad co-operation to reach “very tough” emission targets and pledged to release interim climate targets next year as the industry aims for a goal of net-zero by 2050. Aviation, which produces around 2% of the world’s emissions, is considered one of the hardest sectors to decarbonise. The International Air Transport […]