Irish mortgage rates see surprise dip in February
New figures from the Central Bank show that the average interest rate on a new mortgage dipped in February to 2.92% from 2.93% in January. Ireland once again had the third cheapest mortgage rates in the euro zone in February. The euro zone average mortgage rate rose to 3.33%, almost three times the rate it […]
UK’s De La Rue warns FY profit below expectations on dwindling cash demand
Struggling British banknote printer De La Rue warned its fiscal 2023 profit was set to miss market expectations and next year’s outlook was uncertain, as demand for cash hit its lowest in over two decades. This sent its shares to a record low. The company said it was talking to lenders about amending its banking […]
Interest rates likely to fall to pre-pandemic levels – IMF
The International Monetary Fund has said it expects interest rates in major economies to fall back to pre-pandemic levels because of low productivity and ageing populations. In a blog issued ahead of its latest forecast for the global economy, the Fund said increases in borrowing costs were likely to be “temporary” once high inflation is […]
Live register numbers down almost 1% in March – CSO
The seasonally adjusted number of people on the Live Register in March stood at 180,500 – a decrease of almost 1%, or 1,600 from the position in February. According to figures from the Central Statistics Office, the unadjusted total stood at 179,777 for March. Of those, almost 54% were male and just under 70% were […]
ECB may need to increase rates again in May – Lane
The chief economist of the European Central Bank, Philip Lane, has said the bank’s next decision on interest rates in May will be “data-dependent” but another rise could be “appropriate” if certain economic conditions are met. Philip Lane made his remarks in an interview with the Cyprus News Agency, which was published today by the […]
Euro zone consumers more optimistic on inflation – ECB survey
Euro zone consumers cut their inflation expectations in February and also took a more optimistic view on growth and unemployment, a fresh survey by the European Central Bank showed today. Euro zone inflation has started to edge down from record highs around the turn of the year. Further big falls are also likely over the […]
150,000 letters sent about unpaid Local Property Tax
Revenue has sent 150,000 letters to property owners who haven’t yet paid their Local Property Tax (LPT) or made an arrangement to pay. All residential properties were required to set up their payment method by 10 January at the latest, and most did. Revenue said payment arrangements for 2023 LPT liabilities are in place on […]
Growth in service sector slows in March
Growth in the country’s service sector slowed in March, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that the rates of increase in activity and new business moderated. The business activity index stood at 55.7, down from 58.2 in February. Readings above 50 indicate overall growth in activity. The Irish […]
Euro zone recovery gathered pace in March on demand for services – PMI
The euro zone recovery picked up pace last month but the upturn was uneven across industries and countries, according to a survey which showed price pressures remained elevated in the region. S&P Global’s Composite Purchasing Managers’ Index (PMI) is seen as a good gauge of overall economic health. It climbed to a 10-month high of […]
Corporation tax take jumps by 71% in first quarter of 2023
The amount of corporation tax collected in the first three months of this year is running €1.35 billion ahead compared to the same time last year. The latest Exchequer Returns from the Department of Finance show the public finances were just over €2 billion in deficit at the end of March, due mainly to the […]
Ireland the 6th largest exporter of financial services in the world
The number of international banks and investment firms operating in Ireland continues to grow, with 17 of the world’s top 20 global banks now located here. That is according to a new report by the Federation of International Banks in Ireland (FIBI) and Banking and Payments Federation Ireland (BPFI). FIBI is the representative body for […]
Most don’t shop around for financial products – ESRI
Most people do not shop around for bank accounts or financial products like loans, a survey carried out by the Economic and Social Research Institute has found. The survey was based on a national sample of almost 3,000 consumers carried out by the ESRI’s Behavioural Research Unit. It was commissioned by the Department of Finance […]
Retailers urged to avail of €3.4m fund to enhance their online presence
Retailers are being urged to apply to a €3.4m Government fund to enhance their online presence. In the latest round of the Online Retail Scheme, funded by the Department of Enterprise, Trade and Employment and administered by Enterprise Ireland, retailers can access up to €25,000 in grant funding to strengthen their ecommerce capabilities. Since 2018, […]
‘Historic’ corporate tax changes to take effect from next January
Minister for Finance Michael McGrath has said changes to Ireland’s corporate tax rate will take effect from next January and described it as a “historic change” in the country’s corporate tax regime. Speaking on RTÉ’s This Week, he said it is one of two planned changes and arises from an international OECD agreement, which Ireland […]
Asking prices for homes fall for third consecutive quarter – MyHome.ie
New data from property listings website MyHome.ie has found that asking prices for homes fell by 0.3% in the first three months of the year when compared to the previous quarter. The drop marks the third consecutive quarter that advertised prices for homes around the country have fallen. Nationally, though, listed prices are still up […]
Manufacturing activity weakens amid drop in new orders
Activity in the manufacturing sector weakened in March, as demand dropped, new figures show today. The latest Purchasing Managers Index from AIB shows that new orders and factory production fell. On a more positive note, price and supply pressures eased. The index dropped to 49.7, from 51.3 in February. Readings above 50 indicate overall growth […]
Company profits driving up inflation more than higher wages – ECB
A European Central Bank staff paper published today says bigger company profits are driving inflation more than higher wages. The paper – “How tit-for-tat inflation can make everyone poorer” – makes clear that both higher wages and higher profit margins are pushing up prices in the euro area. This is in response to higher energy […]
New legal association launched for media, internet and data protection
The Bar of Ireland has launched the Media, Internet and Data Protection Bar Association (MIDBA). It is a new Specialist Bar Association aimed at legal professionals who practice, or have an interest, in the areas of media, internet and data protection law. The aim of MIDBA is to promote and advance knowledge in what are […]