Europe could face gas shortage next year – IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency has warned. The IEA said the shortfall would occur if Russia stops pipeline deliveries completely and China steps up its imports of liquefied natural gas, which Europe […]
High corporation tax levels may not be sustained – McGrath
Minister for Public Expenditure Michael McGrath said the Government is “avoiding making permanent expenditure commitments” on the back of receipts that may “prove to be temporary”. The Minister’s comments follow the release of the latest Exchequer figures yesterday which show more than €16 billion in corporate tax receipts were collected up to the end of […]
64% of householders make at least one energy efficiency improvement
New research from Banking & Payments Federation Ireland reveals that 64% of consumers have carried out at least one significant energy efficiency home improvement as energy costs continue to jump. Today’s research, carried out by Amárach, shows that 42% of consumers are planning to do at least one energy efficiency home improvement in the next […]
Ibec downgrades growth forecasts for 2023
Business group Ibec has downgraded its forecast for domestic demand due to rising costs and a weaker outlook for the global economy. In its latest Quarterly Economic Outlook, Ibec said domestic demand will grow by 3% in 2023, a downgrade from close to 4% in its previous set of forecasts in July 2022. The report […]
1 in 8 switchers yet to decide on new banking provider – CCPC
One in eight consumers who are in the position of having to switch banking providers, because of the impending departure of Ulster Bank and KBC, have yet to decide on a new provider. That compares to one in four in July. The latest round of research from the Consumer and Competition Protection Commission found that […]
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, […]