Small firms conned out of €8m through fraud last year
Small firms were conned out of €8m last year as a result of cases of invoice and so-called CEO impersonation fraud. The Banking and Payments Federation Ireland’s (BPFI) FraudSMART campaign is warning businesses of a heightened risk of financial scams, particularly because of the increasing prevalence of working from home. Recent research by the Small […]
Financial literacy levels here lag other countries – Bank of Ireland study
Financial literacy levels in Ireland appear to lag those in other comparable jurisdictions, a study carried out on behalf of Bank of Ireland concludes. The survey of over 1,000 adults here, which was conducted by Red C, found that Ireland had an average financial literacy score of 54%. The most recent directly comparable international studies […]
Irish base for EU Anti-Money Laundering Authority to be considered
Minister for Finance Michael McGrath will today seek Cabinet approval for Ireland to apply to become the base for the new EU Anti-Money Laundering Authority (AMLA). The AMLA, set to be established in 2024, will be a major EU institution tasked with overseeing compliance with anti-money laundering and countering financing of terrorism rules and standards. […]
Over 60,000 homes could be built on State-owned land – report
More than 60,000 homes could be built on State-owned land, according to a report going to Cabinet this morning. The Report on Public Land identifies 83 State-owned sites with the potential for up to 67,000 homes in the medium to long-term. The work compiled by the Land Development Agency indicates that land in the cities […]
Total value of Irish pensions fell almost 16% in 2022
The total value of Irish pensions fell by almost 16% last year, according to new figures. Rising interest rates and the geo-political uncertainty caused by the war in Ukraine wiped significant value off pension funds around the globe. At the end of 2022 Irish pension assets were worth around €157 billion, having increased by an […]
80% rise in home energy upgrades last year – SEAI
The Government supported almost 27,200 home energy upgrades or retrofits last year through the Sustainable Energy Authority of Ireland. The SEAI says this is an 80% increase on 2021. The National Retrofit Plan has set a target of 500,000 homes upgraded to a B2 energy rating by 2030. Cutting emissions from heating homes is key […]
Interest rates on some State savings products to rise
The interest rates on a range of medium to long-term State savings products are to increase, on foot of several hikes of European Central Bank interest rates since last July. New issues of State Savings Fixed Rate, Savings Certificates, Instalment Savings and 10 Year National Solidarity Bond products are to take place. Shorter term products […]
Overall gas demand down 11% in February from January
Mild weather February saw the country’s overall gas demand fall by 11% compared to January, and decrease by 25% in the residential sector month on month. Demand for gas increased by 7% in February compared to the same month last year, new figures from Gas Network Ireland shows today. Gas was the main source of […]
35% of consumers struggling to cope with inflation – study
The latest monthly Credit Union Consumer Sentiment Survey has found that 35% of consumers said they are struggling to cope with the impact of inflation on their household finances. Over 55% of respondents said inflation has caused a worsening in their financial circumstances, but they are managing to cope and just 7% said they were […]
Decline in switching activity leads to drop in new mortgage approvals in February
A decline in switching activity following a busy period that saw many borrowers lock in fixed rates, contributed to a fall in new mortgage lending last month according to new data. Mortgage approvals fell by 13.3% in February when compared to the same month last year, the information from the Banking and Payments Federation Ireland […]
EU leaders to focus on risk of banking contagion
EU leaders meeting for the second day of a summit in Brussels will be briefed by the European Central Bank about the risks of contagion in the banking sector. It follows the collapse of Silicon Valley Bank in the US and the subsequent takeover of Credit Suisse by UBS. ECB President Christine Lagarde will update […]
Govt to set up tillage group amid doubts on land targets
A new group to examine the future of the tillage sector is being established by Minister for Agriculture, Food and the Marine Charlie McConalogue. The development comes as doubts have been raised about whether the Climate Action Plan target of increasing the amount of land under tillage by 50,000 hectares by 2030 can be met. […]
Tech sector in a ‘state of flux’ as job cuts continue
The director of Technology Ireland has said recent lay-offs by technology companies shows that the sector is somewhat in a state of flux. Speaking on RTÉ’s Morning Ireland, Una Fitzpatrick said while negotiations are still going on with some companies, the expectation is that around 2,000 to 3,000 people who work in technology in Ireland […]
Electric car grant to be cut to €3,500 from €5,000 from July
The Department of Transport has today confirmed that the maximum private vehicle electric car grant will be set at €3,500 from July 1, down from the current maximum of €5,000. Ireland has a buoyant demand for electric vehicles and there was an 81% increase in registration of EVs last year compared to the previous year, […]
EU to propose clampdown on companies using fake ‘green’ claims
The European Commission wants to require companies in Europe to back up climate-friendly claims about their products with evidence, under draft rules to stamp out misleading green labels for products from clothing to cosmetics. The European Union is set to propose today new requirements on companies seeking to promote goods sold in Europe with labels […]
McGrath confident Irish banking sector can withstand global turbulence
Minister for Finance Michael McGrath has expressed confidence in the Irish banking sector to withstand the turbulence being experienced in the global market. Mr McGrath updated his Cabinet colleagues on the banking situation this morning. Speaking afterwards, he said that the global financial system was “highly integrated” and therefore there may well be “some impacts”, […]
Many vacant home refurbishments unviable unless grants rise – report
A new report has cast doubt on the financial viability of renovating many vacant or derelict properties, without a significant increase in Government grants being made available. The study by the Society of Chartered Surveyors Ireland (SCSI) looked at 20 different case studies from around Ireland and found just a quarter were financially viable without […]
Six out of ten people don’t claim medical tax refunds
Six out of ten taxpayers in Ireland still do not claims tax relief on their medical expenses, a new survey has found. While four out of every ten do not submit a tax return because of a lack of awareness, the research by Taxback.com found. A similar proportion said they don’t submit a return as […]