News

The European Central Bank must remain a key stabiliser of the euro zone economy as the bloc is at risk of suffering longer-term damage from its pandemic-induced double-dip recession, ECB chief economist Philip Lane said over the weekend.  A sustained period of low activity reduces labour productivity, weakens corporate balance sheets and saps confidence, leading…

Ireland’s economy will grow by 3.1% this year, employers’ group Ibec is predicting, down from the 5.3% it said it was anticipating for 2021 just three months ago. Although lower than previously forecast, the organisation thinks expansion will still be driven by an acceleration of the roll-out of the Covid-19 vaccine through the second half of…

“I don’t know what a tracker mortgage is.”  Remember the ad? The ad was released by the financial regulator around 2007, as part of a campaign to educate people on their consumer rights.  Well sadly, 14 years on, most of us now know all too well what a tracker mortgage is, thanks to the now…

The Government has confirmed that it will extend the €2 billion Credit Guarantee Scheme, with the scheme remaining open for applications until the end of the year. The scheme is the biggest ever state-backed loan guarantee in Ireland and offers an 80% Government guarantee to participating lenders to provide Irish businesses with access to low…

Consumer confidence in visiting physical stores, engaging in person-to-person services and attending in-person events has increased, according to a new report by Deloitte Ireland. The latest consumer tracker shows that despite an increase in confidence, Irish consumers are the second-most anxious in Europe. Deloitte’s tracker is a monthly survey which tracks Irish consumers’ attitudes towards…

The Central Bank has fined Ulster Bank Ireland almost €38m for dozens of regulatory breaches in its handling of its tracker mortgage customers. The fine of €37.774m is the largest ever levied against any firm by the regulator. During its enforcement investigation, the Central Bank uncovered what it described as “serious failings” by Ulster Bank in…

The Covid-19 pandemic has led to one in four people cutting back on food and utilities, according to research commissioned by the Society of St Vincent de Paul. Almost one-in-ten tenants who responded to the survey in January reported falling behind on their rent. The RED C poll shows 43% of the population reported experiencing at least…

Consumer sentiment improved to its best level in 12 months in March, according to the latest KBC Bank Ireland consumer sentiment index.  The report said the increase in consumer confidence was driven by a further easing of concerns about the outlook for the Irish economy and jobs – which it said was likely prompted by positive…

The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year, due to ongoing Level 5 pandemic restrictions. In its Quarterly Economic Commentary, it has also significantly reduced the number of house completions it expects this year. It comes as Covid restrictions have continued for a lot longer than…

Rental prices increased by 2.7% nationally to stand at an average of €1,256 a month by the end of last year, according to the latest figures from the Residential Tenancies Board. That compares to an increase of 6.4% in 2019. Dublin had the highest rents where the average price was €1,745 per month, a 2.1%…