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…
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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…
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 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…
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…
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 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…
Europe is facing a difficult second quarter as coronavirus infections rise and governments reimpose lockdown measures, but the European Central Bank will do its part to keep borrowing costs ultra low, ECB chief economist Philip Lane said today. Fearing that rising borrowing costs would derail the recovery, the ECB earlier this month promised to ramp…
Plans for an economic corridor between Dublin and Belfast will be launched by the eight local authorities it passes through. Four local councils on each side of the border have joined forces to launch the initiative today. A report – ‘The Dublin-Belfast Economic Corridor: Current Profile, Potential for Recovery & Opportunities for Cooperation’ – has been…
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%…