Ulster Bank hit with record €38m Central Bank fine for tracker mortgage failings

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…

ESRI lowers economic growth forecasts as Covid restrictions continue

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…

Dublin-Belfast economic corridor plans to be revealed

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…

Europe facing difficult quarter but ECB will do its part – Lane

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…