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%…

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 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…

56% of employers who availed of the Temporary Wage Subsidy Scheme were overpaid under the scheme, and owe a total of €224m to the Revenue Commissioners by the end of June. This is according to the latest figures published by Revenue today.  66,500 employers availed of the Temporary Wage Subsidy Scheme on behalf of 664,000 employees…

Half of restaurants face permanent closure in the wake of the coronavirus pandemic, according to the lobby group which represents the industry.  The Restaurants Association of Ireland will tomorrow call for the VAT reduction from 13.5% to 9%, which was introduced late last year, to remain in place until 2025.  It will also demand that…

The increase in Government spending in response to the Covid pandemic over the first three quarters of last year was the second highest in the euro area, according to a report published by the Central Bank.  In an ‘Economic Letter’ which sets out the views of Central Bank economists rather than the Bank itself, the…