The Governor of the Central Bank has urged the Government to stick to its own rule limiting the overall annual increase in spending to 5% in the upcoming budget. Gabriel Makhlouf also advised the new Minister for Finance, Jack Chambers, that it will be necessary to strike the right balance to avoid the risks of […]
Category: Business News
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ECB accounts show some worries about stalling disinflation
Some European Central Bank policymakers felt uneasy about recent inflation developments when they cut interest rates last month and feared that any further delay in reaching the target would be costly, the accounts of their June 5-6 meeting showed today. The ECB cut interest rates at that meeting and signalled that more easing is likely […]
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Harris meets banks over mortgage interest rates
The Taoiseach has told the banks he wants people to feel the benefits of reduced monthly mortgage repayments as quickly as possible as interest rates begin to fall. Simon Harris has now concluded a series of meetings with banks, credit unions and non-bank lenders. The meetings focused on mortgage interest rates, the housing sector and […]
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Budget 2025 to be brought forward to 1 October – Chambers
Budget 2025 is to be brought forward one week to Tuesday 1 October, Minister for Finance Jack Chambers has said. Speaking on RTÉ’s Morning Ireland, Mr Chambers said it was the “natural date” to hold the Budget due to ministerial commitments in Europe the following week. “We’ve to submit our fiscal and budgetary submission to […]
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Tax take for first half of year up 9%, exchequer figures show
The State took in a total of €44.7 billion in tax in the first six months of the year, up more than 9% on the same period last year, the latest exchequer returns show. The strong performance was driven in particular by corporation tax, income tax and VAT and contributed to an exchequer surplus of […]
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Govt to draft law to dissolve NAMA and wind up IBRC
The Government has given the go-ahead for the drafting of legislation to complete the dissolution of the National Asset Management Agency (NAMA) and the winding up of the Irish Bank Resolution Corporation (IBRC). When enacted, the laws will facilitate the planned ending of the liquidation of IBRC by the end of this year and the […]
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Bank of Ireland revises GDP outlook, but expects healthy growth
Bank of Ireland has downgraded its outlook for growth in Gross Domestic Product (GDP) to 1% this year and 3.9% in 2025. The bank had previously guided GDP growth of 1.5% for 2024 and 4% next year. The downwards revision was accounted for mainly by distortions associated with the multinational sector rather than any material […]
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Service sector growth moderates, input costs fall sharply
Growth in the country’s service sector moderated slightly in June, bringing jobs growth to a near standstill but a sharp drop in input costs offered welcome relief to firms, a survey showed today. The AIB Global S&P Purchasing Managers’ Index fell to 54.2 from 55 in May, broadly in line with the trend for the […]
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Annual inflation slows to three-year low of 1.5% – flash CSO data
The annual rate of inflation rose at the slowest rate in more than three years in June, increasing by 1.5% year-on-year compared to a rate of 2% in May, a flash estimate of the Harmonised Index of Consumer Prices (HICP) from the Central Statistics Office today. Irish HICP had fallen to 1.6% in April from […]
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Motor insurance costs rose slightly in first half of 2023
Average motor insurance premiums rose marginally in the first half of last year, compared to the year before, new data from the Central Bank has shown. Premiums increased by 0.5% to €561 during the period after a decreasing trend that had been seen since the second half of 2017. However, the small increase in premiums […]
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