Ireland’s first annual decline in industrial production, recorded in May, was the sharpest fall in industrial production recorded in any European country in that month, according to new data.

The figures from the European Union’s statistics agency, Eurostat, show that as a whole industrial production in the Eurozone fell by 0.4pc in May compared to April. In the European Union as a whole production was down by 0.3pc. Ireland recorded …

Permanent TSB has agreed to offer a compensation package to over 1,000 customer accounts regarding a “serious failure” over mishandled mortgages.

Two main issues were identified.

Employers’ group Ibec has said European Union fiscal rules could undermine the recovery in the economy, because they severely restrict investment spending by governments.

It says the Government should seek more flexibility from Brussels on how the rules are applied.

It also says tax changes in the recent UK budget need an urgent response to keep Ireland competitive for foreign investment.

Residential property prices increased nationally by 10.7pc in the year to June, new figures from the Central Statistics Office.

This compares with an increase of 13.8pc in May and an increase of 12.5pc in the twelve months to June 2014.

The Central Bank introduced restrictions on mortgage lending in February to try to ensure price rises do not return to unsustainable levels.

These were the words of European council president Donald Tusk, 48 hours after Greece’s paymasters imposed the most punishing bail-out measures ever forced on a debtor nation in the eurozone’s 15-year history.

A former Polish prime minister and a politician not prone to hyperbole, Tusk’s comments revealed Brussels’ fears of a bubbling rebellion across the continent. “When impatience becomes not an individual but a social experience of feeling, this is …

While the recent uncertainty in relation to Greece has generated much negative newsflows for the eurozone, the underlying macro data indicate that the eurozone economy is on an improving trajectory, writes John Fahy.

The economy maintained its improved pace of growth in the first quarter of this year, growing by 0.4% for a second consecutive quarter. In year-on-year terms, growth edged up slightly to 1% from 0.9%.

The expenditure breakdown …

Taking stock after a month of crisis, analysts said yesterday that most European bond yields, including Ireland’s, have weathered well as fears about the Greek exit abated, while the euro has weakened against sterling as the UK interest rates rise draws closer.

Greece yesterday effectively sealed the agreement it stuck with the troika by starting the process for the repaying a total €6.25bn to the ECB and the IMF. Greece …

The Greek government has ordered banks to open today, three weeks after they were shut down to prevent the system collapsing under a flood of withdrawals, as prime minister Alexis Tsipras looks to the start of new bailout talks next week.

The decree to reopen the banks came hours after new ministers were sworn in following a cabinet reshuffle in which Tsipras replaced dissident members of his ruling Syriza party …

A targeted tax credit for firms employing fewer than 10 people could create 80,000 new jobs at no net cost to the exchequer and reduce the current unemployment rate to 6%.

In its pre-budget submission, Dublin Chamber called on the Government to offer an employer’s PRSI tax credit for the first three years of a micro-company’s existence in order to incentivise employment growth.

Employer’s PRSI is applied at a rate …

The Government must ensure there is enough funding to rebuild the country’s water supply network and will miss its target to cut the national drugs expenditure, the EU said.

In a post-bailout report on Ireland, the EU said the Government will not reach its target to cut the amount the HSE spends on patented medicines. It urged the Government to start a debate —ahead of the election — about responsible …