Calls to replace troika with EU body
The three-pronged team of inspectors that presided over the bailouts of euro-area countries, including Greece and Ireland, should be scrapped and replaced with a European Union-based body, EU Economic Commissioner Pierre Moscovici said yesterday.
The ‘troika’, comprising officials from the European Commission, the European Central Bank and the International Monetary Fund, has overseen rescue programmes since the start of the debt crisis in 2010.
“The troika should be replaced with …
Record year for investment in Irish commercial property
Investment in Irish commercial property reached a record high in 2014, with some €4.5 billion invested. This represents a 25 per cent increase on the previous peak of €3.6 billion reached in 2006.
Investors rushed to avail of the capital gains tax (CGT) exemption in the last quarter, with some €1.6 billion invested in the three months to December, making Q4 the strongest quarter of the year.
In total, there …
Fears for mortgage holders’ lack of protection
The level of protection that will be provided to mortgage holders whose loans have been transferred to unregulated “vulture funds” has been called into question amid fears that the incorrect body may be regulated.
The concerns raised by Fianna Fáil finance spokesperson, Michael McGrath centre on the Department of Finance’s decision to regulate mortgage servicing firms rather than the financial institution which owns the loan, through proposed consumer protection legislation.
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Richest 1% 'set to own more than the rest by 2016'
Oxfam is calling on the Taoiseach to help drive discussion about tackling global inequality.
The call comes as new figures from the international agency reveal that the richest 1% of the world will own more than all of the rest by 2016.
A research paper suggests the wealthiest 1% have seen their share of global assets rise from 44% in 2009 to 48% last year – with an average worth …
We must rely less on turgid eurozone
As the Dáil returns to business this week, the Government is moving very much into election mode.
It has committed to creating 40,000 jobs this year and bringing the unemployment rate back to single digits.
Furthermore, it has committed to increasing employment up to 2.1m by 2018, which would be close to full employment. Employment stood at 1.91m at the end of September. Based on what we know about the …
Exports set to rise 7% in 2015
Irish exporters are set to see increased competition this year, but overall growth is still expected to amount to around 7%.
“It will be difficult to increase and actually maintain market share in an ever-more competitive environment, even with the benefit of a weaker euro, though Irish exporters should continue to perform well on a relative basis,” said Alan McQuaid, chief economist with Merrion Stockbrokers.
“Although not as strong as …
More than 90,000 mortgages still in arrears
There was a total of 45,276 mortgages in arrears by more than 90 days not restructured by the end of November, according to the Department of Finance.
The total number of mortgages in arrears stood at 91,963 at the end of November, which is a decrease of 2,819 mortgage accounts compared with the previous month.
The total number of mortgages in arrears by more than 90 days fell by 1,879 …
Average prices down 0.3% in December
Average prices were 0.3% lower in December compared with December 2013, according to official figures released today.
The most notable changes in the year, as measured by the Consumer Price Index, were decreases in Transport (-3.8%), Furnishings, Household Equipment & Routine Household Maintenance (-3.1%), Food & Non-Alcoholic Beverages (-2.6%) and Clothing & Footwear (-2.3%).
There were increases in Education (+5%), Miscellaneous Goods & Services (+4.2%) and Alcoholic Beverages & Tobacco …
Last year ‘was strongest for job creation since 2008’
December saw a 49% year-on-year rise in the number of professional jobs being made available, bringing to a close the strongest year of job creation since 2008.
The latest Irish Employment Monitor, from recruitment giant Morgan McKinley, shows the life sciences and pharmaceutical sectors showed particular dynamism during 2014, with graduates in these areas in high demand by employers.
The survey also showed steady demand for financial services staff and …
Jobless rate set to fall to 10%
Unemployment is set to fall below 10% for the first time since the economic crash as domestic demand picks up and external forces help GDP growth tick towards 4% again this year.
Jobs Minister Richard Bruton’s prediction earlier this week that the country will achieve full employment in 2018 — two years ahead of previous predictions — gathered credence yesterday as a leading economist indicated the unemployment rate would likely …