Lending to SMEs plunged 77pc following the crash
SHORT-term business loans for small firms in Ireland plummeted 77pc between 2007 and 2011, a new report from the Organisation for Economic Cooperation and Development (OECD) has claimed. The OECD’s financing small business report said business loans in Ireland fell from €56bn in 2007 to €38bn in 2012.
Short-term loans made up about 90pc of total new SME lending over that period, but the report said these loan volumes plummeted …
IDA sees more investment as job creation hits record high
More than 100 companies promising 8,000 jobs told the IDA during the last six months that they will set up shop or expand here.
That’s about a thousand jobs more than the same period last year and follows a robust period for the agency which has seen major job announcements Deutsche Bank, Symantec and eBay.
That means job creation is now at record levels.
Cut income tax and reduce spending, IBEC urges Noonan
IBEC, the employer’s lobby group, will urge Michael Noonan to cut income tax and VAT in October’s Budget.
In its traditional pre-Budget submission published today, Ibec says Mr Noonan should take just €200m out of the economy in the Budget or a tenth of the sum promised by the Government to overseas creditors.
“Now is the time to cut income and consumer taxes, boost investment,” Ibec’s Danny McCoy said in …
82pc of investors are now confident over Irish outlook
More than four out of five Irish investors say they are confident about their own financial situation and the outlook for the Irish economy, according to a survey.
The survey of Rabobank customers finds economic sentiment among Irish investors has reached a four-year high. advertisement
The survey asks respondents about their forecasts for the next three months. The 82pc of investors confident about the next three months compares with an …
The Punt: UK looking for trade boost
THE UK is aiming to push more of its exports this way, while attempting to get Irish investors to set up shop over there.
The British Embassy in Dublin is currently advertising for a trade and investment adviser whose job will be focused on getting firms to expand in to Britain, while trying to win more contracts here for UK companies. Based at the embassy in leafy Ballsbridge, the successful …
Economy surges ahead boosted by strong exports
The economy picked-up steam considerably in the first three months of the year led by strong exports.
But personal spending fell fractionally in the first quarter, painting a conflicting picture of the recovery as separate data has shown retail sales are on the rise.
The Central Statistics Office announced revisions to how growth is calculated and said the economy grew by 0.2pc last year.
Big property deals surge to highest ever level
Investors spent more money on big commercial property deals in the first six months of this year than in any previous six-month period, as buyers continued to flood the market.
Research from property firm CBRE claims that more than €1.37bn was invested in the Irish market between January and June on transactions of more than €1bn.
That is the highest six-month figure on record, higher even than the peak of …
BoI bans trade with Cuba after US ruling
The Irish Independent has seen correspondence from the lender written to long-standing customers with legitimate business interests in Cuba telling them it can no longer process international transactions to or from the Caribbean island.
The ban comes as French bank BNP Paribas was hit with a $9bn (€6.5bn) fine by the US amid allegations it violated US sanctions involving Cuba, Iran and Sudan. advertisement
Bank of Ireland has a tie-up …
Diverting from planned road map to cut deficit has risks
According to opinion polls, there is even a gender distinction of this kind in attitudes to fiscal policy – which, of course, is what we are talking about.
Having once put the car in a ditch while taking the scenic route, perhaps I am biased towards the side of caution in such matters as well. advertisement
The one thing we can all agree upon is that, when Michael Noonan finishes …
Top Central Bank economist calls for 1c and 2c coins to be dumped
Speaking to the Herald, Ronnie O’Toole, economist with the National Payments Plan (NPP) in the Central Bank of Ireland, said the recent Wexford rounding trial should be rolled out nationally.
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The results of the trial last year showed strong support for getting rid of the coins.
During the experiment, retailers rounded cash transactions to the nearest 5c at the cash register, removing the need for 1c and 2c coins.
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