Nevin Institute: Reduce Budget adjustments to €800m but no tax cuts
The planned €2bn in tax hikes and spending cuts would prolong austerity and do unnecessary damage to the economy, the trade union funded body said at the launch of its latest economic commentary.
Finance Minister Michael Noonan has already said that he believes reducing the deficit to below 3pc of the value of the economy can be achieved by doing less. advertisement
This is despite the advice of the International …
Anger as PTSB 'cashes in' by selling off over 2,000 mortgages
The state-owned bank said it was ready to sell €2.6bn of “non-core” loans including the old Springboard Irish subprime mortgages and has appointed advisers Morgan Stanley to find a buyer or buyers.
Improving market conditions mean the bank – once the country’s largest mortgage lender – sees a chance to off-load loans it no longer regards as “core” to its future business. advertisement
But campaigner David Hall’s Irish Mortgage Holders’ …
House prices continue to grow but rise in capital double that of national average
THERE has been another strong rise in property prices. They rose by 10.6pc in May when compared with a year previously, the Central Statistics Office said today.
In the month of May, prices nationally were up 2.3pc. advertisement
But the surge in prices in the capital was double the national average.
Prices jumped by 22pc in Dublin compared with a year ago, after a rise of 4.2pc in the month.
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IMF demands tax hikes, spending cuts 'to protect hard won gains'
The Washington-based lender said the Government should stick with the planned adjustment to protect “hard won gains” rather than simply aim to meet next year’s crucial EU deficit target
The call for another austerity budget was also made by the Fiscal Advisory Council earlier this week, while the European Commission said last week that it wants more than the €2bn in cuts and tax hikes. advertisement
In its first post-bailout …
Central Bank fails to find replacement for chief economist
Mr Frisell left the Central Bank in March to take up a job with the International Monetary Fund’s Africa training institute in Mauritius.
His post was advertised globally after his resignation was announced in November, with the closing date for applications in early December. advertisement
A spokeswoman for the Central Bank confirmed that the top job has still not been filled. The process remains open and deputy governor Stefan Gerlach …
Taxpayers will not lose money on the bailout of AIB – bank chief
The cash can be repaid, he said, with significant amounts potentially coming back to taxpayers in the next few years,
“(It is) definitely a realist prospect, I think we can make substantial re payments in the years to come,” David Hodgkinson said. advertisement
It’s the most optimistic any senior official has been about the prospects for making a recovery on the €20.8bn rescue of the bank.
The State is already …
Rate of entrepreneur activity highest since economic crisis – report
The annual GEM report also showed that 85pc of businesses surveyed expected to create jobs.
In addition, those who indicated that they are planning to start a small business in the next three years also increased significantly in 2013. advertisement
The report, which measures entrepreneurial activity, and is backed by Enterprise Ireland, Forfas the Department of Enterprise, also showed a narrowing of the gender gap.
There are now 1.4 times …
'Nasty surprise' unlikely in bank stress tests
It comes as a member of the European Central Bank’s governing council claimed the tests may be too tough.
The ECB will probe the financial health of 128 banks across Europe – including five in Ireland – in the autumn. advertisement
Professor John McHale, chair of the Irish Fiscal Advisory Council (IFAC), insisted it was hard to call as he didn’t have any “insider” knowledge.
But he said: “At this …
KBC Bank may sell Irish unit, has €15bn of loans and mortgages outstanding
The bank is keeping its options open for the unit including a sale – it had €15.1bn of loans and mortgages outstanding at the end of the first quarter of the year.
It is considering “whether to organically grow a profitable bank, build a captive bank-insurance group or sell a profitable bank” it said today. advertisement
KBC Bank also said it intends to accelerate its repayments and to make final …
Liberty Mutual snaps up a Northern insurance firm
He was speaking after the Boston-based insurer yesterday sealed a deal to buy Hughes Insurance, a Northern Ireland-wide provider of motor, small business and home insurance.
The deal, which is expected to close in July 2015, will also gradually see Liberty become the lead underwriter of Hughes Insurance in Northern Ireland. advertisement
“Hughes is a top three player in Northern Ireland and this is part of our drive to become …