New EU plan to avoid financial crisis approved
THE European Parliament has signed off on new common EU banking rules designed to try to avoid a repeat of the banking and financial crisis. It is hoped the reforms will mean failing banks can be shut down before they become a major threat to the financial system, and without the need for public money.
MEPs had to give their verdict on the new rules this week before the European …
Government beat budget deficit target last year
THE Government beat its budget deficit target last year, official figures show this morning.
The gap between how much the state spends and brings in through taxes and other revenue narrowed to 7.2pc of the value of the economy – fractionally better than the 7.3pc target.
Boost as 270 new jobs announced for Limerick
Medical company Ethicon Biosurgery Ireland has announced it will create 270 jobs in Co Limerick.
The jobs will be created over the next five years.
Irish Stock Exchange becomes PLC
The Irish Stock Exchange has become a public listed company this morning
The move comes after a change in its corporate structure.
The PLC will assume the same services as the old company, while the staff of the ISE Ltd will be employed by the new company.
Draghi to take action against deflation threat
Borrowing costs could fall again within months, most economists believe.
European Central Bank governor Mario Draghi will probably take action within two months against the threat of deflation, a Bloomberg survey of economists said.
Almost two-thirds of respondents in the monthly survey now predict the ECB president will ease policy by June. Of those economists, just under half said he may implement multiple measures ranging from interest-rate cuts to asset …
Bank of Ireland chief tells TDs of tough line on mortgage arrears
BANK of Ireland has claimed that rescue loans it has repaid to the State have helped to pay for public services and keep down taxes.
The claim by chief executive Richie Boucher was made as he said his bank would seek to veto any proposal from Personal Insolvency Practitioners (PIP) featuring mortgage write-down for its customers.
Bank of Ireland’s policy is only to write off mortgage debt in cases of …
End of austerity: we’ll escape €1.5bn in cutbacks
The country will be spared most of the €2bn in planned cutbacks if economic growth continues at current levels.
In one of the most optimistic assessments since the economic crisis began in 2008, the ESRI predicted there may be no need for a final austerity budget this year.
It forecasts the economy is set to grow by a “vigorous” 2.6pc this year and 3.5pc in 2015, a level which would …
Noonan won't renew capital gains tax relief in Budget 2015
FINANCE Minister Michael Noonan said he won’t be renewing the capital gains tax (CGT) relief on properties that have been held for seven years in Budget 2015 because there was, he said, a “wall of money” in the commercial property sector at the moment.
Mr Noonan introduced the measure in 2011 to attract international investors and give a boost to the State’s then beleaguered commercial property sector.
He extended it …
NTMA sale expected to net another €1bn
THE Government is planning to raise €1bn in a bond auction this week, surprising analysts who expected this round of fund-raising to be modest. The auction of a 10-year bond at 3.4pc takes place on Thursday, just weeks after the State’s first post-bailout bond auction, which also raised €1bn at record low borrowing costs.
Permanent TSB made 12,000 offers to mortgage arrears customers
State owned Permanent TSB said it has made almost 12,000 offers to customers in long term mortgage arrears.
It means 61pc of customers in long term arrears have had a debt modification proposal from the bank.
The bank says it is working on a scheme that could see debt written off after a customers home has been sold.