Insolvency service reports increase in number of bankruptcies
The Insolvency Service of Ireland has reported an increase in the number of bankruptcies but lower levels of deals involving mortgage debt.
Statistics released today that while there has been a rise in the number of bankruptcies, with 66 cases approved in the past three months, the number of deals involving mortgage debt was four.
Lorcan O’Connor, director of the Insolvency Service of Ireland, however, added there are more coming …
Optimism in services firms at high as growth continues
OPTIMISM in services companies is at its second-highest level since March 2005 while the sector has experienced growth for the 20th month in a row.
The Investec Purchasing Managers’ Index of activity grew to 60.7 in March from 57.5 in February – any figure above 50 signals growth.
The services sector covers a range of businesses from hotels to the banking sector.
New debt-forgiveness scheme could save SMEs battered by the downturn
A debt-forgiveness scheme for small and medium enterprises (SMEs) battered by the crash is among proposals to be examined by a high- level working group being set up by the Government, the Irish Independent has learned.
Banks will be asked to cancel some company debts in exchange for shares in even small firms if the debt-for- equity proposal is taken up, according to sources close to the process.
The radical …
Irish manufacturing sector is top Eurozone performer
THE manufacturing sector in Ireland expanded at its fastest pace in three years last month, making it the eurozone’s star performer.
And expectations of further improvements over the coming months have led companies to markedly increase staff, according to the latest Purchasing Managers’ Index (PMI) for the sector.
Ireland topped the eurozone’s PMI league table, with the rate of growth beating Germany.
High taxes, business costs 'threaten economic recovery'
TAX increases heaped on workers during the recession, coupled with rising business costs, are weakening competitiveness and could threaten Ireland’s economic recovery, an independent watchdog has warned.
Rising wages and employee contributions, together with rising electricity bills for companies, may also have an impact and could hurt jobs and growth.
The independent National Competitiveness Council (NCC) said in a stark warning that Ireland’s cost competitiveness was deteriorating compared with other …
Credit unions bid to block Central Bank's debt plan
CREDIT unions are frustrating an attempt by the Central Bank to launch a new initiative to get banks and other lenders to deal with all the debts of a household, and not just mortgage borrowings.
The scheme could see heavily indebted households getting a write-down of some of their debts.
Credit unions and other lenders of so-called unsecured debts would be big losers, as the scheme would prioritise the paying …
Plan B: how leaving euro can save Ireland
Our current economic problems didn’t begin with the debt crisis but have their roots in decision to join eurozone, says Cormac Lucey. It may seem odd, with the Troika having departed Ireland in December 2013, to call for a default on our debts and for exit from the eurozone.
Instinctively, people don’t want to do either of these things. The first would involve reneging on debts freely entered into. The …
Commodities best investment in first quarter but copper disappoints
WITH the first quarter of 2014 over, it’s time to take stock.
Here in Ireland, soaring property prices, returns on commercial rents and a buoyant stock exchange are making Ireland an attractive location for investors.
Another sign that the country’s financial woes are abating is in the yield on Ireland’s 10-year government bonds, which has fallen from 3.545pc on January 1 to 3.08pc or half the Greek equivalent.
While residential …
State raises €26m from pension withdrawals
THE Government has raised €26m in nine months from changes to the pension rules which allow people to withdraw their pensions early – but be taxed heavily for it.
Finance Minister Michael Noonan told the Dail that the rule, which experts called “mean-spirited” when it was introduced in the 2013 Budget, earned €25.8m for the State in tax revenues between April and December last year.
The rule in question allows …
Credit unions to get own debit cards
Credit unions are lining up to take on the banks, with large numbers now set to provide electronic payment options to members.
And the locally owned lenders are also about to apply to the Central Bank for approval to offer debit cards.
The combination of electronic payments and the ability to offer debit cards will see credit unions putting it up to the banks by offering an alternative to banks’ …