News

06 Dec

EU agrees steps towards tighter money-laundering supervision

European Union finance ministers today backed plans for greater powers to combat money laundering after a series of revelations about large amounts of dirty money flowing through European banks. The EU last year experienced its largest money-laundering scandal when it emerged that €200 billion in suspicious payments were made between 2007 and 2015 through Danske

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06 Dec

Minister to discuss US tariffs on Irish goods

The Minister of State for European Affairs, Helen McEntee, will discuss the imposition of US tariffs on Irish goods at a series of meetings in Washington this week.  She is due to holds talks on Capitol Hill and with the American Chamber of Commerce.  In October it was announced that a range of goods from

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06 Dec

Euro zone growth curbed by trade, retail sales slowdown

The euro zone economy grew at a modest pace in the third quarter with a negative impact from trade, while retail sales fell at their sharpest rate this year in October, data showed today.  Gross domestic product (GDP) in the euro zone was up 0.2% in the three months from July to September. This was the

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05 Dec

88% of Irish SME food companies expect revenue growth in 2020

A new survey shows that 88% of Irish food companies expect revenue growth in the year ahead, with 34% of these companies expecting revenue growth of over 10%.  The SME Irish Food Barometer was carried out by PwC and Love Irish Food. It also reveals that while companies are optimistic about the growth prospects for their own

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04 Dec

Services sector growth sees strong bounce in November

The country’s service sector growth bounced back strongly last month from a seven-year low as business confidence rose to its highest level since June amid firmer demand from customers, a survey showed today.  A slowdown in manufacturing activity had threatened to spread in October to the services sector, where a long expansion in new orders

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04 Dec

Central Bank to assess commercial property-focused funds

The Central Bank will conduct a “deep dive” into the role of property funds in the domestic commercial real estate sector and assess whether a macroprudential response is needed to any potential risks, Governor Gabriel Makhlouf said today. Research from the Central Bank showed that Irish investment funds now account for more than 35% of

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04 Dec

No change to Central Bank’s mortgage lending rules

The Central Bank has decided not to make any changes to mortgage lending rules here that limit how much people can borrow from banks in order to fund house purchases.  Following a review, the regulator has concluded that the measures continue to meet their objectives of strengthening bank and borrower resilience. It also said the

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02 Dec

First-time buyers drive demand for mortgage approvals

New figures from Banking & Payments Federation Ireland show strong growth in mortgage approvals figures for October, driven by demand from first-time buyers. The BPFI figures show that a total of 4,514 mortgages were approved in October . Of these 51.6% were for first-time buyers while mover purchasers accounted for 27%. BPFI also said that

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02 Dec

Contactless payments grow steadily; BPFI

Consumers made almost 1.5 million contactless payments a day between July and end-September, according to figures from the Banking & Payments Federation. Contactless payments are those where consumers ‘tap’ their cards or devices and make payment without inputting a code on the payment device. The number of such payments grew by 44% year on year

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