News

The virus shaping our economy is unpredictable and surprising

Covid-19 continues to be the predominant issue in all our lives. It also continues to be the predominant factor shaping our economy. And because it’s the Irish economy, it continues to be unpredictable and surprising.   Economists at the Department of Finance have been analysing different aspects of our Covid economy.   Its latest Economic […]

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Businesses worst fears realised as 2021 gets off to terrible start

It wasn’t supposed to be like this.  When Irish businesses did what was asked of them and substantially shut up shop in mid-October it was in pursuit of a single aim.   They thought a second (and perhaps final) lockdown would allow them to open in time for Christmas, make the most of the festive […]

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Govt engages with banks on further repayment breaks

The Government is engaging with the banking sector to ensure borrowers who need loan repayment breaks as a result of the further increase in Covid-19 Level 5 restrictions get them. Speaking this evening the Tánaiste, Leo Varadkar, said the Government wants to ensure that banks “provide additional payment breaks to mortgage holders and people who […]

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Unemployment rate dips to 20.4% before latest lockdown

New figures from the Central Statistics Office show that the Covid-19 adjusted unemployment rate stood at 20.4% in December as the Covid-19 crisis continues to have a significant impact on the labour market.  This figure includes people who are receiving the Pandemic Unemployment Payment and is down from 21% in November. The CSO said the […]

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Minister seeks to keep current PUP rates until March

Minister for Social Protection Heather Humphreys is expected to ask the Cabinet to approve the retention of the current Pandemic Unemployment Payment rates until the end of March, rather than reducing them on 1 February as was originally planned. The PUP scheme launched last March has so far cost the exchequer in excess of €5bn […]

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Online shoppers see extra charges due to Brexit

Consumers are beginning to see the introduction of additional charges and taxes when shopping with British retailers. Since Brexit took effect on 1 January, new rules have been implemented which will see VAT and Excise Duty being applied to many transactions. Purchases under €22 will not face additional charges, but anything over €22 will see the […]

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General Government deficit of €19 billion expected for 2020

The Minister for Finance has said he believes the level of financial support provided in the Budget will be sufficient to cope with the ongoing effect of Covid-19.   Paschal Donohoe’s comments were echoed by the Minister for Public Expenditure and Reform Michael McGrath at a press conference today. Michael McGrath said allocations to government […]

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NAMA expects to transfer €1bn to Exchequer during 2021

NAMA generated €900 million cash in 2020, exceeding its target according to an end-of-year review published by the agency today. It expects to report a full-year profit for 2020 for the tenth consecutive year. NAMA said it expects to transfer €1 billion to Exchequer during 2021. It transferred €2 billion cash from its lifetime surplus […]

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Key actions required to ensure insurance reform – Alliance for Insurance Reform

The Alliance for Insurance Reform has said the insurance crisis can be sorted in 2021 if key actions are completed. Eoin McCambridge, managing director of McCambridge’s of Galway and director of the Alliance said nothing the Government has done so far has applied any downward pressure on insurance premiums. The Alliance said insurance has been […]

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Sterling weakens against euro as post-Brexit deal rally falters

The pound weakened versus the euro on Britain’s first day of trading outside the European Union, but strengthened against a softer dollar, climbing above $1.37 for the first time since May 2018, as traders weighed up Brexit relief with Covid-19 risks. The pound had strengthened after a last-minute Brexit deal was agreed on December 24, […]

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