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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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More ways to fine-tune your personal finances for the New Year

Despite it being a record year for savings in Ireland, much of it was accidental given that large sections of the economy were shut down for long periods in 2020 so there was reduced opportunity to spend. And many people were not in a position to accumulate savings given that their source of income had […]

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Irish manufacturing ends 2020 with stronger expansion as end of Brexit transition period looms

The Irish manufacturing sector saw a boost to business in December as firms prepared for the end of the Brexit transition period, according to the latest Purchasing Managers Index from AIB. Output rose at the fastest rates since July’s post-lockdown bounce, and purchasing accelerated as firms sought to expand inventories to guard against a potential […]

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Central Bank warns Brexit may bring some disruption to financial services

The Central Bank has warned that Irish creditors with direct debits in place for UK customers may need to provide their banks with additional information to avoid payment requests being rejected. It follows the end of the Brexit transition period last night. “The Central Bank has engaged extensively with payment service providers, UK supervisory authorities […]

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Public liability premiums up 15-20% over three years

Public liability insurance premiums have increased by 15-20% on average over the past three years, new research by the Competition and Consumer Protection Commission (CCPC) has found. Their market study also found that the reasons for the increases were not always clear and 70% of respondents said they did not think that the price rises […]

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Brexit breakthrough still out of reach on fisheries

EU and UK officials will continue their last-minute negotiations in Brussels today with the EU signalling that persistent differences over fisheries could mean an agreement is not reached in time for 31 December, when the Brexit transition period ends. The EU’s chief negotiator, Michel Barnier, told member states that the UK’s latest offer on granting European […]

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Varadkar thanks businesses for carrying Covid-19 burden in new letter

The Tánaiste and Minister for Enterprise, Trade and Employment has written to every registered business in Ireland to urge them to prepare for Brexit and to thank them for the burden they have carried in the fight against Covid-19. The letter from Leo Varadkar was sent to about 225,000 businesses registered with the Companies Registration […]

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