Business News

NTMA to open 2019 fund raising with 10-year bond deal

9th January 2019

The National Treasury Management Agency has hired a syndicate of banks and brokers to sell a new 10-year bond that a market source said was likely to raise around €3 billion. That potentially could cover a fifth of the NTMA’s annual funding needs. The NTMA has kicked off its funding drive with a syndicated sale […]

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Employers’ body says economic growth will be lower this year

8th January 2019

Employers’ group Ibec says economic growth will be lower this year as a result of Brexit but also because the economy is at a mature phase of the business cycle. The group also warns that a shortage of workers is already starting to have an effect on companies. Ibec says growth will be around 4% […]

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Credit unions set for higher interest rates on loans

8th January 2019

The Minister for Finance has asked officials to begin preparing legislative changes needed to allow credit unions charge higher interest rates on loans and financial products. If approved, the move would see the cap on interest rates rise from 1% per month to 2%. But flexibility would also be introduced to allow the interest rate […]

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Revenue sees Local Property Tax compliance rate of 97%

8th January 2019

A total of €482m has been paid by households in Local Property Tax to Revenue for 2018. This includes about €2m in household charge arrears. Revenue also reported a high compliance rate of 97%, which is in line with previous years. Today’s figures from Revenue show that Carlow was the most compliant county when it […]

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May faces battle to save Brexit deal as Commons vote looms

7th January 2019

British Prime Minister Theresa May will continue efforts to win over Conservative critics of her Brexit deal as MPs return to Westminster, but both wings of the party warned that the plan is unlikely to receive support. As the Commons returns from its Christmas break, Mrs May is expected to step up efforts to woo […]

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Revenue collected €54.5 billion in taxes and duties in 2018

7th January 2019

The Revenue Commissioners collected €54.5 billion in taxes and duties for the Exchequer in 2018, according to preliminary results published today. Revenue completed 572,785 audit and compliance interventions, which yielded €572.6 million for the government coffers. They settled 22 tax avoidance cases yielding €5.7 million and secured 17 criminal convictions for serious tax evasion and […]

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Mortgage lending growth highest in 9 years – Central Bank

7th January 2019

Mortgage lending recorded its highest growth rate since 2009 during the month of November, according to figures published by the Central Bank, continuing a trend of positive lending seen in recent months. Net mortgage lending was €131 million in November, while annual growth was €964 million or 1.3%. Banks held €12.3 billion more in household […]

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Banks now required to tell mortgage holders how to save

4th January 2019

Irish banks are now required to give mortgage customers more information about their loan in order to help them save money by moving to a better rate or switching provider. This includes flagging in advance with borrowers when their fixed-rate term is coming to an end, and letting them know of better mortgage options that […]

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NAMA generated €3.3 billion in cash in 2018

4th January 2019

NAMA generated €3.3 billion in cash in 2018, according to an end of year summary of the agency’s progress. It said its Residential Delivery funding programme continued to deliver new homes in Ireland throughout the year, and it is estimated that 9,700 units have been delivered through NAMA funding between 2014 and 2018. Since its […]

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Tax take almost €1.4bn ahead of target in 2018

4th January 2019

More than €55.5 billion was received by the Exchequer during 2018, according to the Department of Finance. That is €1.38 billion (2.6%) more than had been expected, and €4.27 billion higher than the amount taken in during 2017. The higher-than-anticipated tax take was due to a €1.9 billion (22.1%) excess in the amount of Corporation […]

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