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Central Bank warns economy could shrink by up to 14%

The Central Bank has said the economy could shrink this year by up to 14%, while it has also warned that unemployment could average as high as 17% this year.  In its latest Quarterly Bulletin, the Central Bank also highlighted the risks to the economy of a no-deal Brexit.  The Central Bank has said there is…

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Number of insolvencies down 12% as Covid-19 impact not fully materialised

There was a reduction in the number of company insolvencies in the first six months of this year, according to new figures from Deloitte. Today’s figures suggests that the impact of Covid-19 has not fully materialised.  Deloittes said there were 273 company insolvencies between January and the end of June, a reduction of 12% on…

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Irish services sector sees partial recovery in June

There was a partial recovery in the country’s services sector in June, according to AIB in its latest purchasing managers index. The business activity index rose to 39.7 from 23.4 in May, a level consistent with ongoing weak activity in the sector. The index measures activity on a scale of 1 to 100 with the…

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‘Lenders have responsibility to borrowers’ – BPFI

The chief executive of Banking Payments Federation Ireland has said it is not unreasonable for banks to look closely at applicants coming forward for mortgages and loans.  Brian Hayes’ comments follow news of AIB’s stricter lending guidelines as a result of the impact of Covid-19.  Mr Hayes said that lenders have a responsibility to borrowers.  He…

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Euro zone factory downturn eased in June as lockdowns loosened

The downturn in euro zone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus.  Over 10 million people have been infected by the virus globally and more than 500,000 have died. This lead governments to impose lockdowns and force…

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NTMA due to hold two bond auctions in third quarter

The National Treasury Manangement Agency said today it plans to hold two bond auctions in the third quarter of this year. The NTMA said it will hold bond auctions on July 9 and September 10. The agency is also planning three Treasury Bill sales and these are pencilled in for July 16, August 20 and…

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CCPC tells businesses to act independently on prices

The Competition and Consumer Protection Commission has warned businesses that despite economic challenges, they must act independently in their commercial decisions, especially when setting prices and charges.  The warning comes on the back of engagement between the CCPC and a number of trade associations after they made public statements about new potential charges and price increases,…

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Extra €2.5bn to be spent on health, business supports

The Dáil has agreed to spend at least another €2.5 billion on health and business supports due to the Covid-19 pandemic. Minister for Health Stephen Donnelly confirmed that an additional €2bn was required to pay for health services this year, bringing the department’s revised spending estimate for 2020 to almost €20bn. The estimate has increased by upwards of…

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Covid-19 adjusted unemployment rate falls to 22.5% in June – CSO

The country’s unemployment rate, including those receiving temporary Covid-19 jobless benefit, fell to 22.5% at the end of June from 26.1% a month earlier, new figures from the Central Statistics Office show. Today’s monthly unemployment figures reflect the first two stages of the economy’s gradual re-opening.  The unemployment rate, which stood at just 4.8% before…

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Spend yesterday approached pre-Covid levels – Revolut

Hairdressers, barbers, spas, chiropractors and dentists were among the big beneficiaries of the Phase 3 reopening of the economy yesterday, according to transaction data from Revolut. Pubs and restaurants also got a boost from the restart of business, although to a lesser extent than the other big winners. Excluding online shopping, overall spending yesterday by…

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