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Significant stimulus plan needed to revive economy after Covid-19 – IFAC

The Government has been advised to introduce a “significant” stimulus plan for the economy, once the immediate Covid-19 crisis is over. However, the Irish Fiscal Advisory Council (IFAC|) has also warned that “all options must be kept on the table”, including spending cuts and tax rises to bring the public finances back in line once […]

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Economic confidence up in May but remains weak overall

Consumer and business sentiment rose slightly in May, albeit from a low base according to the latest Pulse survey from Bank of Ireland. Consumer confidence was up marginally in the month, while all sectors of business saw an improvement. That came as improving data on the number of Covid-19 cases in Ireland continued to improve, […]

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Number of people on Covid-19 unemployment payment falls

The number of people receiving the Covid-19 Pandemic Unemployment Payment has fallen to 579,400 – a drop of 5,200 over the last week.  Of these, 33,400 are receiving their last payment as they are returning to work.   These figures are on top of the 214,700 people receiving Jobseekers’ Benefit at the end of April.  […]

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EBA calls for European states to shield their banks

European countries need to join forces to shield their banks from the coronavirus outbreak, one of the bloc’s top regulators said today, potentially using a 500 billion euro EU recovery fund to do so. The remarks from Jose Manuel Campa, who leads the European Banking Authority (EBA), will rekindle a divisive debate about whether rich […]

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Calls for enhanced support for businesses

Stockbroker Goodbody is calling for the introduction of a state backed loan scheme to help struggling businesses cope with the aftermath of the shutdown of the economy to contain the spread of Covid-19. In its latest economic health check, the group’s chief economist Dermot O’Leary said the level of government support for business here had been much lower […]

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76% of consumers using contactless payments every week – BPFI

Three quarters of consumers say they now use contactless payments at least once a week, according to a survey for the Banking and Payments Federation Ireland. The survey of 1,000 adults was conducted at the end of April by Coyne Research.  It coincided with the extension of the limit on contactless payments from €30 to […]

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VAT returns may fall by up to €6.7bn due to coronavirus – ESRI

VAT receipts could fall this year by between €3.9 billion and €6.7 billion, according to research carried out by the Economic and Social Research Institute.  The ESRI has forecast that spending by households could fall by between 12% and 20% as a result of the restrictions imposed to tackle the spread of Covid-19. The ESRI says the […]

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NTMA sells €750m of Irish Treasury Bills at negative interest rate

The National Treasury Management Agency today held an auction of Irish Treasury Bills and sold the target amount of €750m.     The NTMA said that total bids received amounted to €3.71 billion which was nearly five times the amount on offer.  The Treasury Bills, which have a maturity of five months, were sold at […]

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76% of consumers using contactless payments every week – BPFI

Three quarters of consumers say they now use contactless payments at least once a week, according to a survey for the Banking and Payments Federation Ireland. The survey of 1,000 adults was conducted at the end of April by Coyne Research.  It coincided with the extension of the limit on contactless payments from €30 to […]

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Covid-19 hits labour force towards end of first quarter – CSO

The Central Statistics Office’s latest Labour Force Survey shows that a total of 2,353,500 people were employed in the first quarter of 2020. This gives an associated employment rate of 69.8% for those aged between 15 and 64 years, the CSO added. But when the effects of the coronavirus are taken into account, the Covid-19 Adjusted […]

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