Banks are still not lending to small businesses, with a refusal rate of 52% in the last three months. In its Quarterly Bank Watch Survey, ISME – the body which represents small and medium enterprises – has found that some firms are reporting waiting times of up to five weeks for initial decisions from banks… Read more »
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The euro zone crisis is not over, France is slipping on reforms and the Bundesbank has set aside billions in new provisions for what it sees as risky ECB moves, the Bundesbank said. Presenting Bundesbank’s 2012 results that showed a sharp increase in its risk provisions, the German central bank’s chief urged governments to tackle… Read more »
Finance Minister Michael Noonan has said the Government is insisting the banks do more about the levels of mortgage arrears. The Minister said the issue has gone on for far too long and the Government is disappointed that tackling the problem has not happened sooner. Speaking in Limerick, Mr Noonan said the banks now had… Read more »
EUROPE has given Ireland the go-ahead to delay repaying billions of euro worth of loans, in a move that could dramatically improve the country’s finances over the next decade. EU finance ministers agreed in principle to extend the maturity dates on as much as €40bn worth of credit that was given to us as part… Read more »
Eurozone finance ministers last night agreed in principle to extend the deadline for Ireland to repay its bailout loans.The decision comes following lobbying by the Irish and Portuguese governments.The 27 EU finance ministers are expected to discuss the issue at a meeting today.
Ulster Bank has reported an operating loss of £1.040 billion sterling for 2012 compared with a loss of £984 million for the previous year. The bank said the “challenging macroeconomic environment” across the island of Ireland had a significant impact on its financial performance for 2012.
The European Investment Bank (EIB) expects to make €600m in low-cost loans to projects and companies in Ireland this year, its new vice-president Jonathan Taylor has told the Irish Independent. Mr Taylor and senior officials from the EU-controlled bank are in Dublin for a series of meetings, with the hope they can drum up interest… Read more »
The annual rate of inflation stood at 1.2% in January, unchanged from the December reading.New figures from the Central Statistics Office show that consumer prices fell by 0.5% in the month, which compared to a fall of 0.5% the same time last year.The CSO said that the price of clothing and footwear dropped 11% due… Read more »
THE Finance Bill was published today and includes benefits for SMEs and plans designed to regenerate parts of Ireland’s cities through tax incentives for the renovation of homes and shops. Branded the ‘Living City’ initiative, due to the requirement to obtain EU state aid approval it will be subject to a commencement order.
Standard & Poor’s has upgraded its outlook on the Irish economy from ‘negative’ to ‘stable’ following last week’s promissory note deal. The ratings agency said the exchange of promissory notes for long-date government bonds should reduce the government’s debt-servicing costs and lower the refinancing risk to the country.