Tag: Ireland

FSB calls for VAT cut

FSB calls for VAT cut

The Federation of Small Businesses (FSB) is urging the Government to cut the rate of VAT in core sectors of the economy. The suggestion comes after the FSB’s latest Business Confidence Report, which saw a sharp fall in sentiment during the second quarter. VAT was raised to 20% earlier this year to raise billions of [...]

July 18, 2011 | 0 Comments More
Moody’s cuts Irish debt rating as second bailout looms

Moody’s cuts Irish debt rating as second bailout looms

July 13, 2011 | 0 Comments More
Ireland lowers VAT rate on number of goods

Ireland lowers VAT rate on number of goods

Ireland has slashed its VAT rate on a number of goods, including restaurants, hospitality and tourism in a bid to boost the economy and get consumers spending again. The country’s Government lowered the rate from 13.5% to 9% on 1 July and it will remain until December 2012. The new rate will mean slightly lower [...]

July 4, 2011 | 1 Comment More
Ireland’s economy grows in Q1

Ireland’s economy grows in Q1

Figures today have revealed Ireland’s economy returned to growth in the January to March period, following a 1.4% contraction in the final quarter of last year. According to the Central Statistics Office, the economy grew by 1.3%, partly attributed to net exports, which grew 20% on an annual basis. However, consumer demand continues to be [...]

June 23, 2011 | 0 Comments More
Moody’s downgrades Irish banks to junk status

Moody’s downgrades Irish banks to junk status

Ratings agency Moody’s has downgraded its rating of Irish banks by two notches to junk status. The downgrade comes just a week after Moody’s downgraded Ireland’s sovereign debt rating. Today’s downgrade means Bank of Ireland is now rated Ba1 while AIB, EBS and Irish Life & Permanent are rated Ba2. Moody’s said there is a [...]

April 18, 2011 | 0 Comments More
Ireland suffers further downgrade on debt concerns

Ireland suffers further downgrade on debt concerns

Standard & Poor’s has cut Ireland’s credit rating by one notch to BBB+ from A- citing debt concerns but said further downgrades were now unlikely following recent stress tests. The ratings agency also said the outlook is stable and believes that the Irish economy is “set to gradually recover”. S&P credit analyst Frank Gill comments: [...]

April 2, 2011 | 0 Comments More
Stress tests reveal Irish banks need €24bn

Stress tests reveal Irish banks need €24bn

It has been revealed that Ireland’s lenders will need an additional €24 billion (£21 billion) to weather the financial crisis. These were the findings of the stress tests conducted on Ireland’s banks - Allied Irish Banks, Bank of Ireland, Educational Building Society (EBS) and the Irish Life & Permanent. The latest stress tests were deemed [...]

April 1, 2011 | 0 Comments More
Ireland’s economy contracts in Q4

Ireland’s economy contracts in Q4

Figures today have revealed Ireland’s economy contracted by 1.6% in the October to December period, following a 0.6% growth rate in the previous quarter, according to the Central Statistics Office. The latest figures are a further blow to the former “Celtic Tiger” economy which suffered a prolonged recession and was one of the last euro [...]

March 24, 2011 | 0 Comments More
EU commences bank stress tests

EU commences bank stress tests

The EU has commenced a new round of stress tests after last year’s failed to reveal the weakness among banks in Ireland. The latest tests, which will be headed up by the new European Banking Authority (EBA), are expected to be tougher and may include a liquidity test. However, regulators have yet to agree to [...]

March 7, 2011 | 0 Comments More
Euro zone in no hurry to increase rescue facility

Euro zone in no hurry to increase rescue facility

Following the two-day meeting of European finance ministers in Brussels, it has emerged that Governments are in no hurry to increase the European Financial Stability Facility (EFSF) - otherwise known as the rescue fund. Greece and Ireland have received emergency bailouts from the fund and there has been speculation that weaker euro zone nations will [...]

January 18, 2011 | 0 Comments More
Moody’s warns Portugal rating may be cut

Moody’s warns Portugal rating may be cut

Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]

December 21, 2010 | 0 Comments More
Moody’s lowers ratings on five Irish banks

Moody’s lowers ratings on five Irish banks

Moody’s Investors Service has today downgraded the ratings on five Irish banks - Allied Irish Banks, Bank of Ireland, EBS Building Society, Irish Life and Permanent and Irish Nationwide Building Society. The downgrade came after Moody’s last week slashed Ireland’s credit rating by five notches to Baa1, from Aa2 – citing ongoing uncertainties over the [...]

December 20, 2010 | 0 Comments More
Moody’s slashes Ireland credit rating five notches

Moody’s slashes Ireland credit rating five notches

December 17, 2010 | 0 Comments More
Irish economy expands 0.5% in Q3

Irish economy expands 0.5% in Q3

Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period. The economy expanded by 0.5% in the third quarter compared with the previous quarter - albeit, the figure was slightly below expectations. The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in [...]

December 16, 2010 | 0 Comments More
Irish parliament approves austerity budget

Irish parliament approves austerity budget

The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]

December 8, 2010 | 0 Comments More
No new measures for euro zone to prevent contagion

No new measures for euro zone to prevent contagion

The meeting of European finance ministers continues today with the debt crisis again to be high on the agenda. However, other issues including the EU budget and VAT are also expected to be discussed. Yesterday’s meeting ended with Jean-Claude Juncker, Luxembourg Prime Minister and Eurogroup Chairman, telling reporters that there is no need to increase [...]

December 7, 2010 | 0 Comments More
Germany against boosting EU rescue fund

Germany against boosting EU rescue fund

A meeting of euro zone finance ministers is taking place today to discuss boosting the EU rescue fund in light of the debt crisis that is currently eating its way into the nation. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may [...]

December 6, 2010 | 0 Comments More
Euro zone ministers to meet to discuss rescue fund

Euro zone ministers to meet to discuss rescue fund

A meeting today of euro zone finance ministers is expected to see pressure mount to boost the EU rescue fund in light of the debt crisis. The recent Irish bailout has done little to allay fears and speculation has been mounting that other weaker euro zone economies may need financial aid. Dominique Strauss-Kahn, chief of [...]

December 6, 2010 | 0 Comments More
Spain will not follow Greece and Ireland and seek bailout

Spain will not follow Greece and Ireland and seek bailout

Spain’s finance minister has insisted that the country will not follow Greece and Ireland and seek a bailout. In a newspaper interview published today, Elena Salgado said: “Our fiscal adjustment is on track… we have done all the things that we had to do with our financial sector.” She added that Spain is “absolutely not” [...]

December 6, 2010 | 0 Comments More
ECB holds rates and expands bond programme

ECB holds rates and expands bond programme

As expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 19th consecutive month. There were suggestions that the bank might have taken drastic action in order to address the debt crisis, currently engulfing the euro zone. However, the ECB said it will [...]

December 2, 2010 | 0 Comments More