Categorized as: Syndicated News

Honohan warns of deflation risk

The head of the Central Bank has said he is concerned about low inflation across the eurozone and warned that the Government must stick to budget targets following the EU-IMF bailout exit to retain market support.

The European Central Bank (ECB), where Governor Patrick Honohan is a board member, “has been concerned about low inflation not only in 2014 but in the forecasts for 2015 and 2016,” he told reporters …

We can learn a lot from how Denmark handled its crash

JUSTICE is not only supposed to be blind, she is supposed to be unemotional. So it proved in the ‘trial of the decade’ involving the three former senior executives of Anglo Irish Bank.

Some analysts have suggested that there was more to the surprisingly muted public reaction than just the deadening hand of judicial proceedings. They surmise that people have replaced anger with a more general understanding of the complex …

Bank of Ireland aware of browser security issue – but say use it anyway

Big Irish companies have often been laggards with their web strategy. But Bank of Ireland’s refusal to acknowledge a problem with the security of its nominated online banking web browser is very disappointing.

To recap: Bank of Ireland is continuing to insist that its thousands of Business On Line banking customers use the newly-insecure, unpatched Internet Explorer for all sensitive transactions.

The bank has reiterated its stance days after countless …

Insurance market booms as economy improves, says FBD

An improvement in the economy has begun to filter through to the insurance market, according to FBD.

But the insurance firm said the sector here remained competitive, although market rates had hardened for car and business insurance.

Home insurance rates, said FBD, remain weak despite the severe weather across the country during the first three months of the year.

FBD, which also uses the Clan Insurance and No Nonsense brands, …

Bank of Ireland among 15 European banks downgraded by S&P

RATING agency Standard & Poors said it has downgraded 15 European banks, including Barclays Credit Suisse and Deutsche Bank , after European lawmakers agreed on a framework that prevents governments from having to bail out troubled banks.

The banks, many of which are systemically important, also included ABN AMRO, Bank Of Ireland and ING Bank.

The European Parliament signed off this month on new laws to make it easier – …

Oracle paid just €11m tax on Irish turnover of €7bn

US technology giant Oracle’s Irish corporation tax bill was €11m last year, at the same time as its turnover here increased to €7.24bn.

Tax is only due in Ireland on the company’s Irish profits, which were €164.4m in 2013, according to new accounts filed by Oracle EMEA Ltd to the Companies Office.

The revenues recorded by Oracle’s Irish unit represent 27pc of the group’s entire global revenues of $37.2bn (€26.8bn) …

Retail sales stronger in March: CSO

NEW data shows retail sales were stronger in March with the headline figure up 1.7pc in volume terms and 8.9pc compared with the same period last year.

Sales were 7.9pc higher on average than the same period last year.

Excluding car sales, the figure was down 1.1pc in the month but 2.2pc higher in the year. “Core” sales have been higher on an annual basis in nine of the last …

Details of tough bank stress tests to be unveiled by Europe this week

The European Banking Authority (EBA) will this week unveil details of the scale of economic distress banks must be able to withstand to pass continent-wide stress tests due to happen later this year.

This year’s round of tests will be tougher than in 2011, the head of the ECB’s supervisory board chair Daniele Nouy said over the weekend.

The London-based EBA will set out tomorrow the scenarios that banks will …

Borrowing by first-time buyers on course to hit €5bn by 2018

MORTGAGE lending to first-time buyers could quadruple in the next four years. And an extra 82,000 houses will need to be built up to 2018 in order to cater for demand, a new report from Davy stockbrokers says.

The Government has projected that an additional 25,000 houses a year will have to be constructed by 2018.

Davy analysts Conall Mac Coille and David McNamara estimate that strong demand from first-time …

ESB staff face new wait to trade €200m of shares

PLANS to allow nearly 11,000 current and former ESB staff to trade their lucrative shares in the semi-state company are set to be delayed over “serious concerns” among Employees Share Ownership Plan (ESOP) trustees about the ability to “deliver a fair solution for all participants”.

ESB ESOP members own 5pc of the company, with 99 million stock units having been acquired by the ESOP in 2011 for almost €76m. The …

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