Categorized as: Syndicated News

Deal on €40bn bailout sends ‘strong signal of confidence’

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 of our international bailout, potentially easing the pressure on future budgets.

Deadline to repay bailout loans may be extended

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’s operating losses widen

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.

EIB to lend €600m at low rates to Irish firms in 2013

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 in the bank’s loans.

Inflation rate steady at 1.2% in January – CSO

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 to the traditional winter sales.

Finance Bill: Boost for inner cities and SMEs

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.

Outlook Irish economy upgraded from ‘negative’ to ‘stable’

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.

Tax policies will play big part in future of the country

As president of Bank of America Merrill Lynch and also president of American Chamber of Commerce, Peter Keegan is an important voice on our economy. As the head of Bank of America Merrill Lynch he is in charge of close to 1,500 staff in Ireland, dealing in matters as diverse as credit card services to foreign exchange trading.

Ireland on course for a quicker recovery, claims S&P

IRELAND is the “standout” country when it comes to recovery and may bounce back more quickly than previously expected, rating agency Standard & Poor’s has said in a report

.”Wage flexibility and investment inflows make Ireland a standout,” S&P analyst Frank Gill wrote in a report on Europe’s economies.

Fewer business failures a clear sign economy has stabilised

THE number of companies going out of business fell by almost a quarter in January, providing another sign that the economy has stabilised.

Figures from, a website run by accountants Kavanagh Fennell, show there were 107 business failures during the first month of the year. That is 22pc lower than the 137 companies that went under in January last year.