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Last Updated: Feb 9, 2010 - 4:37:01 PM |
News
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Irish
Bank of Scotland Ireland to close Halifax network with loss of 750 jobs; Entry to Irish mortgage market in 1999 resulted in significant increase in competition
Bank of Scotland Ireland is to cut 750 jobs from its Irish workforce of 1,600, with most of the redundancies due to take effect by July. The bank plans to close down the retail network which it operates under the Halifax brand. But it is expected that 850 jobs will remain in the corporate and commercial banking sections. The entry to the Irish mortgage market in 1999 resulted in significant competition for existing players.
Feb 9, 2010 - 4:30:59 PM
News
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Irish
Annual volume of Irish retail sales fell 14.1% in 2009 - -down 18% in value terms; Sales rose 0.4% in December
The CSO reported today that the annual volume of Irish retail sales (i.e. excluding price effects) fell 14.1% in 2009 when compared to 2008 and dipped 18.0% in value terms. There was a monthly increase in volume in December of 0.4%.
Feb 9, 2010 - 11:28:23 AM
News
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Irish
Honohan says Government will provide further significant capital funding to the Irish banks in coming weeks
The governor of the Central Bank, Patrick Honohan, said today that Government will provide further significant capital funding to the Irish banks in coming weeks.
Feb 9, 2010 - 3:29:52 PM
News
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Irish
Economist George Lee abandons broken Irish political system; Resigns from Dáíl and Fine Gael
Former RTÉ economics editor George Lee today announced that he has resigned from the Dáíl and from the Fine Gael party, nine months after winning a landslide bye-election victory in Dublin South. In a Dáíl with a large number of members who are incapable of competently discussing the key economic issues of the day, the resignation at a time of economic crisis coincident with a broken political system, will hardly motivate competent outsiders to participate in the legislative process.
Feb 8, 2010 - 3:24:33 PM
News
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Irish
AIB Bank error in account classification results in overcharging on 40,000 accounts - - requiring average refunds of €100
The Irish Financial Regulator says in accordance with its statutory Consumer Protection Code, AIB has reported an error that occurred in the classification of the accounts of some customers. AIB estimate that 40,000 accounts may require refund with an estimated refund value of €4m plus compensatory interest. The average refund is expected to be €100. However until the full rectification process is complete, it is not possible to quantify the total number of accounts and potential refunds.
Feb 8, 2010 - 2:31:34 PM
News
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Irish
Irish Consumer Sentiment rose in January
The overall KBC Ireland/ESRI Irish Consumer Sentiment Index was higher in January at 64.6. This compares to a figure of 53.3 in December.
Feb 8, 2010 - 12:00:14 PM
News
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Irish
IBEC calls for 10% rebate on commercial rates for Irish retailers from cash-strapped local authorities
Retail Ireland, the IBEC group that represents the Irish retail sector, today urged that this year all local authorities give retailers a 10% rebate on commercial rates bill, given the very serious challenges the sector is facing. However, there is no proposal as to how the cut will be funded by the cash-strapped local authorities.
Feb 8, 2010 - 7:45:36 AM
News
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Irish
Irish construction activity continued to fall sharply in January but at slowest pace in five months
Business conditions in the Irish construction sector continued to deteriorate in January. Both activity and new business fell sharply, despite the respective rates of contraction easing, while jobs were again cut at a considerable pace. The Ulster Bank Construction Purchasing Managers’ Index (PMI) -- a seasonally adjusted index designed to measure the overall performance of the construction economy -- rose to 36.1 in January, from 33.1 in December, its highest level since last August. However, the reading still represented a substantial fall in activity during the month as wider economic conditions remained fragile. Activity has decreased in each month since June 2007.
Feb 8, 2010 - 12:05:28 AM
News
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Irish
Surveyors predict 40,000 more job losses in Irish construction in 2010 from 2007 peak of 269,000 to 1995 low of below 100,000; Call for property tax
The Society of Chartered Surveyors has predicted that 40,000 more job losses in the Irish construction sector throughout 2010. This means that the number employed in the sector will fall below the 100,000 level, last seen in 1995, from a high of 269,000 in mid 2007. The SCS also said it supports a property tax.
Feb 5, 2010 - 5:41:07 AM
News
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Irish
Finance Bill 2010: Provisions to increase the attractiveness of Ireland as a location for investment and transfer pricing changes for multinationals included
The Minister for Finance Brian Lenihan T.D. today published the Finance Bill 2010 which gives effect to the taxation measures announced in last December’s Budget. It includes provisions to increase the attractiveness of Ireland as a location for investment and provisions for the introduction of transfer pricing legislation to regulate arm’s length trading between associated companies, in line with international standards.
Feb 4, 2010 - 6:03:55 PM
News
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Irish
National Irish Bank reports 2009 pre-tax loss of €661 million
National Irish Bank reported an operating profit before impairment charges of €42 million. Income fell 13% to €178 million and the bank set aside €704 million for impairment charges, leading to a pre-tax loss of €661 million in 2009. Parent, Danske Bank Group today announced its financial results for the 12 months to 31st December 2009. Net profit was up 65% to €230 million.
Feb 4, 2010 - 8:00:35 AM
News
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Irish
Irish Live Register rises by 5,800 in January to 434,700
The seasonally adjusted Irish Live Register total increased from 428,900 in December to 434,700 in January, an increase of 5,800, according to the CSO.
Feb 3, 2010 - 11:31:49 AM
News
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Irish
Irish services sector PMI fell sharply in January; Intense competition continued to drive down output prices
Irish services sector PMI (Purchasing Managers' Index) fell sharply in January and the Business Activity Index - - which is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago - - dipped to 44.4 in the first month of 2010, from 48.3 in December. The no-change level of activity is 50.
Feb 3, 2010 - 8:12:38 AM
News
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Irish
Irish pension funds' returns fell in January
For the first time since October 2009, Irish pension funds' returns lost ground during January, with the average managed fund declining 1.2% over the month.
Feb 3, 2010 - 5:32:47 AM
News
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Irish
Official figures show 6,700 full-time workers were made redundant in January; Live Register expected to show rise of about 13,000
Official figures issued on Tuesday show that 6,700 full-time workers were made redundant in January. Meanwhile, the January Live Register figures will be published today and are expected to show a rise of about 13,000.
Feb 3, 2010 - 5:15:09 AM
News
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Irish
ESRI slams Gormley's gombeenism on incineration; Irish waste policy has “no underlying rationale”; Likely to impose “needless costs on.. economy"
The ESRI (Economic and Social Research Institute) in a report published today says policy on Irish waste management and on incineration in particular, has “no underlying rationale” and is likely "to impose needless costs on the economy." The institute does not make a direct charge of gombeenism against the Minister for the Environment, Heritage and Local Government, John Gormley, but it appears that national waste policy is being dictated by the minister's desire to thwart the plans of Dublin City Council to build a waste incinerator in his political constituency of Dublin South-East, on the site of the former Poolbeg power station.
Feb 3, 2010 - 4:46:17 AM
News
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Irish
Irish Exchequer returns for January show tax receipts down 17.7% compared with January 2008
Irish Exchequer returns for January, published today by the Department of Finance show tax receipts were down 17.7% compared with January 2009.
Feb 2, 2010 - 5:31:01 PM
News
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Irish
Central Bank says in 2009 credit ex-valuations effects dipped 3.2% for Irish non-financial corporations; Household credit dropped 1.5% and residential mortgages were 0.3% lower
The Central Bank said today that credit to non-financial corporations (NFCs), excluding valuation effects, fell by 3.2 per cent over 2009, and has been contracting on an annual basis since July 2009. Household credit, excluding valuation effects, was 1.5 per cent lower in December 2009 compared with December 2008. Residential mortgage lending outstanding (including securitised mortgages) declined by €19 million during December. At year-end 2009, residential mortgages outstanding were 0.3 per cent lower than at year-end 2008.
Feb 1, 2010 - 11:28:47 AM
News
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Irish
Irish manufacturing output fell in January as freezing weather conditions hit operations
Irish manufacturing output fell in January as freezing weather conditions hit operations. Output dipped at a sharper pace than in the month before, while new business contracted for the first time in three months. Unusually bad weather conditions made some roads impassable, impacting negatively on output, new orders and supplier performance.
Feb 1, 2010 - 8:10:57 AM
News
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Irish
Ryanair posts fiscal Q3 loss of €11m; Revenues rose 1%; Passengers numbers up 14%; Profit forecast raised
Ryanair today announced a fiscal Q3 loss of €11m down from a loss of €102m in Q3 last year. Revenues rose by 1% to €612m, as 14% traffic growth was largely offset by a 12% decline in average fare. Unit costs fell by 23% (excluding fuel they fell by 4%) despite a 3% increase in sector length. The airline said it was lifting its forecast for the current year to €275m having previously signalled profits would come in at the lower end of a €200m to €300m. Ryanair said that a better mix of new routes will help ensure the money the airline makes from each seat doesn't fall as much as it had initially feared.
Feb 1, 2010 - 7:56:22 AM
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