| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : Irish Last Updated: Apr 7, 2010 - 7:38:45 AM

Survey of accountants signals brighter Irish business outlook
By Finfacts Team
Apr 7, 2010 - 1:09:09 AM

Email this article
 Printer friendly page

The Spring 2010 KBC Bank/Chartered Accountants Ireland Business Sentiment Survey issued today, signals a brighter business outlook for manufacturing and business services while sentiment in firms focused on construction and consumers remains weak.

The poll of chartered accountants working in senior positions (CEO’s, MD’s and FD’s) in Ireland’s "leading companies," was conducted in mid March and the results presented are based on 353 completed responses. So it was completed before last week's announcements on bank recapitalisations and the estimated cost to the economy of rescuing to banking sector, which is expected to be about €32bn or 20% of GDP (gross domestic product). This amount excludes any losses which may arise at the toxic property loans agency, the National Assets Management Agency (NAMA).

The overwhelming majority of survey respondents felt that any impact from NAMA on credit availability was likely to be modest with only very small numbers expecting a major impact.  Some 2% expect a significantly positive impact and 5% anticipate a significantly negative impact.  However, the most widely held view expressed by 44% of respondents was that NAMA would have a modestly positive effect while only 8% envisaged a modestly negative effect. 

The Spring 2010 results found that two thirds of firms had cut pay in the past couple of years.  This result is reported to be broadly consistent with responses to a similar question in the previous survey.  Once again, pay cuts were common across most sectors but were notably less widely implemented in manufacturing than elsewhere.  This may seem surprising given that manufacturing firms are generally seen at the sharp edge of cost concerns.  In part, this result could reflect a more flexible pay structure in those companies. 

It is also noted that in spite of improving activity, manufacturing firms have continued to shed employees.  So, the adjustment process could be somewhat different.  Finally, it is clearly the case that domestic demand in the Irish economy weakened far more than exports in the past year.  So, the need for pay cuts may have been more pressing for firms competing on the domestic market. 

Expectations for the next three months vary widely across sectors and even across businesses within the same sector.  Far and away the strongest responses are from business services where half of those surveyed see activity straightening and fewer than 1 in 5 see further weakness.  This is viewed as particularly encouraging because it could hint at some improvement in domestic conditions.  Some 41% of manufacturing firms anticipate stronger business levels in contrast with 15% who expect a further decline.  Again, these figures testify to significant variations in the experience of individual firms and the problems inherent in ‘one size fits all’ summary measures of economic activity.

Related Articles
Related Articles

© Copyright 2009 by Finfacts.com

Top of Page

Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%