The total number of mortgages in arrears over 90 days that have not been restructured stood at 43,746 at the end of December, compared with 48,043 at the end of last September, according to figures released by the Department of Finance.
The total number of mortgages in arrears fell from 96,115 to 89,476 over the same period. The total level of mortgages in arrears over 90 days is 62,266, which is a 1,930 drop on the previous month. There were 27,210 mortgages in arrears less than 90 days.
Europe’s biggest banks face restrictions on lending to hedge funds in a key MEP’s proposed amendments to a bank-structure bill now making its way through the legislature.
The draft European Union law, which would stop too-big-to-fail banks from proprietary trading and possibly require them to break up, should also include limits on hedge-fund lending, according to Jakob von Weizsaecker, who represents the European Parliament’s Socialists and Democrats Group in deliberations on the bill.
The ESRI’s former lead researcher said its declaration in May 2008 that the economy was fundamentally sound is a mistake that will stay with him until the day he dies.
Speaking at the Oireachtas banking inquiry, Professor John FitzGerald said that in the absence of in-house expertise on the banking sector his organisation relied upon data from international bodies, none of which were predicting a global financial crash.
On this basis and despite being conscious a problem existed, the ESRI made a call that Ireland would escape a ruinous collapse which Mr FitzGerald repeatedly admitted was a huge mistake and entirely wrong.
The Government’s investment fund, tasked with supporting economic activity and creating jobs, has invested just over 2.5% of the €6.8bn in available funds in the past nine months.
The Ireland Strategic Investment Fund (ISIF), which replaced the National Pensions Reserve Fund, has committed €1.4bn worth of funds to date — €1.22bn of which had already been earmarked for projects when the fund was launched in May.
In the interim nine months, just €181m additional funding has been made available to projects, including a €50m top-up for Irish Water.
The ECB’s €1.1tn quantitative easing (money printing) programme will have a limited impact on the banking system, although it could lead to further economic imbalances through asset price inflation, according to a new report.
Ratings agency, Standard & Poor’s, says that the most positive effect quantitative easing will have on the Eurozone banking system will be over the medium term if it leads to a pick-up in economic activity in the region.
The Central Bank has warned that any State-backed mortgage insurance scheme could damage the property market by introducing “systemic problems”.
In an economic letter outlining the pros and cons of the introduction of a mortgage insurance scheme — to make home loans more attainable and affordable to buyers in light of new lending rules and mandatory deposit levels for borrowers — Central Bank senior economist Niamh Hallissey said it would be a riskier move if guaranteed by the State rather than backed by insurers.
Cross-border shopping patterns are set to switch from a south-north trend to a north-south one as the retail industry becomes the latest area to be squeezed by the contracting private sector economy in the North.
Ulster Bank’s latest Northern Ireland PMI (purchasing managers’ index), published yesterday, illustrates a tough start to 2015 for the North’s economy, with output, new orders and employment all falling.
Furthermore, the latest reduction in business activity, for January, the strongest seen since the end of 2012.
Irish and European stocks edged lower yesterday as Greek Prime Minister Alexis Tsipras reaffirmed his rejection of the country’s international bailout programme.
By the close in Dublin, the ISEQ Overall Index slipped 0.56pc or 31.55 points to end the trading day at 5,581.83.
The laggards on the Dublin market included Aer Lingus, which dropped 4.4pc to €2.11 amid a Bloomberg report that the Government was preparing to reject IAG’s indicative offer to buy a 25pc stake in the airline.
A tax-relief scheme introduced by the Government to help lure senior foreign executives to Ireland and promote employment growth created just five jobs in 2012, according to a review by the Department of Finance.
The Special Assignee Relief Programme (SARP) was introduced in the 2012 Budget, and was seen as a key piece of legislation to underpin foreign direct investment that would result in jobs creation and business expansion.
But the review, in which the Revenue Commissioners was involved, said there is a “lack of measurable evidence” that the Special Assignee Relief Programme had resulted in an increase in foreign direct investment or the roll-out of new projects in the companies involved.
THE Government is planning to raise €500m at a bond auction this week.
The National Treasury Management Agency, which manages the country’s debt, said the 2.4pc, 2030 bond, will be auctioned on Thursday morning.
