The Taoiseach and Minister Simon Coveney launched a major national consultation for the preparation of a strategic planning and development framework for Ireland between now and 2040, in Maynooth University on Thirsday. The event was the first of two public consultation exercises and a series of regional and stakeholder events in preparing Ireland 2040 – […]
Minister for International Financial Services Eoghan Murphy, published the IFS2020 Action Plan for 2017 on Monday.
The IFS2020 Strategy is a five year Strategy for the development of our International Financial Services Sector. The Strategy was first launched in March 2015 under the previous Government by the Taoiseach Enda Kenny and the then Junior Minister for […]
Card payment service provider EVO Payments International plans to open a new Irish headquarters and create 50 new jobs as part of a €9.1 million investment in the Irish market, the Department of Jobs, Enterprise and Innovation reported on Friday.
The new full-time positions, spanning sales and marketing, customer support and administration, will be based in the […]
Digital company SilverCloud Health raised $8.1 million in Series A funding, the Department of Jobs announced on Thursday. Venture capital firm B Capital Group, founded by Raj Ganguly and Facebook co-founder Eduardo Saverin, led the investment round with significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, […]
Enterprise Ireland announced on Thursday a new Competitive Start Fund (CSF) of up to €750,000 to support start up activity in all sectors. The Fund which provides €50,000 in equity funding for each successful applicant will open for submissions on Wednesday, January 8 and will close at 3pm, Wednesday, February 8.
The Competitive Start Fund provides […]
Founded in 2010, TransferMate Global Payments is the market-leading, international choice for businesses worldwide that send and receive foreign currency payments. TransferMate are are driving change across the global payments and wider FinTech sector alike. TransferMate’s unique portfolio of global regulation has enabled them to build one of the world’s most extensive networks of bank […]
Irish house price inflation is set to accelerate in 2017, potentially reaching double-digit levels, according to the MyHome.ie property report for the final quarter of 2016.
“Clearly low stock levels will be the main driver of what’s happening in the market and will be for the foreseeable future,” MyHome.ie Managing Director Angela Keegan said. “Our report […]
Bank fo Ireland announced on Friday that it was executing a credit risk transfer transaction on a portfolio of business banking and corporate loan assets effective 29 December 2016. The bank also announced that it was revising its calculation of capital requirements under the Internal Ratings Based (IRB) approach on its Republic of Ireland mortgage […]
The number of mortgages approved rose by 30.8% year-on-year and increased by 2.0% month-on-month for the three months ending November 2016, according to the latest figures from the Banking & Payments Federation Ireland (BPFI) Mortgage Approvals Report released on Thursday.
The report also found that a total of 3,377 mortgages were approved per month, on average, in […]
The wealthiest 10% of households own 52.2% of the total net wealth in the Euro area, except Lithuania, and Hungary and Poland, according to the results from the second wave of the Household Finance and Consumption Survey, released European Central Bank on Friday. Inequality in the euro area also increased slightly and the report noted […]
Bank of America Merrill Lynch, Davy and Deutsche Bank were appointed as ‘Global Coordinators’ to assist in a potential future Initial Public Offering (IPO) of AIB, the Department of Finance announced on Friday.
The appointments were made following a mini tender competition involving all of the members of Lot 3 of the Department’s Capital Markets Distribution […]
The Irish government is seeking submissions for a European Commission proposal for a Directive on insolvency, debt, restructuring and second chance, it was announced on Monday. The Department of Justice and the Department of Jobs are seeking views of interested parties on a EU proposal that seeks to harmonise, for the first time, substantive provisions […]
The first interim dividend of 25% was paid to all admitted unsecured creditors of the Irish Bank Resolution Corporation (IBRC), the Department of Finance said on Tuesday.
“The payment of the interim dividend will benefit a wide range of unsecured creditors, including the State, who have been creditors of IBRC since its liquidation in February 2013,” […]
The first meeting of a European Investment Bank (EIB) – Ireland Financing Group, chaired by Minister of Finance Michael Noonan, took place on Friday morning, shortly before the EIB’s first permanent Dublin office was officially opened by Taoiseach Enda Kenny.
The new office, located in Upper Mount Street, Dublin, is expected to strengthen links between the […]
Photo credit: Hans-Peter Bock email@example.com
Dublin is the fourth most attractive city in Europe for real estate investment, according to an analysis by PwC and the Urban Land Institute (ULI) released on Thursday. Dublin saw €4 billion of real estate activity in the 12 months before September 2016, putting it behind Berlin, Hamburg and Frankfurt, and […]
MDO Management Company S.A., a privately held company based in Luxembourg, will establish a branch in Dublin, Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor announced on Friday. MDO Management Company Ireland plans to create 30 roles in risk management, compliance, business development and administration over the next few years.
MDO Management Company currently acts […]
Photo credit: Doyler79
A research technical paper published by the Central Bank of Ireland on Monday, shows that the cost of bank finance “increased disproportionately for smaller enterprises” during the euro crisis.
The paper, written by Sarah Holton and Fergal McCann, showed that banks with a greater market share were more likely to pass on greater interest […]
The Central Statistic Office released “Brexit: Ireland and the UK in numbers”, on Wednesday, December 7. The publication provides the available figures covering the main areas of Ireland’s engagement with the UK.
“Following the vote by the electorate in the United Kingdom to leave the European Union in June 2016, the CSO decided to compile a […]
The European Commission and ECB finished the sixth post-programme surveillance review for Ireland on Friday, December 2, in which they said that Ireland’s economic prospects remained bright, but warned that “some clouds are on the horizon”.
The main objective of review was to assess the country’s capacity to repay loans granted under the former EU-IMF financial […]
Net asset value of money market funds (MMFs) in Ireland decreased by €16 billion to €444 billion in September 2016, according to statistics on money market funds during the third quarter of 2016, released by the Central Bank on Tuesday, November 29. This decrease was largely driven by devaluations of the Sterling which makes up […]
Dublin-headquartered medical device company Medtronic reported the financial results of its second quarter on Tuesday, November 22.
The company reported second quarter worldwide revenue of $7.345 billion, an increase of 4 percent, or 3 percent on a constant currency basis, however Medtronic CEO Omar Ishrak said that second quarter revenue was “disappointing and did not meet […]
The Department of Finance announce on Thursday, November 17, that they have launched a competition to appoint investment banks to help coordinate in a potential Initial Public Offering (IPO) of Allied Irish Bank. The coordinators will be appointed for a 18-month period, into 2018. The department cautioned that the Minister for Finance has not given […]
Push notification platform Hurree has raised more than £200,000 online since launching a crowdsourcing campaign on Crowdcube less than two weeks ago.
Created by Aaron Gibson, described by the Belfast Telegraph as a 23-year-old early school leaver from County Down, Hurree allows app developers to monitor and analyse user information to optimise push notification apps on […]
Minister Mary Mitchell O’Connor has announced that new legislation will allow Irish SME’s involved in research and development activities to avail of a lower corporation tax rate of 6.25% in a bid to further incentivise innovation in the country.
Under the scheme, profits from Irish inventions resulting from R&D activities in Ireland will be taxed at […]
A Dublin-based fintech startup has raised €725,000 in its seed funding.
Plynk, an online platform that acts as Europe’s first money messaging app, has received investment from Bank of Ireland’s Start-Up and Emerging Sectors Equity Fund. Additional funding has come from Delta Partners, Enterprise Ireland, NDRC and a number of angel investors.
The company has received mentoring […]
ACI Worldwide has announced the opening of its new European data centre in Limerick, that will add 50 new jobs to the existing workforce of nearly 100.
The provider of real-time electronic payment and banking solutions will deliver the utmost in reliability, security and data privacy from their new data centre as ACI expands to accommodate […]
The application process is now underway for Accenture’s Fintech Innovation Lab, which invites start-ups in the fintech space to participate in this mentoring and collaboration accelerator.
Fintech continues to be an emerging field, with the potential to disrupt traditional financial services. The latest application round expires on the 31st October, and Accenture are looking to increase […]
A senior Central Bank official has warned that, while progress is being made by Irish banks on non-performing loans, they remain far too high.
Addressing delegates at a Banking and Payments Federation of Ireland event, Director of Credit Institutions Supervision Ed Silbey said: “We forget the lessons from the crisis at our peril.”
By the end of […]
US-based fintech company, Yapstone, has held the grand opening of its international headquarters at a new, 16,000 sq ft office in Drogheda.
The company delivers online and mobile payment solutions for businesses large and small. Intended to streamline how transactions are made and collected, the company has undergone significant growth in the US and around the […]
More than three quarters of banks from around the world fear the impact that fintech could have on their business, according to a new report published by PwC.
The report highlights that as many as 76% of banking respondents included in the report believe that sections of their business may be at risk due to fintech. […]
PayPal has invited Irish charities to apply for bursaries totalling €13,500, in order to help people and businesses that struggle to secure safe and affordable financial services.
Individuals with poor credit histories usually find it difficult utilising financial services, creating a feeling of exclusion from accessing credit and other essential services. Start-ups and small businesses may […]
Permanent TSB Group has said in a trading statement today that trading has been in line with expectations and that it was profitable over the first quarter of the year. But the bank said it may not generate the return on equity of around 10% by 2018 it had flagged to investors just a year ago, […]
DZ Bank Ireland, has become the latest former IFSC bank to hand back its Branch in Dublin.
The bank, which in recent years was particularly active in the securities and asset-backed securities business, closed its Dublin branch last month, with the loss of 20 jobs.
The move follows a decision last year by the supervisory board of DZ […]
Swiss bank Credit Suisse has announced that it will cut 2,000 jobs at its global markets business.
The latest cuts are in addition to the 4,000 job cuts that the Swiss banking giant announced last month and are part of the bank’s efforts to reduce annual costs by 800m Swiss francs a year.
Deutsche Bank’s finance chief said […]
Credit Agricole has promised stable investor returns and a solid capital base in the future as the French bank outlined plans to simplify its much-criticised ownership structure.
Its chief executive Philippe Brassac said the plan would put to rest criticism from analysts, shareholders and regulators that the cross-shareholding between its listed entity and its cooperative parent […]
Microfinance Ireland has said 930 jobs were supported in small companies last year, after it approved €5.4m worth of loans.
A total of 357 small companies were supported, out of 752 loan applications.
Microfinance Ireland offers unsecured business loans of between €2,000 and €25,000 to companies with fewer than 10 employees and with a turnover of less […]
Investment bank Credit Suisse is to open a trading floor in Dublin and will hire up to 100 staff here before the end of the year.
The bank is to take on 40 trading, risk and capital professionals and 60 support roles as it begins offering brokerage, financing and securities lending from Dublin for clients around the […]
The National Asset Management Agency predicts a €2 billion surplus by the time it completes its work, according to management at the organisation.
Appearing before the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, NAMA chairman Frank Daly and chief executive Brendan McDonagh said the agency was on track to make a €1 billion profit this year.
The Government launches today a new five-year science strategy, which aims to double total spending on research and development in Ireland to €5 billion by 2020.
The strategy, titled Innovation 2020, also details a five year plan for science and technology which hopes to see an increase of 30pc in research masters and PhD enrolements.
Welcoming the […]
The European Union commission has opened a formal state aid investigation into allegations that fast food giant McDonald’s received a tax deal from Luxembourg six years ago.
The case against one of the world’s most iconic companies adds to a series of probes launched last year following the LuxLeaks affair.
EU commissioner for competition Margrethe Vestager announced […]
Allied Irish Banks, p.l.c. (AIB) today successfully agreed to issue €500 million fixed rate resettable T1
perpetual contingent temporary write-down securities. The coupon for the initial fixed rate period until December 2020 has been fixed at 7.375%.
The transaction was arranged by Morgan Stanley, Deutsche Bank, Bank of America Merrill Lynch, HSBC, Davy and Goodbody Stockbrokers and attracted circa […]
Pfizer’s deal to buy-out Allergan was formally announced yesterday the 23rd November, it will be one of the largest corporate takeovers in history, which will not only benefit the shareholders of Allergan but also the Irish Government.
Ireland’s exchequer will be in line for an annual boost of up to €620 million following the announcement.
When the deal is completed, Pfizer […]
French investment firm Eurazeo has said that it plans to pay up to €335m to buy 90 percent of Irish group Fintrax, a provider of VAT refunds for tourists.
Eurazeo will pay €300m at the closing of the deal, based on an enterprise value of €550m, with a further €35m payable based upon 2016 performance, Eurazeo […]
Swiss bank, Credit Suisse, is on course to become the first international bank to set up a major trading floor in Dublin.
The Swiss bank wants to move 40 traders and 60 support staff to Ireland as part of a cost-cutting drive. The move will create one of the biggest trading floors in Dublin, a city which […]
AvantCard, one of Ireland largest credit card company is to cut nearly a quarter of it’s workforce at it’s Carrick-on-Shannon office in Co. Leitrim.
The company has struggled to attract new customers due to changing trends, new technologies and more people carrying out financial transactions online.
In a statement the company said: “Like many other employers, we regularly […]
Bank of Ireland said it approved €3.6bn of new credit for Irish business in the nine months to the end of September.
This result has increased by 13 percent compared to the same period last year.
The figures are boosted by lending to farmers, including approving loans to buy 500 acres of land a week. Bank of […]
Consumers will be able to opt out of rounding and 1c and 2c coins will still be legal tender.
Rounding will apply only to cash payments ands, only to the total amount of any bill.
The move follows a two-month trial scheme in Wexford in 2013.
“The reaction so far to rounding has been fantastic. As a country […]
The stimulus boost provided by Budget 2016 is likely to increase economic volatility, ratings agency Fitch has said.
The ratings giant nonetheless said the Budget was consistent with improving finances, arguing that the strong fiscal performance since the start of this year had made room for some giveaways.
And it said some stimulus ahead of an election […]
The final Budget before the General Election will see Fine Gael and the Labour Party seek to appeal to working families.
Every worker in the country will be €1,000 better off thanks to cuts in the much-hated Universal Social Charge (USC).
The hiring of thousands of nurses, doctors, gardaí and teachers will be promised.
Tánaiste Joan Burton has […]
Minister for Finance Michael Noonan will wait until after Budget 2016 to nominate a successor to outgoing Central Bank governor Patrick Honohan.
Although the Minister had been expected to bring a name to Cabinet this week, the appointment process might not now been completed until the week after next.
After final interviews a week ago, the race […]
Lending by Ireland’s 354 credit unions slumped to a 15-year low of €3.5 billion in the 12 months to June 2015, due to a combination of reduced demand and lending restrictions imposed by the Central Bank.
However, with some €5.5 billion in available funds ready to lend to members, the movement is hopeful that an upturn […]
The additional €1.5bn of spending increases and lower taxes planned for Budget 2016 is not needed in an economy already growing at the fastest pace in Europe, according to the economics agency.
A looser Budget now will only continue the so-called ‘pro-cyclical’ policies that drove the last boom and subsequent bust, according to Kieran McQuinn, Associate […]
In its latest quarterly Irish Economy Monitor, the company said that its previous forecasts for GDP, of growth of 4pc this year, followed by a further 3.7pc in 2016, were “too light”.
“Having reviewed the recent data, we move our forecasts to growth of 6.1pc in 2015 and 5pc next year,” the company said. It also […]
Zurich Insurance Group abandoned an offer for RSA Insurance Group because it expects a loss in its own general insurance business in the third quarter and will conduct a review of the unit.
“Discussions with RSA have now been terminated,” the Swiss insurer said in a statement. The proposed takeover would have valued RSA about £5.6 […]
Bank of America-Merrill Lynch, the corporate banking arm of the massive US institution, has shifted $9 billion (€8 billion) of assets from Ireland to the UK so far this year, as it accelerates its plan to unwind its Irish-based derivatives business.
Filings this month for Dublin-based Merrill Lynch International Bank (MLIB), which reports in dollars, show […]
Donegal Investment Group has reported revenues which were down €500,000 in the first six months of the year as a rise in turnover in its speciality dairy division offset by the cessation of ware potato trading.
The Dublin-listed group, which rebranded from Donegal Creameries in 2013, said revenues fell from €39,161 to €39,065 in the six […]
Quad play player Eircom has reported its first year-on-year growth in seven years with revenues up 5pc to €325m. The company plans to rebrand for the first time in 16 years to reflect its growing ambitions as a fibre broadband player that will reach 1.9m homes by 2020.
Eircom reported this morning that operating costs were […]