The former head of the National Treasury Management Agency (NTMA), Michael Somers, who helped set up the agency during the crisis of the late 1980s, said the banks could do much more during the Covid-19 crisis.
Ireland, as part of a coordinated approach with the eurozone, will likely be offered some sort of bank guarantee to respond to the Covid-19 fallout, such is the exceptional nature of the crisis , leading economists have said.
The Irish economy is heading into recession a senior economist has warned, as official measures designed to defeat the Covid-19 outbreak hits the jobs-rich industries of tourism, hospitality, and retail.
The Economic and Social Research Institute (ESRI) is working on scenarios that take account of significant hits to the Irish economy should the coronavirus crisis lead to the Government imposing long periods of quarantine.
Grafton Group shares fell 2% after the builders’ merchants said it had sold its well-known plumbing supplies firm Plumbase in Britain for a net £60.7m (€68.3m), deal analysts said was consistent with it getting out of low-profit yielding and competitive businesses.
Irish shares and Government bond yields fell today as a political manoeuvre by UK prime minister Boris Johnson was seen as boosting the chances of a crash-out Brexit at Halloween and an early British election.
The Government must play a much bigger role in providing new homes because elevated land and construction costs mean the private market cannot build at prices the vast majority of potential buyers can afford.
Central Bank governor Philip Lane has proposed that the Government back a revamped Special Savings Incentive Account (SSIA) scheme, more than 17 years after former finance minister Charlie McCreevy presided over a widely criticised €16bn scheme to encourage savers to set aside money on a regular basis.
US investment firm Cantor Fitzgerald Ireland has struck an agreement to buy Merrion Capital, the broker with offices in Dublin and Cork. The deal, which is subject to Central Bank approval, comes after Irish brokers have faced continuing tough markets since the banking and property crash, despite the strong recovery of recent years.
The approach for Belfast-based Lagan Group — one of Ireland’s largest cement, building products, and contractors — said an approach by the UK stock-market listed Breedon for part of its business does not involve any Lagan company involved in legal disputes over the use of pyrite in homes and other premises.
The €45.6m purchase of the John Cleary Developments’ Capitol development in Cork city by a German pension fund “is a major confidence boost for the city” and a positive omen for new development, according to Goodbody investment analyst Colm Lauder.
THE €45.6 million purchase of the John Cleary Developments’ Capitol development in Cork city by a German pension fund “is a major confidence boost for the city” and a positive omen for new development, according to Goodbody investment analyst Colm Lauder.