Jon Ihle

Brian Hayes, chief executive of the BPFI. Photograph: Paul Sherwood

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Mortgage switching surges as banks exit and ECB readies hikes

The departure of Ulster Bank and KBC and impending interest rate rises are prompting a surge in mortgage switching, which is now happening at more than double the rate of a year ago.

Households and businesses are in much better shape than in 2007, with lower debt levels and far higher savings. Photo: Depositphotos

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Consumer mood starts to wilt as inflation hits income

Consumer sentiment is “backpedalling” with one-third of households saying they are just making ends meet, according to Bank of Ireland’s latest Economic Pulse index.

Pwc is asking for the inheritance tax threshold to be raised to €500,000

PwC lobbies for longer VAT holiday and reductions to inheritance taxes

Influential accounting firm PwC is pushing for yet another extension of the hospitality VAT holiday until the end of 2024, alongside an overall cut in VAT to 21pc.

Director general of financial conduct with the Central Bank of Ireland Derville Rowland

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New law to rein in rogue bankers finally expected to be signed into law

Long-awaited measures to hold rogue bankers personally accountable for wrongdoing such as the tracker mortgage scandal are finally set to become law.

Ireland’s Innovu sold to US insurance giant Gallagher in new deal for broker market

Global insurance broker Gallagher has entered the fast-consolidating Irish market with the purchase of Innovu, a private-equity backed brand that has been buying local brokers for the last four years.

Consumers are spending less on branded products.

Inflation putting pressure on heavily indebted Valeo Foods

S&P has issued a warning and downgrade for the debt-laden owner of Jacob's biscuits, Kettle Crisps and numerous other well-known food brands as inflation eats away disposable income.

It is argued that providing tax relief to people at an expensive stage of life could incentivise professionals to develop their careers here

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Tax young workers less to give them a leg up, accountancy groups recommend

The main accountancy bodies are proposing that young workers should get ‘frontloaded’ tax credits early in their careers to help with the costs of starting a family and buying a home.

Seven-week-old Dominic Cryan at a protest outside Leinster House, Dublin, to highlight issues with funding for the childcare sector. Photo: Gareth Chaney/Collins

Cost of living: ESRI warns Government to resist public sector pay rises or risk more inflation

The Government must resist public-sector pay demands as much as possible if it wants to keep a lid on inflation, the Economic and Social Research Institute (ESRI) has said.

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Jon Ihle Opinion Minister fears fiscal boost will add more fuel to the inflation fire

Every finance minister must live in fear of presiding over a Wile E. Coyote economy of running so hard you don’t notice the ground is no longer beneath your feet.

Mark Cassidy, director of economics at the Central Bank, compiled the report

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More personal injury claims going to court despite higher legal cost

The proportion of personal injury claims being taken to court increased significantly between 2015 and 2020, leading to higher settlement costs and more expensive insurance premiums for customers, according to the annual report of the National Claims Information Database (NCID).

Tax officials are planning to write to 1,200 employers. Stock image

Revenue to chase down unpaid tax on share option scheme awards

Revenue is threatening in-depth audits of employees who are not properly declaring their tax liability for share options after detecting significant non-compliance in respect of company schemes.

Kevin Nowlan, CEO of Hibernia Reit which has spent the last six years trading at a discount to its net asset value

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Jon Ihle Opinion Loss of three out of four Reits jars with narrative of tax-free riches

With Hibernia the latest Reit to delist from the Irish stock market, it looks like it could be the end of the road for Reits in Ireland, at least those focused on commercial property.

Drop in orders at Kingspan points to broader slowdown in European construction sector

A sharp slowdown in future orders at building materials firm Kingspan points to a chill in the construction sector and a possible recession, according to stock market analysts.

Hibernia delists from stock exchange as €1.1bn Brookfield deal closes

Hibernia Reit has delisted from Euronext Dublin following the completion of its sale to Brookfield Asset Management, leaving just one remaining real estate investment trust on the Irish Stock Exchange.

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Wayflyer looks beyond its unicorn status as it carves out a funding niche

When fast-growing Irish fintech startup Wayflyer announced in February that it had raised $150m in equity investment from a consortium of backers including global investment bank JP Morgan, most of the talk was about valuation.

John McCarthy is the top economist in the Department of Finance

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Finance official says Government can't bear brunt of inflation shock

Department of Finance chief economist John McCarthy has warned that the Government cannot take full responsibility for cushioning the blow of inflation.

The Central Bank of Ireland wants banks to build back buffers

Capital buffers: Central Bank decides to start building resilience for next crisis

The Central Bank is ordering Irish lenders to slowly build up their emergency capital reserves again just as the global economy is facing a series of post-pandemic risks and uncertainties.

AIB shares are up about 13pc year-to-date. Photograph: Aidan Crawley/Bloomberg

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Jon Ihle Opinion Irish banks are a rare safe haven amid all this bear market gloom

This has been a bad year for stocks. The Iseq index of Irish shares is in a bear market, having fallen more than 20pc this year as investors react to persistent inflation, an energy shock and supply chain disruption in the global economy.

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Bank of Ireland likely to have an interim CEO after exit of Francesca McDonagh

Bank of Ireland is unlikely to have a permanent replacement for Francesca McDonagh before next year, even though the chief executive is leaving in September, the Irish Independent understands.

Trade between Ireland and Britain ‘will grind to a halt if this plays out’, warn economists

East-West trade between Ireland and Great Britain will “grind to a halt” if the UK government succeeds in scrapping the Northern Ireland Protocol.

Paschal Donohoe warned the Government will target the lowest level of borrowing. Photograph: Valeria Mongelli/Bloomberg

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Jon Ihle Opinion Tax money is rolling in like never before, so what's eating Paschal Donohoe?

Paschal Donohoe should be a happy man.

Nama ‘surplus’ for taxpayers will be €4.5bn

The State's 'bad bank' is now expected to pay the exchequer nearly €5bn after it increased its projected surplus.

Ireland set to use full coffers to pay down more bailout debt

The Government is preparing to start paying back the money it borrowed from the European Union (EU) as part of Ireland’s 2010 financial bailout agreement.

Analyst say the Central Bank of Ireland data may reflect lost State supports

Irish firms are depending on overdrafts as economy recovers, Central Bank data shows

Businesses have more than doubled their use of overdrafts in the last year, pushing the amount borrowed via revolving loans and extended credit card debt to nearly €5bn, the highest level in almost seven years.

Liberty Insurance CEO in Western Europe Juan Miguel Estallo. Photo: Gerry Mooney

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In Spain nobody talks about insurance. It’s boring, as it’s supposed to be, says Liberty CEO

The discussion about insurance in Ireland is so relentlessly negative, so dismal, so dispiriting, that when someone comes along with good news to report, it can be hard to believe them.

Flutter's inclusion in the tech stock index could boost its potential investor base

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Flutter gets picked for new European tech stock index

Paddy Power-owner Flutter is the only Irish company included in Euronext’s new Tech Leaders Index, a pan-European stock market initiative to improve the visibility of the sector for investors.

Zeus founder Brian O'Sullivan. Photo: Frank McGrath

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Zeus approaching ambitious revenue goals with latest UK acquisitions

Zeus, the fast-growing Irish packaging company, has made two significant UK acquisitions just as its founder, Brian O’Sullivan, is preparing to compete in the EY World Entrepreneur of the Year awards.

Inflation hits consumer spending in blow to economic growth

The impact of inflation stalled the recovery in real consumer spending at the beginning of the year even as headline GDP growth continued to soar on the strength of multinational companies.

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Hidden gems: Five Irish firms that made millions for their family owners

While Ireland is a very active market for mergers and acquisitions, it’s rare that its most valuable privately held family companies come on the market. But when sales do occur, they often reveal enormous values that were hiding in plain sight.

Bibby beefs up its small firm finance funding as banks exit

Bibby Financial Services Ireland has stepped up its funding commitment to small businesses as non-bank lenders look to fill the vacuum left by Ulster Bank and KBC.