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EU sets out ‘quick fixes’ to boost bank lending during pandemic

Banks should rein in bonuses to boost their capacity to help businesses and households hit by the coronavirus crisis, the European Union’s executive said today.  The European Commission set out a fresh package of temporary “quick fixes” offering capital relief that would support extra lending potentially worth up to €450 billion to companies struggling as…

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S&P revises outlook for Irish banks downwards

Ratings agency S&P Global Ratings has revised down its outlook for three of the main Irish banks from stable to negative, saying that downside risks for the banks’ financial profiles remain substantial. However, the agency has affirmed the current ratings of AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland. It has also not…

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Calls for law change to allow virtual AGMs

It is the time of the year when many companies are due to hold their Annual General Meetings, however, because of the Covid-19 crisis, and social distancing requirements, many AGMs have been rescheduled or postponed. Companies have found their firms in a Catch 22 situation – A company must have a physical AGM in order…

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Housing alliance seeks permission to restart building works

A housing alliance which is building affordable homes is getting a site ready to reopen next week, despite not having permission to re-start work from the State Housing Agency. The Ó Cualann Cohousing Alliance has said they want to re-open their construction site in Ballymun in Dublin, but the development is not on the list of 35…

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Oil prices fall on oversupply and storage capacity fears

Oil prices fell today on concerns about scarce storage capacity and global economic doldrums from the coronavirus pandemic.  US oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon.  US West Texas Intermediate June futures fell $2.86, or 16.88%, to $14.08 a…

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Minister says scale of challenge on national economy and households ‘now very clear’

591,000 people are now receiving the Covid-19 Pandemic Unemployment Payment, with around 21,000 receiving it for the first time this week.  That is on top of around 212,000 eligible for standard “non-Covid” Jobseekers benefit of €203 per week, and 337,400 receiving income support through the Temporary Wage Subsidy Scheme.  The Minister for Employment Affairs and…

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Business and consumer sentiment sink in April

A new survey shows that with the country more or less in full lockdown, job losses soaring and incomes under pressure, consumer and business confidence both sank in April.  The Bank of Ireland Economic Pulse came in at 34.3 in April, the lowest reading in its history.  The index, which combines the results of the…

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Oil heads for steep weekly slide after coronavirus turmoil

Oil prices were broadly steady today but were headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.  Brent crude was up 18 cents, or 0.84%, to $21.51 so far today, having risen 5% yesterday, while US oil was steady at $16.50 a barrel,…

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EU wants trillion euro coronavirus recovery plan agreed within two weeks

EU leaders have set a target of two weeks to reach agreement on a trillion euro plus recovery plan for countries stricken by the coronavirus pandemic. This follows a four hour video conference today. The plan will involve leveraging the EU’s one trillion euro seven year budget in order to provide loans and grants to the…

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