Archive for May 2020

Rents fell by 2.1% on average last month compared to March, reflecting the economic fallout from the Covid-19 pandemic. This represents the biggest monthly fall in rents since March 2009. The average monthly rent nationwide stood at €1,418 in the first quarter of 2020, the figures show. The latest Rental Report by Daft.ie also shows the number…

International Monetary Fund Managing Director Kristalina Georgieva said it was “very likely” the Fund would cut global growth forecasts further as the coronavirus pandemic was hitting many economies harder than previously projected. “Incoming data from many countries is worse than our already pessimistic projections,” Georgieva said during a webcast conference sponsored by the Financial Times.…

The number of people receiving the Covid-19 Pandemic Unemployment Payment (PUP) has fallen slightly for the first time since it was launched on 16 March. 589,000 people will receive the €350 payment this week, a decrease of 9,000 compared to last week. However, it is believed that some of the fall is due to employers re-hiring…

The chief executive of Bank of Ireland has said she does not currently see repayment breaks for borrowers who are struggling financially because of the Covid-19 crisis being extended beyond the six months agreed by the main banks here. Francesca McDonagh said the sector had been proactive in agreeing payment breaks initially for three months…

The employers’ group Ibec has launched a recovery plan for the economy which calls for a future government to commit a further €15bn in supports and investments. The plan calls for the economic and fiscal response to the Covid-19 crisis to match the scale of the downturn it will create. It calls for debt write-offs for businesses, cash…

New research from the Central Bank shows that demand for bank loans has fallen sharply.   The study, published on the Central Bank’s website, shows that from the middle of March enquiries about loans from both personal customers and businesses fell as containment measures to tackle Covid-19 were introduced.   Mortgage enquiries fell by almost…

Eurozone ministers have formally approved €240 billion in credit lines to help European countries meet the crippling costs of fighting the coronavirus outbreak. The plan will be run by the eurozone’s rescue fund, the European Stability Mechanism, and is a first big step for the EU’s joint effort to lift an economy projected to contract…

The unemployment rate for April, as measured by the Covid-19 adjusted measure, jumped to a new record high of 28.2%, new figures from the Central Statistics Office show today The CSO said the Covid-19 crisis continued to have a significant impact on the labour market here in April.  The new Covid-19 Adjusted Unemployment rate rose…

Revenue has announced further measures to help companies with cashflow difficulties through the coronavirus crisis. The tax collector has suspended the charging of interest on late payments for May and June PAYE liabilities due in June and July from small and medium sized firms (SMEs) with turnover of less than €3m. It has also suspended…

More workers should be facilitated to work from home in order to improve their chances of retaining their jobs, according to the Economic and Social Research Institute.  In their report “Who Can Work From Home in Ireland”, authors Paul Redmond and Seamus McGuinness note that 800,000 workers are currently unemployed or furloughed because of Covid-19.…