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329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last year, when 253 insolvencies were recorded. 186 corporate insolvencies were recorded in the second quarter of the year, up 30% on the previous quarter. These figures represent…

The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government for a further four years. Funded and managed jointly by the Department of Social Protection and the Department of Justice, the scheme was set up in 2016…

The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. However, first-time buyers remained the single biggest segment of the market by both volume and value, accounting for 63%. According to new data from the Banking and…

Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London Ireland, a life insurance and pensions company, show that in total, 20% of people in Ireland never carry cash. Those over the age of 55 were less…

The pressures facing Irish consumers are fading but are far from finished, according to the Credit Union Consumer Sentiment Index, which showed the mood among consumers improved fractionally in July. Economist Austin Hughes said holidays and summer sales likely encouraged a pick-up in spending plans. However, a slight pull-back in household financial circumstances suggests consumers…

Oil prices rose today, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while US West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. “The supply deficit that had been looming in the second half of the year…

New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of last year. The CSO said that the overall Energy Products Index increased by 9% since May of this year but slowed by 33.5% when compared with June…

The number of new homes that building work commenced on in June was down 16% on the previous month. However, compared to June of last year, the number of commencement notices lodged for residential properties was up 25%. In June work began on a total of 2,574 new homes around the country, down from 3,059…

The chief economist at stockbroker Goodbody said he supports a proposed new capital spending stabilisation fund for the country’s “embarrassment of riches”. “The public finances have been the story of 2023 for the Irish economy,” Dermot O’Leary said. While he acknowledged that a sovereign wealth fund for corporation tax revenue is a good idea, he…

The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom were now also expecting another hike in September. Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last…