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The euro zone economy will drop deeper into recession this year and rebound less strongly in 2021 than previously thought, the European Commission forecast today, with France, Italy and Spain struggling the most due to the Covid-19 pandemic.   The EU executive said the 19 nation single currency area would contract by a record 8.7%…

The National Treasury Management Agency said today it plans to raise between €1-1.5 billion through the sale of seven, ten and 30-year debt on Thursday.  The NTMA has raised €18.5 billion from bond issuance so far this year from a €20-24 billion funding range. Its target was increased earlier this year to shore up government…

The number of people receiving the Covid-19 Pandemic Unemployment Payment has fallen from 439,000 last week to 412,900. This marks a decline of 26,100 over the last seven days, according to the latest figures from the Department of Employment Affairs and Social Protection. However, 63,000 PUP recipients have closed their claims in the last seven days…

62% of credit unions have introduced payment holidays as a result of the Covid-19 crisis, a new survey of credit union CEOs and managers across the country shows. The survey also found that the three most in-demand services for credit unions have been the rescheduling of loans, the provision of bespoke services to cocooning members…

The Central Bank has said the economy could shrink this year by up to 14%, while it has also warned that unemployment could average as high as 17% this year.  In its latest Quarterly Bulletin, the Central Bank also highlighted the risks to the economy of a no-deal Brexit.  The Central Bank has said there is…

There was a reduction in the number of company insolvencies in the first six months of this year, according to new figures from Deloitte. Today’s figures suggests that the impact of Covid-19 has not fully materialised.  Deloittes said there were 273 company insolvencies between January and the end of June, a reduction of 12% on…

There was a partial recovery in the country’s services sector in June, according to AIB in its latest purchasing managers index. The business activity index rose to 39.7 from 23.4 in May, a level consistent with ongoing weak activity in the sector. The index measures activity on a scale of 1 to 100 with the…

The Oireachtas Special Committee on Covid-19 Response has heard calls for more help for small and medium businesses affected by the pandemic. The Chair of SME Recovery Ireland, John Moran, told politicians that small and medium businesses across Ireland are dying and need more funding to help them to survive. In his opening statement, Mr Moran called…

The chief executive of Banking Payments Federation Ireland has said it is not unreasonable for banks to look closely at applicants coming forward for mortgages and loans.  Brian Hayes’ comments follow news of AIB’s stricter lending guidelines as a result of the impact of Covid-19.  Mr Hayes said that lenders have a responsibility to borrowers.  He…

The downturn in euro zone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus.  Over 10 million people have been infected by the virus globally and more than 500,000 have died. This lead governments to impose lockdowns and force…