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The National Treasury Management Agency has this morning started the sale of a new 10-year bond, its third so far this year via a syndicate of banks. A market source said the new bond could raise €4 billion to plug the country’s growing budget deficit.  The NTMA has been tasked with raising €20-24 billion this…

A major expansion of the Trading Online Voucher Scheme to help small and micro enterprises to get online quickly has been announced today.  The scheme is being expanded by €14.2m after the Local Enterprise Offices received three years’ worth of applications in three months following the outbreak of Covid-19 here.  There were 1,218 applications for…

A plunge in household spending and investment pulled down euro zone gross domestic product in the first quarter as the Covid-19 pandemic struck. But the fall was slightly smaller than first estimated, the European Union’s statistics office said.  Eurostat said GDP of the 19 countries sharing the euro contracted 3.6% quarter-on-quarter for a 3.1% year-on-year fall. …

The State has been criticised for offering micro finance loans at an interest rate of 4.5% at a time when the country can borrow on international markets at an interest rate of zero. Speaking before the Dáil Special Committee on Covid-19, the secretary general of the Department of Enterprise, Business and Innovation, Dr Orlaigh Quinn…

The National Treasury Management Agency raised €6 billion in a sale of a 10 year bond today. The funds were raised at a yield of 0.285% following strong demand from investors. The issue drew almost €70 billion of demand, more than twice the previous record for an Irish sovereign bond. The sale saw the NTMA…

The Commission for Regulation of Utilities has warned businesses that they could miss out on energy savings by not talking to their suppliers to avail of the temporary Supply Suspension Scheme for companies impacted by Covid-19 restrictions.  The scheme was introduced in May to alleviate the pressures on SMEs by ensuring that they will have…

Construction activity continued to fall sharply in May but at a softer pace than in April, the latest Ulster Bank Construction PMI survey shows today. The Purchasing Managers’ Index, which tracks changes in total construction activity, posted a reading of 19.9 in May. This was up from 4.5 in April as the construction sector opened up…

Thousands more businesses across the country will begin opening their doors this morning for the first time in nearly three months, as the second phase of the Government’s plan to get the economy moving again gets under way. All retailers with their own on-street entrances can resume in-person trade, but opening times and how they…

Unemployment, adjusted to account for those on the Pandemic Unemployment Payment, fell slightly in May to 26.1%. This compares to 28.2% in April. The percentage of younger people unemployed continues to be high with 51% of those 15-24 out of work compared to 22.5% of those aged over 25. The Central Statistics Office reports that…

The level of mortgage approvals fell substantially in April, according to the latest figures from the Banking and Payments Federation. The figures are reflective of the fact that the property market has all but stalled in recent months as the Covid-related shutdown of the economy took effect. Just 2,200 mortgages were approved in April with…