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Euro zone sentiment suffered its steepest ever monthly decline in March as the coronavirus led to declining confidence among consumers and all sectors of the economy. In many cases the declines were evident even before crippling lockdowns were imposed.  Economic sentiment in the 19 countries sharing the euro fell to 94.5 points in March from…

The coronavirus pandemic will push the euro zone and Britain into recession this year, with their economies expected to shrink by as much as 2%, the international ratings agency S&P Global warned today.  “The euro zone and UK are facing recessions. We now expect GDP (gross domestic product) to fall around 2% this year due…

The economy could contract by over 7% this year and unemployment could soar to around 18% as a result of measures taken to slow the spread of the coronavirus, the Economic and Social Research Institute warned today. The ESRI said the Covid-19 pandemic is the greatest threat that the Irish economy has faced since the financial crisis. …

The Central Bank is to write to the insurance industry setting out how it expects insurance firms to handle the settlement of claims arising from the Covid-19 pandemic. The regulator says firms must ensure that all claims are appropriately assessed and where there is insurance cover in place, that claims are accepted and paid. The…

The Government is to increase the Covid-19 Pandemic Unemployment Support payment for people who have been laid-off due to the virus from €203 to €350.  The payment will also apply to the self-employed affected by the virus. However, people who are already unemployed due to reasons other than Covid-19 will remain on the usual Jobseekers’…

European banks have the flexibility to avoid a huge rise in provisioning for non-payment of loans during the coronavirus outbreak, the European Union’s securities and banking watchdogs said today.  Banks have warned they face mounting provisions as businesses and households they lent money to struggle to repay loans during the outbreak.  EU states have approved…

After earlier strong gains, European shares were mixed today after an enormous $2 trillion US stimulus package and evidence of moves by companies to deal with the financial effects of the Covid-19~crisis failed to offset the impact on markets of a surge in cases around the world.  After jumping as much as 5.1% in earlier trade,…

The European Commission has said the EU would suspend its strict rules on public deficits to allow governments to open the money taps to face the coronavirus pandemic. In an unprecedented decision, Brussels triggered something called the “general escape clause”, giving countries free rein to “inject spending into the economy as needed,” EU chief Ursula…

Stockbroker Davy has said the Irish economy could contract in 2020 as a result of the coronavirus pandemic. In a range of possible scenarios outlined in a paper on the economy, chief economist Conall MacCoille describes the impact as ‘highly uncertain’. He said the stockbroking firm was delaying revising downwards its forecast for growth in…

Businesses most impacted by the coronavirus outbreak will be able to defer the payment of their commercial rates for three months under a plan agreed by the Government with local authorities. The deal will relate primarily to the retail, hospitality, leisure and childcare sectors and will last until the end of May. In a statement,…