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Mortgage lending at credit unions increased by 10% to €518 million in the three months to the end of June. That’s according to the latest quarterly results from the Irish League of Credit Unions. Mortgages now make up nearly 10% of the total credit union loan book. The ILCU puts this growth down to demand,…

The European Central Bank may need to cut interest rates again in September given persistent economic weakness, Finnish central bank chief Olli Rehn has said. The ECB was among the first major central banks in the world to cut interest rates in June, partially reversing a record string of hikes, but held rates steady in…

The sector that recorded the largest decrease in employment in June was accommodation and food services, new data from the Central Statistics Office (CSO) shows. Amid claims from industry organisations of widespread closures of restaurants and cafes, employment in the sector fell by 1% in the month according to the CSO’s monthly estimates of payroll…

The proportion of the price of diesel accounted for by tax will hit 54% following an expected increase in the carbon tax in October’s budget. This will put Ireland at the top of the European league when it comes to tax on diesel, alongside Malta, according to Fuels for Ireland. While 57.2% of the cost…

Goldman Sachs has lowered the odds of the United States slipping into a recession in the next 12 months to 20% from 25% following the latest weekly jobless claims and retail sales reports. Earlier this month, the brokerage raised the odds of a US recession from 15% after the unemployment rate jumped to a three-year…

The small and medium sized business organisation ISME has said there would be no justification for a further increase in the national minimum wage of €1 in the budget. It follows a report in today’s Irish Independent that the Low Pay Commission has recommended increasing the basic pay rate to at least €13.70 next year.…

Oil prices were set for a second straight week of gains despite edging lower today, as recent US economic data boosted optimism over demand from the world’s top oil consumer. Brent crude futures have risen about 1.3% this week, while US West Texas Intermediate crude futures have increased about 1.2%. On Friday, Brent fell 22…

The growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, new research by property advisory Savills has found. Countries across the world are facing housing shortages, but Savills said its report demonstrates the extent to which Ireland is an outlier in…

Residential property prices rose by 8.6% nationally in the year to the end of June, new data from the Central Statistics Office shows. It is the highest rate of property price inflation recorded since October 2022. The monthly rate of increase continued to accelerate, with prices rising by 0.7% in June compared to 0.4% in…

€250m has been allocated to a new round of the Government’s Seed and Venture Capital Scheme. The fund will run for four years from 2025 and will be administered by Enterprise Ireland. Its aim is to provide funding to early-stage Irish companies. “Access to finance through the Enterprise Ireland administered Seed and Venture Capital Scheme…