In the past year leading up to the previous month, new mortgage borrowers were granted approval on approximately 31,000 applications, indicating the second highest figure since the Irish Banking and Payments Federation (BPFI) began data tracking in 2011. Data analysis by Laura Slattery provides a comprehensive review of the various types of loans sanctioned by the mortgage banks. Overall approvals surged in April, with a substantial 14 per cent increase compared to the same period the previous year.
Retail operations at The Square Town Centre located in Dublin’s Tallaght area will continue as scheduled, despite receivers being appointed by AIB. The receivership, as explained by Joe Brennan, is a strategic move to facilitate an organised sale of the business. Kieran Wallace and Eamonn Richardson of Interpath Advisory have been appointed as joint receivers with the consent of the business owner, US-based investment company, Oaktree Capital.
The Irish government’s current policy on data centres is accused by developer Equinix of stifling job growth and economic development. Barry O’Halloran reports that a centre in Dublin planned by Equinix, could potentially support 10,000 job roles, according to a newly commissioned report. However, the said data facility has been denied a connection to the country’s electricity grid. A review of regulator policy affecting the sector is expected soon.
The announcement of online bank Revolut offering an instant access savings account with an interest rate well above traditional banks has stirred a lot of interest this week. However, Peter Flanagan addresses some potential uncertainties, particularly for those with limited knowledge of the banking sector: What exactly is being offered? Can safety of investment be ensured? Are they the lone players in the market?
The construction company Sisk, known for their work on Páirc Uí Chaoimh, the Aviva Stadium and Croke Park, have been commissioned to carry out upgrades at the Etihad Stadium, home of Premier League champions Manchester City. Barry O’Halloran reports that the €350 million project will increase the stadium’s capacity to 60,000 spectators.
According to an account by Joe Brennan, Patrick Kennedy, the departing chairman of Bank of Ireland, took his final annual general meeting as an opportunity to express criticism on pay constraints. Regulations in Ireland impose an 89 per cent tax on bonuses exceeding €20,000 granted by the country’s three remaining homegrown banks. Despite this, the Allied Irish Banks (AIB) remains committed to pushing for changes, while the remuneration for the highest position is set to surpass its €394,000 standing since 2009.
The European Central Bank (ECB) flagged a 4.7 per cent surge in negotiated wages during the first quarter of 2024 compared to the same period from the previous year. This key indicator of eurozone wages may convince ECB officials of an impending drop in inflation rates which contradicts most economists’ prediction of a reduction or stability in salary increases. However, there is a shared sentiment that the general trend of data is favourable.
In relation to employment in Ireland, Eoin Burke-Kennedy presented the most recent data showing that the employment numbers persistently rise albeit at a decreased pace. The workforce numbered 2.7 million in the first quarter of 2024, but the 1.9 per cent annual growth was the slowest in three years.
Reflecting upon mid-1970s research about the economic consequences of Ireland severing its ties with sterling, John FitzGerald, in his column, considers the bigger concept of how studies influence actual government policies and the length of time it requires. He also raises political matters and the notion that secondary or tertiary options often result from specialists’ review.