Tag Archives: Central Bank

ZERO Covid is strategy that would be unworkable and herald the end of tourism and aviation in Clare, according to Deputy Michael McNamara. The approach has been mooted by a growing number of opposition TDs and members of the medical profession and would involve reducing coronavirus cases to an absolute minimum, through a combination of lockdown and tight border controls. “Zero Covid sounds fine,” the Independent TD said, “but even if it was achievable, and I don’t believe that it is, when we can’t decide where we are going to have our border, what then? If we get to zero Covid cases, how are we to maintain that situation without more or less permanent quarantining of people arriving into the country? If that’s to be the system, we can forget about tourism and aviation in Clare, permanently.” The Scariff-based deputy also rejected the narrative that the response to the pandemic involves a trade-off between public health and the economy. “I …

CLARE is among the counties hardest hit by the economic fall-out of the pandemic, a new report from the Central Bank and the Western Development has found. This county, along with eight others along the western seaboard, comprise what is called the Atlantic Economic Corridor (AEC). The research highlights the reliance in this county on very small businesses in sectors like tourism and cautions that this could affect economic recovery into the longer term. It also finds there are fewer job opportunities arising in Clare for those whose employment has ended due to Covid-19 restrictions. The report entitled, ‘The Regional impact of COVID-19: Western Region & Atlantic Economic Corridor,’ underlines the crucial role played by policies such as the Pandemic Unemployment Payment (PUP) and Employment Wage Subsidy Scheme (EWSS) in supporting household incomes and firms this county. “A concentration of jobs in consumer-facing sectors such as tourism and accommodation mean that workers in these counties have been adversely affected by …

THE Central Bank has today (Monday) confirmed that 8% of mortgages in Clare are currently in arrears. The Central Bank has also noted almost 66% of people are unaware that there are free support services available to home-owners who are in mortgage arrears, as outlined in a new study conducted by the Citizens Information Board (CIB). The finding comes on foot of the recent launch of the communications campaign for Abhaile by the Tánaiste and Minister for Justice and Equality, Frances Fitzgerald and Minister for Social Protection, Leo Varadkar. Angela Black, chief executive of CIB welcomed the report, which forms part of the communications campaign, aimed at increasing awareness of Abhaile, the Free Mortgage Arrears Support service dministered by MABS. Since its introduction last October, Abhaile has helped in excess of 4,800 people in mortgage distress. “We very much welcome the launch of the communications campaign, which has been developed specifically with the distressed borrower in mind. While this service has already brought much …

As The Central Bank rolls out the rounding of 1c and 2c coins, Change for Charity has today (Wednesday) launched National Coin Week where the people are being asked to donate their loose coppers. It is estimated that there are over €35 million of these coins in people’s homes and offices in bottles and jars, which will soon be of no use to anyone. The Change For Charity campaign is encouraging people to put these coins to good use during National Coin Week from November 2 to 8. The campaign has over 3,000 collection points all over the country in schools, shops and banks. Every AIB and Bank of Ireland branch has a receptacle and there’s no need to queue, count or sort your coins. Simply drop them into one of the collection units in any branch nationwide. The proceeds of the campaign will be divided between a number of charities; The Irish Heart Foundation, St Francis Hospice, Our Lady’s Hospice …

With this week’s decision to withdraw the one and two cent coins from circulation, Clare families have been asked to donate all such loose change to charity. It is estimated that there is €35 million of these coins in homes and workplaces all over the country. A number of national charities, including umbrella group, Change for Charity and Make-A-Wish have already launched appeals but it is expected that local charities and community groups will be making their own pitch in the weeks ahead. Finance Minister, Michael Noonan received formal Dáil backing Central Bank’s National Payments Plan recommending the roll out nationally of the “rounding project” so as to reduce the need for one and two cent coins. The introduction of the plan comes following the overwhelming success of a nine-week project in Wexford in 2013, where transactions were rounded up or down to the nearest five cent. Some 250 businesses in the town participated in the project, everyone from supermarkets …

Just over a quarter of 25 to 34 -year-olds are moving back to live with their parents in order to save money for a deposit on a house. This is among the findings of the latest survey carried out on behalf of Aviva Home Insurance. The survey also found that over two-thirds (69%) agreed that the expectation among Irish people of owning their own home is unrealistic. The vast majority (72%) cited the need for security as the main driver for their wish to own their own home, while 43% said they wanted to be able to bequeath a property to their children. Just over a third (36%) said they felt pressurised by family and friends to own a substantial asset. Even though the 20% mortgage deposit requirement recently introduced by the Central Bank has made it more difficult for first time buyers to get on the property ladder, almost half of those surveyed (49%) think it is a necessary …

The average value of residential property in Ireland rose by 1.7% in the first quarter of 2015, which compares to growth of 5.0% in the same period in 2014. Dublin house prices rose by a moderate 0.9% in the first quarter of the year, this compares to growth of 6.5% in the same period in 2014. Notably, when Dublin is excluded from the national figure, the quarterly growth figure was 2.8%. In comparison, residential property outside Dublin grew by 3.0% during the opening quarter of 2014. The regional centres outside Dublin experienced strong price growth during the opening three month period, most notably in Cork with price growth of 3.0% in the three months to end March. An analysis of the stock available for sale on the open market revealed there were 30,642 units advertised for sale in Ireland in January, which represents 1.6% of the private housing stock. This compares to 37,883 units in January 2014, a 19% reduction …

The Central Bank’s decision not to proceed with a proposed 20% mortgage deposit has brought a collective sigh of relief for many people planning to buy their first home. “The decision by the Central Bank to revise its proposal for a 20% deposit and to make it easier for first time buyers to save for a deposit is a good one. For young people starting out in life trying to save for a deposit on a home can be a difficult task and this will help them to buy their first home,” commented Clare TD, Joe Carey. Continuing, he said, “The majority of homes in County Clare fall under the €220,000 level, which requires a 10% deposit. This will mean for most first time buyers they will now only need a 10% deposit. For other more expensive homes a further 20% deposit will be required for any amount above this level. “This will put in place a set of controls …