Figures from the Central Bank show a dramatic slump in the growth of residential mortgage lending in October.
The annual rate of growth in October fell to 7.6%, the lowest figure since 1986.
The Central Bank described the mortgage figure as 'exceptionally weak'.
The amount of money lent for mortgages rose by just €26m during October, compared with the average monthly increase of almost €2bn at the height of the housing boom in 2006.... read more »
The US government has agreed to a $306bn (€244bn) rescue plan for Citigroup in the latest attempt to bolster a financial services industry in turmoil.
Citigroup's package may also prove a template for other banks that are expected to face growing losses as economies worldwide sink into recession.
Credit losses once concentrated in mortgages are already bleeding into new, large areas such as credit cards and commercial real estate.
The nation's second-largest bank by assets ha... read more »
The Minister for Finance, Brian Lenihan has said the Government has not ruled out public investment in Irish banks, but said banks had to demonstrate a capacity to attract private investment.
Speaking on RTE's this week, Mr Lenihan said the State putting money into the banking system would be a last resort and it was entirely legitimate that the taxpayer should not be asked to capitalise banks.
He said he had received a Government commissioned report confirming there was no threat to... read more »
Official figures show that the annual rate of inflation fell back to 4% last month from 4.3% in September.
The Central Statistics Office said lower petrol and diesel prices and falls in the prices of clothes and footwear were the main factors in the fall.
The CSO said the October figures did not include rises in excise duties announced in the Budget, as they took effect after the figures were compiled.
Overall, prices fell by 0.2% compared with September.
There was a 2% fall in price... read more »
Bank of Ireland has reported pre-tax profits of €650m for the six months to the end of September this year, a drop of almost a third from a year earlier.
In its statement published this morning, the bank also said it would not pay a dividend to shareholders.
Chief executive Brian Goggin told RTÉ radio that the bank was a 'strong, sound and successful' business and did not see the need to raise additional capital at the moment.
He said only €13bn, or less than 10% of its total loan ... read more »
Permanent TSB, one of the largest players in retail banking in Ireland, is offering staff a paid career break in an effort to cut costs.
The initiative is being taken as the bank expects less business volumes in the months and years ahead arising from the recession in the Irish economy.
Permanent TSB has confirmed it is offering to pay employees up to €20,000 euro to take a two year career break (€10,000 per year) or €35,000 for a three year break.
Unite, the trade union which r... read more »
AIB shares have opened sharply lower after issuing an interim management statement this morning, in which it substantially reduced its earnings forecast for this year.
The bank said it does not expect a 'meaningful' recovery in the residential market until 2011.
AIB Group, Ireland's biggest bank, said bad debts, largely because of loans to residential property developers in Ireland, would increase this year and next, well beyond the bank's and analysts expectations.
Worries over l... read more »
