Syndicated

EU gives ECB additional powers to supervise banks

Taoiseach Enda Kenny will travel to Brussels for a crucial summit of EU leaders focused on reforming Europe’s banks and protecting the single currency.

A significant first step towards what is called a eurozone banking union was agreed last night by EU finance ministers, after 14 hours of talks.

New Property Tax Bill gives Revenue more powers

The Government has published the Finance (Local Property Tax) Bill 2012, to give effect to the property tax announced in the budget.

The new Bill is expected to be brought through the Dáil towards the end of next week.

The Bill establishes who is liable to pay the new tax and how much they will pay. It also gives new powers to the Revenue Commissioners to collect it.

Irish services sector expands at highest rate in five years as euro zone optimism grows

IRELAND’S services sector is expanding at levels last seen five years ago while the euro zone’s economic slump was a little less pronounced in November than previously thought, business surveys showed today.

Exchequer returns to be published today before the Budget

The Exchequer returns for last month will be published this afternoon and will confirm the state of the economy on the eve of Budget Day.

Richard Bruton makes it cheaper for small firms to restructure debts

Measures to make it cheaper and easier for small private companies to restructure their debts through the courts have been revealed.

Enterprise Minister Richard Bruton said viable businesses will be able to apply directly to the Circuit Court to have an examiner appointed.

Rulebreaker Ulster Bank fined €1.96m over Central Bank breach

Third largest penalty in history imposed over capital shortfall. Ulster Bank has been hit with the third biggest fine ever imposed on an Irish bank.

The bank was ordered to pay €1.96m for breaches of Central Bank rules, including a €313m shortfall in its capital in 2011.

Bank of Ireland set for return to bonds market

Bank of Ireland is set to become the first bailed-out bank to return to the bond markets, after saying it plans to raise funds secured on some of its pool of Irish mortgages.

Bank of Ireland is set to become the first bailed-out bank to return to the bond markets, after saying it plans to raise funds secured on some of its pool of Irish mortgages. The Irish Independent says …

Government to focus on small firms in EU presidency role

TheGovernment will put growth and competitiveness “at the top of the agenda” when it takes over the EU presidency, Jobs Minister Richard Bruton said yesterday.

Speaking at an EU conference for small and medium enterprises in Dublin, Mr Bruton said the union would rely on small firms to drive future growth.

Markets sceptical over ‘cumbersome’ bailout fund

European Central Bank (ECB) governing council member Ewald Nowotny has admitted markets are sceptical about the new European rescue fund, because of cumbersome decision-making.

Austria’s Nowotny said he sees scepticism about how quickly funds from the European Stability Mechanism (ESM) can be deployed when they are needed.

IBEC cuts economic outlook on poor European trading conditions

IBEC has said it sees overall economic output or GDP of just 0.8% this year, down from its previous forecast of 1%.

But that is still a slightly better outturn than the one that is factored into the Department of Finance numbers of 0.7%.

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