Padraic's Feed
Sep 3, 2014

Irish deficit to fall to 4 pct of GDP this year -finance minister

DUBLIN, Sept 3 (Reuters) – A sharp increase in the
government’s tax take so far this year will cut Ireland’s budget
deficit to around 4 percent of gross domestic product (GDP) by
the end of 2014, Finance Minister Michael Noonan said on
Wednesday.

Ireland had targeted a deficit of 4.8 percent this year and
Noonan said on Tuesday that significantly fewer spending cuts
and tax hikes would be needed in next month’s budget to reach
the EU target of 3 percent by the end of 2015.

Sep 1, 2014

Ireland bucks the trend in euro zone’s stalled recovery

DUBLIN, Sept 1 (Reuters) – Ireland is significantly bucking
the trend in the euro zone’s stalled recovery with evidence
building from companies to consumers that the economy is set to
grow faster than most on the continent this year and beyond.

It’s not back to Celtic Tiger days by any means.

The economy may match that of 2006 by the end of the year,
but will still be off the 2007 pre-crisis high. House prices are
still more than 40 percent off their peak and 2014 unemployment
is likely to 11 percent.

Aug 28, 2014

Paddy Power profits fall sharply, eyes quick rebound

DUBLIN, Aug 28 (Reuters) – Paddy Power’s operating
profit fell sharply in the first half of the year after a run of
unfavourable sports results, but the Irish gambling company said
a second-half rebound should deliver full-year earnings growth.

Paddy Power, which has more than doubled its annual profits
since 2009 on an overseas expansion and a strong performance
online, leads the industry in smartphone and tablet betting.

Aug 19, 2014

Ireland’s permanent tsb reduces losses but still trailing rivals

DUBLIN, Aug 19 (Reuters) – Irish state-owned mortgage lender
permanent tsb (PTSB) has cut its first-half underlying
loss by 62 percent but continues to lag behind its main rivals,
who have returned to profit after the country’s banking crash.

The smallest and weakest of Ireland’s three remaining
domestically-owned lenders posted a 171 million-euro ($228
million) loss on Tuesday, with impairment charges on loans
falling to 148 million euros, down by two-thirds on a year ago.

Aug 19, 2014

Ireland’s permanent tsb narrows losses, still trails rivals

DUBLIN, Aug 19 (Reuters) – Irish state-owned mortgage lender
permanent tsb (PTSB) cut its first-half underlying loss
by 62 percent but continues to lag behind its main rivals, who
have returned to profit after the country’s banking crash.

The smallest and weakest of Ireland’s three remaining
domestically-owned lenders posted a 171 million euro ($228
million) loss, with impairment charges on loans falling to 148
million euros, a third of the level reported a year ago.

Aug 6, 2014

Irish era of deep austerity cuts over: deputy PM

DUBLIN (Reuters) – Ireland will end the kind of austerity measures required under its EU/IMF bailout when it sets its budget for 2015 in October as the economy looks to be growing faster than expected, the deputy prime minister said on Wednesday.

Ireland’s coalition government won praise in Europe for meeting all major targets under the 85 billion euro ($113 billion) aid programme it completed last year but suffered at midterm elections in May as voters expressed frustration at more than half a decade of budget cuts.

Aug 1, 2014

Bank of Ireland turns first profit in five years

DUBLIN, Aug 1 (Reuters) – Bank of Ireland turned a
profit for the first time in five years as the country’s
dominant lenders showed that the long-suffering sector was on
the mend and ready to benefit from a recovering economy.

The country’s only lender to escape nationalisation reaped
the benefits from higher income and a big fall in provisions, as
Allied Irish Banks (AIB) had when it also reported a
better-than-expected first half profit this week.

Jul 30, 2014

Analysis – Ireland has too much to lose to deter U.S. companies re-homing

DUBLIN (Reuters) – Ireland is in the firing line from Washington again for luring U.S. companies to its shores for tax benefits, but despite contrite noises coming from Dublin, it has too much to lose to discourage U.S. firms bent on shifting their tax domiciles.

Ireland’s low corporate tax rate of 12.5 percent is a natural lure for U.S. companies looking to set up an overseas hub, and for Dublin the pay-off is new jobs, but in so-called inversion deals the company then switches its overall tax domicile from the United States, where the rate is 35 percent, to its new home.

Jul 30, 2014

Ireland has too much to lose to deter U.S. companies re-homing

DUBLIN (Reuters) – Ireland is in the firing line from Washington again for luring U.S. companies to its shores for tax benefits, but despite contrite noises coming from Dublin, it has too much to lose to discourage U.S. firms bent on shifting their tax domiciles.

Ireland’s low corporate tax rate of 12.5 percent is a natural lure for U.S. companies looking to set up an overseas hub, and for Dublin the pay-off is new jobs, but in so-called inversion deals the company then switches its overall tax domicile from the United States, where the rate is 35 percent, to its new home.

Jul 30, 2014

Allied Irish returns to profit as bad loans fall sharply

DUBLIN, July 30 (Reuters) – Allied Irish Banks (AIB)
returned to profit in the first half of the year as bad
debts fell sharply, marking a milestone in the bank’s recovery
that potentially paves the way for Ireland to start selling its
stake.

The Irish government has already cut its holding in
part-state owned Bank of Ireland and is keen to offload
the remaining stakes acquired when it had to rescue the
country’s banks during the financial crisis.