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06/10/2009
Central Bank Forecast Improves
The Central Bank in Dublin has revised its forecast for the economy, predicting a smaller 'shrinkage' than first thought.
The bank says that although a lot of uncertainty remains, the figures suggest the worst of the recession may have passed.
Publishing its latest quarterly economic bulletin, the Central Bank said the economy would shrink by 7.8% this year - an improvement on the 8.3% decline forecast by in July.
A spokesman for the bank said: "Hopes are rising that the downturn in the broader international and European economies may have reached a turning point. However, Ireland's recovery from recession will be slower than elsewhere.
"The bank's latest forecasts suggest that, while the pace of decline in economic activity is moderating, the weakness in Irish economic activity is set to persist into the first-half of 2010."
The Central Bank said it believes that after an annual rate of decline of 8.4% in the first six months of 2009, the pace of deterioration will ease in the second half of the year due to a gradual improvement in the world economy.
"While the economy is continuing to contract, the pace of decline has moderated from the rapid pace evident between last Autumn and this Spring," the spokesman said.
The bank went on to say that based on their expectations of a fall in employment and
outward migration, the unemployment rate is projected to average over 14% for 2010. This will be reflected in a decrease in wages, which the bank believes will tend to fall in the private sector.
(DW/BMcc)
The bank says that although a lot of uncertainty remains, the figures suggest the worst of the recession may have passed.
Publishing its latest quarterly economic bulletin, the Central Bank said the economy would shrink by 7.8% this year - an improvement on the 8.3% decline forecast by in July.
A spokesman for the bank said: "Hopes are rising that the downturn in the broader international and European economies may have reached a turning point. However, Ireland's recovery from recession will be slower than elsewhere.
"The bank's latest forecasts suggest that, while the pace of decline in economic activity is moderating, the weakness in Irish economic activity is set to persist into the first-half of 2010."
The Central Bank said it believes that after an annual rate of decline of 8.4% in the first six months of 2009, the pace of deterioration will ease in the second half of the year due to a gradual improvement in the world economy.
"While the economy is continuing to contract, the pace of decline has moderated from the rapid pace evident between last Autumn and this Spring," the spokesman said.
The bank went on to say that based on their expectations of a fall in employment and
outward migration, the unemployment rate is projected to average over 14% for 2010. This will be reflected in a decrease in wages, which the bank believes will tend to fall in the private sector.
(DW/BMcc)
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27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
29 May 2018
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
08 August 2001
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
