Menu
09/04/2010
Growth Expected 'From Third Quarter'
Ireland's Central Bank has said today it expects the economy to enter a period of growth beginning from the second half of this year.
In the first good news for Ireland's economy since the beginning of the mass contraction experienced during the credit crunch, the Central Bank said the second half of the year would experience a "modest" upward trend before growth levels of 2.4 to 2.8% in 2011.
In its second forecast summary of the year, despite the long awaited positives, the Central Bank said the prospects for domestic spending returning to normal remained "subdued", with the outlook for construction investment being particularly "unfavourable".
In its comment piece prefixing the report, the Central Bank said that a major factor in Ireland's recovery would be its international performance and attracting investment.
"The timing and the strength of a recovery will depend heavily on the economy’s external
performance. While the global economy recovered more strongly than expected in the
second half of 2009, the performance of the major industrialised economies is patchy and
uneven."
However, the Bank also said that although many of the "reforms" in the labour market and the drop in the wage levels would attract more jobs and investment from abroad, some further "reform" was still required.
The report said: "While much of the economy is characterised by flexibility, there are some sectors and markets that would benefit from further reform to increase competition… such as health care, health insurance, utilities and public transport. As recognised in the recent negotiations, public sector reform is also another key ingredient in boosting the performance of the economy.
"Flexibility in work practices and other measures to maximise the provision of services for a given cost level are essential. Widespread acceptance of the need for reform, and an agreed approach to implementing it, would be a major contribution to confidence in the economy at this point."
The Bank also pointed to "favourable" events in the banking sector as a positive step for the economy. The Bank said the restoration of the banking sector to a condition where it can assist recovery was a "key focus" at the moment.
"First, severely impaired loans are being removed from the balance sheet of banks through their purchase on discounted terms by the National Asset Management Agency (NAMA). Second, recapitalisation is occurring.
"This is intended to ensure that, at no point over the next few years, will banks' capital positions fall below an acceptable level by international standards.
Recapitalisation will create a buffer in the banks' capital positions which will place them in a better position to access funding and assist in the recovery of the economy."
(DW/BMcC)
In the first good news for Ireland's economy since the beginning of the mass contraction experienced during the credit crunch, the Central Bank said the second half of the year would experience a "modest" upward trend before growth levels of 2.4 to 2.8% in 2011.
In its second forecast summary of the year, despite the long awaited positives, the Central Bank said the prospects for domestic spending returning to normal remained "subdued", with the outlook for construction investment being particularly "unfavourable".
In its comment piece prefixing the report, the Central Bank said that a major factor in Ireland's recovery would be its international performance and attracting investment.
"The timing and the strength of a recovery will depend heavily on the economy’s external
performance. While the global economy recovered more strongly than expected in the
second half of 2009, the performance of the major industrialised economies is patchy and
uneven."
However, the Bank also said that although many of the "reforms" in the labour market and the drop in the wage levels would attract more jobs and investment from abroad, some further "reform" was still required.
The report said: "While much of the economy is characterised by flexibility, there are some sectors and markets that would benefit from further reform to increase competition… such as health care, health insurance, utilities and public transport. As recognised in the recent negotiations, public sector reform is also another key ingredient in boosting the performance of the economy.
"Flexibility in work practices and other measures to maximise the provision of services for a given cost level are essential. Widespread acceptance of the need for reform, and an agreed approach to implementing it, would be a major contribution to confidence in the economy at this point."
The Bank also pointed to "favourable" events in the banking sector as a positive step for the economy. The Bank said the restoration of the banking sector to a condition where it can assist recovery was a "key focus" at the moment.
"First, severely impaired loans are being removed from the balance sheet of banks through their purchase on discounted terms by the National Asset Management Agency (NAMA). Second, recapitalisation is occurring.
"This is intended to ensure that, at no point over the next few years, will banks' capital positions fall below an acceptable level by international standards.
Recapitalisation will create a buffer in the banks' capital positions which will place them in a better position to access funding and assist in the recovery of the economy."
(DW/BMcC)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
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.
05 October 2011
Irish Economy Predicted To Grow 1%
A forecast from Central Bank has predicted that the Irish economy will grow at 1% this year. The State’s economic advisors have revised and increased their figures to levels first suggested at the start of the year following fears of double-dip recession earlier in the summer.
Irish Economy Predicted To Grow 1%
A forecast from Central Bank has predicted that the Irish economy will grow at 1% this year. The State’s economic advisors have revised and increased their figures to levels first suggested at the start of the year following fears of double-dip recession earlier in the summer.
10 May 2016
Brexit Could Slow NI Economic Growth - Danske Bank
The Northern Ireland economy is likely to grow at a slower pace in 2016 as uncertainty over a potential Brexit has dampened local investment levels in the first half of this year, according to new economic forecasts from Danske Bank.
Brexit Could Slow NI Economic Growth - Danske Bank
The Northern Ireland economy is likely to grow at a slower pace in 2016 as uncertainty over a potential Brexit has dampened local investment levels in the first half of this year, according to new economic forecasts from Danske Bank.
-
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.
