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Economy

Honohan welcomes foreign owners for Irish banks

Governor of the Central Bank Patrick Honohan has once again said he “looks forward” to welcoming foreign owners for Irish banks. Explaining his remarks, he said it is evident that the involvement of new foreign owners could put the banking system on a “firm footing”. He said they can bring capital, risk control and other…

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ECB’s Trichet confident of euro zone stability

European Central Bank president Jean-Claude Trichet told MEPs yesterday that he did not doubt the stability of the euro zone. Asked if he feared a domino effect in light of the debt crisis, he said that this would not happen, adding that Ireland and Greece were both solvent and therefore debt restructuring was not an…

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Student registration up €500 per year

As part of its National Recovery Plan the Government has increased the student registration fee from €1,500 to €2,000. This 33pc increase in the student contribution to the cost of third level education comes after numerous student protests against the introduction of further charges. However, the increase is less than expected. The figure of €3,000…

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Irish situation highlights need for strong regulation – EC

EU Commissioners Olli Rehn and Michel Barnier have said the Irish situation has stressed the need for “bold steps” to be taken for tight economic co-ordination and strong EU-level regulation. Speaking to the European Parliament’s economics committee last night, Barnier said, “The Irish situation shows us that we can only be stronger together.  We have…

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Ireland’s trade surplus widens

Ireland’s trade surplus in September was €4.2bn as exports increase by 2pc in the month. According to official figures from the Central Statistics Office, Ireland’s exports rose 2pc in the month and 4pc in the year, when compared with September 2009. At the same time, imports increased by 1pc, resulting in a trade surplus of…

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President says EU in survival crisis

EU Council President Herman Van Rompuy said today that the eurozone is in a “survival crisis” but is confident the EU will overcome its debt issues. He said EU members must work together to get through the crisis. He added that national interests could not come ahead of European interests. “We all have to work…

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Record gap between Irish and German borrowing costs

The gap between Irish and German borrowing costs reached record levels at lunchtime today. The gap has risen above five percentage points for the first time ever on bond markets. The yield on Irish 10-year bonds rose to close to 7.6pc. At the same time German bunds sit below 2.5pc. The spread between Irish bonds…

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OECD tells govs to balance consolidation and recovery

Specific budget rules and independent financial watchdogs will ensure effective consolidation measures, according to the OECD. According to the OECD, governments should seek to strengthen the cost-effectiveness of expenditures that enhance growth, in areas such as healthcare, education, innovation and infrastructure development. However, the challenge for monetary authorities will be to exit the exceptional stimulus…

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Ireland number 1 for FDI

Ireland ranks as the number one global destination for jobs by inward investment per capita, according to IBM’s Global Location Trends Report. The new survey reveals Ireland is placed ahead of other leading Foreign Direct Investment (FDI) locations including Singapore, Hungary and the Czech Republic. About 170 jobs per 100,000 citizens were created as a…

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Trichet calls for tougher sanctions for rule-breaking members

In what seems an ominous warning to countries like Ireland, European Central Bank president Jean-Claude Trichet has suggested that Eurozone members that break the region’s rules on public finances should be excluded temporarily from Europe’s political decision-making. In a controversial interview with the Financial Times, Trichet said such a move would be a “quantum leap”…

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