Advertisement

Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

Support us today
Not now
Saturday 4 February 2023 Dublin: 9°C

# Central Bank

Last week
22nd January 2023 - 4th February 2023
# Gabriel Makhlouf
Central Bank governor says cost of living increases have resulted in 'erosion of living standards'
Gabriel Makhlouf was speaking before the Oireachtas Committee on Finance, Public Expenditure and Reform this afternoon.
Last month
January 2023
# Inflation
Michael McGrath says that Ireland’s rate of inflation has peaked
‘Inflation has actually peaked and is now on a downward trajectory,’ Minister Michael McGrath said.
Last year
2022
# Oops
'Serious concern' as Central Bank issues €738m to government in excess of funds available
The incident occurred following spending oversight from the Department of Finance and the Central Bank.
# AXA life insurance
AXA firm fined €3,640,000 for failures in handling conflicts of interest and risk management
The Central Bank’s Seána Cunninham said the failures could affect the firm’s ability to fulfil its commitment to consumers.
# Economy
Households facing combined shock from inflation and interest rates
The Central Bank has published a new review into Ireland’s financial stability.
# Central Bank
Wages in Ireland increased by 4.7% in the year to October, according to new figures
Analysis by Indeed and the Central Bank indicate that wage growth ‘accelerated sharply’ in the first half of the year.
Voices
Analysis: We can expect to see interest rates continue to march higher this week
Economist Victor Duggan looks ahead to the expected ECB rate hike tomorrow.
# Central Bank
Central Bank launches €15 Luke Kelly coin - you can buy it for €65
Only 3,000 coins are being issued.
# Housing
Mortgage change rules to 'boost purchasing power' of renters
The share of renters that can purchase a three-bed semi-detached home in Dublin has fallen since 2015, says the Central Bank.
# Explainer
Mortgage lending limits: What will the new Central Bank announcements mean for you?
An easing of lending restrictions announced today will make a mortgage more accessible for first-time buyers
# Reaction
Housing minister welcomes mortgage rule change but concerns raised about house price increases
Concerns have been raised about increasing borrowing limits when supply remains low.
# mortgage rules
Central Bank rule change: First-time buyers to be able to borrow four times gross income
A review into mortgage lending began last year.
THE MORNING LEAD
Consumer price inflation forecasts revised upwards to 8% by the Central Bank
A report by
Hayley Halpin
The Central Bank has published its latest quarterly bulletin today.
The Central Bank has published its latest quarterly bulletin today.
The Bank says energy-driven inflation is the key issue being faced currently.
The outlook for domestic growth over the coming quarters is "more challenging than was previously expected", it says.
Food businesses remaining closed early in week to save on energy costs
Cost cited as most important factor for Irish consumers when buying food
# tracker mortgages
Timeline: How the tracker mortgage scandal unfolded in Ireland
Bank of Ireland has been fined €100,520,000 by the Central Bank for its role in the controversy.
# Central Bank
Bank of Ireland hit with record €100.5 million fine over tracker mortgage scandal
The bank denied nearly 16,000 of its customers access to cheaper tracker mortgages.
The bank was sanctioned for denying nearly 16,000 customers access to cheaper tracker mortgages.
The Central Bank said Bank of Ireland’s failures resulted in the loss of 50 properties, including 25 family homes.
Bank of Ireland admitted in full to 81 separate regulatory breaches.
Bank of England launches emergency bond-buying action as UK borrowing costs soar
It comes after the International Monetary Fund called on the UK government to ‘reevaluate’ its tax-cutting strategy.
# Danske Bank
Central Bank fines Danske for anti-money laundering and terrorist financing systems failures
It relates to three breaches over a period of almost nine years, between 2010 and 2019.
# Insider Trading
Man released without charge after being arrested for insider trading
The investigation commenced following a report to gardaí from the Central Bank of Ireland.
# not ideal
Central Bank warns younger generations may face lower standard of living at retirement
Demographic changes have led to a build-up in wealth among older generations, and a decline in rates of return.
# Inflation
Central Bank revises growth forecast downwards to 4.3%
The economy is still expected to grow over the coming years but downside risks have increased.
# Cabinet
Banker accountability Bill brought forward to Cabinet
The Bill aims to give greater powers to regulators to punish individual misconduct.
# Central Bank
AIB and EBS hit with fines totalling almost €100 million over tracker mortgage scandal
AIB received a record fine of €83.3 million while EBS received a fine of €13.4 million.
# Stability
Ireland's financial stability report finds Ukraine war has amplified inflation here
The review also found “emerging pressures” in the housing market.
# Scam
Central Bank warns that fraudulent firms are impersonating it in a bid to defraud customers
The fraudulent entities are operating as retail credit firms and using the bank’s logo and name.
# catriona carey
Central Bank issues warning about unauthorised firm linked to businesswoman Catriona Carey
Carey is listed as the sole director of Careysfort Asset Estates Ltd.
# banking switch
Central Bank says more needs to be done to help customers as banks exit Irish market
The exit of KBC and Ulster Bank will whittle Ireland’s number of retail banks from five down to just three.
# New Rules
Buy-now-pay-later firms offering 'indirect credit' must now be authorised by the Central Bank
The regulator has also placed an interest rate cap of 23% APR on all consumer credit agreements.
# Account Switch
Central Bank tells sector 'more needs to be done' for customers hit by KBC and Ulster Bank closures
Both Ulster Bank and KBC Bank are winding down their operations in Ireland.
THE MORNING LEAD
Raise social welfare rates to shield struggling households from spiralling inflation, experts say
A report by
Ian Curran
The Government is set to unveil a new cost of living package this week.
Current social welfare rates were set last year when inflation was expected to peak at 4.5% annually.
But with prices on the march, household earnings are now expected to fall in real terms in 2022 for the first time since 2013.
Economists say raising core social welfare raise on a temporary basis could be the best way of protecting low-income households.
# Taxing matters
Tax receipts climbed in the first three months of 2022 but figures are 'flattered' by Covid
Tax revenues were up over 30% compared with the same period last year when strict public health measures were in place.
# Cost of Living
'Real' incomes to fall for first time since 2013 with inflation outpacing wage growth
The war is expected to “weigh” on trade and overall growth while fueling “strong” energy price inflation, the Central Bank said,
# Central Bank
Irish arm of large US financial firm fined €10.78 million over 'serious systemic' breaches
BNY Mellon Fund Services also provided “inaccurate and misleading information” to the Central Bank.
# regulations
Ban on insurance 'price walking' from July but new customer discounts still allowed
The regulations were the result of a review by the Central Bank of the use of differential pricing.
# Phoning it in
Central Bank calls on Irish banks to improve customer support waiting times
it conducted a review of the five main retail banks.
# Economic Outlook
Central Bank forecasts strong growth and drop in unemployment as economy shrugs off Omicron
Economic activity is back to pre-pandemic levels but inflation looms large.
All time
# first time buyers
Central Bank gives green light to shared equity scheme but warns it could increase house prices
The Central Bank has left its mortgage rules unchanged.
# Central Bank
Regulator to pursue former Permanent TSB executive in first individual tracker mortgage probe
The bank reached a €21 million settlement with the Central Bank in 2019 in respect of 42 regulatory breaches.
# accountability regime
Explainer: How does a new set of rules aim to make life tougher for rogue bankers?
Draft legislation published this week aims to give the Central Bank more power to target individuals.
# Central Bank
'Ban car and home insurers from penalising customer loyalty,' says industry regulator
The Central Bank’s proposals are “a victory for consumers”, says Pearse Doherty.
# Housing Crisis
Varadkar urges Central Bank to get mortgage lending rules review done 'as soon as possible'
The rules restrict the amount someone can borrow to 3.5 times their income, though there are exemptions.