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Recession

Irish Economic Update

Aug 31, 2010

Download attachment(s): [ Ulster_Bank_RoI_Economic_Outlook_Aug_10.pdf ]

Irish Consumer Sentiment Slips in July

Aug 17, 2010

The Pensions Insolvency Payment Scheme

Following several high profile cases, including those of SR Technics and Waterford Crystal, the Government took steps in 2009 to try and alleviate some of the financial difficulties facing defined benefit (“DB”) schemes where, at the time the scheme is wound up, both the scheme and the employer are insolvent. Section 22 of the Social Welfare and Pensions Act 2009 empowered the Minister for Social and Family Affairs to establish the Pensions Insolvency Pension Scheme (“PIPS”). The purpose of PIPS is to provide benefits to persons in receipt of (or eligible to receive) benefits at the date of winding-up of an insolvent DB scheme. PIPS came into force on 1 February 2010.

Jul 6, 2010

Tax revenues behind plan again in June, as income taxes underperform…

Tax revenues fell behind for the second month running in June. While the €80 million shortfall in the month will in itself have no significant bearing on budget arithmetic, it is notable that, following the solid performance in April, the tax revenue position has continued to deteriorate. Of some comfort here is that the weakness in June was not broad-based across tax categories, with receipts in almost all tax heads coming in roughly in line with the Department of Finance’s monthly plan. Rather the shortfall in June was concentrated in income taxes, with receipts in this important category some €84 million behind expectations.

Jul 6, 2010

Irish Banking Competition falls – time to think outside the box?

Last week, the head of the National Consumer Agency – Ann Fitzgerald – stated in an interview in the Sunday Business Post that falling competition in the Irish banking sector was a great concern. Whilst this seems to have passed off in the press without note, when you actually revisit what has happened in the banking sector in Ireland, the whole financial and investment landscape has indeed radically changed for the consumer.

Jun 8, 2010

Bankruptcy – A Second Chance!

The current downturn and its impact on business activity have resulted in a high rate of business failure both personal and corporate. This is notwithstanding that the individuals and companies involved acted honorably and honestly in their business dealings

May 25, 2010

Managing Redundancy

Redundancies are never easy and cause major stress for all involved both managers and employees. However, redundancies are a sign of the times as companies re-align themselves to make sure they are viable for the next couple of years. Today even the most successful company can undergo a redundancy situation.

May 25, 2010

Government’s revenue projections back on track following tax overshoot in April

Following two consecutive months of undershoot, tax revenues in April came in ahead of the Department of Finance’s estimated monthly outturn. At Eur1.77 billion, receipts in the month were some Eur260 million or 17% ahead of plan. While it is important to point out that April is one of the smaller months of the year in terms of tax intake, the result of the overshoot is that the cumulative position for the year-to-date is now essentially back in line with the Department’s target.

May 11, 2010

Show Me the Money: Collecting Debts in Difficult Financial Times

In these difficult financial times, individuals and businesses alike are more acutely aware of the need to collect monies due to them and to do so in a stricter time scale than before. In Ireland we have a history of being lenient when it comes to money collection.

Apr 27, 2010

M&A Strategies in a Downturn

Globally we are experiencing the worst economic down-turn since the 1940’s and it is now a real challenge for companies to identify growth opportunities in the current climate. Many companies are simply ‘battening down the hatches’ and seeking to cut costs where possible.

Apr 13, 2010

Managing Through a Recession

It is evident that 2010 is going to be a very difficult year for all businesses. What you need to do as Managers is to be prepared for the possible dangers the economic downturn could have in mind for your organisation or for those businesses you advise, because being prepared is half the battle. There are a number of actions small and medium size companies can take to ensure they come up with the right solutions. Here are some actions you can take

Apr 13, 2010

Irish Business Outlook Slightly Brighter

Results of the Spring 2010 KBC Bank / Chartered Accountants Ireland Business Sentiment Survey. The climate facing Irish business remained difficult in early 2010. In keeping with survey results for the past two and a half years, more firms reported a weakening in activity levels than reported an improvement. However, the negative balance between these two responses was the smallest since the Spring 2008 survey implying an easing in pressures facing some Irish companies.

Apr 13, 2010

The People Lessons Learned from the Downturn

Although too early to predict when and how recovery will occur, it is time to take a deep breath and take stock of what we have learned over the past year and half. These lessons are not limited to finance or debt control, but extend to the fundamentals of people management.

Mar 30, 2010

Labour Costs rate as Top Business Cost concern in 2010

The 16th Annual SFA Pay and Conditions Survey shows that the typical employee of a small firm earns €34,422 per annum, works between 37.5 (salaried) and 39 hours (manual) per week, enjoys 21 days holidays per year and has a 67% chance of being part of a company sick pay scheme and 60% chance of being in a company pension scheme.

Mar 30, 2010

Irish jobs market remains weak but worst may be over

Employment data for the final quarter of 2009 confirm the weakness of the Irish jobs market. They also hint that the pace of job loss may be easing. The quarterly decline in numbers at work was the smallest in a year and a half. The likelihood is that employment will continue to shrink through the first half of 2010 but today’s numbers suggest some possibility that job market conditions could stabilise in the second half of this year.

Mar 30, 2010

ECB Continues On A Slow And Steady Path

Primed by comments from ECB president Jean Claude Trichet that this month’s ECB Governing Council meeting would be ‘an important rendezvous’, markets awaited today’s press conference with greater than usual interest. Few surprises were expected either from anticipated reductions in ECB support to the financial system or new ECB macroeconomic projections. However, because markets are concerned about the health of the Eurozone economy and the banking system, they approached today’s decisions with a little trepidation.

Mar 16, 2010

33% Increase In Insolvencies – Five Companies Went Bust Each Day In February

New statistics compiled by InsolvencyJournal.ie this week reveal a significant increase in insolvencies in February. The number of companies that went out of business last month was up by 33 per cent from 110 in January to 146 in February with approximately five businesses per day going bust last month.

Mar 2, 2010

Preparing Companies for Liquidation

A Company facing an inevitable insolvency can present a difficult and stressful time for its Directors on a number of levels. Despite the understandable turmoil that they may be experiencing it is important that the Directors of the Company take professional advice to ensure that they meet their legal obligations.

Feb 16, 2010

Average Payment in Ireland Takes 75 days!

The Director of the Small Firms Association (SFA), Patricia Callan, has said that late payments in Ireland are worsening and are compounding an already difficult financial environment for many small firms. The SFA Winter Credit Conditions Survey highlights the challenges that are being experienced by small businesses in relation to late payments. Callan said: “in Ireland, from the time a firm issues an invoice to the date it is settled is now on average 75 days (up from 66 days in our Autumn Survey).

Feb 16, 2010

Sharp Improvement in Irish Consumer Sentiment in January

Irish consumer sentiment showed a surprisingly strong improvement in January. The KBC Bank/ESRI Consumer Sentiment Index rose to 64.6 from 53.3 in December, boosting the Index to it’s highest level in two years. The 11.3 point increase was also the strongest monthly change since a similar rise in December 2004. While this increase looks almost suspiciously large and there may be some pullback in February, the January data suggest a clear brightening in the mood among Irish consumers.

Feb 16, 2010

Majority of Irish businesses planning to continue restructuring in the year ahead

A poll carried out by PwC with the Dublin Chamber of Commerce revealed that business restructuring continues to be a significant challenge for nearly two-thirds (64%) of Irish businesses.

Feb 2, 2010

Irish Economic Update 2010

Incoming news in recent months has prompted us to make another upward revision to our forecasts for Irish economic growth for this year. We now see GDP growth at -0.5% this year vs. -2.8% previously.

Feb 2, 2010

Live Register Total Hits a New Record High

The latest Live Register figures for December were a bit weaker than we had been expecting. The number of unemployment benefit claimants rose by 3,300 in the month, on a seasonally adjusted (SA) basis. Thus following the 3,000 fall in numbers signing on in October (the first since March 2007), the cumulative rise of 4,200 in November and December has more

Jan 19, 2010

Budget Boosts Irish Business Confidence

The Winter Business Sentiment survey produced by KBC Bank Ireland and Chartered Accountants Ireland suggests that the economy may be starting a gradual turn even if there is still weakness in terms of activity and employment. Commenting on the results, Mr. Tom Fitzpatrick, President, Chartered Accountants

Dec 22, 2009

GDP rises by 0.3% in Q3 but little evidence of an end to recession

Today’s National Accounts data sent mixed signals about the recent performance of the Irish economy. No doubt there will be considerable interest in the fact that the CSO have estimated that the economy expanded in the third quarter in GDP terms, albeit that the increase was a modest one at 0.3%.

Dec 22, 2009

Set our entrepreneurs free

What are we going to do with small businesses that are flirting with bankruptcy? This week, I have had numerous ‘end-of-season’ conversations with businesspeople about the state of the nation. One of the recurring subjects was what are we going to do with the thousands of businesses that are close to going bust.

Dec 22, 2009
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Banking 2012 - Preparing for a Revolution

From 2000 to 2007, the developed economies’ top-performing banks had an average return on equity of 26 percent. Today, many of these same banks are looking at returns of 4 percent to 5 percent—if they are still in business.

Nov 23, 2009

A third of Irish business leaders expect an upturn as soon as 2010

Nearly a third (32%) of Irish business leaders expect their operations to return to growth in 2010 with 44% expecting the upturn to happen in 2011. This is according to PwC’s Business Sentiment Snapshot Survey carried out at their annual 2009 Client Conference ‘What next for Ireland’ held on Monday and Tuesday 9 and 10 November 2009. Over 800 leading executives from Ireland’s top companies participated in the survey.

Nov 23, 2009
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110% increase in redundancies to end October

Commenting on the 110% increase in redundancies to end October in figures released by the Department of Enterprise, Trade & Employment this evening, the Director of the Small Firms Association, Patricia Callan, said...

Nov 10, 2009

Constructing PMI - Further Substantial Decline in Activity

Nov 10, 2009

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