The Minister for Employment Affairs and Social Protection has said that by close of business on Friday, another 283,000 people had applied for the Covid-19 emergency income payment from the Department of Social Protection. Speaking on RTÉ’s Morning Ireland, Regina Doherty also said that some 16,000 plus companies had applied for the wage subsidy scheme. […]
Read MoreECB asks banks to halt dividends over Covid-19 crisis
The European Central Bank has asked euro zone banks to freeze dividend payments “until at least October 2020” to preserve liquidity that can be used to help households and companies through the coronavirus crisis. The Frankfurt institution also asked banks not to buy back shares, another tool to reward shareholders, at a time when policymakers […]
Read MoreEuro zone sentiment in record plunge as coronavirus strikes
Euro zone sentiment suffered its steepest ever monthly decline in March as the coronavirus led to declining confidence among consumers and all sectors of the economy. In many cases the declines were evident even before crippling lockdowns were imposed. Economic sentiment in the 19 countries sharing the euro fell to 94.5 points in March from […]
Read MoreEU watchdog gives nod to delaying financial reports due to epidemic
Regulators should give listed companies an extra two months to publish their annual financial statements given the difficulty of completing audits on time due to the coronavirus epidemic, the European Union’s markets watchdog said today. The European Securities and Markets Authority said national regulators should “apply forbearance powers towards issuers who need to delay publication […]
Read MoreEuropean shares fall after three day rally
European shares fell in opening trade today after a three-day rally sparked by hopes of more aggressive stimulus to shore up the global economy ravaged by the rapid spread of the coronavirus pandemic. Shares in London had sank 3.3% so far this morning, while shares in Paris fell by 1.6% and the Frankfurt market was […]
Read MoreEmployment lawyers critical of Govt wage subsidy scheme
Employment lawyers have strongly criticised the Government’s Temporary Wage Subsidy Scheme which is being debated in the Dáil today. In a letter to the Minister for Employment Affairs and Social Protection Regina Doherty marked “Urgent”, the Chairperson of the Employment and Equality Law Committee of the Law Society Catherine O’Flynn says that flaws in the […]
Read MoreCentral Bank seeks assurance on Covid-19 insurance claims
The Central Bank is to write to the insurance industry setting out how it expects insurance firms to handle the settlement of claims arising from the Covid-19 pandemic. The regulator says firms must ensure that all claims are appropriately assessed and where there is insurance cover in place, that claims are accepted and paid. The […]
Read MoreEuro zone faces 2% recession, 10% if lockdown lasts – S&P Global
The coronavirus pandemic will push the euro zone and Britain into recession this year, with their economies expected to shrink by as much as 2%, the international ratings agency S&P Global warned today. “The euro zone and UK are facing recessions. We now expect GDP (gross domestic product) to fall around 2% this year due […]
Read MoreEconomy to shrink by at least 7.1% due to virus – ESRI
The economy could contract by over 7% this year and unemployment could soar to around 18% as a result of measures taken to slow the spread of the coronavirus, the Economic and Social Research Institute warned today. The ESRI said the Covid-19 pandemic is the greatest threat that the Irish economy has faced since the financial crisis. […]
Read MoreEU tells banks to be flexible over loan losses rule during epidemic
European banks have the flexibility to avoid a huge rise in provisioning for non-payment of loans during the coronavirus outbreak, the European Union’s securities and banking watchdogs said today. Banks have warned they face mounting provisions as businesses and households they lent money to struggle to repay loans during the outbreak. EU states have approved […]
Read More