Covid-19 supports have done their job in propping up the finances of families during the crisis, a new report says . Eoin Burke-Kennedy reports on a Central Bank / CSO study that says household income would have fallen by almost 20 per cent as the pandemic shut down the economy last year without supports: in the event they fell just 1.7 per cent.
But the extension of significant restrictions up until at least early April and the slow economic reopening signalled thereafter will mean the special funds allocated to deal with Covid-19 in last October's budget are all likely to be spent by the summer, writes Cliff Taylor. Finance ministers Paschal Donohoe and Michel McGrath will have to find more cash – most likely either from other spending or from tax revenue.
The UK's decision, meanwhile, to announce a phased reopening of its economy has paid immediate dividends for Ryanair and easyJet, according to the airlines. Colin Gleeson spoke to them.
Ulster Bank's boss has accepted staff had been stressed by its failure to keep them updated over recent months as parent NatWest weighed its future. However, Jane Howard told a Oireachtas committee there was little bank executives could d about it. She also said the bank would honour agreements made with mortgage applicants who have yet to draw down their loans and would continue to work with problem borrowers. Joe Brennan listened in.
Owners looking to let out properties on Airbnb will now have to hand over their personal tax details to the global home sharing platform, as Revenue steps up its oversight of the business, writes Fiona Reddan
Focusing on packaging rather than what's in it continues to serve Paul Coulson well. He now plans to hive off Ardagh Group's drinks cans business, currently more attractive to investors, into a separate US stock market listing. Joe Brennan explains.
In her column, Fiona Reddan asks whether developers have erred in building too many luxury apartments in Dublin. It comes as another docklands developer is turning to free rent incentives to tempt tenants into their properties and rents in the luxury sector fall while more affordable apartment fare better.
He was at the helm as Irish Nationwide, the building society he oversaw for close to 50 years, hit the buffers during the financial crash but a court heard yesterday that Michael Fingleton is now too ill following a stroke to answer a case examining how it all fell apart. IBRC, which was left picking up the pieces, says the case should proceed. Mary Carolan was in court.
Speaking of crash victims, insurer FBD is likely to more than double to ¤70 million its provision for payouts to publicans after it lost a landmark Covid-19 business interruption test case earlier this month, according to analysts. we'll find out on Friday when it reports results, writes Joe Brennan
In Commercial Property, the former Benburb Street premises of Dublin's famous Dice Bar are being offered for sale at a guide price of €750,000 three months after Covid forced its closure. Ronald Quinlan has the story.
A portfolio of 106 industrial and logistics properties assembled by the Core Industrial Reit in advance of a planned 2018 IPO is now being prepared for sale, writes Ronald, with CBRE and Eastdil Secured expected to seek in excess of €100 million for the portfolio.
Finally, Irish property investor Avestus Capital Partners has paid over €38 million for 120 rental apartments developed by Bernard McNamara on the site of the former Swiss Cottage pub at Santry in north Dublin.
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