Menu
05/10/2012
Central Bank Calls For Public Sector Reforms
A report from the Central Bank has warned that more should be done to drive down labour costs and reinforce competitiveness.
"One important way to do this would be to press ahead with public sector reforms to deliver the maximum possible level of public services from the reduced resources available for expenditure," it said.
"More generally, pay remains high in both the public and private sectors, adding to costs and prices in the economy, and no doubt discouraging expansion and investment projects by exporting firms."
The bank has also reduced expectations for economic growth for this year and next.
The value of business in Ireland is forecast to grow by 0.5% this year before jumping to 1.7% next year, the report states.
Ireland's vulnerability to an international economic slowdown has been blamed for the impact on business.
"The undershoot in Irish GDP since the beginning of the (bailout) programme is broadly comparable to what has occurred in the rest of the euro area and is largely a result of the weaker external environment,"it said.
But the report also said unemployment would fall to 14.5% next year.
The Bank also revealed that the value of Irish-owned business measured by GNP will contract by 0.4pc this year.
The value will jump to 0.7% growth next year.
Siptu, one of the country's biggest unions, has reacted with anger following the Central Bank's call for a further cut in labour costs.
President Jack O'Connor told the Irish Independent: "Consumer demand continues to fall through the floorboards precisely as a result of the pursuit of this nonsensical approach which reflects an ongoing attempt to resolve the problems created by those at the top of society through crucifying people on middle and low incomes."
(IT/GK)
"One important way to do this would be to press ahead with public sector reforms to deliver the maximum possible level of public services from the reduced resources available for expenditure," it said.
"More generally, pay remains high in both the public and private sectors, adding to costs and prices in the economy, and no doubt discouraging expansion and investment projects by exporting firms."
The bank has also reduced expectations for economic growth for this year and next.
The value of business in Ireland is forecast to grow by 0.5% this year before jumping to 1.7% next year, the report states.
Ireland's vulnerability to an international economic slowdown has been blamed for the impact on business.
"The undershoot in Irish GDP since the beginning of the (bailout) programme is broadly comparable to what has occurred in the rest of the euro area and is largely a result of the weaker external environment,"it said.
But the report also said unemployment would fall to 14.5% next year.
The Bank also revealed that the value of Irish-owned business measured by GNP will contract by 0.4pc this year.
The value will jump to 0.7% growth next year.
Siptu, one of the country's biggest unions, has reacted with anger following the Central Bank's call for a further cut in labour costs.
President Jack O'Connor told the Irish Independent: "Consumer demand continues to fall through the floorboards precisely as a result of the pursuit of this nonsensical approach which reflects an ongoing attempt to resolve the problems created by those at the top of society through crucifying people on middle and low incomes."
(IT/GK)
Related Irish News Stories
Click here for the latest headlines.
06 June 2011
As Summer Season Kicks Off - Public Urged To Use Public Transport
Minister of State today urged everyone travelling during the June Bank Holiday to use public transport as much as possible, particularly if attending weekend festivals, sporting events or enjoying the outdoors. This long weekend, Ireland’s festival programme gets into full swing with many large-scale events happening all over the country.
As Summer Season Kicks Off - Public Urged To Use Public Transport
Minister of State today urged everyone travelling during the June Bank Holiday to use public transport as much as possible, particularly if attending weekend festivals, sporting events or enjoying the outdoors. This long weekend, Ireland’s festival programme gets into full swing with many large-scale events happening all over the country.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
30 July 2009
Unemployment To Rise To 15% In 2010, Says Bank
Ireland's Central Bank has issued its forecast for the rest of the year and next, saying it expects unemployment to rise to 15% next year. In its quarterly report, the bank gave a sullen prediction for the coming year, suggesting Ireland could have the highest government deficit in the EU for the second year running.
Unemployment To Rise To 15% In 2010, Says Bank
Ireland's Central Bank has issued its forecast for the rest of the year and next, saying it expects unemployment to rise to 15% next year. In its quarterly report, the bank gave a sullen prediction for the coming year, suggesting Ireland could have the highest government deficit in the EU for the second year running.
04 February 2010
Central Bank Censured Over Flights
The Central Bank has come under major fire after it was revealed the state bank had paid for the flights of workers' spouses. In a report from the Office of Comptroller and Auditor General today, it has emerged the Central Bank had used taxpayers' money to fly 52 employees' spouses on foreign trips, leading to outrage from the opposition.
Central Bank Censured Over Flights
The Central Bank has come under major fire after it was revealed the state bank had paid for the flights of workers' spouses. In a report from the Office of Comptroller and Auditor General today, it has emerged the Central Bank had used taxpayers' money to fly 52 employees' spouses on foreign trips, leading to outrage from the opposition.
27 June 2014
Job Protection Must Be Priority In SME Sector - FG
Protecting jobs must be the priority when dealing with the large level of debt within the SME sector, Fine Gael has said.
Job Protection Must Be Priority In SME Sector - FG
Protecting jobs must be the priority when dealing with the large level of debt within the SME sector, Fine Gael has said.
-
Ireland WeatherToday:Mostly dry south and east, patchy light rain west and north through much of the day. A band of heavier rain crosses central and northern parts in the morning Maximum temperature 13 °C.Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most, turning to clear spells and a few showers towards morning. Minimum temperature 5 °C.
