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☆ Eurogroup president says Europe needs to take steps to enhance its own competitiveness
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurogroup president says Europe needs to take steps to enhance its own competitivenessEurogroup President Paschal Donohoe discusses the state of play in the Europe and shares his views on what can be done to reduce internal hurdles in the EU’s single market.

Persons: Paschal Donohoe Locations: Europe

☆ Leo Varadkar: What was behind Irish PM’s shock resignation?
▼ + stars: | 2024-03-24 | by ( Niamh Kennedy | ) edition.cnn.com time to read: +7 min

CNN —Prime Minister Leo Varadkar sent shockwaves through Ireland when he candidly announced last week that he was “no longer the best person” to lead his country. Irish Times political correspondent Jennifer Bray was given less than an hour’s notice of the surprise statement from the taoiseach on Wednesday. His successor, largely tipped to be Higher Education Minister Simon Harris, will need to lead the center-right political party, Fine Gael, against a fired-up opposition. The 37-year-old who rose to prominence during his spell as health minister during the pandemic is considered by many to be a “mirror image” to Varadkar, Murphy said. Mary Lou McDonald, president of opposition party Sinn Fein, which has been making steady gains since 2020.

Persons: Leo Varadkar, Ireland’s, Varadkar, Joe Biden, Jennifer Bray, Bray, ” Gary Murphy, ”, ” Murphy, “, Simon Harris, Murphy, Varadkar “, Boris Johnson “, resoundingly, Nick Bradshaw, Paschal Donohoe, Harris, Tik Tok, “ Simon Harris, ” Bray, Mary Lou McDonald, Sinn Fein, Charles McQuillan, Sinn Féin Organizations: CNN —, Israel, Irish Times, Wednesday, CNN, Dublin City University, Higher Education, Fine Gael, Irish, Catholic Church Locations: shockwaves, Ireland, Gaza, Irish, Brussels, United Kingdom, Bray, Varadkar

☆ Fiscal policy has not played a big role in stopping inflation falling, Eurogroup president says
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFiscal policy has not played a big role in stopping inflation falling, Eurogroup president saysEurogroup President Paschal Donohoe discusses EU fiscal and monetary policy, reducing euro area borrowing and the Capital Markets Union.

Persons: Eurogroup, Paschal Donohoe Organizations: Capital Markets Union

Earlier Sunday, the Irish prime minister lauded the release of Emily Hand, an Israeli-Irish girl whose story has captivated both nations. Our prayers have been answered,” Irish Prime Minister Leo Varadkar posted on the X platform, formerly known as Twitter. The girl was initially believed to have been killed in the Oct. 7 assault on southern Israel by Hamas and other militants. Emily Hand was not ‘lost,’ she was kidnapped by a terror organization worse than ISIS,” Israeli Foreign Minister Eli Cohen tweeted. He alleged that Varadkar was “trying to legitimize and normalize terror,” and summoned the Irish ambassador to Israel for a reprimand.

Persons: —, Emily Hand, Leo Varadkar, Emily, Varadkar's, Mr, Eli Cohen, Varadkar, ”, Paschal Donohoe, Israel, ___ Sylvia Hui Organizations: JERUSALEM, Twitter, ISIS, Israeli Foreign Ministry, Union Locations: Irish, Israeli, Israel, Gaza, Belgium, Spain, Palestinian, London

☆ German economy has seen 'nearly miraculous' change: Eurogroup president
▼ + stars: | 2023-10-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGerman economy has undergone 'nearly miraculous degree of change' in last year: Eurogroup presidentPaschal Donohoe, president of Eurogroup, discusses the state of Europe's economy, saying there are reasons to be concerned but also signs of resilience.

Persons: Eurogroup, Paschal Donohoe

☆ Ireland hikes bank levy to 200 mln euros, revises methodology
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne/ File Photo Acquire Licensing RightsDUBLIN, Oct 10 (Reuters) - Ireland will revise how it calculates its levy on banks after announcing plans to raise 200 million euros ($211.7 million) from the measure next year, up from 87 million euros in 2023, Finance Minister Michael McGrath said on Tuesday. The share paid by the remaining three banks is based on the amount of deposit interest retention tax (DIRT) each pay. McGrath told a news conference that the basis of the levy will change to being related to the value of a lender's deposits. Analysts at Davy Stockbrokers had said that an increase to 200 million euros based on the existing DIRT would have had an outsized impact on Permanent TSB (PTSB.I), relative to its larger rivals AIB (AIBG.I) and Bank of Ireland (BIRG.I). Davy estimated that the incremental impact from an increase based on retail or household deposits would be in the range of 2-3% of 2024 profit before tax across all three banks, based on its current forecasts.

Persons: Finance Paschal Donohoe, Michael McGrath, Clodagh, McGrath, Davy Stockbrokers, Davy, Padraic Halpin, William Schomberg, Mark Heinrich Our Organizations: Finance, Public Expenditure, REUTERS, Rights, TSB, AIB, Bank of Ireland, Thomson Locations: Dublin, Ireland, LONDON

☆ Paschal Donohoe: Inflation picture is improving but journey not complete
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPaschal Donohoe: Inflation picture is improving but journey not completeCNBC's Charlotte Reed speaks to Paschal Donohoe, the president of the Eurogroup, and Laurence Boone, France's minister of state for Europe, at the Aix-en-Provence economic forum.

Persons: Paschal, Charlotte Reed, Paschal Donohoe, Laurence Boone Locations: Europe, Aix, Provence

Opposition parties are clamouring for a vote in parliament, but Meloni said on Wednesday that was not about to happen and linked the debate to ongoing discussions on a broader reform of European budget rules. "Italy's interest is addressing negotiations on European governance, which covers the entirety of our national interests," she told parliament. "Meloni does not want to leave the anti-ESM front to Salvini and nobody wants to lose face," he told Reuters. Despite irritation in Brussels over the dithering in Rome, EU officials have told Reuters that any attempt by Meloni to link ESM approval to much more significant budget reform will not pay off. Italy, which has the second largest debt mountain in relation to its GDP in the euro zone after Greece, has criticised the suggestion.

Persons: Giorgia, Meloni, Matteo Salvini, Francesco Galietti, Paschal Donohoe, Francesco Saraceno, Crispian Balmer Organizations: ROME, European Union, Treasury, Reuters, European, Rome's Luiss University, Sciences Po, European Commission, Thomson Locations: Italy, Brussels, Rome, Sciences Po Paris, Greece, Rome's

In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.

☆ Eurogroup president says Biden's Ireland visit signals the need to safeguard stability
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurogroup president says Biden's Ireland visit signals the need to safeguard stabilityEurogroup President Paschal Donohoe says that U.S. President Joe Biden's visit to Northern Ireland sends an important signal about safeguarding political and economic stability, particularly in the wake of Brexit.

☆ ECB to reassure EU leaders on bank stability, call for EU deposit insurance
▼ + stars: | 2023-03-24 | by ( Jan Strupczewski | ) www.reuters.com time to read: +3 min

"She will ask the leaders to complete their Banking Union and go forward on the Capital Markets Union." EU DEPOSIT INSURANCE NEEDED TO COMPLETE BANKING UNIONEU leaders are likely to get a similar message on banks from the chairman of euro zone finance ministers Paschal Donohoe. "Completing the Banking Union" is EU code for introducing a European Deposit Insurance Scheme (EDIS), the last missing element from the project launched in 2012. The Banking Union is already two-thirds complete. The Capital Markets Union was launched in 2015 to facilitate access to private capital by EU companies, which now mainly depend on bank loans for any financing.

☆ Expansionist dreams threaten ECB digital euro plan
▼ + stars: | 2023-01-17 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

The idea of a digital euro with the same reserve backing as its physical equivalent is thus partly about Frankfurt controlling the process. At best, a digital euro could bring more citizens into the banking system, particularly those who don’t have enough money for traditional financial services products. That jars with central bankers’ preference to limit the digital euro to the EU at first. The euro does not need a digital currency, but its members have signalled they want one. Reuters GraphicsFollow @rebeccawire on TwitterCONTEXT NEWSEuro area finance ministers issued a statement on the so-called digital euro on Jan. 16, calling for political oversight and an international approach of a European central bank digital currency (CBDC).

☆ Varadkar targets housing crisis on return as Irish prime minister
▼ + stars: | 2022-12-17 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

"I am thinking in particular of housing and how we have to go all-out to turn the corner on rising homelessness and falling homeownership. The 2020 coalition deal - which included the smaller Green Party - for the first time united Martin's Fianna Fail and Varadkar's Fine Gael, which are Ireland's dominant centre-right parties and have led every government since independence a century ago. Finance Minister Paschal Donohoe and Public Expenditure Minister Michael McGrath will also swap roles under the deal while Martin, who will become deputy prime minister, is also expected to be appointed foreign minister. Varadkar indicated he would make very few other changes when he names his cabinet at around 1700 GMT. "We live in an Ireland where the housing emergency has gotten worse and where households struggle to get by.

☆ EU's Donohoe: Peak of European inflation behind us
▼ + stars: | 2022-12-15 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU's Donohoe: Peak of European inflation behind usPaschal Donohoe, president of the Eurogroup, discusses the challenges facing Europe, inflation in the euro zone, and when he thinks a consensus over new fiscal rules will be reached.

☆ Russian oil cap will work, EU ministers insist, despite Kremlin opposition and broad skepticism
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

G7, the EU and Australia implemented on December 5 a cap on Russian oil prices. BRUSSELS — A price cap on Russian seaborne oil will work, EU ministers told CNBC, despite attempts from the Kremlin to escape sanctions and a broad market skepticism over the measure. When asked if the oil cap can work in reducing Russia's oil revenues, Irish Finance Minister Paschal Donohoe said, "Yes, it can." One of the big open questions is the role of India and China in the implementation of this price cap. "Then we will assess the consequences of the implementation of this oil cap," he added.

☆ Ireland picks cheeky moment to lift bank bonus cap
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 30 (Reuters Breakingviews) - Ireland’s plan to lift a cap on bankers’ bonuses looks ill-timed. On Tuesday, Finance Minister Paschal Donohoe said Dublin will lift a 500,000 euro crisis-era cap on annual executive salaries and allow bonuses of up to 20,000 euros for bank workers. However, Irish bank bosses have long argued salary constraints made it difficult to retain top talent. The remaining big bank duopoly of AIB (AIBG.I) and Bank of Ireland (BIRG.I) means a customer backlash is unlikely as there is little alternative. Still, championing higher pay for bankers is a gutsy move in the middle of a cost-of-living crisis.

☆ Ireland sells 5% of AIB for 397 million euros
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Nov 8 (Reuters) - Ireland sold 5% of Allied Irish Banks (AIB) (AIBG.I) to institutional investors for 396.6 million euros ($396.24 million), the finance ministry said on Tuesday, part of a drive to sell down bank stakes acquired during the financial crisis. The state's stake stood at 71% at the start of the year. Ireland pumped 64 billion euros ($64.2 billion), or almost 40% of its then annual economic output, into the country's banks just over a decade ago following a huge property crash. It sold the last of its shares in Bank of Ireland (BIRG.I) in September. ($1 = 1.0009 euros)Writing by Conor Humphries; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Ireland to sell 8% of its majority stake in AIB in one go
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Nov 7 (Reuters) - The Irish government received more than enough demand to cover the sale of 8% of its majority stake in Allied Irish Banks (AIB) (AIBG.I) in an accelerated book build on Monday, one of the joint bookrunners said. The state's stake stood at 71% at the start of the year. AIB shares closed up 1.96% at 3.20 euros on Monday. The last placing, conducted before euro zone banks began to benefit from European Central Bank interest rate hikes, was priced at 2.28 euros per share. Ireland pumped 64 billion euros ($64.2 billion), or almost 40% of its then annual economic output, into the country's banks just over a decade ago following a huge property crash.

☆ Ireland to extend business energy supports to newly opened businesses
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Oct 18 (Reuters) - Irish businesses that have opened in the last year will be able to avail of an energy grant scheme that was initially limited to those that had been established for longer, Finance Minister Paschal Donohoe said on Tuesday. The government introduced the 1.25 billion euro scheme in last month's budget, providing businesses such as hotels, shops and restaurants with up to 40% of the increase in electricity or gas bills if those costs have risen by over 50% year-on-year. Donohoe said a new procedure to facilitate more recently opened businesses will be included in the legislation underpinning the budget to give them access the scheme and not put them at a competitive disadvantage. He said the legislation to be published on Thursday would also extend the scheme, which is capped at 10,000 euros per month and due to last until February, to some professional services. Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Ireland to tap surplus, taxes on suppliers for any future energy measures -finance minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Sept 27 (Reuters) - Ireland will tap surplus funds not stashed away in its national reserve fund if consumers or businesses need further help with energy bills beyond March next year, Finance Minister Paschal Donohoe said on Tuesday. "The first port of call for that will be the surplus we still believe we will have," Donohoe told a news conference when asked if he would tap the planned 6 billion euro national reserve fund in the first instance. "The second port of call will be either our participation in the EU wide energy tax measure that may come in and if that is not forthcoming, the government has committed today to bringing forward our own domestic tax raising measure from the energy sector." Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Ireland dips into budget surplus to ease cost of living squeeze
▼ + stars: | 2022-09-26 | by ( Padraic Halpin | Conor Humphries | ) www.reuters.com time to read: +3 min

DUBLIN (Reuters) -Ireland dipped into one of Europe’s few budget surpluses to fund higher-than-usual spending hikes and tax cuts, ease energy costs for firms and consumers and set cash aside in a budget it said was in sharp contrast to neighbouring Britain’s economic plans. FILE PHOTO: A shopper wearing a face masks pushes a trolley in a discount shop in Dublin, Ireland, November 30, 2021. In May, the European Commission forecast that Denmark would be the only country in the EU to deliver a surplus this year with Sweden, Ireland and Luxembourg joining them in 2023. Ireland’s forecasts on Tuesday included a surplus of just under 0.5% of national income for 2022. The amount of money people can earn tax-free before hitting the higher rate of income tax was also increased.

☆ Ireland aims to ease cost of living squeeze with 'two budgets in one'
▼ + stars: | 2022-09-26 | by ( Padraic Halpin | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterIt also promised a one-off package including grants for companies and cash for households to pay energy bills. That will come in at around 3 billion euros, according to two sources briefed on the negotiations which are nearing a conclusion. In May, the European Commission forecast that Denmark would be the only country in the EU to deliver a surplus this year with Sweden, Ireland and Luxembourg joining them in 2023. Ireland would still be taking in less money that it spends without the corporate tax haul mostly generated from its large multinational sector. ($1 = 1.0350 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Ireland returns to full private ownership
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

A man passes a logo for the Bank of Ireland as he leaves the bank in Dublin May 28, 2007. REUTERS/Luke MacGregor (IRELAND)DUBLIN, Sept 23 (Reuters) - Bank of Ireland (BIRG.I) became the first Irish lender to return to full private ownership since the aftermath of the 2008-09 global financial crisis after the government said on Friday that it had sold the last of its shares. Bank of Ireland, the country's largest bank by assets, was the only lender to avoid majority state ownership and the only one on which the government has made a profit on its investment so far. It earned approximately 841 million euros since it began the gradual sale of the state's residual 13.9% shareholding in Bank of Ireland in August 2021. "The gradual disposal of the state's investment in Bank of Ireland into a rising market has been successful in delivering on this objective for our citizens."

☆ Ireland hikes surplus forecast ahead of budget
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Clodagh Kilcoyne//File PhotoDUBLIN, Sept 24 (Reuters) - Ireland on Saturday almost doubled its budget surplus forecast for 2022 to 0.9% of gross domestic product thanks to booming corporate tax revenues, giving it extra resources to help consumers with inflationary pressures. The forecast was released ahead of the annual budget, which is due to be published next Tuesday, and the figures do not include any measures to be announced that day. Ireland's general government balance for the year is forecast to be 4.4 billion euros ($4.3 billion), or 0.9% of GDP, up from a July forecast of 0.5%, the finance ministry said in a statement. The ministry said that without the "windfall" element of its corporate tax receipts - which it estimated at 9 billion euros of a forecast haul of 21.05 billion euros - Ireland might be facing a deficit of 0.9% in 2022. The ministry forecast that the surplus next year would be 11.8 billion euros, or 2.2% of GDP, if no new budgetary measures were taken thanks to a forecast record corporate tax take of 22.7 billion euros.

☆ Bank of Ireland to return to full private ownership shortly - minister
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

General view of a branch of the Bank of Ireland in Dublin, Ireland, March 1, 2021. REUTERS/Clodagh KilcoyneDUBLIN, Sept 21 (Reuters) - Ireland's finance minister said on Wednesday that he expects to announce shortly that the government has cut its shareholding in Bank of Ireland (BIRG.I) to zero having raised over 800 million euros by selling shares in the bank in the last year. The finance ministry began the gradual sale of the state's residual 13.9% shareholding in the country's largest bank by assets in August 2021 and had cut its stake in the lender below 3% by June of this year. Finance Minister Paschal Donohoe also told a parliamentary committee that his department would resume a similar gradual sale of shares in AIB Group (AIBG.I) later this month while also monitoring the market for opportunities to sell a larger chunk of stock in one go. Register now for FREE unlimited access to Reuters.com RegisterReporting by Padraic Halpin;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

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