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☆ 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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