Central Bank chief economist Gabriel Fagan, and Gillian Phelan, head of monetary policy, at the press conference on the Central Bank’s Quarterly Bulletin. Photograph: Eric Luke

Bank says money would be better spent paying down the national debt

Tánaiste Joan Burton TD and Taoiseach and Fine Gael: the country’s deficit and debt levels will now be a little higher than foreseen. Photograph: RollingNews.ie

The Coalition is insisting that the ruling will make little difference to its budgetary plans

Employers group Ibec said steps were needed to cut the higher marginal tax rate and the number of workers who pay it. It also called for an overhaul of childcare. Photograph: Getty Images

Pre-budget submission urges investment to address Ireland’s infrastructural needs

The State’s new sovereign investment fund is set to enter the private residential property market in a €500 million plan. File photograph: Getty Images/iStockphoto

NTMA will manage venture in plan to provide large loans to housing developers

Dermot O’Leary, chief economist at Goodbody stockbrokers. Photographer: Dara Mac Dónaill

Construction investment forecast to overtake business investment

NTMA Chief Executive Officer Conor O’Kelly: “The statistic I like to use on this is that that funding has been done at double the maturity of last year and at half the yield. Photograph: Sara Freund

The NTMA tried to differentiate Irish debt from that of other crisis-struck countries

Minister of Finance Michael Noonan at the press briefing for the National Treasury Management Agency (NTMA) annual report for 2015. Photograph: Sara Freund / The Irish Times

NTMA plans to focus on smoothing out €35bn in repayment ‘chimneys’ of national debt between 2018 and 2020

Taoiseach Enda Kenny and Tánaiste Joan Burton with Government Ministers at the final Cabinet meeting before the summer recess in Lissadell House, Sligo. Photograph: The Irish Times

Homeowners assured by Minister for Finance that property tax will be frozen in 2017

Prof Alan Barrett’s overview notes a “degree of consensus” around the fiscal stance. Photograph: Dara Mac Dónaill / The Irish Times

Alan Barrett says three-way division between current and capital spending and tax cuts would better meet delegates’ demands

Incoming chief of the ESRI Prof Alan Barrett said we need a discussion of what the tax take should be. Photograph: Getty Images

Consideration required on level of public services, says economic talks chairman

Valeo chief commercial officer Oliver Sutherland (left) with a fifth-generation miller, Nigel Odlum. Photograph: Chris Bellew/Fennell Photography

Investment part of efforts to build export market for Odlums

Gina Quin,  Dublin Chamber of Commerce chief executive: “If each of the 80,000 micro-businesses in Ireland hired just one extra person, it would bring the unemployment rate down by a third.” Photograph: Brendan Duffy

Pre-budget submissions says smaller firms should benefit from three-year waiver of employers’ PRSI for each new staff member

Minister for Finance Michael Noonan. Photograph: Stephanie Lecocq/EPA

Stormont wants Minister to compel agency to attend hearing

EU commissioner Valdis Dombrovskis, speaks at a news conference on Wednesday. He has confirmed the troika is to return to Greece for negotiations. Photograph: Julien Warnand/EPA

IMF managing director Christine Lagarde reiterated her call for substantial debt relief

At great cost to Alexis Tsipras, a bailout agreement was secured to avoid default on ECB debts. But this is sticking-plaster stuff really. Photograph: Alkis Konstantinidis/Reuters

Lack of appreciable debt cut and investor confidence will hamper bailout’s effect

Taoiseach Enda Kenny at the national economic dialogue conference at Dublin Castle. Photograph: Cyril Byrne/The Irish Times

Workers’ groups lobby for increased funds for services at national economic dialogue

The EU Commission says   the outline plan to achieve a budget deficit of 1.7% of GDP in 2016 was predicated on €1.2bn in expansionary measures. John Macdougall/AFP/Getty Images

Government’s plans for expansionary budget implicitly criticised by EU body

The Central Bank paints a dire picture of an institution lending large volumes of money with scant regard for its rules or anyone else’s

The Central Bank confirms what we suspected about the bank’s management

The new Central Bank inquiry follows a five-year investigation into INBS’s lending practices by the Central Bank

Central Bank launches inquiry into how individuals at INBS contributed to collapse

The revision to reflect aircraft leasing is not projected to change the totality of Irish economic output as measured by GDP and gross national product (GNP)

Leasing firms established in State account for some 10% of the world’s civilian aircraft

Taoiseach Enda Kenny: will open  two days of budget talks beginning on Wednesday in Dublin Castle.  Photograph: Thierry Charlier/AFP/Getty Images

External groups may have their say at Dublin Castle but the budget die is cast

Royal Bank of Scotland fell 1.9 per cent, hit by news the bank may need to pay $13bn to settle claims  it misled investors. Photograph: Chris Ratcliffe/Bloomberg

Traders mark down assets ahead of vote referendum dominates business

 US House  speaker John  Boehner: says Taoiseach Enda Kenny has harangued him, telling him how the lack of   reform has left some Irish immigrants listening to a parent’s funeral by phone. Photograph: Julien Behal/Maxwells

US House speaker says he determined is to overcome Republican resistance to reform

Minister for Finance Michael Noonan: In the first six months of 2015 income tax receipts reached €8.3 billion.  The €2.3 billion increase between 2007 and 2015 amounts to a heavy additional burden on a cohort of workers that is still smaller than before the crisis struck. Photograph: Dara Mac Dónaill

Exchequer figures show tax receipts to June came in ahead of €20 billion

Minister for Finance Michael Noonan: exchequer returns for the first half of the year showed that tax payments were some €800 million ahead of target. Photograph: Dara Mac Donaill

Minister for Finance says uncertainty over Greece will have ‘second-round’ risk to Irish economy only

Michael Noonan’s department said the exchequer balance had been enhanced by  a number of one-off transactions    Photograph:  Nick Bradshaw / The Irish Times

Total returns between January and June exceeded €20bn for first time since 2007

Greek Prime Minister Alexis Tsipras addressing the nation  from his office in Athens, Greece, 1st July 2015. Photograph: EPA/Andrea Bonetti/Prime minister of Greece press office

Blackmail or a credible proposals? Tsipras’s words and actions continue to baffle and annoy onlookers

Police stand guard as a woman withdraws money from an  in Athens on Thursday  during a demonstration supporting the No vote for the upcoming referendum on Greece’s bailout terms. Photograph: Louisa Gouliamaki/AFP/Getty Images.

Days after default, IMF says Athens needs debt relief and €50bn in new financing

A woman watches Greece’s prime minister Alexis Tsipras’ TV announcement in a electronics shop in central Athens. The people will vote in a referendum on the rescue plan for their country on Sunday. Photograph: EPA

Alexis Tsipras offers big concessions to creditors but backtracks within hours

A seagull flies over a Greek national flag during a demonstration in Athens. Photograph: Yorgos Karahalis/Bloomberg.

If not paid in July, the ECB could pull the plug on Greece’s banking system

Pro-Euro protesters hold a large European flag reading “Yes” in front of the parliament building in Athens on Tuesday evening. Photograph: Getty

Jeroen Dijsselbloem says country’s stance towards its creditors would have to change

Pensioners waiting outside a closed National Bank branch and hoping to get their pensions, argue with a bank employee in Iraklio in Crete. Photograph: Stefanos Rapanis/Reuters

France trying to get Greece back into negotiations as bailout nears expiration

A street vendor sells  flags in front of the Greek parliamnet in Athens. Photograph / Louisa Gouliamakilouisa Gouliamaki/AFP/Getty Images

The question is will the Greek crisis damage Ireland?

People march in Athens  on June 28th, 2015 during a demonstration calling for a ‘No’ in the  referendum on funding proposals from Greece’s creditors and for Greece’s exit from the euro zone. Photograph: Louisa Gouliamaki/AFP/Getty Images

Coalition discusses contingency plans after chaotic breakdown in debt talks

Anti-EU graffiti in Athens: banks in Greece are closed today, with no word on when they might reopen. Photograph: Alkis Konstantinidis/Reuters

Nightmare scenario on the cards as weak countries face immediate threat of contagion

Recruitment agencies are targeting skilled Irish emigrants in Australia, New Zealand, Dubai and Canada to return home to pursue job opportunities in the recovering construction sector

CSO figures point to shortages of site managers and engineers across sector

IMF managing director Christine Lagarde greets Greece’s finance minister Yanis Varoufakis. The IMF has been pushing for pension cuts in Greece. Photograph:  Thierry Charlier/Getty Images

Syriza leader could lose rejectionist MPs in a parliamentary vote

John Moran: “Do we really have the right structures as a State to encourage wide-ranging, cross-disciplinary debate about future spending priorities or infrastructural needs or the structures of our economy?”

It is the department’s role to act as a bulwark against political flights of fiscal fancy

Pensioners gather in central Athens during their rally against austerity measures. Photograph: Louisa Gouliamaki/AFP/Getty Images

Euro zone finance ministers gather in third attempt this week to reach compromise

Taoiseach Enda Kenny said European leaders attending a summit in Brussels yesterday agreed   Greece should remain within the euro zone. Photograph: The Irish Times

Greece has been granted a two-day reprieve in its campaign for new rescue loans

 Greece prime minister Alexis Tsipras (left) and European Commission president Jean-Claude Juncker ahead of an emergency leaders summit on Greece at the European Commission in Brussels, on Monday. Photograph: EPA

Athens submits revised funding proposal to creditors but crunch talks fail to yield solution

European Commission president Jean-Claude Juncker (third from right), IMF managing director Christine Lagarde (second from right), ECB president Mario Draghi (back to camera), eurogroup president Jeroen Dijsselbloem (second from left) and president of the European Council Donald Tusk (third from left), with officials at yesterday’s summit in Brussels, Belgium. Photograph: Emmanuel Dunand/EPA

Confusion about different versions of Greek plan does little to inspire confidence

Minister for Finance Michael Noonan arrives for a meeting of eurogroup finance ministers  in Brussels. Photograph: Michel Euler/AP

More talks with Athens planned before summit of all EU leaders at end of week

Taoiseach Enda Kenny arrives in Brussels for a Eurozone emergency summit on Greece. Photograph: Charles Platiau/Reuters.

Angela Merkel says ‘no basis’ for a decision on matter tonight as European leaders meet

Euro zone leaders are will gather for an emergency summit to try to avert a Greek default this week. Photograph: Reuters

Euro zone leaders to hold emergency summit in Brussels on mounting financial crisis

Eurogroup president Jeroen Dijsselbloem, European Commission president Jean-Claude Juncker and European Council president Donald Tusk. photograph: Olivier Hoslet/EPA

Leaders of main EU institutions call for moves towards collective decision-making

The OECD initiative, which has big implications for Ireland’s corporate tax regime, follows a request from global political leaders for a worldwide plan to eradicate aggressive tax avoidance by multinational groups.Photograph: Getty Images

Accounting and legal professions in Ireland oppose major strands of business tax plan

Greek finance minister Yanis Varoufakis talks to his Irish counterpart Michael Noonan before a euro zone finance ministers meeting in Luxembourg on Thursday. Photograph: Reuters/Francois Lenoir

Market participants still believe some kind of funding agreement will be reached eventually

Greece’s prime minister Alexis Tsipras: market participants say the basic calculation remains that Greece will reach some kind of a deal with creditors before a €1.6 billion International Monetary Fund debt falls due on June 30th. Photograph: Eric Vidal/Reuters

Though most still hope a deal will be struck with creditors, volatility is increasing

Finance official Kevin Cardiff. Mr Cardiff has submitted a report to the Oireachtas banking inquiry containing his assessment of the events surrounding the bank guarantee and bailout. Photograph: Courtpix

Finance official’s 380 page submission says AIB and BOI wanted broad bank guarantee

Minister for Public Expenditure Brendan Howlin: ‘We are hoping for a genuine and robust dialogue.’ Photograph: Cyril Byrne

Objective is to facilitate engagement with representative groups

There has been criticism of the Beps project within the US treasury department.

Senior Republicans voice concerns over Obama administration’s response to plan

A disc with budget details. Public warnings from bodies such as the ESRI and Fiscal Council are not good news for Fine Gael and Labour, whose collective stock-in-trade these days is “economic competence”

Barring an economic earthquake, there will be no scrapping of plan to expand 2016 budget by between €1.2 bn to €1.5bn

‘Not only do the Ministerial instructions set out a long list of duties in relation to the closure of IBRC. The liquidators are also required to keep the Minister (Michael Noonan, above) fully in the loop at all times.’ Photograph:  Nick Bradshaw

Freedom of Information Act request for monthly reports from the liquidators was refused

AIB:  The State currently owns 99.8 per cent of the bank.

Country could have ‘more dynamic recovery’ if banking interests sold, says think tank

Prof Kieran McQuinn, co-author of the ESRI quarterly economic commentary, at its launch in Dublin on Tuesday.   Photograph: Sam Boal/Photocall Ireland

Think tank warns Government to remember ‘lessons of the past’

Minister of State for Finance Simon Harris: “The EU is stronger and more effective with the UK as an integral member.” Photograph: Cyril Byrne

Minister Simon Harris declares support for ‘any reasonable proposals’ for reform

ERSI: “It’s about trends, I guess, in many respects,” says Prof Kieran McQuinn. “It’s fair to say that the adoption of the measures talked about this year is not going to cause any serious deterioration in the state of the public finances. But it’s more the principle.” Photograph: Brenda Fitzsimons

Steps should be taken to avoid repeating errors which led to disaster, believes ESRI

Michael O’Leary is to attend the secretive Bilderberg conference.

Critics say it’s a shadowy forum that really rules the world; defenders say it’s an informal meeting

Citing the rebound in Irish property prices, S&P expects Nama to redeem all of its senior bonds by the end of 2018. “We believe the likelihood that Nama will remit a residual gain to the government when it winds up its operations exceeds the likelihood that it will incur a shortfall,” it said.

Rating agency expects economy to continue to expand until 2018

Alexis Tsipras, Greece’s prime minister,  arrives at his office in Athens yesterday after returning from Brussels. Photograph: Kostas Tsironis/Bloomberg

After months of indecision and fiery rhetoric, the decisive phase now seems upon us

European Commission president Jean-Claude Juncker: while  the commission demand for a “more ambitious” budgetary target was more implicit than explicit, the IMF offered tacit support for the plan and said it steered fiscal policy “broadly in the right direction”. Photograph: Krisztian Bocsi/Bloomberg

Council’s core argument is that the plan lacks credibility on basic points

The fiscal council said breaches of EU budget guidelines raised questions as to whether future policy would be conducted on a prudent basis. Photograph: The Irish Times

Council questions important strands of Government’s spring economic statement

Denis O’ Brien has rejected claims made in the Dáil by Catherine Murphy.

Affair flows from disquiet over IBRC’s sale of Siteserv

New exchequer figures released on Wednesday by the Department of Finance show increased revenues from each of the major tax heads, although excise and stamp duty returns last month came in below target.

Exchequer returns €1.69bn better that same period in 2014

Grafton Street: “Current Zone A headline rents on Grafton Street are in the region of €5,600-€5,900 per square metre.” Photograph: Dara Mac Dónaill

Capital and regions registering upturn in commercial rents, say Savills and ESRI

 Mike Aynsley former chief executive of IBRC. “I think it’s always good when things blow up like this to have a clearing of the air. I just find the whole thing very disappointing.”   Photograph: Cyril Byrne

Mike Aynsley strongly rejects Dáil comments by TD Catherine Murphy

Christine Lagarde of the IMF: her organisation said EU states were ill-prepared for the crash. Photograph: Seán Gallup

IMF says system reinforced at height of debt crisis is hampering monitoring function

Ryanair shares: finished at €11.60, down 1.94 per cent on the day, as the market predicts it will accept IAG’s offer for its Aer Lingus shares. Photograph: Alan Betson

Ryanair down almost 2% amid expectations it will accept IAG offer for Aer Lingus

UCC economist Séamus Coffey: cash transfers on the State pension were ‘right at the bottom’ of the EU table. Photograph: David Sleator

Ireland has low-tax and low-spend economy compared with other EU states, study finds

Last year the State collected €41.28 billion in tax, the first time in six years that receipts exceeded €40 billion. Photograph: Alan Betson

Income tax receipts contribute about 41% of tax revenue

 Prof Honohan was speaking at the Oireachtas finance committee, likely to be his final appearance before he leaves his role later this year  Photograph: Cyril Byrne / The Irish Times

Central Bank governor said there was a ‘broad distributional impact’ from the programme

Michael Noonan: an advance in quarterly growth in spring and early summer led the Minister  to upgrade his growth forecast for the Irish economy twice within one week.  Photograph: David Sleator

ESRI highlights difficulty in establishing accurate growth measurements

The former governor of the Central Bank  Patrick Honohan: his successor will have to underpin domestic and international confidence in the organisation. Photograph: Cyril Byrne/The Irish Times

Applications to be sought within Ireland and abroad to succeed Patrick Honohan

European economics commissioner Pierre Moscovici warns that Ireland remains vulnerable to economic shock

EU commissioner says talks must intensify with Greece to unlock €7.2bn in loans

  Four months have passed since Alexis Tsipras’s hard-left Syriza movement swept to power with ardent promises of a new beginning for Greece, an end to austerity and the “humiliation” of troika oversight, and a write-down of the vast national debt. Well, it never happened. Photograph: Alkis Konstantinidis/Reuters

Greece needs quick deal to ensure it can repay €1.5bn to IMF and avert bankruptcy

Richie Boucher: was one of the bankers who met with Minister for Finance Michael Noonan. Photo: Sam Boal / Photocall Ireland

Development follows two days of talks with bank chiefs

Ireland had an unemployment rate of just 4.5 per cent in the first quarter of 2007, but that ratepeaked at 15.1 per cent in 2012. In the first quarter of 2015, it dropped to 9.9 per cent.

Data shows economy continues to create jobs at a steady rate as recovery continues

Data from the Central Statistics Office indicates that the unemployment rate dropped to 9.9 per cent in the first quarter.

A total of 12,500 jobs were created in the first three months of the year

Bank of Ireland finished unchanged  at the end of a day in which more than 24 million shares were traded

Comments from ECB that it might soon be bond-buying causes market jump

 Minister for Finance Michael Noonan relayed message on interest rates to AIB, Ulster Bank and ACC when they met  yesterday. Photograph: Gareth Chaney/Collins

State seeking fall of up to 0.75 percentage points within two months

Lars Frisell, adviser to  Central Bank governor Patrick Honohan, criticised: “Europe’s deplorable tradition” of bailing out banks and bankers at the expense of taxpayers.  Photograph: Brenda Fitzsimons/The Irish Times

Anglo and ‘equally reckless’ Irish Nationwide should never have been included

Arthur Beesley (left): ‘There are greater and more pressing inequalities that should be tackled’; and Hugh Linehan: ‘There is no logical reason for the existing age limit of 35 on candidates standing for the presidency.’  Photograph: Eric Luke / The Irish Times

Yes, says Hugh Linehan. No, argues Arthur Beesley, in an Irish Times online debate on the referendum

The effort to confront the banks comes amid mounting pressure on Mr Noonan from backbench TDs in Fine Gael particularly, who have been demanding a deeper response from the Government. Photograph: Aidan Crawley

Minister will tell bank chiefs he will act on variable rates if they don't

Independent Senator Feargal Quinn said: “This shameless profiteering by banks can no longer be tolerated.”   Photograph: Dara Mac Donaill

Feargal Quinn says 'shameless profiteering' from variable rates must end

National house prices rose 13% last year and  Dublin prices rose 22% said the draft national risk assessment report which aims to identify financial and non-financial risks to inform preventative measures

They reduce mobility and harm economic competitiveness, says risk assessment report

Danny McCoy of Ibec: “If Britain should decide on an exit, there will definitely be a debate in Ireland on whether we should not do the same.”

Irish exit from EU might become inevitable if Britain quits, Danny McCoy tells German newspaper

At issue  is the commission’s preliminary finding Apple received a “selective” advantage from the Revenue in tax opinions in 1991 and 2007

Tax inquiry assessment casts further light on remarkable benefit Apple derives from its Irish arrangement

The IMF advised the  Central Bank, which is based on  Dame Street in Dublin, that it should review the supervisory risk appetite underpinning Prism (probability risk impact supervisory system). Picture: Matt Kavanagh

It says existing governance structures could ‘potentially introduce political considerations’

The new plan is designed to improve the operation of the personal insolvency scheme by removing banks’ power of veto over a proposed solution

Government hopes its new plan will settle the crisis ahead of looming general election

Boost for Permanent TSB as bank removed from S&P’s credit watch list

Revenue Commissioners data suggests the share of income tax and universal social charge paid by those earning over €200,000 has risen to 21% after the budget from 19% before it. Photograph: Getty Images

Data comes in wake of ESRI budget analysis noting top 10% of earners would gain most

Minister for Finance Michael Noonan told the Dáil  he is prepared to give powers to the Central Bank to cut variable mortgage rates if it seeks such powers. Photograph: Gareth Chaney Collins

Ireland is further down the track of deficit correction than Britain

Carrie Lam during a talk a Trinity College Dublin. The Hong Kong official dismissed criticism of tweaks to the plan to elect the city’s chief executive from 2017. Photograph: Conor McCabe

Chief secretary for administration sees ‘little adverse impact’ from 2014 demonstrations

Taxes are ahead of the target for 2015 announced by Minister for Finance Michael Noonan and the Department of Finance at the time of the budget. Photograph: Alan Betson / The Irish Times

Spike in corporation tax revenue fails to offset disappointing figures for VAT and Dirt tax

Tax revenues in April came in below the Government’s official target

Ulster Bank is to join the Credit Review Office on a non-statutory basis next month. Photograph: Bryan O’Brien

Move raises possibility of external appeal over business loan refusals

Of the high rate of mortgage arrears, the IMF said settlements would vary as it called for greater resolution efforts

Coalition strategy secures approval but concerns expressed over future growth

Central Bank governor Patrick Honohan: ‘The Central Bank’s work focused on the integrity of IBRC governance processes and controls.’ Photograph: Cyril Byrne

Matter now closed from bank’s perspective, says Patrick Honohan

Central Bank governor Patrick Honohan yesterday: ‘We’re very much now into a phase of repair and consolidation.’ Photograph: Cyril Byrne

Governor says economy is well on way to repair but he is still concerned over debt

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