Last year, an Exchequer surplus of €5 billion was reported, a €12.4 billion improvement over the €7.4 billion deficit registered in 2021. Both the rapid growth in tax revenue and the drop in Covid-related public spending are reflected in the improvement. On a more comprehensive general government basis, this is consistent with a surplus of … Read more
According to the Gross Domestic Product, the economy expanded by 2.3% between July and September of this year. However, activity in the domestic economy measured by Modified Domestic Demand fell by 1.1%. At the end of September, the economy as measured by GDP expanded by 10.9% annually while the economy as measured by Modified Domestic … Read more
The European commission has approved the Government’s Temporary Business Energy Support Scheme (TBESS). The TBESS, as announced on Budget day, will assist businesses with their energy costs during the winter months. The TBESS will cost approximately €1.2 billion and The scheme will be administered by the Revenue Commissioners. The scheme will be open to businesses … Read more
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, Minister for Finance Paschal Donohoe said on Tuesday. The Government introduced the €1.25 billion scheme in last month’s budget, providing businesses such as hotels, shops, … Read more
The Minister for Finance, Paschal Donohoe TD, participated in a virtual meeting of G7 Finance Ministers and Central Bank Governors in his capacity as the President of the Eurogroup. The meeting focused mainly on agreeing on a joint commitment to finalise and implement a comprehensive prohibition of services that enable maritime transportation of Russian-origin crude … Read more
The Minister for Finance, Paschal Donohoe has noted that the Employment Wage Subsidy Scheme (EWSS) has now ceased for all businesses. A wage subsidy scheme, the EWSS or its predecessor, the Temporary Wage Subsidy Scheme (TWSS), has been in place for over 2 years, since March 2020. These schemes have been a substantial and key … Read more
The Minister for Finance, Paschal Donohoe TD, announced a further extension of the Bank of Ireland’s (the “Company”) share trading plan. The plan has been very successful to date and this decision will enable the Department of Finance to continue to deliver on the Government’s objective of returning the banks to private ownership. Proceeds generated … Read more
Minister for Finance Paschal Donohoe and Minister for Public Expenditure and Reform Michael McGrath announced the Exchequer returns and expenditure for the first quarter of 2022. An Exchequer surplus of €0.2 billion was recorded in end-March 2022; this compares with a deficit of €4.2 billion in the same period last year. The €4.3 billion improvements … Read more
The Minister for Finance, Paschal Donohoe TD, has today (Wednesday) announced a temporary reduction in the excise duties charged on petrol, diesel and marked gas oil. An incorporeal Cabinet meeting was held this morning and the Government gave approval to the proposal. Excise duty will reduce by 20 cent per litre of petrol and 15 … Read more
The Government announced a €290 million package of measures designed to address rising costs and inflation on Thursday, with the “centrepiece” a cut in the electricity bill of every household of €200. Public transport fares are set to be cut by 20 percent from April for the rest of the year and the Government has … Read more
The Minister for Finance, Paschal Donohoe T.D., has today announced the commencement of the third and final phase of the Switch Your Bank campaign. Following on from the successful delivery of two advertising campaigns which promoted awareness on the benefits of switching, this phase builds on this work by seeking to identify and develop tools … Read more