Latest news with #Banking&PaymentsFederationIreland
RTÉ News
15 hours ago
- Business
- RTÉ News
Billy Kane appointed to BPFI board
Billy Kane, founder and chief executive of Finance Ireland, has been appointed to the board of Banking & Payments Federation Ireland for a two-year tenure. Mr Kane has almost five decades of experience in financial services. He founded Finance Ireland, now the largest nonbank lender in Ireland, in 2002 which operates in commercial property lending, motor finance, asset-backed lending and agri-finance. Prior to this, he founded Irish Permanent finance in the early 1990s and went on to become CEO of Irish Permanent and Director of Irish Life & Permanent. Mr Kane said: "I'm honoured to join the BPFI Board and look forward to contributing my experience, particularly from the non-bank lending sector. Non-bank lenders play a critical role in the financial ecosystem — expanding choice, driving competition, and delivering over €49 billion in credit to Irish households and businesses by September 2024. "As the industry continues to evolve, it's essential that all parts of the financial services landscape are represented with a strong, collective voice, as we navigate evolving customer expectations, regulatory shifts, and ongoing digital transformation. I look forward to working with colleagues from across the sector as we address the challenges and opportunities ahead." Brian Hayes, Chief Executive, BPFI, welcomed Mr Kane's appointment. "As the representative voice for over 120 domestic and international members, it's essential that our Board reflects the breadth of the industry we serve."
RTÉ News
26-05-2025
- Business
- RTÉ News
Tourism may help support long-term economic growth
A new report shows that while export-driven economic growth in the first quarter of this year may not be sustainable, efforts to boost domestic tourism should help to sustain employment and support more balanced growth. But the latest SME Monitor from Banking & Payments Federation Ireland (BPFI) also shows that cost pressures and price increases remain. Early estimates from the Central Statistics Office shows that Irish gross domestic product (GDP) is up 13.3% compared to the same time last year. BPFI said that most of this growth, however, was driven by multinational exports. It said that 99% of the increase of €34.3 billion in total exports was accounted for by exports of medical and pharmaceutical products, largely due to front loading - particularly to the US - by multinational firms reacting to tariff threats by the new US administration in early April. Today's survey also noted that employment reached historic highs by the end of 2024, with 2.8 million people in work, almost 400,000 more than pre-pandemic levels in 2019. Irish-owned businesses accounted for nearly 75% of total employment and 66% of total earnings in the Irish economy, according to recent CSO data. Today's survey noted that in the hospitality sector, some 86% of employment is in Irish-owned enterprises. Ireland saw 6.6 million foreign resident visitors last year who spent an estimated €8.2 billion, including on travel fares, up 12% from 2023. BPFI said that while nearly 1.1 million foreign residents visited Ireland in the first quarter of 2025, that was down from 1.4 million visitors during the same time in 2024. "Given their importance to the economy, this trend in foreign visitors should be monitored closely, but domestic tourists also make a crucial contribution to the sector," Brian Hayes, the chief executive of BPFI, said. "Irish residents spent an estimated €3.6 billion on domestic travel in 2024, an increase of 15.3% year-on-year. More broadly, Irish consumers and businesses spent €12.3 billion in hospitality and tourist outlets in Ireland in the 12 months ending March 2025 according to BPFI analysis of payment card data from the Central Bank of Ireland," he said. 80% of tourism businesses expect stable or increased visitor numbers in 2025, according to Fáilte Ireland's latest Tourism Barometer. But Brian Hayes cautioned that cost pressures along with continued increases in prices could risk Ireland's affordability and competitiveness in the tourism sector in the future. "It is encouraging to see that with the publication of the new Tourism Policy Framework for the period to 2030, there are new efforts to boost business tourism and year-round domestic travel," he said. "Given that global trading conditions are likely to deteriorate, and Ireland's reliance on foreign direct investment, these efforts will be critical to ensuring that growth is more balanced and not overly reliant on unpredictable international trends," he added.
Irish Examiner
03-05-2025
- Business
- Irish Examiner
Why cash is still king: Ireland warned after Spain's digital payment blackout
One could only feel sorry for the flustered shopkeepers on the beachfront boardwalks along Spain's sunshine coasts this week, holding impromptu sales as their stock literally went into meltdown. The electricity power failure which swept the Iberian peninsula meant ice-cream shops had plenty of treats to sell, but a short window to sell them. With electronic payment options shut down by the power cut, customers without hard cash had no method to pay, even at knockdown prices. The Spanish experience has highlighted how Ireland is vulnerable to similar shortcomings. Contactless payments now make up almost nine out of every 10 card payments in shops, restaurants, and retail outlets. More than 1.5bn contactless payments were made in 2024, valued at €26.7bn, according to the Banking & Payments Federation Ireland's (BPFI) Payments Monitor. When electronic payments are unavailable, the old mantra of cash being king quickly becomes apparent. Chris Jones is managing director at PSE Consulting, a specialist business and technology payments system advisory company, and has advised on major payments infrastructure projects across Europe. "The widespread outages across Spain, Portugal, and some parts of France earlier this week are a stark reminder of why cash remains essential," he said. "As digital transactions dominate more aspects of daily life, we risk overlooking the fundamental resilience that physical money offers during periods of disruption. Passengers wait outside Atocha train station during a nationwide power outage in Madrid, Monday, April 28, 2025. (AP Photo/Manu Fernandez) 'When systems fail — whether due to technical issues, cyberattacks, or power outages — access to cash ensures that people can still buy essential goods and services. In emergencies, cash becomes more than just a payment method; it is a vital safety net.' There are now 1.07bn individual banknotes, with a value of €51.8bn, issued in circulation in Ireland since the introduction of the euro in 2002. There are 4.6bn individual coins - with a value of €800m - in circulation. A Central Bank of Ireland spokesperson said that while the use of cash in Ireland is declining, it plays a vital role for "financial inclusion, ensuring the financial services needs of some consumers are served. It is very clear there is a continued societal and economic demand by households and businesses to be able to use cash as a means of payment." The European Central Bank's 2022 study on payment attitudes of consumers in the euro area found that 64% of Irish respondents stated the option to pay by cash is either very important or fairly important. This was the joint highest in the euro area countries. Electronic and non-cash payments for shopping and household bills continued at pace in recent years. BPFI research found those aged over 55 are least confident in using any of the new banking and payment technologies. But that continued faith in cash makes them most resilient to electronic payment failures. More than half of all contactless payments are now made using mobile wallets such as Apple Pay or Google Pay, rather than cards, and younger cohorts are most reliant on phone and watch technology to make those payments. Most don't carry cash. Some don't have physical bank cards. The cause of the power outage in Spain and Portugal is still unclear. Cathal McSweeney, director of public and international affairs at Cork Chamber said the power outages are a stark reminder of the critical importance of energy security and resilience, 'particularly for a digitally driven economy like Ireland's. Ensuring a stable and future-proof electricity supply requires continued investment in generation and in our national grid.' An EirGrid spokesman said Ireland's State power transmission operator is continuing to 'closely monitor' outcomes of ongoing investigations into the Spanish and Portuguese incidents for "insights that may be of relevance to the operation of Ireland's power system to enhance ongoing measures designed to safeguard the resilience of the Irish electricity grid". Ireland had its own widespread power outage earlier this year, when 768,000 people were without electricity at the height of Storm Eowyn. Mobile communication was also cut off in many areas. What were once considered extreme weather events are now occurring with alarming regularity. Meanwhile cyber threats are a constant threat. Marks & Spencer saw its systems compromised over the Easter weekend by hackers while the HSE cyber attack in 2021 showed that hackers will target states too. Last October, then finance minister Jack Chambers published the National Payments Strategy noting the importance for 'appropriate system-wide contingency arrangements' to prepare for and manage disruptions to payment services. Banks and the fintech sector have prioritised and invested in the operational resilience of payment systems, the BPFI said. 'In the event of a widespread power outage in Ireland, as with many other types of vital services, some payment methods may be affected, but there are many variables involved depending on the particular scenario,' a BPFI spokesperson said. In preparing the National Payments Strategy, three submissions were received from public bodies specifically addressing resilience, with many more calling for enhanced resilience in the overall payments system, including through the use of cash for contingencies. The suggestions included that Ireland needs a national group on system-wide contingency arrangements for payment services. BPFI, representing over 125 banks and financial institutions, said it continues to work closely with the Department of Finance and the Central Bank to support key National Payments Strategy actions on resilience and crisis preparedness. Events in Spain and Portugal highlight the importance of personal preparation, and that keeping ready cash close at hand is now more important than ever. 'Events like this reinforce why maintaining robust access must remain a priority," said Mr Jones. "This includes identifying and supporting critical services – such as supermarkets, petrol stations, and pharmacies – to ensure they can continue accepting cash when digital systems are down. Countries like Sweden and Norway have already recognised this, encouraging citizens to keep emergency cash and reinforcing cash acceptance in key parts of the economy. 'As we continue to move towards a more digital economy, policymakers and businesses must not lose sight of the need for balance. Protecting access to cash isn't just about supporting vulnerable groups — it's about ensuring the whole economy can function when digital systems falter. The outage is a clear reminder: in times of crisis, cash still counts.'
Irish Times
29-04-2025
- Business
- Irish Times
Mortgage drawdowns hit record average of €328,000
Average Irish mortgage drawdowns hit a record of almost €328,000 in the first three months of the year, according to figures from the banking industry, as borrowers took on more debt as home prices continued to soar amid a shortage of properties for sale. This was driven by a 9.6 per cent annual rise in loans on second hand properties, to €370,790, according to Banking & Payments Federation Ireland's (BPFI) latest quarterly mortgage drawdowns report, which draws on data going back to 2005. Joe Brennan has the details. The cost of agricultural land in Ireland is forecast to rise by a further 6 per cent this year, as increased demand from the resurgent dairy sector is expected to outstrip supply, according to a report that warns US import tariffs could 'temper' that increase. The report, by State farming agency Teagasc and the Society of Chartered Surveyors Ireland (SCSI), also forecasts that rental prices could increase by 7 per cent this year. Hugh Dooley reports. READ MORE For many of us, getting the family somewhere warm at the lowest cost possible is the goal every summer. Particularly this summer, amid a looming trade war and meltdown in global markets, writes Fiona Reddan. Others, however, may have some spare cash that they wish to use to make that much-needed trip go that little bit smoother. So if that's you, what are the options for adding a bit of luxury to your travel this spring and summer? Social media groups Meta and X have been ranked by consumers as the least reputable among 100 top organisations in Ireland, with the credit union movement named as the most reputable for the third consecutive year. The annual study by the Reputations Agency is based on the perceptions of over 5,000 members of the public. It measures levels of trust, respect, admiration and esteem the public has for 100 of the largest organisations in Ireland, reports Colin Gleeson 'Hopefully, this will be a positive end to the story for everyone', said the co-founder of Blackwater Distillery after a rescue plan was approved following a meeting of the company's creditors with a process adviser at the start of April. Nearly 95 per cent of the company's unsecured debt was written off, a sum of more than €500,000, and extended the repayment periods of other debts, stabilising the Waterford-based whiskey and gin distillery, writes Hugh Dooley. In his personal finance Q&A slot Dominic Coyle answers a question for a reader who is concerned over whether a UK pension would have an impact on claiming a non-contributory pension in the Republic. Cantillon reckons that another ECB rate cut is nailed on and marvels at the resurrection of the Andersen name . Whether former fund manager Neil Woodford deserves forgiveness is a matter for theology. Whether he deserves your money is a more earthly concern, writes Proinsias O'Mahony in Stocktake. The launch last week of a four-year programme of voluntary redundancies at RTÉ follows years of controversy over governance and finances at the broadcaster that stretch back well before the Ryan Tubridy payments affair of 2023. In fact, one of the implicit defences offered by board and management in Montrose for the unacceptable practices which came to light then was the intolerable pressure placed on RTÉ by successive governments' failure to reform the licence fee and, by implication, stump up more cash. but is their position any worse than any other media organisation, asks Hugh Linehan Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
28-04-2025
- Business
- Irish Times
Portlaoise team wins Irish final of European money quiz
Jodie Komolafe and Richelle Alexander beat competition from more than 2,000 students across the State to win the Irish finals of the European Money Quiz. Now the third year students at Scoil Chríost Rí, Portlaoise are heading to Brussels to represent Ireland in the European Championships next month. Patrick Guilbaud on bringing fine dining to Ireland, retirement plans, and not getting that third Michelin star Listen | 47:51 The European Money Quiz is Europe's largest financial education competition which aims to promote financial literacy among 13- to 15-year-old students. The European finals, hosted by the European Banking Federation in Brussels, will have teams of two from 30 countries play against each other in an attempt to become European champions and share in a prize fund of €5,000 for their school. READ MORE The Irish competition was organised by Banking & Payments Federation Ireland with the support of the Business Studies Teachers' Association of Ireland.
