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Irish Independent
4 days ago
- Business
- Irish Independent
Thousands attend pro-Palestinian rally in Dublin
Meanwhile, an opposition politician said he would be issuing a legal challenge to the Central Bank of Ireland over its role in the sale of Israel Bonds. Saturday's rally saw demonstrators march from the Garden of Remembrance on Parnell Square to Leinster House. It was the 16th such demonstration since October 2023 and came after the Dáil rose for the summer recess. The Ireland-Palestine Solidarity Campaign (IPSC) accused the Government of an 'absolute refusal to hold Israel accountable for a genocide in which the Apartheid state has slaughtered more than 58,000 Palestinians'. The march demanded an end to the Central Bank of Ireland's role in approving Israel Bonds for sale in the EU, for the Government to include services in the Occupied Territories Bill and to pass that legislation. Social Democrats TD Gary Gannon, who spoke at the rally, said he would be lodging legal papers against the Central Bank on Tuesday. The bank is the designated authority in relation to the sale of Israel Bonds in the EU, and has determined the securities meet the standards of the bloc's prospectus regulations. Israel Bonds have been advertised as supporting the country's economy and, more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. Protesters and opposition parties have called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. They say the bonds are intended to fund the war in Gaza, while Ireland has an obligation under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. Mr Gannon has issued a letter to the bank about investor protection concerns relating to the bonds, as well as the use of the bonds to finance the war in Gaza. He said the Central Bank has the power to stop the sale of the bonds. He said: 'Politicians have spoken too long all the while a genocide is being inflicted upon the population of Gaza. The demands today are clear – act. He added: 'On Tuesday, I'll be lodging papers against the Central Bank. Genocide can never be considered a technical matter – our only duty is to prevent it and punish those responsible.' Marah Nijim, a 23-year-old who came to Ireland from Gaza three months ago, told the crowd she was forced to leave her home, her family and her 'soul' and 'heart'. She said Palestinians in Gaza are deprived of human rights, adding that she is 'living with nightmares' of people burning alive and calling for help. 'Protesting is not enough any more, we need real actions from Government. People in Gaza are being starved to death.' Demonstrators also called for an end to the use of Irish airspace for the transport of weapons to the region. The rally also criticised the Government after 33 Palestinian children were recently denied entry to Ireland over visa issues. GAA Palestine said it had to take the 'heartbreaking' decision to cancel a planned Irish tour for the children. IPSC chairperson Zoe Lawlor said: 'The Irish government is barely lifting a finger to end Ireland's deep complicity in this genocide.' Ms Lawlor added: 'On top of this we have the appalling spectacle of the state refusing visas to child medical evacuees and Palestinian kids to visit Ireland to play our national sports.' Stretching along Molesworth Street in front of Leinster House was a 120ft long and 5.5ft wide quilt, made up of 2,300 panels. Each panel – the vast majority of which were knitted by hand – is designed to represent the deaths of 10 children in Gaza, adding up to a total of 23,000 children. Anna Doyle and Niamh Bonner, from Craftivism For Gaza, said they are still accepting squares as the death toll continues to rise. Ms Doyle told the PA news agency: 'Each square represents 10 children. Their voices have been lost to the world forever. 'It also represents the voice of the crafter because most of them are made by people who wouldn't be able to come to a protest.'
Irish Examiner
08-07-2025
- Business
- Irish Examiner
'Exceptional' corporate tax receipts could at risk in coming years, Central Bank warns
Ireland's "rapidly" growing economy and "exceptional" corporate tax receipts could be at risk in the coming years, the Central Bank of Ireland has warned, with external developments leading the Irish economy into a period of heightened uncertainty. Speaking at the Oireachtas Budgetary Oversight Committee on Tuesday, Deputy Governor of the Central Bank Vasileios Madouros said that while Ireland is in a strong position, underlying vulnerabilities need to be managed carefully. "The exceptional growth in corporation tax receipts since 2015 and the strong pace of economic expansion in recent years have resulted in a marked increase in government revenues," said Mr Madouros. "As a result, even with the substantial rise in government spending and some tax cuts, the headline budget balance has run substantial surpluses in recent years. "However, external developments mean that this benign combination of factors – namely, a rapidly growing economy and exceptional corporate tax receipts – could be at risk in the coming years." The deputy governor added that risks to Ireland's fiscal position from lower corporate taxes and other multinational-dependent taxes have increased, given recent international developments. This is compounded by the "persistent deficit" in Ireland's budget balance once estimated excess corporate tax is excluded. Infrastructure deficits Mr Madouros also highlighted deficits in infrastructure, which he said have become an increasingly significant factor constraining the supply side of the economy. "Addressing infrastructure deficits will not only help meet important societal and economic needs today, but also enable our economy to remain competitive amid a shifting geopolitical landscape," the deputy governor said. The Central Bank also urged the Government to prepare for future funding needs, adding that current funds will not be enough on their own to finance the increased expenditure required to meet the needs of an aging population. "Given demographic trends, Ireland is expected to see the largest increase in age-related spending on areas such as pensions, healthcare and long-term care amongst the EU by 2050," said Mr Madouros. "And we know already that the Future Ireland Fund – the establishment of which has been a very positive public policy intervention – will not be sufficient, on its own." The deputy governor said the current environment presents "important trade-offs" for fiscal policy, which he said can be achieved through "careful management" of the public finances. To do this, the Central Bank is urging the Government to commit to a strong fiscal anchor so that rising expenditure does not add excessively to demand. In addition, it is calling for investment to be prioritised, which can be done by broadening the tax base and mitigating the reliance on corporate tax receipts. Finally, the regulator is calling for measures to reduce delays and, therefore, the ultimate costs in the planning and building of infrastructure. "Measures that incentivise scale and investment in new machinery, equipment and technologies in the construction sector can also help enhance productivity and enable more sustainable delivery of housing and infrastructure," said Mr Madouros. "These structural policies can have an outsized impact on strengthening the supply side of the economy, complementing and adding to the effectiveness of additional public investment in infrastructure."
Irish Times
08-07-2025
- Politics
- Irish Times
New statue of Daniel O'Connell for Leinster House to mark 250 years since birth
Leinster House is to receive a new statue of Daniel O'Connell as part of State-led commemorations marking 250 years since his birth. It is to be donated by Bank of Ireland, with the unveiling expected in September. O'Connell, who was born on August 6th, 1775, was the foremost Irish nationalist leader of the 19th century. The anniversary will also be marked by a special State-led commemorative event, which will form the central part of the commemorations. It is to be held at O'Connell's home in Derrynane House, Co Kerry. READ MORE Speakers from Ireland, the United Kingdom and United States will attend the annual Daniel O'Connell summer school at the end of August in Cahersiveen and Derrynane. Minister for Culture Patrick O'Donovan will update the Cabinet on Tuesday about the programme of events. Trinity College Dublin will hold a symposium this month on liberty, democracy and rights, while RTÉ is making a one-hour documentary on O'Connell in partnership with UCC and the University of Notre Dame, which will be distributed to schools and libraries. [ Daniel O'Connell, the greatest of all politicians Opens in new window ] The Central Bank of Ireland will issue commemorative coins in gold and silver to mark the anniversary, while An Post will also issue commemorative stamps at the end of July. The Irish Georgian Society will hold a study day consisting of a special event of lectures at City Assembly House in South William Street in Dublin, where O'Connell once led a three day debate on repealing the Act of Union. Meanwhile, the Department of Foreign Affairs will be organising events across the State's Embassy network, including in London. The Irish Embassy will host an event in September at London's Reform Club, where O'Connell was once a member.
Bloomberg
05-07-2025
- Business
- Bloomberg
ECB's Makhlouf Says Euro Not Ready to Challenge Dollar's Role
The euro cannot quickly supplant the dollar as the anchor of the world's financial system as countries using it still have far to go in their financial and economic integration, European Central Bank Governing Council member Gabriel Makhlouf said. The Central Bank of Ireland Governor said dollar dominance will decline over the long-term, but for now Europe lacks a single fiscal capacity of a safe asset like Treasuries that would mirror the US system.
Irish Examiner
04-07-2025
- Business
- Irish Examiner
Mortgage debt grew by over €20bn in last four years
Irish households held debt to the tune of nearly €156bn as of the end of 2024 of which three-quarters was mortgage debt, new data from the Central Bank of Ireland shows. According to the data, there is a steady increase in home loan liabilities over recent years, from €85bn as of the end of 2020 to €106.7bn up to the end of 2024. Of the outstanding debt, 75% was for home loans - a figure which has remained steady in recent years. Banks accounted for €83.4bn worth of these mortgages while other financial institutions (OFIs) accounted for €22.5bn. There was a further €10.8bn in mortgage debt on buy-to-let properties. The share of buy-to-let debt within total household mortgage loans has decreased from 14% to 9% since the end of 2020. While the OFIs share of buy-to-let loans increased from 57% to 76%, this includes some bank loans being transferred to other institutions as well as new lending from OFIs. The remaining €38.3bn was categorised as 'other loans' to households which can include home improvement loans, personal loans or car loans. The value of outstanding 'other loans' by Irish households has increased 31% from the end of 2020 when the value stood at €29.2bn. The Irish domestic banks are the largest lenders to Irish households and hold €103.8bn in outstanding loans. The European Central Bank is due to meet again over two days this month, on July 23 and July 24, in order to discuss whether interest rates need to be cut further. However, it is expected to hold rates steady following these meetings as inflation returns to target. In early June, it cut rates for the eighth time in just over a year as it seeks to prop up the eurozone economy in the face of growing international trade tensions. Read More Mortgage approval values jump nearly 18%
