Latest news with #CentralBankofIreland
Irish Times
2 days ago
- Business
- Irish Times
Crypto investors need more detailed warnings about risks involved
Financial regulators can noticeably increase the impact of their warnings about the risk of investing in crypto assets by incorporating 'behaviourally informed' messages about the dangers of losing money, a new study has indicated. Research conducted by the Central Bank of Ireland found that more specific warnings about the risks associated with the asset class, coupled with price volatility information, can improve risk comprehension and perception among at-risk investors. In a research paper published on Tuesday, Central Bank economist Danish Us-Salam said that younger people 'with less investment experience' tend to be the most at-risk of falling prey to bad information about crypto products. 'Inexperienced investors are particularly at risk, as information on social media platforms and aggressive marketing campaigns can positively influence their investment decisions,' he said. READ MORE The research is based on an online experiment in which participants viewed promotions for crypto assets and more traditional stock investments. [ Crypto trading exchange Kraken secures EU-wide licence from Central Bank Opens in new window ] The study found that risk perception increased notably among subjects who were given more behaviourally specific, detailed warnings about risky investments. One such warning given to participants was: 'Don't invest in crypto assets unless you're prepared to lose all your money. This is a high-risk investment. You could lose all your money and are unlikely to be protected if something goes wrong.' Risk comprehension and perception increased among participants exposed to this message compared with those exposed to the standard 'your capital is at risk' warning, typical of many financial products. Mr Us-Salam said the findings support policymakers' mandate to 'design and implement risk communication strategies that are not only informative but also behaviorally cognizant'. He said: 'Enhanced risk warnings that strategically increase the salience of critical information and employ recency effects can lead to better-informed investment decisions, thereby safeguarding individuals at risk of investments in crypto assets.' Central Bank governor Gabriel Makhouf has long taken a sceptical view of crypto assets, saying most explicitly in a blog post two years ago that it 'might be more accurate' to describe them as 'Ponzi schemes' rather than investments. The regulator continues to warn potential investors that crypto assets are not regulated financial products and that consumers 'face the possibility of losing all their money if they buy crypto'.
Irish Times
2 days ago
- Business
- Irish Times
Central Bank to question Gary Gannon's right to challenge its role in sale of Israeli bonds
The Central Bank of Ireland wants to raise objections to a Social Democrats TD's application seeking to bring proceedings against it over its role in facilitating the sale of Israeli bonds on the European market, the High Court has heard. Ms Justice Mary Rose Gearty on Tuesday scheduled for next October Gary Gannon 's application seeking High Court permission to bring his case. Mr Gannon is seeking a court order requiring the Central Bank to exercise its powers under European regulations to prohibit the marketing, distribution or sale of bonds issued by the state of Israel. Patricia Brazil, senior counsel appearing for Mr Gannon and instructed by McGarr Solicitors, said she was seeking an urgent hearing date for the 'leave' application in the case. People seeking to bring judicial review proceedings must first be granted permission, or 'leave', by the High Court. READ MORE Barrister David Sweetman, for the Central Bank, said his client wants to raise objections at the hearing of Mr Gannon's application for permission. These objections include Mr Gannon's locus standi, or right, to bring the proceedings, the court heard. Ms Justice Gearty said the case arises from a concern about the continuing conflict in the Gaza Strip . She noted the situation there is 'horrific'. However, the judge said she would not grant an expedited hearing date for Mr Gannon's 'leave' application. While noting it was 'invidious' to compare, the judge said Mr Gannon's case differs from more urgent cases in the court's judicial review list relating to children in this State whom the court can 'help directly'. Ms Justice Gearty directed Mr Gannon's application be set for a date in October. In a sworn statement to the court, Mr Gannon said he believes and is advised that investors in, and holders, purchasers and sellers of Israeli bonds risk being 'complicit in genocide, with various implications for them'.
Irish Examiner
3 days ago
- Business
- Irish Examiner
Central Bank governor: US-EU trade deal will 'dampen' growth
The US imposition of 15% tariffs on EU goods will 'dampen economic growth' although it will be partially offset by 'reducing uncertainty' and the likelihood of a more damaging trade war that has dominated the economic environment since the start of the year, Central Bank of Ireland governor Gabriel Makhlouf has said. On Sunday, the EU and US agreed the framework of a trade deal which will see tariffs of 15% placed on imports from the bloc to the US. Writing in a blog post, Mr Makhlouf said there was insufficient detail to provide a considered analysis of the deal but these tariffs will require a mix of absorption by firms, which means reducing their profits, or increasing the cost of these goods for US consumers. 'Overall, compared to six months ago, US tariffs of 15% on EU goods will dampen economic growth, although it will be partially offset by reducing uncertainty and the likelihood of a more damaging trade war that has dominated the economic environment since the start of the year,' he said. However, Mr Makhlouf said he would refrain from commenting further on the deal given the 'unpredictability that has been such an obvious feature of US Administration policy over the last six months', and the "fact that details matter'. Last week, Mr Makhlouf, and his colleagues on the ECB Governing Council, decided to keep interest rates where they are for the time being. On this, he said 'inflation was on track to stabilise at our 2% target in the medium term'. On the inflation picture in Ireland, Mr Makhlouf said the Irish economy and public finances have 'entered this period of heightened uncertainty from a strong position but there are also underlying vulnerabilities that need to be managed carefully'. Given the publication of the National Development Plan as well as the Summer Economic Statement last week, Mr Makhlouf said fiscal policy has to 'strike a balance between delivering on the necessary rise in public capital investment in the coming years' and 'current spending demands that seek to maintain or enhance existing levels of public services'. On the interest rate decision from last week, Mr Makhlouf said he believes they've reached a point in the easing cycle 'where we can wait and see whether the data and evidence indicates the need for a change in our monetary policy stance'. 'We are not committing to a particular rate path, and will continue to take account of new information when it arrives,' he said. The next ECB meeting is in September.
Irish Examiner
25-07-2025
- Business
- Irish Examiner
Central Bank investigating influencer Jonathan Finlay over promotion of unregulated trading platform T4Trade
The Central Bank of Ireland is looking into a matter concerning Irish influencer and content creator Jonathan Finlay, who has promoted an unregulated trading platform to more than half a million online followers. Boasting more than 260,000 followers on Instagram and 586,000 on TikTok, Mr Finlay, who also goes by Nasti_2k online, has made a name for himself in recent years by posting food reviews and luxury lifestyle content. The creator frequently shares photos and videos of himself on first-class flights, at Premier League matches, and on holidays in Dubai. However, the influencer also runs several channels on instant messaging app Telegram, which are focused on making money quickly from financial trading using a platform called T4Trade. In these channels, Mr Finlay encourages people to copy his trades, telling them what they should buy and sell. T4Trade disclaims on its website that it is not targeted to residents of the EU, where it is not licensed. In emails seen by the Irish Examiner,the Central Bank said neither T4Trade nor Mr Finlay was authorised to provide financial services in Ireland. 'The Central Bank can confirm that a firm by the name T4Trade is not authorised by the Central Bank to provide financial services. Further to this, we can also confirm that Jonathan Finlay is not authorised to provide financial services or advice.' The regulator also said that it was 'currently looking into this matter.' In a statement to the Irish Examiner, the Central Bank added: "Whether a particular entity or individual requires to be registered or authorised by the Central Bank depends on the exact nature of the services provided by the entity or individual. 'VIP' Channels Mr Finlay, who is based in Dublin and claims his primary income is from trading, heavily promotes the T4Trade platform, promising those who use it can copy his trades as well as receive 'VIP' attention from him. Mr Finlay says he charges €1,000 for access to a VIP channel which is owned and operated by him, but regularly allows small groups of people to enter 'free of charge,' for limited amounts of time, encouraging people to join quickly before access to the group closes. 'I show people how to make hundreds from their phone the same way as me for free,' Mr Finlay said in one of his Telegram channels with some 14,000 subscribers. 'But after next week, entry to the group will be €1,000.' For those in the VIP group, Mr Finlay shares his trading activity, which he says will earn his followers a profit if they use the T4Trade platform to copy his trades. 'Currently, there are over 2,000 people in my VIP group making consistent profit just from copying the exact same trades as me,' Mr Finlay told subscribers. To join his VIP channels, Mr Finlay also encourages followers to invest a minimum of €300 into the unauthorised platform T4Trade, which is registered in the Seychelles, adding that he will help 'guide' newcomers who are inexperienced in trading. 'By joining the VIP, you'll get access to: My daily trades, 24/7 support to help you get up and running and help with any issues, and educational material.' In another message sent to his 14,000 Telegram subscribers, Mr Finlay said those in his VIP group saw a '100% profit rate on trades,' across a one-week period, with 'not a single loser.' In another post, Mr Finlay said he would buy himself a new car with the money he made from trading. 'I'm in the market for a new motor,' Mr Finlay told subscribers earlier this month. 'I've been grinding lately and made serious profit on trading this year, so it's finally time to treat myself.' Mr Finlay continued by asking subscribers to vote on which car he should buy, choosing between a Porsche, a BMW X5 and a G Wagon. In a video post from July 20, Mr Finlay claimed he invested €50,000, saying he 'finally put pen to paper." 'In two weeks time, it will be exactly one year since I left my night shift job,' Mr Finlay said. 'If you told me then that I would be able to do all the things that I have been able to do; going on first and business class flights, private jets, going out to Dubai, 11/12 holidays this year, it is insane, and it is all because of trading.' T4Trade Describing itself as a 'global leader in online trading,' T4Trade is a trade name of Tradeco Limited, which is registered in the Seychelles. The platform also states that it is not targeted at residents of the EU, where it is not licensed, and that it does not offer its services to residents of certain jurisdictions, including the USA, Iran, Cuba, Sudan, Syria, and North Korea. In a risk warning published on its website, T4Trade says: 'Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. 'These products may not be suitable for everyone and you should ensure that you understand the risks involved.' In addition to the platform being unauthorised in Ireland, several EU regulators have issued warnings against the company. In October 2024, the Danish Financial Supervisory Authority issued a warning against T4Trade, adding that many Danish-speaking influencers were soliciting their followers to invest with the platform. Similar warnings have been issued in recent years by French, Spanish, Belgian, Portuguese, and Dutch regulators. Trading affiliates Despite claiming it does not target EU residents, the platform runs an affiliate program that EU residents can join, which is advertised as being 'well-suited to individuals and businesses who focus on driving traffic via a website or digital media and are usually digital marketers, social media influencers, bloggers, or SEO professionals.' It continues by saying it can provide affiliates with 'expert support' and 'exclusive marketing tools' to introduce the platform's products to their audiences and boost their conversion rate. The platform also says it offers 'competitive remuneration plans, including CPA commissions and extra cash bonuses.' T4Trade advertises bonuses of up to $10,000 for affiliates on its website, as well as tailored commission plans and performance-based upgrades. Mr Finlay has not confirmed to his followers whether or not he is an affiliate for T4Trade or if he receives payment from the platform for referring others. In a statement to the Irish Examiner, the Central Bank of Ireland said: 'The Central Bank is bound by strict statutory obligations of confidentiality and is precluded from commenting on the specific investigations it undertakes. 'Consumers should be aware that if they deal with a firm that is not authorised, there is no recourse to statutory compensation schemes or the Financial Services and Pensions Ombudsman.' 'Consumers are advised to check the official Central Bank website to see if the firm is authorised by the Central Bank.' The Irish Examiner has contacted Mr Finlay and T4Trade for comment.
Irish Independent
19-07-2025
- 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.'
