Latest news with #Exchequer
Irish Daily Mirror
2 days ago
- Business
- Irish Daily Mirror
Revenue seize tobacco worth almost €170k in two separate Dublin operations
Revenue officers seized tobacco products worth almost €170,000 in two separate operations in Dublin. On Monday, as a result of an intelligence led operation, Revenue officers seized 133,600 cigarettes following a search, under warrant, of a premises in Dublin. The illicit cigarettes of different brands including Septwolves, Diamond and Nanging had a retail value of over €120,000 representing a potential loss to the Exchequer of approximately €95,000. On Friday, as part of an intelligence led operation, Revenue officers seized 50,400 cigarettes and 4.25kgs of tobacco, following a search, under warrant, of a premises in the Dublin 7 area. The seizures were made with the assistance of detector dog Toby and with the support of An Garda Síochána. The illicit cigarettes, branded Benson and Hedges silver, Mayfair, JPS and Yeti, and roll your own tobacco branded Turner had a retail value of more than €49,000, representing a potential loss to the Exchequer of approximately €39,000. Investigations into both seizures are ongoing. These seizures are part of Revenue's ongoing operations targeting the supply and sale of illegal cigarettes and tobacco in the shadow economy. If businesses, or members of the public, have any information regarding smuggling, they can contact Revenue in confidence on 1800 295 295.
Irish Independent
3 days ago
- Business
- Irish Independent
Central Bank lost €795m last year, due to interest rate mismatch
The loss was a result of the monetary policy in the eurozone, with central banks buying government bonds during the Covid-19 pandemic at a very low, fixed rate of interest or yield. The ECB raised interest rates by a total of 4.5pc from July 2022 onwards, in a bid to reduce the inflation sparked by Russia's invasion of Ukraine. This meant the low-yielding bonds on the Central Bank's balance sheet were being funded by paying interest at the ECB's new higher rate. 'This balance sheet structure and interest rate environment is forecast to reduce the Central Bank's income over a number of years and to result in losses in 2025, and potentially beyond,' according to the regulator's annual report, published today. 'While these losses are expected to be covered by the Central Bank's financial buffers, their full extent is uncertain and will depend on many factors, in particular the monetary policy set by the ECB's governing council to ensure price stability.' In a blog post published alongside the report, governor Gabriel Makhlouf pointed out that a number of other central banks around the world also recorded losses last year, and said the financial position of the Irish central bank 'remains robust' despite the losses. He pointed out that the Central Bank's role is not to make profits, but to maintain monetary and financial stability. Any surplus income it does generate is transferred to the Exchequer. The bank has a provision for financial risks to cover this interest-rate mismatch on its balance sheet. Some €795.4m of this was used last year, compared to €132.1m in 2023. The Central Bank built up this buffer when it generated substantial profits about a decade ago, driven by gains from selling assets bought in 2013 as part of the liquidation of the Irish Bank Resolution Corporation, the former Anglo Irish Bank. These were all sold by the end of 2023. 'Mindful that both the inflation and interest-rate environments could change markedly over time, realising interest-rate mismatch risk, the Central Bank retained the maximum allowable 20pc of its profits during this period, up until 2022,' the annual report points out. At the end of last year, after using some of the provision to cover the loss, the Central Bank's financial buffers stood at €8.3bn, including capital and reserves of €6.2m and a general risk provision of just over €2bn. Staff expenses increased at the Central Bank last year, following the implementation of a public sector pay agreement. The pay bill came to just over €248m, up from €223m in 2023. The report shows that the number of staff earning between €210,000 and €240,000 a year increased from five to 11, while the number earning in excess of €240,000 per annum went from four to six. The report also shows that the value of gold held by the Central Bank increased to €970m, up from €722m. 'Gold and gold receivables consist of coin stocks held in the Central Bank, together with gold bars held at the Bank of England and Banque de France,' the report says. 'The increase in the balance at year-end 2024 is due to an increase in the market value of gold holdings from the year-end 2023 to 2024.'
Irish Independent
4 days ago
- Business
- Irish Independent
National Gallery ‘very sorry' €125,000 X-ray device is still not in use eight years after it was bought
The gallery said 'weaknesses' in its project management practices had led to the device, bought in 2017 for the non-invasive analysis of artwork, going unused. The machine has been lying idle because a lead-lined room suitable to accommodate it has not been found. The gallery is now looking at putting the device into a lead-lined cabinet and is hoping it will be up and running by the end of the year 'at no additional expense to the Exchequer', gallery director Dr Caroline Campbell will tell the Dáil's public spending watchdog. 'The gallery is very sorry for the length of time that it has taken to get the X-ray system up and running. 'The X-ray system is an important piece of equipment which will be used and provide value for many years to come,' the Public Accounts Committee (PAC) will be told today. It was the gallery's project management 'weaknesses' that were 'significantly' to blame for the machine still not being operational, TDs will be told. The pandemic and changes in staff are also among the reasons to be listed. 'Pressures on the use of our building, unanticipated operational issues following the reopening of the gallery's historic wings in 2017, the impact of the Covid-19 pandemic, and changes of key senior personnel during this period have also been contributing factors,' she will tell the committee. However, the gallery has now made changes to prevent something like this happening again, TDs will hear. A tender has been awarded to build a lead-lined cabinet that can store the machine. ADVERTISEMENT 'Manufacture of the X-ray cabinet will commence shortly, with the expected delivery, installation and operation of the X-ray system, before the end of 2025. 'All costs associated with the resolution of the issue will be borne from the resources generated by the gallery and not from the Exchequer.' Representatives from the gallery will appear at the PAC to answer questions about the machine alongside staffers from the Arts Council, which faced controversy earlier this year for a failed €6.7m IT project. 'This project was not and is not an optional extra. It began out of necessity, and it is a necessity that remains to be addressed,' council chair Maura McGrath will tell the committee. Ms McGrath will defend the council's role in the failed IT project, saying there were questions over whether small and specialised state bodies should be expected to 'carry the load on complex IT projects'. The current IT system is from 2008, is not integrated and is difficult to use, director Maureen Kennelly will tell TDs. 'Everything on this project was procured under public procurement guidelines,' she will say.
Business Times
5 days ago
- Business
- Business Times
IMF warns UK to keep budget in check or risk market revolt
[BRUSSELS] UK Chancellor of the Exchequer Rachel Reeves must stick to her fiscal rules and keep spending under control or risk a market backlash that undermines the government's economic plans, the International Monetary Fund warned. In its Article IV annual health check of the economy, the world's economic supervisor told Reeves that any additional spending, such as proposals to reverse cuts to winter-fuel subsidies for pensioners or ending the two-child benefit limit, will need to be covered by other savings or tax rises. The government needs 'to stay the course and deliver the planned deficit reduction over the next five years to stabilise net debt and reduce vulnerability to gilt market pressures,' the fund said. Global trade uncertainty and market shocks could yet derail the outlook, it added. 'Materialisation of these risks could result in market pressures, put debt on an upward path, and make it harder to meet the fiscal rules, given limited headroom.' The IMF proposed 'additional revenue or expenditure measures as needed if shocks arise.' Its recommendations come ahead of the June 11 Spending Review, when Reeves will set budget limits for government departments for the next three years. She fixed the envelope in March but left just £9.9 billion (S$17.2 billion) of headroom against her main fiscal rule that taxes must cover day-to-day spending by the end of the parliament, one of the smallest margins on record. Reeves has already experienced the reaction of gilt markets to any hint of fiscal laxity at a time when the national debt is close to 100 per cent of gross domestic product. Her big-borrowing budget in October drove up debt costs, more than wiping out her fiscal buffer as yields on long-end debt soared to a 27-year high. Reeves was forced to slash spending in the March Spring Statement to repair the damage. Pressure on the public purse has mounted in recent days. The government has promised to unwind the cut to winter fuel payments, which would cost up to £1.8 billion, and is considering raising the two-child cap on benefits, potentially costing another £2.5 billion amid growing calls from within the ruling Labour Party to relax its self-imposed budget limits. Prime Minister Keir Starmer is not ruling out any policy to ease child poverty, his spokesman Dave Pares told reporters on Tuesday, but insisted the government views the fiscal rules as vital and non-negotiable. 'One of the elements why there is intense focus on headroom is because headroom is not very high,' said Luc Eyraud, the IMF's UK mission chief. 'To reduce the reactivity of short-term policy to the concept of headroom, the first solution should be to have higher headroom.' BLOOMBERG
Dublin Live
6 days ago
- Dublin Live
Samurai sword, cannabis and alcohol among €275,000 of goods seized in a week
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A samurai sword, drugs, alcohol and counterfeit goods were among a €275,000 haul seized by Revenue in the past week. Revenue officials discovered the contraband during operations in Dublin, the Midlands, Rosslare Europort and Shannon Airport since last Monday. The finds were made as a result of risk profiling and intelligence led operations. Herbal cannabis and other drugs were discovered, with the assistance of detector dogs Sam and Enzo, while Revenue officers were examining parcels at premises in Dublin, the Midlands, and Shannon Airport. The parcels originated from USA, Thailand, Ukraine, the UK, France, Canada, Poland, and Germany, and were destined for various addresses around Ireland. The full list of seized items includes: 8.5kg of herbal cannabis, with an estimated value of over €170,800, 1,150 assorted tablets, and other illicit drugs, with an estimated value of almost €2,000, 300g of butane honey oil, with an estimated value of €6,300, tobacco products with an estimated value of over €19,500, representing a potential loss to the Exchequer of over €15,200, over 210 litres of alcohol, with an estimated value of over €4,000, representing a potential loss to the Exchequer of almost €2,100, and 187 counterfeit items, with an estimated value of over €72,800. The counterfeit goods were were seized as they were confirmed by the Rights Holder to have infringed on intellectual property rights and were branded with a number of well known labels, including Adidas, Asics, Burberry, Gucci and Nike. The tobacco and alcohol products were seized in various operations in the Midlands and Rosslare, with the assistance of detector dog Jasper. Two weapons, a telescopic baton and a samurai sword, were also seized in the Midlands. A Revenue spokeswoman said: "Investigations into all seizures are ongoing. These seizures are part of Revenue's ongoing operations targeting smuggling and shadow economy activity. If businesses, or members of the public, have any information regarding smuggling, they can contact Revenue in confidence on 1800 295 295." Join our Dublin Live breaking news service on WhatsApp. Click this link to receive your daily dose of Dublin Live content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. For all the latest news from Dublin and surrounding areas visit our homepage.
