Archive for March 2020

The banking industry here has warned consumers to be on the lookout for an expected rise in online fraud and scam attempts that try to take advantage of the circumstances around the Covid-19 crisis. The Banking and Payments Federation Ireland (BPFI) FraudSMART campaign says people need to be extra vigilant, take their time to do…

The European Commission has given the green light to the Government’s €200m scheme to support firms through the Covid-19 outbreak.  The commission has found the plan to be in line with EU state aid rules under the temporary framework it has put in place to support the European economy through the crisis.  “With this €200m…

Revenue has assured employers that they will not be deemed insolvent if they avail of the government’s Covid-19 wage subsidy scheme.  Concerns had emerged that an unpaid wages declaration would effectively be an admission that employers were trading while insolvent. The key criterion is an employer’s declaration that disruption brought about by the pandemic has…

The European Central Bank has asked euro zone banks to freeze dividend payments “until at least October 2020” to preserve liquidity that can be used to help households and companies through the coronavirus crisis. The Frankfurt institution also asked banks not to buy back shares, another tool to reward shareholders, at a time when policymakers…

The Minister for Employment Affairs and Social Protection has said that by close of business on Friday, another 283,000 people had applied for the Covid-19 emergency income payment from the Department of Social Protection. Speaking on RTÉ’s Morning Ireland, Regina Doherty also said that some 16,000 plus companies had applied for the wage subsidy scheme. …

Euro zone sentiment suffered its steepest ever monthly decline in March as the coronavirus led to declining confidence among consumers and all sectors of the economy. In many cases the declines were evident even before crippling lockdowns were imposed.  Economic sentiment in the 19 countries sharing the euro fell to 94.5 points in March from…

European shares fell in opening trade today after a three-day rally sparked by hopes of more aggressive stimulus to shore up the global economy ravaged by the rapid spread of the coronavirus pandemic. Shares in London had sank 3.3% so far this morning, while shares in Paris fell by 1.6% and the Frankfurt market was…

Regulators should give listed companies an extra two months to publish their annual financial statements given the difficulty of completing audits on time due to the coronavirus epidemic, the European Union’s markets watchdog said today.  The European Securities and Markets Authority said national regulators should “apply forbearance powers towards issuers who need to delay publication…

Employment lawyers have strongly criticised the Government’s Temporary Wage Subsidy Scheme which is being debated in the Dáil today. In a letter to the Minister for Employment Affairs and Social Protection Regina Doherty marked “Urgent”, the Chairperson of the Employment and Equality Law Committee of the Law Society Catherine O’Flynn says that flaws in the…

The coronavirus pandemic will push the euro zone and Britain into recession this year, with their economies expected to shrink by as much as 2%, the international ratings agency S&P Global warned today.  “The euro zone and UK are facing recessions. We now expect GDP (gross domestic product) to fall around 2% this year due…