ECB takes steps towards bank bail-in

In carefully choreographed moves, the ECB has agreed to continue providing emergency liquidity assistance to Greek banks, but adjusted the collateral needed, in effect taking the first steps towards a Greek bank bail-in.

At the same time, the Greek Central Bank announced the capital controls and bank holiday in force for over a week will continue until tomorrow night.

It is believed the ECB will increase the amount of collateral …

Lagarde: IMF ready to assist Greece ‘if requested’

Managing Director of the International Monetary Fund Christine Lagarde has said the global crisis lender is “ready to assist Greece if requested”.

“The IMF has taken note of yesterday’s referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so,” Ms Lagarde said in a brief statement.

In yesterday’s referendum, more than 61% of Greeks rejected creditor demands for further …

Irish and European stocks fall after Greece referendum

Irish and European stocks fell this morning on the back of the “No” vote in the Greek referendum.

The ISEQ index of Irish shares was down 1.18pc at 8:05 am.

The FTSE 100 was down 1pc at 8:06, while in France the CAC 40 was down almost 2pc.

At 8:08, the German DAX was down 1.66pc.

But stocks rallied later in the morning – the ISEQ recovered to a 0.84pc …

Greece crisis: Taoiseach rules out debt write down for embattled Mediterranean country

Taoiseach Enda Kenny has again ruled out a debt write-down for Greece but has backed debt restructuring for the embattled Mediterranean country.

The move would see some of the country’s debt parked for a number of years until a time it was in position to repay the debt. Earlier today, Junior Minister Dara Murphy suggested the Government would back “debt relief” for Greece.

€11.35m CRO filing penalties account for 61% of revenues

The bulk of revenues generated by the Companies Registration Office (CRO) last year came from penalties imposed on companies filing late annual accounts.

According to the CRO’s 2014 annual report, the CRO last year increased the income from late filing penalties by 7% to €11.35m.

The €11.35m received in late filing penalties accounted for 61% of the CRO’s total 2014 revenues of €18.57m and compares to €7m received in submission …

Permanent TSB to cut rates on variable-rate mortgages

Permanent TSB has announced interest rate changes for customers with variable rate mortgages.

More than 70,000 people with homeloans on rates of 4.5% will move to new rates starting at 3.7%.

The exact rate will vary according to how much customers owe and the value of their home. The highest rate charged – for customers who are in negative equity or whose mortgage is equal to 91% or more of …

New trends emerge in house prices

The latest data on residential property prices shows that, after some moderation in the opening two months of the year, they have resumed their upward trajectory, writes Oliver Mangan.

Nationally, prices increased by 0.5% in May, after rises of 0.6% in April and 0.9% in March.

The renewal of upward pressure on prices has been expected, as the weakness in January and February mainly reflected temporary factors, such as seasonal …

Growth in mortgage approvals slows in May

The growth in mortgage approvals tailed off slightly last month despite an increase of more than 20% on an annual basis.

A total of 2,461 mortgages were approved in May, according to new figures released by the Banking and Payments Federation Ireland.

On a monthly basis, mortgage approvals climbed 4.6%.

Steep fall in numbers of insolvent businesses

Insolvencies in some parts of the country have nosedived by more than 50% in the past month despite a quarterly nationwide increase, two reports indicate.

Data compiled by shows that Cork saw a 55% drop-off in insolvencies this month compared to the same period last year, while counties Dublin and Meath accounted for the highest proportions of insolvencies.

The decrease in Cork is more than twice that of the …

Burden on first time buyers

First-time buyers bear a greater burden of the costs arising from mortgage lending restrictions despite being 30% less likely to default on their loans than other homeowners.

Research by the Central Bank shows first-time buyers are far less likely to default on mortgages than their counterparts whose loans have been taken out on a subsequent property.

However, the mortgage lending caps such as those introduced in Ireland earlier this year, …