A new law designed to safeguard public access to cash is set to come into force this week, placing a legal requirement on financial institutions to ensure that an ATM is available within 10 kilometres of the vast majority of homes and businesses across the country.

In one of his first actions as Minister for Finance, Simon Harris is expected to formally sign the order that activates the legislation. The measures were approved by the Oireachtas last May but could only take effect once the Central Bank completed an extensive review of ATM coverage and cash services nationwide. That analysis is now finished, clearing the way for the new rules to be implemented.

Once signed, the order will oblige banks and other cash service providers to maintain suitable access to ATM facilities in towns, villages and communities throughout the State. The Government has presented the policy as an important protection, particularly for rural areas that have experienced a wave of bank branch closures in recent years.

Minister Harris has said the legislation will help ensure that people and businesses who still rely on cash are not left without essential services, and that communities remain supported as the financial sector continues to evolve.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The Department of Social Protection has issued a warning following reports that some employers are attempting to sidestep the new pension auto enrolment system by pressuring staff into joining less beneficial pension arrangements.

The national auto enrolment scheme, known as My Future Fund, is due to begin on 1 January and is expected to bring more than 800,000 workers into retirement saving for the first time. The scheme applies to employees aged 23 to 60 who earn more than €20,000 across their employments and who are not currently part of an occupational pension scheme.

My Future Fund will be phased in over a ten year period. Both employee and employer contributions will start at 1.5 percent and will rise in stages every three years until reaching 6 percent. The State will add one euro for every three euro contributed by the employee, providing a significant incentive to participate.

In correspondence to the Irish Congress of Trade Unions, the Secretary General of the Department noted that some employers have been urging staff to join pension schemes that require little from the employer. These schemes are reported to involve employer contributions of roughly 1 percent of salary, which the Department says is far below what would be provided under the new auto enrolment system and unlikely to result in any meaningful pension outcome.

ICTU General Secretary Owen Reidy welcomed plans for new regulations that will prevent employers from using minimal contributions to meet their legal obligations. He also encouraged workers who feel pressured into joining inferior schemes to seek advice from their trade union.

Similar concerns were highlighted by the Minister for Social Protection, Dara Calleary, who said a small number of employers are telling staff they must be enrolled in any pension scheme before January. He emphasised that employees without an existing workplace pension will be automatically enrolled in My Future Fund from 1 January 2026 and that workers should compare any pension they are offered with the terms of the new State scheme.

The Minister explained that the pension pot created under the new system belongs entirely to the employee and will move with them from job to job. He also highlighted the long term benefits, noting that a 25 year old earning €25,000 a year could accumulate almost €196,000 by age 66 before investment returns are taken into account.

The Government has said it is introducing safeguards to ensure the scheme cannot be diluted or bypassed. Once launched, the fund will be managed independently by NAERSA. A dedicated online portal is due to open on 1 December, allowing employers to register employees and enabling workers to monitor their own contributions and savings.

Ireland has been the only OECD country yet to implement auto enrolment, with hundreds of thousands of workers currently facing retirement with only the State pension. The Minister described My Future Fund as a major step towards providing greater financial security in later life.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

New labour market data from the Central Statistics Office indicates that unemployment has reached its highest point since 2021. The unemployment rate for people aged 15 to 65 rose to 5.3 percent in the third quarter of the year, compared with 4.5 percent in the same period of 2024.

The figures show that 155,400 people aged 15 to 74 were unemployed, an annual increase of 25,900. Despite this trend, overall employment numbers continued to grow. Employment across the 15 to 89 age group rose by 30,600, bringing the total number of people at work to 2.82 million.

The employment rate for those aged 15 to 65 edged down slightly to 74.7 percent, while labour force participation dipped to 66.5 percent. The estimated labour force reached nearly 3 million people, up 1.9 percent year on year.

Youth unemployment also saw movement. The rate for younger workers fell to 47.5 percent from 50.9 percent a year earlier, although this figure includes young people both seeking work and those with limited attachment to the labour market.

Remote working habits continue to shift. More than six in ten employees reported never working from home. Close to one million people said they worked from home at least occasionally, while just over half a million said they worked remotely most of the time. This latter group has fallen significantly since early 2021, when remote work was far more widespread.

Total weekly hours worked across the economy increased by 0.6 percent compared with the same quarter last year, reaching 86.5 million hours.

Commenting on the figures, Andrew Webb, chief economist at Grant Thornton Ireland, noted signs of a labour market that is easing after several strong years. He pointed to a rise in unemployment alongside only modest gains in employment as indicators of cooling conditions.

He also highlighted a group of 119,200 people who have a weak but meaningful attachment to the labour market. While smaller than last year, this group remains larger than in 2023 and includes many individuals limited by illness, disability or caring duties. Webb suggested that increasing participation, rather than job creation alone, is now a key priority. Tackling barriers such as access to affordable childcare and health-related challenges will be essential to bringing more people into the workforce.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

A growing share of first time buyers are securing mortgages on their own, according to new data from the Banking and Payments Federation Ireland (BPFI). The organisation’s latest Mortgage Market Profile Report indicates that individual applicants made up 31 percent of first time buyer drawdowns in the year to June.

The report highlights a strong first half of the year overall. Between January and June, first time buyers drew down 11,791 mortgages with a combined value exceeding €3.7 billion. This represents a 5.5 percent increase in volumes and a 14.4 percent rise in the total value compared with the first half of 2024. It is also the highest number of drawdowns recorded in the first six months of any year since 2007, and the highest value for the period since 2006.

Although the majority of first time buyer loans continue to involve joint applicants, the shift towards sole applicants remains notable. BPFI pointed out that the proportion is still significantly lower than levels seen in the mid-2000s, when almost half of these mortgages were issued to individuals.

The current figures show different patterns depending on property type. Sole applicants accounted for only 22 percent of mortgages on new homes, yet represented over 36 percent of those purchasing existing properties. They also made up two thirds of first time buyer mortgages on apartments. In Dublin, nearly half of all sole applicants bought apartments, compared with 14 percent of joint applicants.

Demand for both new and existing homes continued to rise. First time buyer mortgages used to purchase or build new properties climbed by 14 percent to 4,531, the largest half year figure since 2008. Meanwhile, mortgages for existing homes rose slightly in volume but reached their highest ever value at more than €2.2 billion.

Mover purchasers also recorded growth during the period. Mortgage volumes for this group rose by 3.5 percent and the value of these loans increased by over 13 percent to almost €1.5 billion.

Average mortgage values for both first time buyers and mover purchasers reached new peaks, with mean drawdown amounts of €314,810 and €373,393 respectively. According to BPFI chief executive Brian Hayes, this trend reflects ongoing upward pressure on property prices across the market.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

The European Central Bank is widely expected to maintain interest rates at current levels until at least the end of 2026, according to a new Reuters survey of economists. The outlook reflects a steady economic environment across the euro zone, with inflation close to target, growth stable and unemployment at record lows despite uncertainty in the global economy.

The case for an extended pause has strengthened since the ECB last reduced rates in June. Inflation has remained close to the bank’s 2 percent objective, and the labour market has continued to perform strongly. In contrast, some other major economies, including the United States, have faced additional pressures stemming from significant tariffs on imported goods.

The ECB held rates again in October for the third consecutive meeting. Several members of the Governing Council signalled that the central bank was likely to maintain its current stance for some time. President Christine Lagarde described the current position as being “in a good place” while cautioning that the situation could still change.

Almost all respondents in the latest poll expect the deposit rate to remain at 2 percent at the next ECB meeting. A large majority believe rates will remain unchanged through the middle of next year, and around two thirds expect no rate adjustments throughout 2026. Only a small number of economists foresee cuts before the end of that period.

Alain Durre, head of Europe macro research at Natixis, noted that economic conditions are broadly favourable, but warned that the balance remains delicate. He said that while the next move is more likely to be a cut than a hike, both growth and inflation still face downward risks.

Most economists surveyed anticipate slower growth over the coming year rather than an acceleration. Median forecasts suggest that the euro zone economy will grow by 1.4 percent in 2025, slow to 1.1 percent next year and return to 1.4 percent in 2027. These projections are closely aligned with the European Commission’s recent outlook.

Inflation, currently at 2.1 percent, is expected to average 2 percent this quarter before easing to 1.7 percent early next year. Many analysts believe inflation will remain below the ECB’s target throughout 2026, driven in part by energy costs and the strength of the euro.

Bill Diviney, head of macro research at ABN AMRO, said that while lower inflation may prompt discussions about rate cuts in the near term, the picture could shift again as 2027 approaches.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

A significant global outage at Cloudflare this week caused widespread disruption and highlighted the scale of reliance many organisations have on unseen digital infrastructure. While the company is not widely known outside the technology sector, its services underpin a large proportion of global internet traffic, meaning even a short disruption can have far reaching consequences.

The outage affected major platforms including X, Spotify and AI tools such as ChatGPT. Although the websites themselves remained operational, users were unable to access them because Cloudflare sits between the user and the website, acting as a protective and performance enhancing layer. When this layer failed, access was effectively blocked.

Cathal Slattery, Head of Professional Services at Ekco, compared Cloudflare’s role in the online ecosystem to the plumbing or foundations of a house. Speaking on RTÉ’s Morning Ireland, he noted that most people only become aware of such systems when something goes wrong.

The company reported that the issue stemmed from an automatically generated configuration file intended to manage security risks. This file grew too large and overwhelmed the software responsible for traffic handling, causing Cloudflare’s systems to crash. Given that its network routes about one fifth of global web traffic, the resulting ripple effect was significant.

This incident follows other recent outages at major providers, including Microsoft’s Azure platform and disruptions linked to Amazon that affected thousands of websites and apps such as Snapchat and Reddit. These events reinforce that even the most established technology services cannot guarantee uninterrupted operation.

Mr Slattery emphasised that service level agreements typically offer 99.9 percent uptime, meaning occasional outages are inevitable. He advised that Irish businesses should treat digital resilience as a core priority. This includes understanding which external services their operations depend on, having plans for redundancy and assessing the risks associated with relying on third party providers.

He added that organisations should test their contingency plans, ensure they have appropriate backup processes and invest in systems, procedures and staff training that support operational continuity when unexpected incidents occur.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

Recent inflation data from the Central Statistics Office shows that overall annual inflation has climbed to its highest level since March 2024, reaching 2.9 percent. One of the most noticeable increases is in the cost of food and non alcoholic beverages, which has risen by 4.5 percent over the past twelve months. With Christmas approaching, this is an unwelcome development for many households.

A look at the CSO inflation calculator illustrates the impact on purchasing power. One hundred euro in October 2022 would have required 105.10 euro to match its value a year later. By October 2024, that figure had increased to 108.80 euro. In practical terms, consumers have lost nearly 10 percent of the value of their money in only three years.

The rise in food prices is linked to several factors. Costs have increased across core products such as meat, dairy, eggs, confectionery, bread and cereals. Because these ingredients sit at the base of the food supply chain, any increase eventually flows through to wholesale pricing and ultimately to retail shelves.

Agricultural pressures are a major contributor. Farmers face rising compliance costs linked to environmental regulations and a projected reduction of around 87,000 cattle this year, according to Bord Bia. Lower output reduces potential farm income, placing upward pressure on production costs to maintain financial viability.

Broader economic forces are also at play. Government spending has grown rapidly in recent budgets, exceeding the Irish Fiscal Council Advisory’s recommended net spending limit of 5 percent. Higher levels of public expenditure contribute to inflation when the supply of money in the economy expands faster than real economic output. Persistent overspending can therefore increase price levels, affecting everything from groceries to services.

The Government has introduced some measures aimed at supporting sectors and encouraging investment, including a VAT reduction for hospitality and an enhanced research and development tax credit. These initiatives are designed to support businesses and potentially ease cost pressures. Whether they translate into lower prices or improved wage growth remains uncertain.

While multiple factors are driving food price increases, the underlying issue is that inflation steadily erodes incomes. Without meaningful action to bring it under control, consumers will continue to see the real value of their earnings diminish every few years.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

A new survey of economists suggests that the Bank of England is likely to reduce interest rates in December, followed by another cut early next year. This marks a shift from expectations only a month ago, when many analysts believed rates would remain unchanged for the rest of 2025.

The December decision will come shortly after the Chancellor, Rachel Reeves, delivers the Autumn Budget on 26 November. While she is no longer expected to increase income tax, the Treasury is likely to pursue smaller adjustments elsewhere to address revenue gaps.

Earlier this month, the Monetary Policy Committee voted narrowly, by five votes to four, to maintain the current rate. Governor Andrew Bailey cast the deciding vote, indicating a preference to wait for clearer evidence that inflation is continuing to fall before supporting a cut.

According to a Reuters poll conducted between 13 and 18 November, nearly 80 percent of economists surveyed expect a 25 basis point reduction at the Bank’s 18 December meeting, bringing the Bank Rate to 3.75 percent. The remainder predict no change. A similar proportion now foresee a further reduction to 3.50 percent during the first quarter of 2026.

Gabriella Willis, UK economist at Santander CIB, said that a cut in December appears the most likely outcome unless upcoming inflation data is significantly stronger than expected. She added that Governor Bailey will probably remain the pivotal vote, with the October and November inflation figures and signs of a slowing labour market acting as key factors.

Markets appear to agree. Interest rate futures have already priced in a December reduction. Inflation has held at 3.8 percent since July, well above the Bank’s 2 percent target, but upcoming data is expected to show a slight easing to 3.6 percent in October. Median forecasts anticipate further declines, with inflation averaging 3.0 percent and 2.5 percent in the next two quarters.

Economic growth is projected to reach 1.4 percent this year and slow to 1.1 percent in 2026, according to the poll. Willis noted that while the Autumn Budget is still expected to have a disinflationary effect, its impact may be less pronounced than previously thought due to more modest policy changes.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

New research suggests that Irish consumers continue to place significant trust in established websites when shopping online. The survey, carried out by Core Research on behalf of .ie, found that three in four people prefer to make purchases through traditional websites rather than social media platforms. Almost three in five respondents also said they were more likely to buy from a retailer using a .ie domain.

The study involved 1,000 adults and highlights that while international registrations account for around 11 percent of .ie domain holders, the majority are still Irish businesses, individuals and community groups. Although websites remain the preferred place to shop, usage of online stores on Facebook, Instagram and TikTok continues to rise.

David Curtin, CEO of .ie, cautioned that identity verification remains a challenge on social media marketplaces. He noted that consumers should ensure they know who they are dealing with and carry out basic checks before buying. The findings show that people view online safety as a shared responsibility. Around 23 percent believe shoppers themselves hold the main responsibility, while others point to regulators, banks and payment providers as also having important roles.

More than one in five respondents reported being a victim of an online shopping scam, while one in four expressed significant concern about the risk of fraud. Curtin said that long standing advice still applies, emphasising that offers which look too good to be true usually are.

Price remains the most influential factor for over 90 percent of consumers when making purchasing decisions. However, personal recommendations and online reviews also carry weight, with one third relying on advice from friends and family and 64 percent paying attention to reviews posted online.

The research also highlights the increasing visibility of artificial intelligence in online shopping. One in five people said AI based recommendations influence their decisions. Curtin noted that consumers remain cautious, with only 1 percent saying they trust influencers and limited confidence in AI platforms at this stage. He added that search engines and AI tools are becoming more closely integrated, which may change shopping behaviour in future.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.

New figures from the Office for National Statistics show that consumer price inflation in the UK eased to 3.6 percent in October, down from 3.8 percent in September. This marks the first decline since May and provides a modest boost for both the government and the Bank of England, which had anticipated a slowdown.

The fall in inflation followed a September reading that came in lower than the Bank’s earlier forecast of around 4 percent. Despite the improvement, sterling slipped slightly against the US dollar following the release of the data.

The Bank of England paused its regular cycle of interest rate reductions earlier this month, reflecting ongoing concerns about inflationary pressures. The Chancellor, Rachel Reeves, has also signalled caution ahead of her budget announcement on 26 November, emphasising her intention to avoid tax or spending decisions that could push inflation higher.

Some analysts believe that previous policy changes, including an increase in the national minimum wage and higher employer-related taxes, may have contributed to upward pressure on inflation over the past year. The UK continues to record the highest inflation rate among major advanced economies.

The Bank’s own projections indicate that inflation is not expected to return to its 2 percent target until the middle of 2027. Wage growth remains a key concern, with current increases exceeding levels that policymakers believe are compatible with stable inflation, particularly given ongoing weaknesses in productivity.

Service sector inflation, a closely monitored indicator due to its sensitivity to labour costs, eased to 4.5 percent in October, down from 4.7 percent in September. This decline was slightly larger than economists had predicted.

Reductions in household energy costs and lower hotel prices were among the main contributors to the fall in inflation last month. Core inflation, which excludes more volatile categories such as food and energy, edged down to 3.4 percent from 3.5 percent.

Food and drink inflation stood at 4.9 percent in October, ahead of an expected peak of 5.3 percent in December.

Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.