Bank of England cuts rates by quarter point to 3.75%
The Bank of England in London: cut interest rates by a quarter point to 3.75 per cent on Thursday, responding to signs of stagnation and cooling inflation while cautioning that future decisions on reductions were likely to be a “closer call”. Photograph: Justin Tallis/Getty ImagesThe Bank of England (BoE) cut interest rates by a quarter point to 3.75 per cent on Thursday, responding to signs of stagnation and cooling inflation while cautioning that future decisions on reductions were likely to be a “closer call”. Mr Bailey’s remarks indicate that the central bank is approaching the end of its current rate-cutting cycle. The two-year gilt yield, which is sensitive to changes in interest rates, rose 0.04 percentage points to 3.75 per cent. “While I see scope for some additional policy easing, the path for Bank Rate cannot be prejudged with precision, recognising in part the more limited space as Bank Rate approaches a neutral level,” said Mr Bailey.
Source:The Irish Times
December 18, 2025 18:51 UTC
AIB shifts some mortgage risks off balance sheet to free up capital
AIB has completed a second deal in 13 months to shift some bad-loan risks off its balance sheet in a move that frees up expensive capital and underpins future payouts to investors. The bank has carried out a so-called significant risk transfer agreement (SRT) on a portfolio of €2 billion of mortgages. It follows a similar deal involving €1 billion of corporate loans in November 2024. AIB has previously said that it plans to carry out a number of such deals to improve the efficiency of its balance sheet. “AIB enters 2026 from a position of strength, providing clarity and stability for investors,” said Denis McGoldrick, an analyst with AIB-owned Goodbody Stockbrokers.
Source:The Irish Times
December 18, 2025 18:40 UTC
Data centre expansion must align with energy security and wider social needs, review finds
Data centre capacity is anticipated to consume at least 30 per cent of the country’s power supply in 2030. Photograph: Getty Images/iStockphotoData centre growth must serve rather than “complicate” wider societal and economic needs, as well as electricity system security, a major review of Ireland’s energy system has found. That would involve almost doubling onshore wind deployment in the next five years and installing 1.3 gigawatts of offshore wind power- effectively growing Ireland’soffshore sector from almost nothing. However, amid increasing demand - including from data centres - the target of meeting 80 per cent of electricity demand from renewables by 2030 would not be met without faster progress. [ CRU to rule that new data centres supply electricity to market in return for grid connectionOpens in new window ]
Source:The Irish Times
December 18, 2025 18:02 UTC
Fallon & Byrne reduces losses and says it is in ‘good place from which to grow’
Fallon & Byrne: The company that operates the business reduced its losses last year. Photograph: Eric LukeThe company behind the popular Fallon & Byrne restaurant in Dublin city centre reduced its losses in 2024 as it reported 7 per cent growth in its revenues for the year, with the owners stating that it is now “self-sustaining”. Accounts just filed for Fallon & Byrne Ltd show it made a loss during that period of €396,589, down from a deficit of €564,046 in the previous 12 months. “During the year, we invested significantly in essential equipment, store enhancements and the development of our people, ensuring Fallon & Byrne remains a high-quality retail and hospitality destination. [ Fallon & Byrne owners say business now ‘self sustaining’ after loss of €564,046 in 2023Opens in new window ]In a statement to The Irish Times on the 2024 accounts, a company spokeswoman said: “The directors are pleased that the overall performance at Fallon & Byrne improved again this year.
Source:The Irish Times
December 18, 2025 18:01 UTC
Small company rescue applications down 23% in 2025, but ‘headwinds’ loom in 2026
Unveiled in 2021 as a more cost-effective alternative for smaller businesses to the examinership process, the Small Companies Administrative Rescue Process (Scarp) facilitates simplified out-of-court debt restructuring for viable small and micro companies. In its twice-yearly analysis of the Scarp statistics, restructuring firm Azets said 23 applications were made in 2025, down 23 per cent from last year. Some 374 jobs have been saved through the Scarp process this year, it said. Dessie Morrow, advisory and restructuring partner at Azets Ireland, said that while the number of Scarp applications fell this year, 2026 is set to be a challenging year for small businesses. In response, Revenue said it “remains a committed participant in the Scarp process”.
Source:The Irish Times
December 18, 2025 17:02 UTC
Restaurant tech platform Toast to create 120 jobs in Dublin
Cloud-based restaurant technology platform Toast is to create 120 jobs in Dublin over the next three years as part of an investment in research and development. The project will focus on the implementation of artificial intelligence as Toast seeks to drive innovation. “The creation of 120 new jobs in Dublin will help strengthen Ireland’s capability for AI development, which is a key focus in IDA Ireland’s strategy for 2025-2029,” said Michael Lohan, chief executive of IDA Ireland. Toast has been operating in Dublin since 2017, when it established an engineering presence in the city. Among its partners in Ireland are Bewley’s, Kicky’s, Oakberry and the Eclective Hospitality Group (formerly known as Press Up) .
Source:The Irish Times
December 18, 2025 16:33 UTC
‘Hard work, no smoking and no drinking’: Ireland’s oldest person celebrates 109th birthday
Ireland’s oldest person, who celebrated her 109th birthday this week, credits her long life to “hard work, no smoking and no drinking”. Eileen Hynes was born on December 15th, 1916, in Cullenwaine, near Moneygall in Co Offaly. She is the youngest of four boys and two girls born to William and Mary Jones (née Kelly). This prohibited married women from working in Civil Service jobs and largely prevented them from working in the private sector too. Hard work took place in unequal measure “inside and outside”, she says, raising her family alongside working on their farm.
Source:The Irish Times
December 18, 2025 16:22 UTC
Leinster and Ulster name much-changed sides for Aviva Stadium clash
Rieko Ioane will make his full home debut for Leinster in Friday's URC game against Ulster at the Aviva Stadium. In all Leo Cullen makes 11 changes to the starting XV which beat Leicester in the Champions Cup by 23-15 last weekend, with only Ioane, James Ryan, Jack Conan and James Lowe retained. Dan Sheehan, Paddy McCarthy and Tadhg Furlong will provide the frontrow cover in a strong looking bench, with Joe McCarthy and Max Deegan completing the forward replacements. Replacements: Dan Sheehan, Paddy McCarthy, Tadhg Furlong, Joe McCarthy, Max Deegan, Fintan Gunne, Harry Byrne, Ruben Moloney. Replacements: John Andrew, Sam Crean, Scott Wilson, Joe Hopes, Bryn Ward, Conor McKee, Jake Flannery, Ethan McIlroy.
Source:The Irish Times
December 18, 2025 16:08 UTC
Flu cases: 17 deaths so far this winter, figures show
There have been 62 patients with flu admitted to intensive care since the beginning of the flu season at the end of September. The most recent figures show there were 3,287 cases of flu in the week ending December 13th, up from 2,943 the previous week. Health chiefs had been predicting up to 1,500 flu cases could be hospitalised at the height of the surge, but this has been reduced to up to 1,100. However, the number of outbreaks of viruses is increasing, with 80 occurring last year, up from 62 the previous week. There were 56 cases of the virus last week, up almost 65 per cent on the 34 cases in the previous week.
Source:The Irish Times
December 18, 2025 15:57 UTC
Three people die in road crashes in Tipperary, Limerick and Monaghan
Photograph: Frank MillerThree people have died in road crashes in counties Limerick, Tipperary and Monaghan. His body was removed to University Hospital Waterford where a postmortem was due to take place. [ Minister defends decision to not disband Road Safety Authority despite review recommendationOpens in new window ]Anyone with information is asked to contact Tipperary Garda station on 062 80670, the Garda Confidential Line on 1800 666 111, or any Garda station. His body was removed to the mortuary at University Hospital Limerick where a postmortem will take place. Three teenagers – two female juveniles and an adult male – were brought to University Hospital Limerick and University Hospital Kerry to be treated for serious injuries.
Source:The Irish Times
December 18, 2025 15:48 UTC
Two Dublin restaurants added to Michelin Guide in latest update
Vada in Stoneybatter, which has been included in the Michelin Guide. Photograph: Dan DennisonTwo Dublin restaurants have been added to the Michelin Guide, bringing to 112 the number of restaurants in the Republic featured among the coveted listings. The Michelin inspectors said “you can’t help but fall for” Vada in Stoneybatter, which they described as warm and welcoming. Some 52 Dublin restaurants now feature in the Michelin listings, which are updated every month. [ Lacklustre response to Michelin awards coming to Dublin reflects wider State indifference to restaurant sectorOpens in new window ]The Michelin Guide ceremony for 2026 will take place in Dublin in February, its first time to be held in Ireland.
Source:The Irish Times
December 18, 2025 15:31 UTC
Two senior counsel nominated for appointment as High Court judges
Mark Dunne and Micheál O’Connell, senior counsel who were educated at the King’s Inns in Dublin, have been nominated to become High Court judges. Photograph: Bryan O’BrienTwo new judges have been nominated by the Government for appointment by President Catherine Connolly to the High Court, Minister for Justice Jim O’Callaghan has said. The nominees are Mark Dunne and Micheál O’Connell, senior counsel who were educated at the King’s Inns in Dublin. The Department of Justice said one nomination would fill a vacancy in the High Court which arose following the appointment of Mr Justice Alexander Owens to the Court of Appeal in September. [ Government nominates senior counsel as new High Court judgeOpens in new window ]The second is contingent on an anticipated vacancy arising later this month due to the scheduled retirement of Judge Mary Ellen Ring.
Source:The Irish Times
December 18, 2025 14:52 UTC
ECB holds interest rates steady once again
The European Central Bank (ECB) left interest rates unchanged for a fourth straight meeting, amid ongoing global economic uncertainty. The ECB’s governing council kept its main interest rate at 2 per cent once more, the bank said in a statement. As recently as last June, the ECB expected growth this year to come in at just 0.9 per cent. The forecasts are seen as an indicator of what the ECB’s next move on interest rates will be. Her comments reflect the rapidly shifting outlook for interest rates.
Source:The Irish Times
December 18, 2025 14:06 UTC
The Irish Times view on the EU move on combustion engines: just delaying the inevitable
The European automotive industry as well as countries such as Germany and Italy had mounted a sustained lobbying effort over the past few months to force the Commission to dilute the 2035 combustion engine ban. The EU had pledged to be a world leader in the adoption of climate change targets, but the latest announcement shows that its fragile economy is a more important short-term priority. Transport accounts for 30 per cent of EU CO2 emissions. For both Ireland and the EU, the road to meaningful change in CO2 reductions is through decarbonising the transport sector. The European Commission is just delaying the inevitable.
Source:The Irish Times
December 18, 2025 13:15 UTC
Micheál Martin staves off Fianna Fáil rebellion as party critics fall silent
Taoiseach Micheál Martin said he would not put down a motion of confidence in himself following presidential campaign debacle. Photograph: Cillian Sherlock/PA WireThe possibility of a rebellion against Taoiseach Micheál Martin’s leadership of Fianna Fáil over the party’s disastrous presidential election campaign appears to be quelled for now. The Fianna Fáil review found the campaign was likely to cost the party between €350,000 and €400,000. Mr Martin had strongly backed Mr Gavin to be the party’s candidate. Mr Martin said at the time he would not tell anyone else how to vote.
Source:The Irish Times
December 18, 2025 12:57 UTC