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Business Journalist
Despite it being a record year for savings in Ireland, much of it was accidental given that large sections of the economy were shut down for long periods in 2020 so there was reduced opportunity to spend.
And many people were not in a position to accumulate savings given that their source of income had been severely curtailed because of those restrictions.
We look at areas where long-term savings can be made into the future in our New Year personal finance checker.
Overpaid on tax?
The answer is most likely yes .
People leave thousands in unclaimed refunds and reliefs with Revenue every year that they are unaware they are entitled to, according to Marian Ryan, Consumer Tax Manager with Taxback.com.
Initiative Ireland’s new partnership will allow credit unions to lend to Approved Housing Bodies 6th January, 2021
Sinead Byrne and Padraig Rushe of Initiative Ireland: the start-up plans to ramp up activity this year in both Ireland and Britain. Picture: Harrison Photography
When Pádraig Rushe launched Initiative Ireland three years ago, his aim was to level the playing field in property lending, allowing ordinary people to co-fund social and affordable housing.
Since then, Initiative Ireland has financed more than €25 million in loans. Now, under a new partnership with the Credit Union Development Association, it is preparing to launch a fund that will allow credit unions to lend to Approved Housing Bodies (AHBs) nationwide.
Credit Unions occupy a special place in the hearts and minds of Irish people.
While financial institutions generally experienced something of a fall from grace in the years after the financial crash, credit unions continued to maintain their status as a trusted community pillar.
Indeed, for six years running now, the credit union has claimed top place in a survey of brands based on their customer experience carried out by the CX Company. They re locally based and run by a voluntary board and are generally staffed by local people who know their members, said Ed Farrell, CEO of the Irish League of Credit Unions (ILCU).
CREDIT unions have seen a massive surge in saving by members since the Covid crisis began.
Savings levels are now at a five-year high, but the sharp rise in savings, at a time when lending demand is low, is putting huge strain on the sector.
Members have collectively put an extra €1bn in savings into the member-owned institutions.
Average member savings have increased by 7pc from €4,400 to €4,700 in the year up to September, the Central Bank said in its latest review of the State’s 229 trading credit unions. This is despite a growing list of credit unions imposing limits as low as €10,000 on member savings in a bid to stem the flow of funds being put into them.