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Opening Bell: Noonan reviews first-time buyer rules, Enda's five-year plan, 75 jobs announced across Ireland

The Minister for Finance has indicated he'd like to see a review of the Central Bank's mortgage c...
Newstalk
Newstalk

07.30 18 Sep 2015


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Opening Bell: Noonan reviews f...

Opening Bell: Noonan reviews first-time buyer rules, Enda's five-year plan, 75 jobs announced across Ireland

Newstalk
Newstalk

07.30 18 Sep 2015


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The Minister for Finance has indicated he'd like to see a review of the Central Bank's mortgage cap for first-time buyers.

In an interview with the Irish Times, Michael Noonan says there's a shortage of starter homes in Dublin and builders believe the regulations by the bank are too restrictive.

He says market conditions are changing and he's being told by the construction industry that aspects of it are inhibiting starter homes.

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Minister Noonan's called on the Central Bank to review the mortgage caps for first-time buyers - which were introduced 8 months ago - but he says he will accept whatever conclusion the bank comes to.

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The Taoiseach has tonight pledged that Fine Gael will set out a five year plan for the upcoming election.

Enda Kenny has promised even more tax cuts if the Coalition is returned to power - but says it will not return to the boom and bust of the past.

He says even more reforms of welfare will be needed in the next five years to ensure that work pays for people. He says that the published plan will be 'detailed and fully costed'.

Mr Kenny outlined the main points of the plan at the annual IBEC President's dinner in Dublin tonight:

The Taoiseach explained that "given the ordeal the Irish people have endured during the downturn, they deserve to know what exactly the disparate groupings hoping for Government are proposing for the next five years. It’s not good enough to tell people what you’re against. You need to tell people what you’re for and how you intend to get there."

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75 new jobs are being created across the country today in two separate announcements.

25 high tech software positions are being created at Hire Lab in Cork - to work on the jobsireland.ie website.

The project was put out to tender by the Department of Social Protection.

Meanwhile, 50 new positions are being created at Data Management company, Asystec.

The positions are being rolled out at the company's offices in Dublin, Limerick and Belfast and at its new Cork office in Ballincollig.

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The Irish Business and Employers Confederation (IBEC) has called on the Government to develop a new regional plan to ensure balanced economic growth across Ireland.

It has warned that years of under-investment in health services, education and infrastructure mean that the country is not prepared for a sustained period of economic growth.  

The group says that an additional €1bn should be invested in capital projects - that's on top of the money that the Government has already committed to spending in the upcoming budget.

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Greece will head to the polls again on Sunday September 20th, for the second time this year.

After a long period of often hostile negotiations, the country has accepted a third bailout, and fresh austerity measures - the election will determine who will oversee the implementation of these policies.

The polls have tightened through the campaign - Alexis Tsipras' Syriza party has managed to maintain a slight lead over Evangelos Meimarakis and New Democracy.

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The US Federal Reserve has kept interest rates on hold, shying away from what would have been the first hike in nearly a decade.

The central bank said it had left the cost of borrowing at historic lows because of a weak global economy, low inflation and unstable stock markets.

The Fed's action was approved on Thursday in a 9-1 vote.

It said in its policy statement after a two-day meeting that "recent global economic and financial developments may restrain economic activity somewhat".

The Fed added that it was "monitoring developments abroad", a nod to volatility in China, the world's second-largest economy.


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