STAMP DUTY WORTH A WAIT AND SEE APPROACH? - With the possibility of lower rates of stamp duty on the way many buyers are wondering if it is worth postponing purchasing a home.
However, head of research at estate agent Lisney, Dr John McCartney, says the savings implied by any proposed stamp duty reforms would not justify buyers holding off on house purchases.
He says for first time buyers of second-hand properties at the average Dublin price of €428,850, the stamp duty savings implied by the new proposals would be €25,731 and for second time buyers, the saving would be €15,722.
On the basis of these figures, he says holding out for stamp duty reform is not rational, as they are just proposals and may never happen and also the timing has not been set out.
He says if the changes were put off until budget time next December, and assuming 3% house growth this year, buyers who decided to hold off when the stamp duty issue was first raised last September would have forgone around €27,286 in housing equity and missed out on 16 months of mortgage payments.
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PRESSURE ON WORLD BANK CHIEF INCREASES - More than 40 senior former World Bank officials called today for the immediate resignation of its embattled leader Paul Wolfowitz, saying he had lost trust and respect. In a letter to the Financial Times, the 42 ex-employees called for change following revelations that the bank's president used his influence to ensure a favourable job and salary for his girlfriend.
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BIGGEST BANKING TAKEOVER- The biggest banking takeover in the world has just been agreed. Britain's Barclays has agreed to buy Dutch bank ABN Amro for €67 billion. That price is 33% higher than ABN Amro's value when its shares were suspended as negotiations commenced last month.
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And a bidding war has broken out to buy chemist chain Boots after a rival group said it may table an offer worth €17 billion. The proposed bid comes from a group that includes investment firm Terra Firma, medical charity The Welcome Trust, and banking group HBOS. On Friday, the Boots board backed a earlier takeover bid from investment group KKR.
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Currencies - This morning the euro is worth $1.358 and £0.678 sterling.
