SPANISH BANK RULES OUT IRISH MORTGAGES - Spanish lender Bankinter has ruled out moving into the Irish mortgage market, at least in the short term.
The news will dampen expectations that it would link up with An Post to offer cut-price loans to property buyers. And following an announcement from semi-State company last week that it wants to move into the mortgage market by undercutting the existing offering by as much as 1%, speculation had been mounting that it would partner with Bankinter, says the Irish Times. The Madrid-headquartered bank, Spain’s sixth largest lender, acquired Irish credit card and personal loans provider Avantcard last week for an undisclosed sum. Bankinter was regarded as an obvious potential partner for An Post, given that Avantcard already operates a credit card partnership with the State-owned postal group. The Spanish lender offers mortgages fixed for 20 years at a rate of just 1.99% in its home market. However, a spokesman for the Spanish bank said its goals in moving into the Irish market are firmly concentrated on smaller personal loans.
***
FAILURE TO SWITCH ENERGY DEALS COSTS CONSUMERS €300 - Consumers could save as much as €300 a year simply by switching their electricity and gas providers, new research has identified.
The research, commissioned by the energy regulator, also found most householders do not realise that they must be told when their electricity or gas contract comes to an end. People who have signed up for a discount offer have to be informed by their supplier that the deal has ended and they will return to much higher standard energy tariffs. The Commission for the Regulation of Utilities (CRU) said the average consumer could make savings of €300 a year by switching electricity and gas providers, writes the Irish Independent. A new 'Switch On' campaign from the regulator aims to inform consumers of their rights. It comes as energy prices have started to rise for the second time this year. Commissioner for the CRU Aoife MacEvilly said the research from Amárach found 53% of people said that they were willing to step outside of their comfort zone on a regular basis. Despite this, they have failed to switch their energy providers to save money. Just one in seven households switched energy provider last year, despite having 10 different suppliers in the electricity and gas market.
***
HARD BREXIT WOULD HAVE 'RECESSION-TYPE' EFFECT ON DRINKS AND HOSPITALITY INDUSTRY - A new report claims that Brexit could cost the drinks and hospitality industry here €135m a year.
Drinks Industry Group of Ireland (DIGI) says a hard Brexit could have a "recession-type" effect on communities that rely on the sector. They are calling on the Government to reduce taxes on alcohol sales in the upcoming Budget. The report claims that drinks exports to the UK have already decreased, dropping 11% in the first half of 2018 alone, compounding a 7% fall between 2015 and 2017, says the Irish Examiner. It said that many Irish drinks products are dependent or heavily reliant on the British market. More than 70% of all cider exports and 43% of all beer exports are to the UK. Rosemary Garth, Chairperson of DIGI and Director of Communications at Irish Distillers, said: "A hard Brexit will inevitably lead to reduced revenue, business closures and job losses. In some areas, where the industry is the primary employer, we are looking at the possibility of a recession-type effect, whereby entire communities suffer because of a drop in product exports or tourist numbers".
***
EXHAUSTED UK STAFF WORK HARDER AND FASTER 'JUST TO STAND STILL' - Britons are under more pressure at work than at any time in the past 25 years, according to a large study which finds people are working harder and faster, with increasing numbers coming home exhausted every day.
The study offers both bad and good news about the experience of working in modern Britain. It paints a picture of a workforce that is working harder with less control, but where - because of the lowest unemployment rates since the 1970s - people are far less anxious about losing their jobs than previously, says the Financial Times. The findings, being published this week, come from the 2017 Skills and Employment Survey, a government-funded study of about 3,300 people conducted every five years. It is a joint project between Cardiff University, University College London and the University of Oxford which has been running since the 1980s. Alan Felstead, a professor at Cardiff University and the lead researcher on the study, said vastly improved job confidence was a "silver lining" to a "big black cloud". He added it was troubling that workers were under increased strain even as their productivity had stagnated. British staff produce about 16% less per hour than the average worker in the G7 group of developed countries, and their productivity is barely any higher than before the global financial crisis, which began in 2008.
