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No Barmbracks From Either Bakers or Bankers On Lá Fhéile Míchíl.

Bank of Ireland, Thurles.

Today is Lá Fhéile Míchíl or St Michael’s Day or Michaelmas which is celebrated annually on today, September 29th,2022.

Same date was once an important Fair Day in the Irish farming calendar, as well as featuring in Ireland’s Administrative and Legal year Calendar, [Michaelmas Term – October to December].
Back in the 19th-century, it was traditional for Dublin bakers to gift a ‘Barmbrack(latter a yeast bread with added sultanas and raisins. Irish: bairín breac – translated to English “speckled bread”) to their customers on the feast of Michaelmas.

Alas, no Barmbracks were being handed out either today by Bank of Ireland branches, who have been fined a final total of €100.5m by the Central Bank, with regards its handling of tracker mortgage customers. Initially the Central Bank fined Bank of Ireland €143.6m, but same was reduced by 30% under its settlement discount scheme. Same fine is, to date, the largest fine ever imposed on any financial institution, by the Irish Central Bank.

Some 15,910 tracker mortgage customer accounts had been impacted by the bank’s actions, between August 2004 and June 2022, same resulting in the loss of 50 properties, including 25 family homes.

In all Bank of Ireland has admitted in full to 81 separate regulatory breaches.

It was found that Bank of Ireland provided unclear contractual documents to its customers, failed to interpret its unclear contractual documents in customer’s best interests and failed to warn customers regarding the consequences of decisions, relating to their mortgages.

It also implemented what was considered to be an unfair complaint handling practice in relation to customers, and had deficient mortgage systems and controls, which had contributed to a significant number of operational errors.

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Main Points Of Budget 2023 As Announced This Afternoon.

The Minister for Finance, Mr Paschal Donohoe and Minister for Public Expenditure, Mr Michael McGrath, this afternoon unveiled core budget figures in their biggest giveaway budget ever in Ireland’s history; most of which comes from a huge increased tax-take from corporations, particularly a small number of American tech companies.

Ministers Paschal Donohoe & Michael McGrath

Mr Paschal Donohoe announced an income tax package to the value of more than €1.1bn, and without any borrowing to fund given tax cuts.

Announced Cost-of-living measures

  • Electricity credit of €600 for all households to be paid in three instalments, with first instalment to be paid before Christmas and two at the beginning of 2023.
  • A Social Welfare double payment to be paid in October, as well as the Christmas bonus which will be paid in early December.
  • €500 for working family payment, to be paid in November
  • A double child benefit payment of €140 per child to be made on top of normal monthly payment.
  • Carers are to receive a once-off €500 carer support grant in November
  • Persons living alone to receive €200 once-off payment before Christmas
  • Persons with disabilities to receive €500 once-off payment, to be made in November.
  • Energy support scheme for businesses, covering 40% of increased cost of electricity bill (up to €10,000 per month), to be calculated by comparing average unit prices from 2021 to 2022.
  • Mica Redress Scheme will be funded by a 10% levy on concrete products which is expected to raise €80 million annually, taking effect from April 3rd, 2023.
  • Carbon tax to increase, but will be offset by national oil reserve levy, meaning price at the pump for petrol and diesel will not change.
  • Excise duty reduction of 21c per litre for diesel, 16c per litre for petrol and 5.4c per litre marked gas/oil, and 9% VAT reduction on energy to be extended until February 28th, 2023.

Taxation

  • Excise duty on a 20-pack of cigarettes increased by 50c, with pro rata increases for other tobacco products. (Raising the cost of cigarettes to around €15.80 for a premium pack and €13.80 for an average pack.)
  • Bank levy extended for another year to raise €87 million annually
  • Income tax package of €1.1 billion will increase lower tax rate band to €40,000
  • Personal tax credit increase by €75, carer tax increased by €100
  • Cost of special exemption order to be halved for late-night entertainment venues.
  • The 9% VAT rate will continue until February 2023.
  • VAT on newspaper industry to be reduced to zero, with effect from January 1st, 2023.
  • Zero VAT rate to be applied to hormone and nicotine replacement products and period products.
  • Ireland to be part of EU Windfall Tax measures for energy companies. (Actual Details not announced).

Housing

  • Vacant Homes Tax will apply to residential properties, occupied for less than 30 days in 12-month period, with the amount being three times the property’s existing local property tax.
  • Help to Buy scheme extended, to remain at current rates, until the end of 2024.
  • Rent tax credit worth €500 per year, can also be claimed for rent paid in 2022.
  • €6.2 billion to Department of Housing, over half of which (€3.5 billion) will come in the form of capital investment.
  • €1.7 billion to deliver 9,100 Social Houses.
  • €215 million for homelessness services.
  • €87 million for Retrofits in 2023, while a new low-cost loan will also be introduced for those undertaking residential retrofits.

Education & childcare

  • A once-off reduction of €1,000 in the student contribution fee to be brought in for the academic year 2022/2023.
  • Once-off double SUSI payment for students.
  • Permanent €500 reduction in student contribution fee for households earning between €62,000-€100,000.
  • SUSI payments to increase by between 10% – 14% from next September
  • 25 per cent reduction in childcare fees.
  • 370 additional teaching posts to be introduced to reduce student-teacher ratios to 23 to 1.
  • 686 additional teachers to support those with special needs and 1,194 additional SNAs.
  • Funding made available to provide free school books to all primary school children.
  • Approximately 4,800 extra apprenticeship placements will be funded from next year.

Health

  • The Department of Health is set to receive €23.4 billion.
  • Removal of hospital in-patient charges to everyone.
  • Free GP care for a further 400,000 people.
  • Funding to be delivered for 650 acute and community beds by end of 2023 and recruitment of 6,000 additional healthcare staff.
  • Additional €225 million to be provided, thus bringing an overall package of €443 million to tackle medical waiting lists.
  • Free contraception to be extended to all women aged 16-30.
  • A further €58 million for mental health services.
  • The ongoing Covid-19 response will receive €439 million.

Multifarious

  • Energy: €850 million energy capital grants, €337 million for grants for energy efficiency to fund 37,000 home energy upgrades.
  • Transport: €2.6 billion for transport to progress major projects, including BusConnects, Metrolink and Dart.
  • Policing: 1,000 new gardaí to be recruited next year, as well as 430 garda civilian staff. Approximately 200 new recruits will enter Templemore, Co. Tipperary, each quarter for the coming years.
  • Garda overtime: Budget to increase by €5 million to over €100 million
  • Defence: Capital allocation for Defence Forces will increase by €5 million, while an extra 400 permanent members will be recruited in 2023
  • Foreign Aid: Irish Aid funding is to increase by €100 million, while €75 million will be spent on humanitarian aid for Ukraine.
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BOI To Open Each Saturday During October 2022.

Assisting customers wishing to move current accounts from Ulster Bank and KBC.

To facilitate and support prospective customers; Bank of Ireland has announced that 61 of its branches around Ireland will open for the four Saturdays during the month of October 2022.
Opening hours each Saturday will be from 10:00am – 2:00pm, beginning from October 1st to October 22nd, to assist those customers wishing to move current accounts from Ulster Bank and KBC.

Financial advisors within Bank of Ireland will be on hand in all 61 branches to provide information on moving accounts and to support customers in the account opening process.

Bank of Ireland locations offering this service in Co. Tipperary are as follows: –
Thurles, Co. Tipperary.
Liberty Square, Thurles, Co Tipperary.
Clonmel, Co. Tipperary.
No. 21 Parnell Street, Clonmel, Co Tipperary.
Nenagh, Co. Tipperary.
Mitchel Street, Nenagh, Co Tipperary.

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Pharma MSD Open Ireland’s Largest Solar Generation Project In Tipperary.

Pharma giant MSD (the international name for US-based pharma and healthcare giant Merck & Co., Inc.) has officially opened Ireland’s largest self-generation solar project, at its Ballydine site, here in south Co. Tipperary.

Working in partnership with the state owned electricity company ESB (Electricity Supply Board), latter Ireland’s foremost energy company; MSD have built the 7.3MW ground-mounted solar PV array, to support the Ballydine factory facility in significantly reducing its carbon footprint.
Same is in line with MSD’s announcement just last year to achieve carbon neutrality, across its whole manufacturing operation by the year 2025.

MSD estimate that the system could generate approximately 7.9GWh of clean, renewable electricity thus producing some 20% of its energy requirements from renewable energy sources.

MSD employs more than 2,800 staff across six sites in Ireland, with bases in Tipperary, Carlow, Cork, Meath and Dublin and to date MSD have invested more than $4bn into its Irish operations, which manufacture around half of its top 20 products.

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€46.4m In Welfare Payments Recovered By Department Of Social Protection.

Dept. Social Protection

So far in 2022, up to the end of July last, some €46.4m in social welfare payments have been recovered by the Department of Social Protection.

From January 1st 2022 to the end of July, 2022 the department said it carried out almost 300,000 control reviews across its various supports, with 36 cases to date having been finalised in court, and with convictions secured in 30 of these legal cases.

The Department is now asking people, latter who wrongly received Pandemic Unemployment Payments (PUP), to arrange a return of same.

As of the end of July 2022, approximately €12.6m in PUP supports had been repaid, with some 10,700 of these having been repaid in full. An estimated €33.9m has still not been returned by those who were overpaid; some of which are understood to have been deliberate fraudulent claims.

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