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Changes to Commercial Rates Law effective today, 1 July 2014

Changes to Commercial Rates law, which come into effect today, 1 July 2014, allow businesses to take up new premises without fear of facing rates arrears from previous occupiers whilst not affecting the collection powers of the relevant local authorities to recoup the rates arrears in question.

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SME reports €8.6bn in loans are in arrears over 90 days

The Central Bank has published an SME Market Report compiled by economists in the Financial Stability Division. This report gives an up-to-date picture of developments in the Irish SME credit market, it provides information on credit demand, credit access, loan terms and conditions, loan default, interest rates and credit market concentration.

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Ireland sells €500m of Treasury Bills by auction

The National Treasury Management Agency (NTMA) has today completed an auction of Irish Treasury Bills, selling the target amount of €500 million. Total bids received amounted to €2.1 billion which was 4.2 times the amount on offer. The Treasury Bills, which have a maturity of three months, were sold at an annualised yield of 0.105%.

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Construction activity builds upwards according to recent PMI

Ulster Bank’s monthly construction purchasing managers’ index (PMI), a seasonally adjusted index designed to track changes in construction activity, posted a score of 60.2 points for May; down on the previous month’s 63.5 point reading but still ahead of the neutral 50-point mark which separates a sector in decline from one in growth mode. The rise in new business came from both domestic and external markets.

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NAMA’s financial highlights 2013

NAMA continues to be profitable according to the 2013 Annual Report Summary released this morning. Nama reports a profit after impairment, tax and dividends of €211m, making an operating profit, before tax and impairment charges, of €1,198m in 2013, an increase of 45% over 2012.

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Retail Sales Recovery Continues

There is mixed commentary when it comes to the CSO published yesterday.

Retail Ireland, the Ibec group that represents the retail sector said CSO figures for retail sales in March were very disappointing and showed no change in sales in shops around the country. In fact, core retail sales volumes, excluding motor trade, rose by 2.6% in the first quarter while overall volumes rose by approximately 9%.

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Summary of “The Commercial Property Review & Outlook 2014”

A Summary of the Commercial Property Review & Outlook 2014 published by the Society of Chartered Surveyors Ireland (SCSI), which reveals the office sector in Dublin is leading the way in the Irish Commercial Property Market.

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The Irish Commercial Real Estate Market Quarter 1

There was increased activity in Dublin’s retail investment market in Quarter 1 of this year with a total €524m also invested in Dublin’s office market. The acquisition by Hines and HSBC Alternative Investments of 73% of Liffey Valley Shopping Centre for €253m marked the first significant shopping centre sale of the year. Assets on Dublin city centre prime street, Grafton Street, traded for yields ranging from 4.6% to 6.7%.

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IBEC’s prediction of domestic growth good news for Retail

The Irish economy will grow faster than previously expected as 50,000 jobs are created and consumer spending improves, business group IBEC said in a new report.

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New Openings at Nutgrove Shopping Centre

Nutgrove Shopping Centre are delighted to welcome Dealz and Quigleys to the scheme who have both opened to trade in recent weeks.