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OVER ONE HUNDRED companies were started every day during May, a new study by vision-net.ie has found.
A total of 2,783 companies were started during May this year, which breaks down to 107 start-ups every day. This is a slight drop on last May’s figures, when 3,151 companies were established.
The nascent recovery in the building sector is reflected in a near-doubling of construction start-ups when compared to May 2013. A total of 93 new companies were established in the building sector last month.
Professional services companies led the field in start-ups, with 289 established, while 150 wholesale and retail companies came out of the blocks.
Dublin has just under half of the country’s start-ups, with 48 per cent choosing to locate in there.
The capital’s share of the start-up pie has grown over the last ten years from 39.5 per cent in 2004.
Insolvencies
112 companies were declared insolvent in May, up slightly on the 89 placed into liquidation, examinership or receivership last year. Both years are significantly down on the figure of 126 insolvencies in 2012.
34 per cent on insolvencies were in Dublin, with nine per cent in Cork, eight in Galway and seven in Wexford.
Judgements
The amount awarded against consumers in judgments fell during April, with 226 findings against individuals adding up to a total of €14.6 million. The number of these judgements fell by 35 per cent and the value fell by 53 per cent.
Commenting on the drop in judgements, vision-net managing director Christine Cullen said:
“The reduction in both the number and value of judgments awarded against consumers is good news. As consumer debts fall, sectors heavily reliant on discretionary spending such as the retail or hospitality sectors may benefit with a bounce in sales.”
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€462 less 33% Dirt = €103 per year or €2 er week.
Seriously, how is anyone arguing that €2 per week on €10,000 put away for 3 years is actually a good deal when inflation will be over 2% for the same period.
I get that people dislike Irish banks but this isn’t the correct issue to be highlighting- it just perpetuates the appalling levels of financial illiteracy we have in this country.
Encouraging people to make a less %hitty decision is not good financial advice.
Deposit rates will never beat inflation over the longer term, the entire global financial system is set up to ensure this.
Why not educate people about the benefits of choosing a well diversified low cost investment and actually grow the value of their savings rather than fool them into thinking that 2.46% gross is a good deal.
It’s not – it’s lousy.
@Wombleman: We need to. Its the future of how we earn money when jobs are no longer necessary
@Wombleman: Well said. Not worth the bother moving it, or the ball ache of reporting DIRT….. that’s why deposits are in current not savings accounts
@RC247: that makes no financial sense when moving it actually saves your money eroding with inflation. Irish banks are scamming you & making money off you by doing so!
@Wombleman: The vast majority of people are never going invest in that way. Most don’t even move their money into an account with a higher interest rate. The banks are making money by sticking peoples money on deposit with the ECB and ripping the average saver off. It should not be allowed.
Just moved my BOI, PTSB and An Post savings to TFBank at 3.90% fixed for 1 year.
We desperately need a tax free savings & investments scheme just like the UK ISA system, the Canadian TFSA system or the (unfortunately named) US IRA savings vehicle. In the UK, residents can deposit up to £10,000/yr and earn interest free from tax.
@MTB Mayo: …sorry, it’s actually £20,000/yr now!
Why would anyone think that a bank will do anything other than take their money?
I dont understand why people are still using Irish banks. It is easy enough to open non-resident accounts in other European countries and avail of better customer service, better rates, and lower fees. Also part of the instant SEPA system unlike the Irish banks which are the only EU country yet to sign up to the protocol because the Irish banks deem it “too costly” to upgrade the technological infrastructure. I think the EU deadline was 2021, yet the Irish banks project it will be 2027 until they can partake in the system.
@Niall English: I thought Ireland was a full SEPA member… Do the Irish banks not ‘play the game’?
I didn’t encounter any problems moving my direct debits to a GB or LT Revolut account before it became IE, both with utilities and with credit card, loans, etc.
@Jerry LeFrog: they are a member of SEPA but they do not have capability of the SEPA Instant Credit Transfer Protocol e.g, instant transfer in 10 seconds. Irish bank transfers still take one working day. Its archaic stuff, technological infrastructure needs a serious upgrade and they complain they dont have the funding for this. Be nice to get into the 21st century banking. They were hoping this would be solved with that app they were going to launch together (BOI, AIB, and PTSB) but that got canned a few months ago.
https://www.raisin.ie/
Look at the rates with raisin.
F the Irish banking cartel!
To make money you need money. If you your family and mates can afford a min 100 euro each a month , you better of collectively putting into one investment pot where yous are all equal holders.
have your say