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Revolut plans move into mortgages

The best news, analysis and comment from The Irish Times business desk

Fintech Revolut plans to offer mortgages in Ireland. Photograph: JUSTIN TALLIS/AFP via Getty Images

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Peter Flanagan
Wed Jul 3 2024 - 06:52

A big move in the world of banking, and one that will be watched closely by consumers: Revolut plans to start offering mortgages next year. The move is significant given the scale of Revolut’s customer base here. With a claimed 2.7 million customers here it will be an obvious competitor to the likes of AIB and Bank of Ireland. Joe Brennan has the exclusive, and he also analyses its implications for the mortgage market here.

Could the Aer Lingus saga be nearing an end? Both sides return to the Labour Court today in an effort to find a solution to the dispute which has already seen hundreds of flights cancelled. As Barry O’Halloran reports, the meeting comes a day after Aer Lingus CEO Lynne Embleton was awarded shares worth almost €300,000 in parent company IAG. Barry also breaks down what exactly is at play at the Labour Court today.

The Irish economy could experience another technical recession this year, according to Bank of Ireland. In its latest economic outlook the bank revised down its forecast for GDP (gross domestic product) growth this year to 1 per cent, citing “measurement distortions related to the multinational sector”. Eoin Burke-Kennedy reports.

Eoin also reports on a new study that shows Dublin is the second most expensive city in Europe to build apartments. The survey of construction costs, compiled by the Society of Chartered Surveyors Ireland (SCSI) and Trinity College Dublin, found the cost of building an apartment in Dublin was €2,363 per square metre, just over €300 higher than the average across 10 cities assessed in the report.

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In his column, Martin Wolf looks at why market forces are ill equipped to deal with the issue of climate change, even as the very existence of the human race is at least called into question.

You’ve made it to the big interview, but what’s your answer when asked “what are your salary expectations?” In Money Matters, Joanne Hunt shows you how to navigate the wages expectations game.

A number of roles in Telus International Ireland are to go in the next few weeks, with as many as 70 jobs at risk. Fiona Keeley has the story.

The number of permits granted to workers from overseas during the first six months of 2024 increased by almost a third year on year figures published by the Department of Enterprise, Trade and Employment show. Emmet Malone reports.

An Bord Pleanála has rejected a call for it to stage an oral hearing into plans by Amazon Web Services (AWS) to construct three new data centres in north Dublin despite opponents of the development calling for one. Gordon Deegan reports.

Gordon also reports that pre-tax profits at the Irish arm of electric car-maker Tesla last year doubled to €1.98 million. Accounts filed by Tesla Motors Ireland Ltd show that the firm recorded the increase in pre-tax profits after revenues increased by 104 per cent from €69.73 million to €142.05 million.

The National Treasury Management Agency plans to temporarily invest an initial €10 billion the Government is putting into two new sovereign wealth funds this year into low-risk investments like bonds as it goes about setting up an investment committee to work out a longer-term strategy. Joe has the story.

Married parents tend to earn more money than mothers and fathers who are raising children by themselves, a new study from the Central Statistics Office (CSO) suggests. The study, which examines earnings among parents in Ireland in 2016 and 2022, found median weekly earnings in 2022 were lowest among one-parent families with children at €491.20 and highest among married couples with children at €911.35. Colin Gleeson reports.

In Commercial Property, Ronald Quinlan reports that Cork’s Eccles Hotel is on the market for €5 million, while Real estate investor Mel Sutcliffe of Quanta Capital has returned to the acquisitions trail paying about €22 million in total for three prime properties on Grafton Street and South Frederick Street in Dublin city centre.

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