The Central Bank has revised downward its forecast for economic growth in Ireland for the coming year.
In its latest quarterly bulletin it slashes its growth prediction by almost a quarter to reflect what it says is a less favourable international outlook.
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It’s now predicting GDP growth of 1.3 percent in the coming year, that’s a downward revision of 0.4 percent since last October.
It also warns Irish banks of the critical need to deal decisively with mortgage arrears.
It wants banks to speed up the way they deal with arrears, by writing down or restructuring mortgages.
Lars Frisell from the Central Bank says banks may damage Ireland’s economic recovery:
