permanent tsb Archives - Ireland's Forecourt & Convenience Retailer

Joe Ryan named as new Meat Industry Ireland boss

Linda Stewart — Thu, 23 Jun 2022 09:46:42 +0000

Joe Ryan is to take over the leadership of Meat Industry Ireland, according to business group Ibec.

Mr Ryan will succeed Cormac Healy, who joins Drinks Ireland as its new Director later this month.

He joined Meat Industry Ireland in 2014, having previously held roles in the agri-food sector for SouthWestern, North Cork Co-Operative and Permanent TSB’s Agri-Finance division.

The meat sector in Ireland, from farm through to processing and export, supports more than 120,000 individual farmers and generates total sales of more than €4.5 billion.

Mr Ryan said that rurally located meat processing plants act as a key economic contributor by providing direct employment in many Irish towns with additional supplementary jobs generated in distribution, transport and services.

“Within the Irish meat sector, the potential exists to further scale up activity and capacity to grow export value delivering new revenues and jobs through value added processing in a sustainable manner,” he added.

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62% plan to cut back on food spending as prices rise

Linda Stewart — Fri, 27 May 2022 10:22:58 +0000

New research has found that 62% of people feel they will have to cut back on food spending over the coming year in response to sharp price rises, according to Permanent TSB.

Meanwhile, 53% of people worry they will be unable to pay higher energy bills. The findings are part of the latest in the Permanent TSB research series called Reflecting Ireland, which show consumer confidence falling as attitudes to personal circumstances and the economy are deteriorating.

It found the increases in the cost of living are now the dominant issue among 81% of consumers – up from 62% just three months ago.

Consumer pessimism is at its highest level for nine years. 53% of respondents feel they are less well off than they were a year ago, a huge increase from the 32% in January.

43% feel they will be less well off in a year’s time, up from 22% when asked three months ago.

Leontia Fannin, Head of Corporate Affairs at Permanent TSB, said: “The feel good factor that emerged as Covid-19 began to recede has clearly been halted by the recent surge in the cost of living and economic uncertainty arising from the devastating events in Ukraine.

“The cost of living issue is likely to dominate the thoughts of Irish consumers through the rest of this year and beyond and it is likely to have significant implications for businesses across the board.”

The research was conducted by Kantar in April among a representative sample of 1,002 people aged 18+. It was conducted online, with a margin of error of +/- 3.1%.

Paul Moran, Associate Director at Kantar, commented that “the unprecedented acceleration in inflation has to a certain degree, caught many consumers by surprise. We are now seeing a generation of consumers who have never experienced such a phenomenon.

“It is not just about the fiscal implications in the short term – there is a more deep-rooted emotional response; the fear of the unknown for many. They feel they are in uncharted territory but are now having to map a journey forward.”

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Rising cost of living now top concern for people

Linda Stewart — Fri, 25 Feb 2022 10:58:59 +0000

A new report shows that the rapidly increasing cost of living is now the main issue of concern for the public.

Permanent TSB’s latest “Reflecting Ireland” survey reveals that the cost of living was a concern for 62% of respondents, with the price of housing and access to healthcare also on people’s minds.

But the report also shows a significant rise in levels of optimism amongst Irish adults, with 60% of adults describing themselves as being “upbeat” compared to just 50% who used that term in the last Reflecting Ireland report in November.

33% of all respondents said they believed they would be better off this time next year, up from 28% in November.

Permanent TSB noted that optimism is higher amongst younger people with 59% aged between 18 and 24 agreeing with that statement and 53% of those aged between 25 and 34.

Meanwhile, 51% of respondents said that they felt the country is moving “in the right direction” – the highest figure who believe this since 2018.

The view that the country is going “in the wrong direction” is shared by 33%, down from 42% in November.

Leontia Fannin, Head of Corporate Affairs at Permanent TSB, said that while the cost-of-living issue is becoming a significant concern, these findings do show that people are quite optimistic about their personal circumstances and the outlook for the coming year.

“Clearly the reopening of the economy post Covid is feeding through to personal optimism and positivity,” she added.

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