Blog – McCarthy & Associates – Galway Talks, 12/03/2015

PIBA Financial Broker LogoIssue: Increase in House Repossessions
Comment: David recently commented on the increase of house repossessions in Galway in an article by Enda Cunningham of The Connacht Tribune. Please see the link below to see further details:-

Repossessions could top 1,000 by end of 2016 – Connacht Tribune, 13/03/2015

Issue: Deadline of 30th April looms for under 34’s without Health Insurance.
Comment: Research has shown that nearly 25% of adults are unaware that health insurance for the over 34’s will become more expensive from May 1st next. The change will affect people who do not have existing cover after that date. The Government is changing the rating system to encourage younger people to take out health insurance. After 1st May if you are over 34 and take out cover you will pay an extra premium of 2% for each year above the cut off point. For example, a 54 year old who never had health insurance will pay an extra 40% on their premium (i.e. 2% x 20 years).
The bottom line is, irrespective of the type of plan you take out, it is important for your future that you have some sort of cover in place before 30th April.

Issue: Euro sinks dramatically against the US Dollar.
Comment: We have seen a dramatic fall in the Euro against the US Dollar to a current level of circa 1.06. This is due to the strength of the US economy and the expectation that interest rates there may rise at some stage in the near future. By comparison, the Eurozone is happy to see the exchange rate fall, as it makes their exports more competitive.
This is going to have a major impact on people traveling outside the Eurozone for their holidays this year but also makes Ireland a very attractive destination for North American and UK visitors. Some may argue that it is a good time to invest in the US Dollar but I would always caution that investing in currencies is a very risky proposition.