The Central Bank reported today that annual rate of increase in Irish private-sector credit (PSC)¹ rose to 17.1 per cent in March, equivalent to the November 2007 annual growth rate. The annual increase in non-mortgage credit rose to 20.8 per cent and the residential mortgage growth rate continued to decline, to 11.6 per cent in March,the lowest annual rate since 1992.

The Eurozone (EA15) seasonally-adjusted unemployment rate stood at 7.1% in March 2008, unchanged compared with February. It was 7.5% in March 2007. The EU27 unemployment rate was 6.7% in March 2008, also unchanged compared with February. It was 7.3% in March 2007.

Eurozone annual inflation is expected to be 3.3% in April 2008 according to a flash estimate issued by Eurostat, the Statistical Office of the European Union. It was 3.6% in March - a 16-year high.

Markets news on stocks, currencies and commodities.

The Bank of Japan today cut its economic growth forecast and predicted that inflation would accelerate in a report that omitted a reference to raising interest rates for the first time in two years.

The European Commission said on Tuesday that only about two-thirds of the rise in food prices in Europe can be attributed to increases in the cost of ingredients. The Commission also said that biofuel production has no effect on food prices in EU.

UK Chancellor of the Exchequer Alistair Darling on Tuesday launched a review of the competitiveness of the UK’s tax system in response to a threatened exodus of British companies to low tax Ireland.

The First Life Sciences Fund established under the Enterprise Ireland Seed and Venture Capital Scheme 2007-2012 has been promoted by former Elan executives who have raised €75 million in venture capital to invest in life sciences projects over the next five years.

A judge has penalized Wells Fargo & Co., saying it failed to monitor a mortgage-servicing company. It is an instance of blame falling on a portion of the mortgage industry that had largely gone unscathed.

The number of borrowers delinquent on their home loans rose at a slower pace for the third month.