The composite leading business cycle indicator has remained in positive territory, both business and consumer confidence levels are relatively high, and the Purchasing Managers Index for the manufacturing sector maintained a level above the key 50 threshold. Notwithstanding these developments, unemployment remains very high.
The final element mentioned above, ensuring continued compliance with the revised schedule, is conventionally assumed to be governed by repossession and insolvency procedures. Although the situation here has been rather opaque, while the Dunne judgement issue was pending, and with uncertainty about the impact of the insolvency legislation, clarity should improve dramatically in these two respects in the coming months.