Falling corporate tax receipts may mark ‘beginnings’ of Irish downturn, Central Bank warns

Regulator also says inflation in Ireland is higher than EU average and cautions that banks’ record profitability ‘will not last forever’

Gabriel Makhlouf, Central Bank governor: ‘We must also acknowledge that a range of previously-flagged risks are now closer to materialising than in June.’ Picture:

Declining corporate tax receipts could mark the “beginnings” of weaker conditions in the global economy manifesting in Ireland, the Central Bank has warned.

The regulator has also cautioned that while Ireland’s economy remains resilient, inflation here is still higher than the EU average, and commercial property prices have fallen by more than a fifth in the last three years.

In its latest Financial Stability Review, published on Thursday, the Central Bank said inflation across the ...